Gross margins have faced notable pressure, declining from a peak of 17.9% in 2024Q4 to 10.3% in 2026Q1, indicating significant challenges in maintaining profitability amidst rising operational costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Apr'02 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'97 |
|---|
| Sales/Revenue | 8.63B | 11.01B | 8.4B | 7.52B | 8.81B | 7.22B | 3.78B | 3.99B | 5.12B | 4.84B | 4.03B | 4.03B | 3.4B | 2.92B | 3.16B | 2.64B | 2B | 1.76B | 1.86B | 1.96B | 1.54B | 1.31B | 931.87M | 581.19M | 282.46M | 292.91M | 187.95M | 129.12M | 99.32M | 83.4M | 83.4M |
| Revenue Growth % | 1.69% | 31.1% | 11.64% | -14.65% | 22.05% | 90.96% | -5.32% | -22.05% | 5.91% | 20.18% | -0.12% | 18.7% | 16.25% | -7.48% | 19.79% | 31.64% | 13.51% | -5.12% | -5.13% | 27.23% | 17.96% | 40.09% | 60.34% | 105.76% | -3.57% | 55.85% | 45.56% | 30% | 19.08% | - | - |
| Cost of Goods Sold | 7.6B | 9.66B | 7.15B | 6.26B | 7.24B | 6.07B | 3.21B | 3.49B | 3.25B | 3.36B | 2.64B | 2.55B | 2.78B | 2.55B | 2.73B | 2.16B | 1.41B | 1.25B | 1.34B | 1.4B | 1.1B | 970.73M | 671.26M | 404.82M | 190.45M | 237.55M | 151.87M | 105.83M | 85.89M | 77.75M | 76.68M |
| COGS % of Revenue | - | 87.78% | 85.1% | 83.18% | 82.15% | 84.1% | 84.85% | 87.32% | 63.47% | 69.56% | 65.5% | 63.31% | 81.96% | 87.48% | 86.37% | 82.13% | 70.41% | 70.88% | 72.03% | 71.57% | 71.15% | 74.36% | 72.03% | 69.65% | 67.42% | 81.1% | 80.81% | 81.96% | 86.48% | 93.22% | 91.94% |
| Gross Profit | 1.04B | 1.35B | 1.25B | 1.27B | 1.57B | 1.15B | 572.85M | 506.32M | 692.44M | 405.21M | 358.23M | 675.18M | 417.32M | 365.76M | 430.35M | 470.9M | 592.35M | 513.51M | 519.88M | 557.04M | 444.2M | 334.68M | 260.61M | 176.37M | 92.01M | 55.36M | 36.08M | 23.29M | 13.43M | 5.65M | 6.72M |
| Gross Margin % | 12.02% | 12.22% | 14.9% | 16.82% | 17.85% | 15.9% | 15.15% | 12.68% | 13.52% | 8.38% | 8.9% | 16.75% | 12.29% | 12.52% | 13.63% | 17.87% | 29.59% | 29.12% | 27.97% | 28.43% | 28.85% | 25.64% | 27.97% | 30.35% | 32.57% | 18.9% | 19.19% | 18.04% | 13.52% | 6.78% | 8.06% |
| Gross Profit Growth % | - | 7.48% | -1.11% | -19.55% | 37.01% | 100.41% | 13.14% | -26.88% | 70.88% | 13.12% | -46.94% | 61.79% | 14.1% | -15.01% | -8.61% | -20.5% | 15.35% | -1.23% | -6.67% | 25.4% | 32.72% | 28.42% | 47.76% | 91.68% | 66.2% | 53.46% | 54.9% | 73.43% | 99.73% | - | - |
| Operating Expenses | 457.85M | 581.14M | 532.41M | 507.76M | 426.9M | 168.81M | 156.29M | 159.52M | 278.77M | 601.89M | 245.01M | 398.72M | 198.73M | 186.3M | 190.77M | 288.38M | 458.85M | 311.4M | 390.91M | 476.93M | 275.9M | 197.09M | 218.36M | 537.5M | 52.9M | 32.27M | 21.21M | 14.45M | 9.23M | 4.86M | 6.72M |
| OpEx % of Revenue | - | 5.28% | 6.34% | 6.75% | 4.84% | 2.34% | 4.13% | 3.99% | 5.44% | 12.44% | 6.09% | 9.89% | 5.85% | 6.38% | 6.04% | 10.94% | 22.92% | 17.66% | 21.03% | 24.34% | 17.92% | 15.1% | 23.43% | 92.48% | 18.73% | 11.02% | 11.29% | 11.19% | 9.3% | 5.83% | 8.06% |
