The earnings call highlighted strong free cash flow and improved margins, along with successful cost management initiatives. However, the company faced revenue declines across multiple segments, decreased net income, and ongoing challenges in the industrial sector due to tariff uncertainties. Despite these challenges, TFI International remains optimistic about the future, with potential industrial sector recovery on the horizon.

Company Guidance -

Q3 2025

During the TFI International Second Quarter 2025 Earnings Call, Alain Bedard, the CEO, presented several key metrics reflecting the company's performance and guidance. The company reported total revenue before fuel surcharge of $1.8 billion, down from $2 billion the previous year, with an operating income of $170 million, representing a 9.5% margin, up from 2.5% the prior year. Adjusted net income was $112 million, down from $146 million, with an adjusted EPS of $1.34 compared to $1.71 last year. Free cash flow was $182 million, a 20% increase from $151 million in Q2 2024. Specific segments such as LTL and Truckload saw operating income declines, but LTL showed a 360 basis point sequential improvement. The company repurchased $85 million worth of shares and paid $39 million in dividends, returning $124 million to shareholders. Looking ahead, TFI anticipates an EPS range of $1.10 to $1.25 for Q3 2025, with a continued focus on maintaining a strong balance sheet and strategic cost reductions through technology and operational efficiencies.

Strong Free Cash Flow Performance

TFI International reported $182 million of free cash flow, a 20% increase from $151 million in the second quarter of 2024, driven by favorable working capital dynamics and moderately lower CapEx.

Improved Operating Margins

Operating income was $170 million, representing a 9.5% margin, up from 2.5% in the prior year period.

Share Buyback and Dividend Returns

The company repurchased $85 million worth of shares and paid $39 million in dividends, returning a total of $124 million to shareholders.

Successful Cost Management Initiatives

The implementation of Optym software and other cost control measures led to a reduction in missed pickups by over 50% and improved operational efficiencies.

Positive Outlook for Industrial Sector

The company anticipates a recovery in the U.S. industrial sector due to new governmental budget plans, potentially impacting business positively in late 2025 or early 2026.

TFI International (TFII) Earnings, Revenues Date & History

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TFII Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 23, 2025	2025 (Q3)	1.24 / -	1.6	―	―	―
Jul 28, 2025	2025 (Q2)	1.23 / 1.34	1.71	-21.64% (-0.37)
Apr 23, 2025	2025 (Q1)	0.93 / 0.76	1.24	-38.71% (-0.48)
Feb 19, 2025	2024 (Q4)	1.58 / 1.19	1.71	-30.41% (-0.52)
Oct 21, 2024	2024 (Q3)	1.77 / 1.60	1.57	1.91% (+0.03)
Jul 25, 2024	2024 (Q2)	1.62 / 1.71	1.59	7.55% (+0.12)
Apr 25, 2024	2024 (Q1)	1.35 / 1.24	1.33	-6.77% (-0.09)
Feb 08, 2024	2023 (Q4)	1.67 / 1.71	1.72	-0.58% (-0.01)
Oct 23, 2023	2023 (Q3)	1.73 / 1.57	2.01	-21.89% (-0.44)
Jul 31, 2023	2023 (Q2)	1.73 / 1.59	2.61	-39.08% (-1.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TFII Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 28, 2025	$90.24	$93.72	+3.86%
Apr 23, 2025	$78.04	$84.11	+7.78%
Feb 19, 2025	$126.23	$100.38	-20.48%
Oct 21, 2024	$132.81	$133.97	+0.87%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.