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Sep 30, 2025
TFI Q3 2025 Earnings Report
TFI International saw declines in revenue and profit across most segments amid soft freight conditions, while generating strong free cash flow and returning capital to shareholders.
Key Takeaways
TFI reported Q3 2025 revenue of $1.97B, a decline from $2.18B in Q3 2024. Net income dropped to $84.7M and adjusted EPS to $1.20. Weaker demand affected all segments, but operational discipline supported solid margins. The company returned over $100M to shareholders and reaffirmed capital discipline heading into Q4.
Revenue declined 10% year-over-year to $1.97B, impacted by soft freight volumes
Net income fell to $84.7M with diluted EPS of $1.02; adjusted net income was $99.1M
Free cash flow remained strong at $199.4M for the quarter
The company returned $104.8M to shareholders through dividends and buybacks
Revenue by Segment
Forward Guidance
TFI expects Q4 2025 adjusted EPS between $0.80 and $0.90, reflecting persistent softness in freight and lower truck manufacturing volumes impacting Logistics.
Positive Outlook
- Strong free cash flow generation continues
- Truckload segment stable due to Daseke integration
- Solid LTL operating ratio performance despite volume pressure
- Improved capital allocation discipline
- Dividend raised 4% to $0.47 per share
Challenges Ahead
- Logistics segment facing significantly lower truck manufacturing volumes
- Overall freight demand remains weak
- Free cash flow down year-over-year
- Revenue declines across all operating segments
- Q4 EPS expected to decline further sequentially
Historical Earnings Impact
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Avg. Return Before/After Earnings
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