| Selling, General & Admin | 344.01M | 581.14M | 76.31M | 84.92M | 139.4M | 104.12M | 23.11M | 159.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 164.88M | 332.21M | 297.16M | 289.84M | 311.66M | 236.87M | 217M | 178.89M | 106.81M | 52.9M | 12.44M | 7.43M | 5M | 3.5M | 0 | 0 |
| SG&A % of Revenue | - | 5.28% | 0.91% | 1.13% | 1.58% | 1.44% | 0.61% | 3.99% | - | - | - | - | - | - | - | 6.26% | 16.6% | 16.85% | 15.59% | 15.91% | 15.38% | 16.62% | 19.2% | 18.38% | 18.73% | 4.25% | 3.95% | 3.87% | 3.52% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 456.11M | 422.83M | 287.5M | 64.69M | 133.18M | 0 | 278.77M | 601.89M | 245.01M | 398.72M | 198.73M | 186.3M | 190.77M | 123.5M | 126.64M | 14.24M | 101.07M | 165.27M | 39.04M | -19.91M | 39.47M | 430.7M | 0 | 19.83M | 13.78M | 9.45M | 5.74M | 4.86M | 6.72M |
| Operating Income | 579.58M | 763.87M | 718.96M | 757.63M | 1.15B | 979.23M | 416.57M | 346.8M | 430.52M | 244.58M | 249.26M | 276.46M | 197.93M | 182.59M | 248.43M | 182.52M | 144.18M | 91.47M | 128.97M | 134.79M | 151.46M | 131.8M | 117.49M | 43.69M | 39.11M | 42.91M | 42.43M | 14.8M | 8.36M | 10.52M | 71.53K |
| Operating Margin % | 6.71% | 6.94% | 8.56% | 10.07% | 13% | 13.56% | 11.02% | 8.68% | 8.4% | 5.06% | 6.19% | 6.86% | 5.83% | 6.25% | 7.87% | 6.93% | 7.2% | 5.19% | 6.94% | 6.88% | 9.84% | 10.1% | 12.61% | 7.52% | 13.85% | 14.65% | 22.57% | 11.46% | 8.41% | 12.61% | 0.09% |
| Operating Income Growth % | - | 6.25% | -5.1% | -33.89% | 17.03% | 135.07% | 20.12% | -19.45% | 76.02% | -1.88% | -9.84% | 39.67% | 8.4% | -26.5% | 36.12% | 26.59% | 57.62% | -29.07% | -4.32% | -11% | 14.92% | 12.18% | 168.9% | 11.71% | -8.84% | 1.13% | 186.76% | 77.04% | 11583.24% | - | - |
| EBITDA | 1.25B | 1.62B | 1.3B | 1.2B | 1.58B | 1.37B | 715.8M | 649.32M | 688.48M | 510.76M | 392.92M | 403.45M | 319.65M | 319.42M | 396.83M | 312.38M | 270.82M | 208.56M | 230.04M | 243.52M | 230.36M | 190.8M | 154.62M | 69.57M | 51.89M | 27.43M | 28.64M | 5.34M | 2.62M | 5.65M | -4.79M |
| EBITDA Margin % | 14.47% | 14.68% | 15.49% | 15.95% | 17.89% | 19.01% | 18.93% | 16.26% | 13.44% | 10.56% | 9.76% | 10.01% | 9.41% | 10.94% | 12.57% | 11.85% | 13.53% | 11.83% | 12.38% | 12.43% | 14.96% | 14.62% | 16.59% | 11.97% | 18.37% | 9.36% | 15.24% | 4.14% | 2.64% | 6.78% | -5.75% |
| EBITDA Growth % | -3.77% | 24.23% | 8.45% | -23.91% | 14.89% | 91.71% | 10.24% | -5.69% | 34.8% | 29.99% | -2.61% | 26.22% | 0.07% | -19.51% | 27.03% | 15.35% | 29.85% | -9.34% | -5.53% | 5.71% | 20.73% | 23.4% | 122.26% | 34.06% | 89.19% | -4.24% | 436.19% | 103.78% | 154.7% | - | - |
| D&A (Non-Cash Add-back) | 669.89M | 852.36M | 582.07M | 441.98M | 430.59M | 393.03M | 299.23M | 302.52M | 257.96M | 266.18M | 143.65M | 126.99M | 121.71M | 136.82M | 148.4M | 129.87M | 126.64M | 117.09M | 101.07M | 108.72M | 78.89M | 59M | 37.13M | 25.88M | 12.78M | -15.48M | -13.78M | -9.45M | -5.74M | -4.86M | -4.86M |
| EBIT | 593.88M | 791.96M | 712.69M | 752.24M | 1.13B | 965.68M | 410.07M | 393.95M | 414.99M | 241.06M | 243.26M | 187.93M | 197.93M | 200.52M | 238.34M | 178.68M | 177.96M | 64.31M | 119.78M | 85.46M | 130.03M | 110.45M | 79.47M | 44.76M | 26.33M | 42.91M | 24.33M | 14.8M | 8.36M | 4.13M | 71.53K |
