TFI International (NYSE:TFII) Releases Earnings Results, Beats Expectations By $0.26 EPS

TFI International (NYSE:TFII) released its earnings results on Monday. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.26, Zacks reports. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.23 billion. TFI International had a return on equity of 14.98% and a net margin of 4.14%. TFI International updated its Q3 2026 guidance to 1.700-1.800 EPS.

Here are the key takeaways from TFI International’s conference call:

• Second-quarter results beat expectations: adjusted EPS rose 38% year over year to CAD 1.85, while operating income increased nearly 30% and the operating margin expanded to 11.6%.
• Truckload performance improved sharply, with revenue per truck up 13%, brokerage revenue up 34%, and operating income up 50%; the segment’s adjusted operating ratio improved to 86.1% as capacity tightened and equipment was right-sized.
• Management projects third-quarter adjusted EPS of CAD 1.70–CAD 1.80, including year-over-year operating-ratio improvements of 500–600 basis points in truckload and 250–350 basis points in logistics.
• LTL remains the key weakness: shipment volume rose 7.5%, but revenue per shipment fell 2% due to underpriced 3PL “blanket” business and higher overtime and third-party-carrier costs. TFI expects to raise prices and reduce some volume, but is guiding to roughly flat year-over-year LTL margins in the third quarter.
• TFI generated more than CAD 200 million of free cash flow and reduced funded debt to EBITDA to 2.4, supporting dividends and potential acquisitions; however, a nonrecurring CAD 10.5 million accident-reserve increase affected the quarter, while full-year net CapEx remains planned at CAD 225–250 million.

TFI International Price Performance

Shares of TFII opened at $148.14 on Wednesday. TFI International has a twelve month low of $80.63 and a twelve month high of $167.69. The company has a market capitalization of $12.18 billion, a P/E ratio of 36.40, a price-to-earnings-growth ratio of 1.25 and a beta of 1.64. The firm has a 50 day moving average of $150.07 and a 200 day moving average of $129.98. The company has a quick ratio of 1.06, a current ratio of 1.07 and a debt-to-equity ratio of 0.88.

TFI International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.88 annualized dividend and a dividend yield of 1.3%. TFI International’s dividend payout ratio (DPR) is 52.37%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TFII. New York State Common Retirement Fund purchased a new stake in shares of TFI International during the fourth quarter valued at $782,000. Flow Traders U.S. LLC bought a new position in TFI International during the 3rd quarter valued at about $207,000. Twin Tree Management LP lifted its stake in TFI International by 6.5% during the 3rd quarter. Twin Tree Management LP now owns 16,527 shares of the company’s stock valued at $1,455,000 after acquiring an additional 1,013 shares during the period. Russell Investments Group Ltd. lifted its stake in TFI International by 34.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 27,623 shares of the company’s stock valued at $2,432,000 after acquiring an additional 7,150 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in shares of TFI International by 104.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 125,737 shares of the company’s stock valued at $11,275,000 after acquiring an additional 64,108 shares during the last quarter. Hedge funds and other institutional investors own 73.30% of the company’s stock.

Key Headlines Impacting TFI International

Here are the key news stories impacting TFI International this week:

• Positive Sentiment: Q2 earnings and revenue exceeded estimates. TFI reported adjusted earnings of $1.85 per share, up from $1.34 a year earlier and above the $1.59 consensus estimate. Revenue reached $2.29 billion versus expectations of $2.23 billion, while reported net income rose to approximately $136.2 million from $98.2 million. TFI International Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Third-quarter guidance was above expectations. Management forecast Q3 2026 EPS of $1.70 to $1.80, compared with the analyst consensus of $1.60, suggesting continued earnings momentum. TFI International Announces 2026 Second Quarter Results
• Positive Sentiment: Analysts generally raised their targets. JPMorgan lifted its target to $175 and assigned an overweight rating; RBC raised its target to $171 with an outperform rating; National Bank Financial increased its target to $161; and Stifel raised its target to $160. Scotia also raised its target substantially to $263 and maintained a sector-outperform rating.
• Positive Sentiment: TFII declared a quarterly dividend of $0.47 per share. The payment is scheduled for October 15 for shareholders of record on September 30, implying an annualized payout of $1.88 and a yield of approximately 1.3%.
• Neutral Sentiment: Citigroup lowered its price target modestly to $180 from $182 but retained a buy rating, still indicating meaningful potential upside.
• Negative Sentiment: The initial earnings commentary indicated that truckload operations performed better than less-than-truckload operations, which could temper enthusiasm about the quarter’s overall quality. A valuation analysis also estimated fair value at $131.72, below the recent share price of $145.87.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. BMO Capital Markets reaffirmed a “market perform” rating and set a $170.00 price objective (up from $140.00) on shares of TFI International in a research report on Tuesday, June 9th. National Bank Financial upped their price target on TFI International from $160.00 to $161.00 and gave the stock an “outperform” rating in a research note on Tuesday. TD Cowen raised their price objective on TFI International from $154.00 to $158.00 and gave the company a “buy” rating in a research report on Tuesday. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of TFI International in a research note on Tuesday. Finally, Stephens raised TFI International to a “strong-buy” rating in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $169.88.

TFI International Company Profile

TFI International Inc (NYSE: TFII) is a leading North American transport and logistics company headquartered in Montreal, Quebec. The company operates through a network of subsidiaries that provide truckload, less-than-truckload (LTL), specialized freight, package and courier, and logistics services. By integrating these operations, TFI delivers comprehensive end-to-end solutions, including long-haul and regional transportation, expedited delivery, warehousing, and cross-border freight movement.

Originally founded in 1957 as a regional trucking outfit in Cabano, Quebec, TFI International has expanded significantly through a disciplined acquisition strategy.