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Adjusted EBITDA Breakdown
Highlights earnings before interest, taxes, depreciation, and amortization, adjusted for specific items, to show core profitability and operational efficiency without the noise of one-time expenses or gains.TFI’s earnings power is now heavily concentrated in Truckload and LTL after Package & Courier disappears mid‑2024, increasing earnings cyclicality and exposure to freight softness; LTL and Truckload swings reflect acquisition/seasonality sensitivity and recent margin deterioration. Management’s Q1 commentary — expected LTL margin hit, weather costs and conservative guidance — aligns with the sequential EBITDA weakness and a sharp corporate cost spike in Mar‑2026, suggesting one‑time hits or provisioning. Strong free cash flow and buybacks cushion near‑term risk, but concentration raises execution risk until volumes/pricing normalize.
Date | Corporate | Package and Courier | Less Than Truckload | Truckload | Logistics |
|---|---|---|---|---|---|
Jun 30, 2026 | -C$20.14M | C$0.00 | C$130.60M | C$182.99M | C$70.50M |
Mar 31, 2026 | -C$23.78M | C$0.00 | C$79.20M | C$131.25M | C$54.77M |
Dec 31, 2025 | -C$13.75M | C$0.00 | C$115.19M | C$130.94M | C$47.24M |
Sep 30, 2025 | -C$7.71M | C$0.00 | C$126.66M | C$140.10M | C$46.31M |
Jun 30, 2025 | -C$11.35M | C$0.00 | C$125.02M | C$159.47M | C$53.43M |
Mar 31, 2025 | -C$11.97M | C$0.00 | C$97.77M | C$126.13M | C$47.03M |
Dec 31, 2024 | -C$13.82M | C$0.00 | C$123.59M | C$147.43M | C$58.12M |
Sep 30, 2024 | -C$12.92M | C$0.00 | C$152.09M | C$154.29M | C$63.71M |
Jun 30, 2024 | -C$14.77M | C$0.00 | C$164.20M | C$165.20M | C$65.50M |
Mar 31, 2024 | -C$14.93M | C$24.54M | C$112.88M | C$90.44M | C$55.41M |