| Net Interest Income | -172.25M | -223.51M | -152.78M | -82.69M | -76.47M | -73.37M | -58.34M | -63.13M | -44.09M | -48.46M | -36.54M | -65.73M | -57.65M | -41.19M | -53.89M | -51.09M | -8.02M | -33.42M | -38.29M | -36.1M | -23.65M | -13.2M | -9.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.36M | 2.51M | 7.35M | 8.27M | 1.68M | 2.17M | 1.11M | 2.31M | 2.06M | 2.11M | 1.77M | 0 | 0 | 0 | 0 | 0 | 29.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 174.61M | 226.02M | 160.14M | 90.96M | 78.15M | 75.54M | 59.44M | 65.45M | 46.15M | 50.57M | 38.31M | 65.73M | 57.65M | 41.19M | 53.89M | 51.09M | 37.62M | 33.42M | 38.29M | 36.1M | 23.65M | 13.2M | 9.05M | 0 | 42.36M | 49.13M | 32.43M | 22.61M | 14.13M | 715.31K | 0 |
| Other Income/Expense | -160.31M | -197.92M | -158.24M | -80.87M | -80.4M | -73.02M | -53.91M | -18.3M | -48.31M | -125.52M | -45.93M | -75.7M | -41.75M | 0 | -38.58M | -49.24M | -8.02M | -60.59M | -47.48M | -86.6M | -18.46M | 28.48M | -47.07M | -4.73M | -16.8M | 0 | 0 | 0 | 0 | -715.31K | -71.53K |
| Pretax Income | 419.27M | 565.94M | 560.72M | 676.76M | 1.07B | 906.21M | 362.66M | 328.5M | 382.22M | 119.06M | 203.33M | 200.76M | 156.49M | 71.88M | 209.86M | 133.28M | 136.16M | 30.89M | 81.49M | 48.19M | 133M | 160.28M | 70.42M | 38.96M | 22.31M | 19.84M | 14.8M | 10M | 5.14M | 9.8M | 0 |
| Pretax Margin % | 4.86% | 5.14% | 6.68% | 9% | 12.09% | 12.55% | 9.59% | 8.23% | 7.46% | 2.46% | 5.05% | 4.98% | 4.61% | 2.46% | 6.65% | 5.06% | 6.8% | 1.75% | 4.38% | 2.46% | 8.64% | 12.28% | 7.56% | 6.7% | 7.9% | 6.77% | 7.88% | 7.74% | 5.17% | 11.75% | - |
| Income Tax | 92.58M | 132.36M | 138.24M | 171.89M | 242.41M | 151.81M | 86.98M | 78.27M | 66.24M | -41.24M | 46.61M | 39.65M | 47.16M | 9.52M | 54.88M | 33.16M | 33.67M | 21.43M | 16.02M | 3.61M | 1.2M | 10.38M | 5.79M | 3.43M | 5.42M | 8.08M | 5.97M | 2.91M | 616.5K | 12.88M | 0 |
| Effective Tax Rate % | 22.08% | 23.39% | 24.65% | 25.4% | 22.75% | 16.75% | 23.98% | 23.83% | 17.33% | -34.63% | 22.92% | 19.75% | 30.14% | 13.25% | 26.15% | 24.88% | 24.73% | 69.38% | 19.66% | 7.49% | 0.9% | 6.47% | 8.22% | 8.81% | 24.31% | 40.74% | 40.34% | 29.05% | 12% | 131.39% | - |
| Net Income | 326.68M | 433.58M | 422.48M | 504.88M | 823.23M | 754.4M | 275.68M | 239.28M | 214.38M | 125.64M | 116.85M | 117.78M | 122.27M | 58.56M | 154.98M | 100.12M | 103.27M | 10.44M | 65.47M | 45.25M | 129.56M | 126.83M | 64.63M | 35.53M | 16.89M | 11.15M | 8.06M | 7.09M | 4.52M | -2.36M | -2.36M |
| Net Margin % | 3.78% | 3.94% | 5.03% | 6.71% | 9.34% | 10.45% | 7.29% | 5.99% | 4.18% | 2.6% | 2.9% | 2.92% | 3.6% | 2.01% | 4.91% | 3.8% | 5.16% | 0.59% | 3.52% | 2.31% | 8.41% | 9.72% | 6.94% | 6.11% | 5.98% | 3.81% | 4.29% | 5.49% | 4.55% | -2.83% | -2.83% |
| Net Income Growth % | -14.83% | 2.63% | -16.32% | -38.67% | 9.12% | 173.66% | 15.21% | 11.61% | 70.64% | 7.52% | -0.79% | -3.68% | 108.78% | -62.21% | 54.8% | -3.05% | 889.4% | -84.06% | 44.69% | -65.07% | 2.15% | 96.24% | 81.91% | 110.36% | 51.46% | 38.43% | 13.56% | 56.9% | 291.53% | - | - |
