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TFI International (TFII) investor relations material
TFI International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Operating margins improved, with best-in-class performance and 8.5% margin, despite subdued freight volumes and macro headwinds; free cash flow conversion reached 87.1% TTM Q3 2025.
Q3 2025 revenue was $1.97B, down 10% year-over-year, with net income of $84.7M and adjusted net income of $99.1M.
Board approved a 4% dividend increase to $0.47 per share, with over $100 million returned to shareholders in Q3 via dividends and buybacks.
Maintained a diversified business model across LTL, Truckload, and Logistics, with operations in the U.S. and Canada.
Demonstrated resilience through economic cycles, with continued growth in operating income, adjusted EPS, and FCF despite market disruptions.
Financial highlights
Q3 2025 total revenue: $1.97B (Q3 2024: $2.18B); revenue before fuel surcharge: $1.72B (Q3 2024: $1.91B).
Q3 operating income: $153.3M (8.9% margin); adjusted net income: $99.1M; adjusted EPS: $1.20, down from $1.58 in Q3 2024.
Free cash flow for Q3 was $199.4M, with $573.4M generated year-to-date, exceeding the prior year.
Adjusted EBITDA for TTM Q3 2025 was $1,206.2M.
TTM Q3 2025 FCF yield at 10.8%, with $2.5B returned to shareholders since 2017.
Outlook and guidance
Q4 2025 adjusted diluted EPS expected between $0.80 and $0.90, reflecting continued weak freight demand and lower truck manufacturer deliveries.
Full-year net CapEx (excluding real estate) revised to $100–$175M, down from $200M.
Management emphasizes a robust acquisition pipeline, e-commerce growth, and focus on cost structure and network density.
US LTL Q4 OR expected at 96, with logistics and specialized truckload ORs between 93 and 94.
Update on independent contractor reclassification
Capital allocation strategy in current market
Segment profitability outlook
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Next TFI International earnings date
Q4 202519 Feb, 2026
Next TFI International earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
TFI International Inc. provides transportation and logistics services in the United States, Canada, and Mexico. The company operates through three segments: Package and Courier, Less-Than-Truckload (LTL), and Logistics and Last Mile. The Package and Courier segment offers provisions of expedited time-sensitive delivery services for letters, documents, small parcels, and palletized freight; local pickup and linehaul services; consolidation, distribution, and warehousing solutions; customized logistics solutions; trade show services; logistics support services; return solutions; customs brokerage services; temperature controlled transportation solutions. TFI International Inc. is headquartered in Saint-Laurent, Canada.
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