First quarter net income of $43.3 million compares to $56.0 million in Q1 2025, while adjusted net income1 of $57.2 million compares to $64.2 million in Q1 2025
First quarter diluted earnings per share (diluted "EPS") of $0.53 compares to $0.66 in Q1 2025, while adjusted diluted EPS1 of $0.69 compares to $0.76 in Q1 2025
First quarter net cash from operating activities $121.5 million compares to $193.6 million in Q1 2025, while free cash flow1 of $123.7 million compares to $191.7 million in Q1 2025
The Board of Directors approved a $0.47 quarterly dividend, an increase of 4% over the prior year period
MONTREAL, April 27, 2026 (GLOBE NEWSWIRE) -- TFI International Inc. (NYSE and TSX:TFII), a North American leader in the transportation and logistics industry, today announced its results for the first quarter ended March 31, 2026. All amounts are shown in U.S. dollars.
"We easily exceeded our first quarter earnings outlook on stronger revenue and higher profitability for both Truckload and Logistics despite adverse weather early in the quarter, thanks to the hard work of our talented team and benefitting from our strategic investments in recent years," said Alain Bédard, Chairman, President and Chief Executive Officer. "Acquisitions strategically pursued during the weaker cycle and enabled by our strong capital position have enhanced our diversified portfolio of operating companies, and the resulting mix of industrial end market exposure is beginning to benefit our operating results. Combined with our team's sharp focus on efficiencies and bottom-line profitability, TFI is well positioned as freight dynamics build on the improvement in March. All the while, we continue to fortify our balance sheet with ample free cash flow that facilitates our timely and strategic allocation of capital as well as our attractive dividend, with the return of excess capital a cornerstone of our mission to produce long-term shareholder value."
FIRST QUARTER RESULTS
Financial highlights
Three months ended
March 31
(in millions of U.S. dollars, except per share data)
2026
2025
Total revenue
1,949.1
1,964.4
Revenue before fuel surcharge
1,702.6
1,714.5
Adjusted EBITDA1
241.4
259.0
Operating income
96.6
114.6
Net cash from operating activities
121.5
193.6
Net income
43.3
56.0
EPS-diluted($)
0.53
0.66
Adjusted net income1
57.2
64.2
AdjustedEPS-diluted¹($)
0.69
0.76
Weighted average number of shares ('000s)
82,164
84,180
Weighted average number of diluted shares ('000s)
82,381
84,524
Number of share outstanding - end of period ('000s)
82,186
83,972
1 This is a non-IFRS measure. For a reconciliation, please refer to the "Non-IFRS Financial Measures" section below.
FIRST QUARTER RESULTSTotal revenue of $1.95 billion compared to $1.96 billion in the prior year period and revenue before fuel surcharge of $1.70 billion compared to $1.71 billion in the prior year period. The decrease is primarily due to reduced volumes driven by weaker end market demand partially offset by contributions from business acquisitions.
Operating income of $96.6 million compared to $114.6 million in the prior year period. The decrease is primarily attributable to the decline in revenues and $6.7 million of incremental accident-related expenses, partially offset by contributions from business acquisitions of $9.4 million.
Net income of $43.3 million compared to $56.0 million in the prior year period, and net income of $0.53 per diluted share compared to $0.66 in the prior year period. Adjusted net income, a non-IFRS measure, was $57.2 million, or $0.69 per diluted share, compared to $64.2 million, or $0.76 per diluted share, in the prior year period.
Total revenue increase by 1% for the Truckload segment and marginally for the Logistics segment, and decreased by 2% for the Less-Than-Truckload segment. Operating income increased 14% in the Truckload segment and 10% in the Logistics segment, and decreased by 35% in the Less-Than-Truckload segment. Corporate expenses were $24.1 million. up from $12.5 million in the prior year, primarily due to increased accident expense.
SEGMENTED RESULTS
(in millions of U.S. dollars)
Three months ended March 31
2026
2025
$
$
Revenue before fuel surcharge
Less-Than-Truckload
656.3
679.0
Truckload
672.8
662.9
Logistics
388.3
384.9
Eliminations
(14.8
)
