TFI International Inc. Q3 2026 Earnings Recap

TFI shares fell 17.0% after earnings, with the likely pressure point being a troubled U.S. LTL business: management said it was unhappy with 2026 results and expects major improvement only in 2027. Consolidated and truckload results improved, but the LTL outlook remains a clear weak spot.

Key Takeaways

• Adjusted diluted EPS was $1.67, up nearly 40% year over year; operating income rose 17% to $180 million, and consolidated operating margin expanded 80 basis points to 9.7%.
• Truckload operating income nearly doubled to $100 million, with an adjusted operating ratio of 86.7%, a 560-basis-point year-over-year improvement.
• LTL revenue was roughly flat at $678 million; its adjusted operating ratio was 91.3%. Management described U.S. LTL performance in 2026 as unsatisfactory and pointed to major improvement in 2027.
• Logistics revenue rose 19% to $437 million, while operating income increased 59% to $49 million; margin improved to 11.3% from 8.4%.
• Year-to-date free cash flow exceeded $440 million and leverage ended September at 2.1x. Management’s updated outlook included full-quarter adjusted EPS of $1.30–$1.40 and a slight LTL operating-ratio decline of up to 100 basis points.