# TFI International reports higher earnings as truckload operations strengthen

- **Source:** https://pelavox.com/tfi-international-reports-higher-earnings-as-truckload-operations-strengthen/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Helena Pierce
- **Published:** 2026-10-31T21:00:00+00:00
- **Updated:** 2026-10-30T10:05:02+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Alain Bédard, Financial Results, Freight Transportation, Less-Than-Truckload, Logistics, LTL, North America, Road Freight, Supply Chain, TFI International, TFI International Q3 2026, Truckload

TFI International reported higher revenue and operating earnings for the third quarter of 2026, supported by growth in its Truckload and Logistics businesses, although profitability declined in its Less-Than-Truckload (LTL) operations.

The North American transport and logistics group recorded total revenue of US$2.23 billion for the three months ended 30 September 2026, an increase of 13% from US$1.97 billion in the corresponding period of 2025. Revenue excluding fuel surcharges increased by 8% to US$1.86 billion.

Operating income rose 17% year on year to US$180 million, while net income increased 25% to US$105.7 million. Diluted earnings per share reached US$1.28, compared with US$1.02 a year earlier.

Adjusted EBITDA, a non-IFRS measure, increased to US$339.9 million from US$305.4 million, while adjusted diluted earnings per share rose 39% to US$1.67.

According to the company, acquisitions contributed US$59.3 million to quarterly revenue growth, while improving market conditions accounted for US$73.7 million.

### Truckload and Logistics businesses drive growth

TFI International reported a particularly strong performance in its Truckload division, where revenue increased 15% and operating income rose 91% compared with the third quarter of 2025.

Operating income in the division reached US$100.2 million, up from US$52.6 million a year earlier. Revenue before fuel surcharges increased to US$753 million from US$684.1 million.

The Logistics division also recorded higher activity, with revenue increasing 22% and operating income rising 59% to US$49.4 million. Revenue before fuel surcharges reached US$437 million, compared with US$367.8 million in the prior-year period.

Performance was weaker in the Less-Than-Truckload division, where operating income fell 43% to US$44.4 million from US$77.7 million. The segment’s result included a US$14.4 million non-cash impairment charge relating to an office building.

Alain Bédard, Chairman, President and Chief Executive Officer of TFI International, said the company benefited from its focus on specialised freight, its acquisition strategy and improvements in operating performance.

He also highlighted the Truckload division’s revenue growth despite operating with fewer trucks, alongside stronger profitability in Logistics.

### Cash flow declines despite improved profitability

Although TFI International reported higher earnings, quarterly cash generation weakened compared with the previous year.

Net cash generated from operating activities declined to US$235.2 million from US$255.4 million, while free cash flow decreased to US$116.4 million from US$199.4 million.

The company attributed the change in operating cash flow partly to working capital movements and higher income tax payments. Capital expenditure also increased during the quarter as previously planned equipment deliveries were received.

For the first nine months of 2026, TFI International generated revenue of US$6.47 billion, compared with US$5.97 billion in the corresponding period of 2025. Operating income rose to US$496.9 million, while net income reached US$285.2 million.

Nine-month free cash flow amounted to US$442.2 million, compared with US$573.4 million a year earlier.

Looking ahead, TFI International expects adjusted diluted earnings per share of between US$1.30 and US$1.40 in the fourth quarter of 2026, assuming no significant change in operating conditions.

The company also expects full-year net capital expenditure, excluding real estate, of between US$225 million and US$250 million.

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Cite as: "TFI International reports higher earnings as truckload operations strengthen", pelavox., 31 October 2026, https://pelavox.com/tfi-international-reports-higher-earnings-as-truckload-operations-strengthen/