TFI International Q1 EPS Tops Estimates at $0.69; Flatbed Rates Boost Truckload
TFI International posted Q1 adjusted EPS of US$0.69, exceeding estimates by 8 cents despite net income falling to US$43.3 million on revenue of US$1.949 billion. Truckload flatbed rates boosted revenue per truck per week by 8.2%, while less-than-truckload operating ratio worsened to 95.3% and M&A is paused for 2026.
1. Q1 Financial Results
TFI International reported first-quarter net income of US$43.3 million, down from US$56 million a year earlier, on revenue of US$1.949 billion versus US$1.964 billion in Q1 2025. Adjusted EPS of US$0.69 beat consensus by US$0.08, reflecting contributions from recent acquisitions despite weaker end-market demand.
2. Truckload Division Performance
The truckload unit saw revenue rise 1% to US$672.8 million and an improved operating ratio of 92.7 from 93.7. Average revenue per truck per week climbed 8.2% to US$5,141 driven by higher flatbed rates and productivity gains, even as fleet size declined 7.1%.
3. LTL Unit Challenges
Less-than-truckload revenue fell 2% to US$656.3 million, and the operating ratio deteriorated to 95.3 from 93.1. CEO Alain Bédard acknowledged ongoing U.S. LTL service issues, with cargo claims steady at 0.6% and management focusing on service-level improvements.
4. Outlook and M&A Strategy
Executives forecast Q2 operating ratio improvements of 6–7 points in LTL and 2–3 points in truckload, with overall OR gains of 4–5 points. Uncertainty over freight recovery and elevated interest rates have put major acquisitions on hold for the remainder of 2026.