TFI International (TFIIN) Q3 2026 Earnings Report
MX:TFIIN Q3 2026 EPS Results
- Actual EPS
- MXN 31.37
- Consensus EPS
- MXN 32.82
- Beat/Miss
- Missed by -MXN 1.45
- One Year Ago EPS
- MXN 22.54
MX:TFIIN Q3 2026 Revenue Results
- Actual Revenue
- MXN 42.01B
- Expected Revenue
- MXN 41.99B
- Beat/Miss
- Beat by +MXN 20.70M
- YoY Revenue Growth
- +15.27%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
MX:TFIIN Upcoming Earnings
TFI International's next earnings date is estimated for February 8, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:TFIIN Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented strong third-quarter financial results, led by exceptional truckload performance, a significant logistics improvement, strong free cash flow, lower leverage, and continued capital-allocation flexibility. However, management repeatedly identified U.S. LTL as a major underperformer, with weak profitability, poor density, service problems, elevated third-party costs, an ending UPS partnership, and a turnaround that is expected to take time. The positive results and stated improvement plans were balanced by substantial operational and macroeconomic challenges.
Company Guidance
Updated outlook calls for full quarter adjusted EPS of $1.30-$1.40, with the high end representing a 28% YoY increase; year-over-year adjusted operating ratio improvement of 400 basis points-500 basis points in truckload and 100 basis points-200 basis points for logistics, and a slight decline maybe of 100 basis points, up to 100 basis points for LTL; net CapEx, excluding real estate, is expected to be in the range of $225 million-$250 million, with outlook ranges assuming no significant change in the operating environment. For 2027, management said truckload could be a sub-85% OR, that it would be very disappointed if LTL does not break the 90% OR globally, and that LTL volume is probably about flat versus Q3.
- Strong Adjusted EPS and Operating Income GrowthThird-quarter adjusted diluted EPS was $1.67, up nearly 40% from $1.20 in the prior-year quarter. Overall operating income grew 17% to $180 million despite an office-related real estate impairment charge.
- Improved Consolidated Operating MarginConsolidated operating margin was 9.7%, up 80 basis points from 8.9% in the prior-year quarter. This was the second consecutive quarter with a consolidated operating ratio below 90%.
- Strong Free Cash Flow and Lower LeverageTFI generated another $116 million of free cash flow in the quarter, bringing year-to-date free cash flow to more than $440 million while investing for growth. The adjusted funded debt-to-EBITDA ratio improved to 2.1x at the end of September.
- Strategic Investments Improved DiversificationManagement said investments made during the down cycle, including strategic acquisitions and operational investments, increased the company's focus on specialized freight and improved diversification toward industrial end markets and across multiple transportation modes.
- Exceptional Truckload PerformanceTruckload revenue before fuel surcharge was $753 million, up 10% year over year, and represented 40% of segmented revenue. Revenue per truck per week, excluding fuel surcharge, climbed 13%; operating income nearly doubled to $100 million from $53 million; and the adjusted operating ratio improved 560 basis points to an industry-leading 86.7%. Truckload return on invested capital increased to 8% from 6%.
- Truckload Productivity and Business-Mix ImprovementsManagement attributed truckload performance to favorable exposure to the right end markets, greater emphasis on specialized freight, limited capital intensity, an optimal asset mix, and improved fleet productivity. The company also moved less productive operations into more suitable platforms and continued fine-tuning its U.S. truckload operations.
- Truckload Brokerage Growth and Capital EfficiencyTruckload brokerage revenue increased 49% year over year. Management said the business generated more revenue with fewer trucks by using assets for the most productive end markets and brokering or using independent contractors for other freight. Truckload operating ratio improved from 92% to 86.5%, while return on invested capital rose from 6% to 8%, described as a 33% year-over-year increase.
- Logistics Revenue and Profitability SurgeLogistics revenue before fuel surcharge rose 19% year over year to $437 million, representing 23% of segmented revenue. Operating income jumped 59% to $49 million from $31 million, and the margin increased to 11.3% from 8.4%, an improvement of nearly 3 percentage points. Logistics return on invested capital was 14.9%.
- Logistics Growth PlatformsManagement said logistics benefited from OEM-related activity, a late-2025 acquisition of two entrepreneurs, data-center and battery-storage work, U.S. last-mile performance, and organic growth with smaller OEMs including Hino and Isuzu. The segment was described as a collection of asset-light businesses with strong market share, barriers to entry, and customer connectivity.
- Daseke TurnaroundManagement said Daseke was rapidly turned around after acquisition. The business had been operating at a 97%-98% operating ratio when acquired, while the truckload operation delivered a sub-87% operating ratio in the third quarter.
- Positive Truckload Pricing and Revenue TrendsManagement said contract renewal prices are increasing, including one customer contract where the company sought a 20% increase. Revenue per truck per week was up 13%, which management described as evidence of realized pricing and productivity improvement.
- Improved Capital Allocation FlexibilityThe company repurchased approximately 400,000 shares in October. Management said it was evaluating the balance between acquisitions, smaller tuck-in transactions, and additional share repurchases while continuing to generate substantial free cash flow and pay a dividend with a long track record of annual increases.
- Updated Outlook Includes Segment ImprovementThe company expects full-year adjusted EPS of $1.30-$1.40 for the fourth quarter, with the high end representing a 28% year-over-year increase. It expects year-over-year adjusted operating-ratio improvement of 400 basis points-500 basis points in truckload and 100 basis points-200 basis points in logistics.
- Planned Capital EfficiencyNet CapEx, excluding real estate, is expected to be $225 million-$250 million, which management said demonstrates improved capital efficiency.
- Risk-Management and Safety InitiativesManagement said the company's accident accrual was in line with normal levels and that the prior-year quarter included a claim settlement that was $5 million below the accrued amount. The company is implementing inward-facing cameras and driver simulators and has purchased higher brokerage insurance limits while stating that its brokerage loss ratio is zero.
- Stable U.S. LTL Pricing EnvironmentManagement characterized the U.S. LTL market as soft in volume but said pricing was holding, with no pricing war. It cited strong industry leaders and said the market was better than the Canadian LTL market from a pricing perspective.
- Asset-Light U.S. LTL Expansion PlanTFI is building a non-union, asset-light U.S. LTL operation in parallel with its existing network. The current operation handles about 1,000 shipments a day through Hercules, and the plan is to manage the docks while using third parties for pickup and delivery and linehaul.
MX:TFIIN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 08, 2027 | 2026 (Q4) | 28.93- | 20.48 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 32.8231.37 | 22.54 | 39.17% (+8.83) | |
| Jul 27, 2026 | 2026 (Q2) | 30.0834.76 | 25.17 | 38.06% (+9.58) | |
| Apr 27, 2026 | 2026 (Q1) | 11.4412.96 | 14.28 | -9.21% (-1.32) | |
| Feb 17, 2026 | 2025 (Q4) | 16.0620.48 | 22.36 | -8.40% (-1.88) | |
| Oct 30, 2025 | 2025 (Q3) | 22.5622.54 | 30.06 | -25.00% (-7.51) | |
| Jul 28, 2025 | 2025 (Q2) | 23.1325.17 | 32.13 | -21.64% (-6.95) | |
| Apr 23, 2025 | 2025 (Q1) | 17.4314.28 | 23.3 | -38.71% (-9.02) | |
| Feb 19, 2025 | 2024 (Q4) | 29.6622.36 | 32.13 | -30.41% (-9.77) | |
| Oct 21, 2024 | 2024 (Q3) | 33.2030.06 | 29.5 | 1.91% (+0.56) |
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