| Net Income (Continuing) | 326.68M | 433.58M | 422.48M | 504.88M | 823.23M | 754.4M | 275.68M | 250.22M | 291.99M | 125.64M | 158.22M | 145.73M | 111.1M | 58.56M | 154.98M | 100.12M | 103.27M | 10.94M | 65.47M | 45.25M | 112.98M | 149.9M | 64.63M | 35.53M | 16.89M | 11.76M | 8.83M | 7.09M | 4.52M | 1.4M | -2.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.95M | 0 | 0 | 0 | 17.7M | 11.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.57M | 0 | 0 | 0 | 0 | -605.13K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.59M | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.97 | 5.20 | 4.96 | 5.91 | 8.66 | 7.84 | 3.03 | 2.80 | 3.22 | 1.70 | 1.57 | 1.43 | 1.09 | 0.67 | 1.56 | 1.06 | 1.07 | 0.12 | 0.76 | 0.53 | 1.53 | 1.70 | 0.94 | 0.55 | 0.30 | 0.22 | 0.19 | 0.12 | 0.06 | -0.18 | 0.00 |
| EPS Growth % | -12.44% | 4.84% | -16.07% | -31.76% | 10.46% | 158.75% | 8.21% | -13.04% | 89.41% | 8.28% | 9.79% | 31.19% | 62.69% | -57.05% | 47.17% | -0.93% | 791.67% | -84.21% | 43.4% | -65.36% | -10% | 80.85% | 70.91% | 83.33% | 36.36% | 15.79% | 58.33% | 114.29% | - | - | - |
| EPS (Basic) | - | 5.21 | 5.00 | 5.98 | 8.85 | 8.04 | 3.09 | 2.87 | 3.32 | 1.77 | 5.08 | 1.45 | 1.23 | 0.67 | 1.65 | 1.05 | 1.08 | 0.12 | 0.76 | 0.53 | 1.53 | 1.75 | 1.23 | 0.55 | 0.30 | 0.22 | 0.23 | 0.14 | 0.06 | -0.18 | 0.00 |
| Diluted Shares Outstanding | 82.38M | 83.41M | 85.24M | 87.05M | 91.26M | 95.34M | 90.93M | 85.36M | 90.8M | 92.78M | 95.52M | 101.99M | 101.37M | 94.21M | 107.55M | 105.22M | 95.87M | 90.04M | 86.47M | 85.9M | 84.73M | 74.77M | 68.78M | 63.95M | 56.57M | 37.25M | 37.5M | 36.67M | 25M | 13.2M | 0 |
| Basic Shares Outstanding | 82.16M | 83.07M | 84.55M | 85.91M | 89.36M | 93.05M | 89.11M | 83.39M | 87.97M | 90.49M | 93.71M | 100.21M | 99.44M | 92.59M | 94.76M | 95.42M | 95.28M | 90.04M | 86.47M | 85.85M | 84.73M | 72.62M | 53.03M | 48M | 55.74M | 37.25M | 30.88M | 31.43M | 22.22M | 13.2M | 0 |
| Dividend Payout Ratio | - | 48.65% | 31.7% | 24.42% | 11.35% | 14.31% | 25.82% | 26.01% | 25.38% | 43.68% | 55.23% | 41.95% | 44.22% | 77.14% | 30.22% | 40.13% | 36.9% | 330.64% | 92.17% | 288.7% | 84.3% | 75.68% | 76.03% | 118.78% | - | - | - | - | - | - | - |
Integration and Cyclical Exposure
As reported in recent financial statements, TFII's revenue growth has exhibited significant volatility, swinging from a 28.4% expansion in 2025Q4 to a 10.9% contraction in 2025Q3, suggesting that inorganic acquisition activity remains the primary, albeit inconsistent, driver of the company's top-line performance metrics.
The erratic nature of revenue growth indicates that TFII's top-line is heavily dependent on the timing of large-scale acquisitions rather than steady organic demand. Investors should monitor whether the company can maintain pricing power in the US LTL segment as the freight environment softens, given that volume growth appears increasingly difficult to sustain.
Based on reported figures, TFII's gross margin has faced notable pressure, declining from a peak of 17.9% in 2024Q4 to 10.3% in 2026Q1, which suggests that the company is struggling to maintain profitability amidst a challenging North American freight market and rising operational costs.
