TFI International Inc · Q2 2025 earnings

Briefing

TFI International Q2 operating income $170.2M as margin discipline drives 20% free cash flow growth

TFI International reported Q2 2025 total revenue of $2.04 billion, down from $2.26 billion in the prior year on weaker end-market volumes, with revenue before fuel surcharge of $1.79 billion. Operating income was $170.2 million versus $206.0 million a year ago, and net income was $98.2 million ($1.17 diluted EPS) compared to $115.7 million ($1.36). Adjusted net income was $112.0 million ($1.34 adjusted EPS). Free cash flow grew 20% to $182.3 million despite softer demand. The company returned $123.7 million to shareholders via $38.8 million in dividends and $84.9 million in share repurchases, and raised its quarterly dividend 13% to $0.45.

• Q2 revenue $2.04B (-10% YoY) with revenue before fuel surcharge $1.79B on reduced freight volumes
• Operating income $170.2M (9.5% margin) and adjusted EBITDA $326.6M despite subdued market conditions
• Net income $98.2M ($1.17 EPS); adjusted net income $112.0M ($1.34 adjusted EPS)
• Free cash flow $182.3M up 20% YoY; net cash from operating activities $246.7M
• Returned $123.7M to shareholders; quarterly dividend raised 13% to $0.45 per share

Headline financials

Revenue & EPS history