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Mar 31
TFI Q1 2025 Earnings Report
TFI International reported lower earnings and operating income due to weaker freight demand, but maintained strong free cash flow in Q1 2025.
Key Takeaways
TFI International experienced a year-over-year decline in earnings and net income in Q1 2025 due to reduced volumes from weaker end market demand. However, the company showed resilience with strong free cash flow, increased revenue from strategic acquisitions, and continued capital returns to shareholders.
Net income dropped to $56.0M from $92.8M year-over-year.
Revenue rose to $1.96B, aided by the acquisition of Daseke.
Free cash flow increased by 40% to $191.7M.
The Truckload segment saw a 61% revenue jump, offsetting declines in other segments.
TFI
TFI
TFI Revenue by Segment
Revenue by Segment
Less-Than-Truckload Revenue
CapyFin.comTruckload Revenue
CapyFin.comLogistics Revenue
CapyFin.comEliminations Revenue
CapyFin.com Forward Guidance
The company remains focused on capital discipline and operational efficiency amid ongoing freight demand challenges.
Positive Outlook
- Strong free cash flow performance despite macro pressures
- Strategic acquisitions contributed significantly to growth
- Operating ratio improvements in several business units
- Continued return of capital to shareholders
- Quarterly dividend increased by 13% year-over-year
Challenges Ahead
- Freight demand weakness continued to impact volumes
- Net income and EPS fell significantly versus prior year
- Less-Than-Truckload and Logistics segments posted revenue and income declines
- Cash from operating activities decreased year-over-year
- Operating income dropped due to market softness
Revenue & Expenses
Visualization of income flow from segment revenue to net income