The contraction in gross margins implies that the company's asset-heavy model is highly sensitive to incremental changes in fuel and labor expenses. This trend warrants further investigation into whether management's strategy of shedding low-margin freight is effectively offsetting the broader industry-wide margin compression observed across the trucking sector.
According to recent SEC filings, TFII's operating income has failed to scale consistently with gross profit, as evidenced by the operating margin dropping to 4.4% in 2026Q1 from 10.3% in 2023Q4, indicating that overhead costs are not being managed with the expected degree of efficiency.
The inability to protect operating margins during periods of revenue fluctuation suggests that the decentralized operating model may be creating hidden inefficiencies. Analysts should scrutinize whether the integration of larger US acquisitions is leading to bloated SG&A structures that hinder the company's ability to achieve historical profitability targets.
As indicated by the company's reported figures, EPS has experienced significant quarterly swings, including a 39.4% decline in 2025Q1 and a 19.7% drop in 2026Q1, which suggests that net income is being heavily influenced by non-operating items and the costs associated with aggressive M&A integration.
The presence of stock-based compensation and fluctuating tax impacts complicates the assessment of core earnings power. Investors should be cautious of relying on headline EPS, as the frequent use of acquisitions likely masks the underlying operational performance of the core trucking and logistics business segments.
Based on the provided data, the strongest challenge to the current narrative is the potential for integration fatigue, as the company's reliance on large-scale acquisitions to drive growth appears to be masking underlying operational weaknesses in the US LTL segment during a period of softening freight demand.
Short-term margin compression and the volatility in EPS suggest that the 'buy-and-fix' strategy may be reaching a point of diminishing returns. If the company cannot successfully improve the operating ratios of its recent large acquisitions, the market may begin to discount the conglomerate's valuation more aggressively.
Quick answers to the most common questions about buying TFII stock.
For fiscal year 2025, TFI International Inc. (TFII) reported total revenue of $11.01B. This represents a 13098.5% increase compared to $83.4M in 1996.
TFI International Inc. (TFII) is profitable, generating $433.6M in net income for the fiscal year ending 2025 with a net profit margin of 3.9%.
TFI International Inc. (TFII) reported an operating income of $763.9M, resulting in an operating profit margin of 6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
TFI International Inc. (TFII) generated $1.35B in gross profit for the year, representing a gross profit margin of 12.2%. This demonstrates the company's core pricing power and production efficiency.