TFI International Inc. (TFII)

Price$132.72Cached quoteAs of 2026-09-10 16:28 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because today's valuation already assumes a meaningful freight recovery.

Using the latest regular-session New York close, the equity value is roughly $11.1 billion using 82.2 million shares. That equals about 33 times trailing reported earnings: 2025 diluted earnings of $3.72, minus $1.83 from first-half 2025, plus $2.18 from first-half 2026. Adjusted earnings, which remove selected acquisition-related and unusual items, imply about 28 times. Against 2025 free cash flow, meaning operating cash left after capital spending, the yield is about 6.3%. Recovery is visible, but much of it appears priced in. (ph.investing.com)

Big pictureCash generation stayed resilient through a freight downturn, but earnings still swing sharply with demand.

Revenue fell from $8.40 billion in 2024 to $7.88 billion in 2025, while operating income dropped 21% and net income 26%. Yet operating cash flow declined only 8%, to $977.8 million, and capital spending fell to $273.2 million from $392.8 million. That left about $704.6 million of simple free cash flow, slightly above 2024. The second quarter of 2026 then improved: revenue rose 12%, operating income 29%, and net income 39% year over year. Cash durability is better than the earnings cycle suggests. (sec.gov)

Business strengthThe company has real scale and capital discipline, but debt still limits the margin for mistakes.

At 2025 year-end, net debt was about $2.37 billion against $2.68 billion of equity, so balance-sheet risk was meaningful but not acute. By June 2026, long-term debt had fallen to $2.45 billion from $2.58 billion, while the lender leverage test—funded debt relative to cash earnings—was 2.38 times versus a 3.50 maximum. Shares outstanding fell from 93.4 million in 2020 to 84.4 million in 2025. In first-half 2026, no shares were repurchased; instead, $98.8 million of debt was repaid while dividends continued. (sec.gov)

What could change the storyA lasting freight recovery could justify the price; stalled pricing or accident costs could break it.

The bull case is continued margin recovery: in Q2 2026 operating income rose 50% in Truckload, 32% in Logistics, and 17% in small-shipment trucking. The bear case is that improvement is not yet broad enough: first-half small-shipment trucking operating income remained down 4%, accident reserves added $16.9 million of cost, and first-half operating cash flow fell to $377.1 million from $440.2 million as customer payments lagged growing short-term bills. The valuation needs management's third-quarter adjusted earnings guidance of $1.70-$1.80 and further margin gains to hold. (sec.gov)

AI: News

Second-quarter reboundSecond-quarter profits rebounded strongly, showing that recent acquisitions and a firmer freight market are starting to help.

On July 27, 2026, TFI reported Q2 revenue of $2.29 billion, up 12%, and operating income of $220.4 million, up 29%. Adjusted diluted earnings per share reached $1.85 versus $1.34 a year earlier and exceeded the $1.59 analyst forecast cited by market-data providers. The New York-listed shares rose about 1% the next session but fell sharply over the following two sessions. That timing shows investors were reassessing expectations, but it does not prove the earnings release caused every subsequent move. (sec.gov)

Uneven first quarterFirst-quarter results beat expectations, but weak cash conversion and small-shipment trucking profits kept the recovery uneven.

On April 27, 2026, Q1 revenue was nearly flat at $1.95 billion, operating income fell to $96.6 million from $114.6 million, and operating cash flow dropped to $121.5 million from $193.6 million. Still, adjusted diluted earnings of $0.69 exceeded the $0.61 market forecast, and management guided Q2 to $1.50-$1.60. The important split was business mix: Truckload and Logistics operating income rose 14% and 10%, while small-shipment trucking fell 35%. Investors therefore had evidence of recovery, but not a uniform one. (sec.gov)

Data-center expansionA fast-growing data-center freight niche added a new growth path beyond the normal trucking cycle.

On January 20, 2026, TFI said data-center transport revenue reached $43 million in 2025, rising from about $8 million in the first quarter to more than $15 million in the fourth, while broader electric-grid revenue exceeded $110 million. It also created a chief commercial role for its roughly 8,000-tractor SFI network. Shares rose about 2% the following session, but attribution is uncertain. The event matters because specialized infrastructure freight can improve truckload utilization even when general freight demand stays soft. (sec.gov)

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$7.88B	$8.40B	$7.52B	$8.81B	$7.22B	$3.78B	$3.90B
Operating expenses	$7.32B	$7.68B	$6.76B	$7.67B	$6.24B	$3.36B	$3.52B
Operating income	$565.3M	$719.0M	$757.6M	$1.15B	$979.2M	$416.6M	$382.9M
Operating margin	7.17%	8.56%	10.07%	13.00%	13.56%	11.02%	9.81%
EBITDA	$1.18B	$1.30B	$1.20B	$1.58B	$1.37B	$715.8M	$678.6M
EBITDA margin	14.91%	15.49%	15.95%	17.89%	19.01%	18.93%	17.38%
Net income	$310.6M	$422.5M	$504.9M	$823.2M	$823.2M	$275.7M	$233.7M
Net profit margin	3.94%	5.03%	6.71%	9.34%	11.40%	7.29%	5.99%
Basic EPSper basic share	$3.74	$5.00	$5.88	$9.21	$8.11	$3.09	$2.80
Diluted EPSper diluted share	$3.72	$4.96	$5.80	$9.02	$7.91	$3.03	$2.74

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of TFII
Holder	Shares held
Caisse de depot et placement du Quebec	6.33M
FIL Ltd	4.58M
Jupiter Topco LLC	3.59M
FMR LLC	3.54M
ROYAL BANK OF CANADA	3.46M
VANGUARD CAPITAL MANAGEMENT LLC	2.26M
1832 Asset Management L.P.	2.2M
Federation des caisses Desjardins du Quebec	1.85M
Maple Rock Capital Partners Inc.	1.42M
MANUFACTURERS LIFE INSURANCE COMPANY, THE	1.32M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.31M
BANK OF MONTREAL /CAN/	1.28M
MACKENZIE FINANCIAL CORP	1.15M
NATIONAL BANK OF CANADA /FI/	1.11M
NORGES BANK	1.04M
Connor, Clark & Lunn Investment Management Ltd.	950.31K
Dixon Mitchell Investment Counsel Inc.	833.69K
GEODE CAPITAL MANAGEMENT, LLC	814.76K
MORGAN STANLEY	704.92K
VANGUARD FIDUCIARY TRUST CO	682.99K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

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Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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TFI International Inc. (TFII)

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