TFI International Announces 2025 Third Quarter Results

Executive Summary

• TFI International reported Q3 2025 operating income of $153.3 M, down 24% year‑over‑year, and net income of $84.7 M, down 33% YoY.
• Adjusted diluted EPS fell to $1.20 (from $1.58) and free cash flow declined to $199.4 M versus $272.5 M in Q3 2024.
• The Board approved a quarterly dividend increase to $0.47 per share (payable Jan 15 2026) and renewed its normal‑course issuer bid (NCIB) for up to 7.67 M shares.

Key Details

• Revenue: Total Q3 revenue $1.97 B vs. $2.18 B YoY; revenue before fuel surcharge $1.72 B vs. $1.91 B YoY.
• Segment performance:
• Less‑Than‑Truckload (LTL) revenue down 11%; Truckload down 7%; Logistics down 14%.
• Operating income declines: LTL ‑19%, Truckload ‑25%, Logistics ‑36% (quarter).
• Adjusted EBITDA: $305.4 M (down from $357.2 M YoY).
• Net cash from operating activities: $255.4 M vs. $351.1 M YoY.
• Free cash flow: $199.4 M vs. $272.5 M YoY.
• Share repurchases: $67.4 M used for buy‑backs; total shares repurchased to date 2,606,500 at VWAP CAD $128.40.
• Dividend: Board declared $0.45 per share on Sep 15 2025 (13% increase) and approved a further increase to $0.47 payable Jan 15 2026 (~$38.7 M).
• Guidance: Q4 2025 adjusted diluted EPS projected $0.80–$0.90; full‑year capex forecast $150–$175 M (down from prior $200 M).
• NCIB renewal: Authorized purchase of up to 7,667,696 shares (≈10% of public float) between Nov 4 2025 and Nov 3 2026. Current NCIB permits up to 7,918,102 shares; 2,606,500 already repurchased.
• Webcast: Results discussion scheduled for Oct 31 2025 at 10:00 a.m. ET.

Notable Quotes

“Our team’s heightened emphasis on customer service and our core operating principles again drove solid margin performance… Year to date, we have generated more than $570 million of free cash flow, exceeding the prior year’s nine‑month figure…” – Alain Bédard, Chairman, President & CEO.