TFII · TFI International Inc.

TFI International's Q1 2026 results showed revenue before fuel surcharge at $1,702.6 million, down slightly from $1,714.5 million in Q1 2025, primarily due to reduced volumes from weaker end-market demand, partially offset by $53.7 million in contributions from acquisitions including Triangle Warehouse in the Truckload segment. Operating income fell to $96.6 million from $114.6 million, driven by the revenue decline and $6.7 million in incremental accident-related expenses, though acquisitions added $9.4 million. Corporate expenses rose to $24.1 million from $12.5 million, mainly from higher accident costs. Segment performance was mixed: Less-Than-Truckload revenue dropped to $656.3 million with operating income at $30.6 million (4.7% margin) versus $47.1 million (6.9%), reflecting a 35% decline; Truckload revenue grew to $672.8 million with operating income up 14% to $55.8 million (8.3% margin); Logistics revenue edged up to $388.3 million with operating income increasing 10% to $34.4 million (8.9% margin). CEO Alain Bédard highlighted exceeding earnings outlook on stronger revenue and profitability in Truckload and Logistics despite early-quarter weather issues, crediting team efforts, strategic acquisitions enhancing industrial exposure, and efficiency focus. Cash from operations declined to $121.5 million from $193.6 million due to working capital changes from receivables growth outpacing payables amid shorter fuel payment cycles. Free cash flow was $123.7 million. The Board approved a 4% dividend hike to $0.47 per share. Guidance includes Q2 adjusted diluted EPS of $1.50-$1.60 and full-year net capex of $225-$250 million excluding real estate, signaling confidence amid improving freight dynamics.