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TFI International Inc.

Q2 FY26Ground Transportation

TFI International Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹153

Market cap₹12.6K Cr

P/E42.0

Updated30 May 2026

Read4 min read

What the Q2 FY26 call signalled

2 of 3 strong

RevenueSlow growth

MarginMargins up

CapexCapex planned

The short version

- Expect organic growth in LTL (less-than-truckload) segment in Q2 2026 compared to Q2 2025, including both U.S. - Q2 2026 adjusted diluted EPS is expected in the range of $1.50 to $1.60, representing improvement from Q1.

From TFI International Inc.'s Q2 FY26 earnings-call transcript · updated 30 May 2026.

Revenue & Sales Performance

Slow growth

Expect organic growth in LTL (less-than-truckload) segment in Q2 2026 compared to Q2 2025, including both U.S. and Canada markets.
Truckload segment showing improvement with higher revenue per truck per week and fewer trucks, indicating efficiency gains.
Logistics segment poised for growth, supported by new contracts (e.g., Volvo starting late 2026) and involvement in data center construction projects.
Asset-light operations growing 7% in Q1, aiming for a better mix of asset and non-asset revenue to increase flexibility and profitability.
Focus on transborder freight between U.S. and Canada prioritized for higher profitability.
Continued improvements in service levels expected to drive better pricing and volume growth.

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Profitability & Margins

Q2 2026 adjusted diluted EPS is expected in the range of $1.50 to $1.60, representing improvement from Q1.
LTL segment is showing signs of organic growth, potentially a few percentage points year-over-year in Q2.
Operating ratio (OR) improvements are anticipated sequentially from Q1 to Q2: LTL (600-700 bps improvement), Truckload (200-300 bps), Logistics (75-125 bps).
Truckload revenue per truck per week (ex fuel) increased 8.6% with a 7.1% truck count reduction, indicating efficiency gains.
Logistics revenue and operating income showed year-over-year and sequential improvements and expected to continue growing.
Industrial freight focus and increased demand due to U.S. industrial base growth are positive drivers.

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Capital Expenditure Plans

Capex planned

Significant CapEx was committed in 2024 due to the acquisition of Daseke and their strong preference for trucks, resulting in elevated CapEx levels.
The company corrected elevated CapEx levels planned for 2025 to better align with market conditions.
Ongoing strategy aims to improve revenue per truck and revenue per mile, while growing the asset-light (non-truck) operation.
CapEx plans are being adjusted to maintain truck numbers based on demand valleys (troughs) rather than peaks, to avoid overcapacity.
The company prefers a balanced revenue mix of about 65% asset-based and 30-35% non-asset-based revenue.

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Fundraising & Capital Structure

Focus is on reducing debt and leverage using free cash flow.
The company has deployed $2.5 billion in investments over recent years, including M&A and buybacks.
They plan to use cash flow to deleverage rather than raising new funds.
Dividend growth may continue modestly but with a primary focus on debt reduction.
Interest rates remain high and are not expected to come down soon, influencing the leverage strategy.

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Order Book & Pipeline

Relevant insights related to demand and business outlook include: - Truckload sector: Demand is improving, especially in industrial freight; customers seeking partnerships as market tightens. - LTL segment: Showing slow organic growth with expectations of flat or slightly positive shipment growth in Q2 2026. - Logistics segment: Close to $400 million in revenue, expecting continued improvement and growth, supported by IT solutions aiming for cost reduction by 2027.

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Frequently Asked Questions

What were TFI International Inc. Q2 FY26 results?

- Expect organic growth in LTL (less-than-truckload) segment in Q2 2026 compared to Q2 2025, including both U.S. - Q2 2026 adjusted diluted EPS is expected in the range of $1.50 to $1.60, representing improvement from Q1.

What is TFI International Inc. share price analysis?

TFI International Inc. currently shows a neutral. The stock trades at a P/E of 42.0 with a market cap of $12,563. Investors should review the full earnings analysis for detailed insights.

Is TFI International Inc. planning capital expenditure?

- Significant CapEx was committed in 2024 due to the acquisition of Daseke and their strong preference for trucks, resulting in elevated CapEx levels.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.