TFI first look: truckload shines, LTL doesn’t keep up
TFI International’s flagship LTL operations in the second quarter were improved from a year ago by some metrics, weaker by other benchmarks, but it was the less-heralded truckload operations that really stood out. Truckload revenue for TFI International (NYSE: TFII) was up from the second quarter of 2025 by 12.6%, adjusted EBITDA rose by 14.75%, and the operating ratio (OR) was up 400 basis points to 86.1%. Revenue per truck per week excluding fuel was up 21.6%. Meanwhile, LTLs OR rose 100 basis points, its revenue per hundredweight excluding fuel–a key LTL benchmark–fell slightly, and its revenue per shipment excluding fuel was down 2.1%. Adjusted EBITDA rose 4.46%. The adjusted EBITDA margin was 18% for LTL and 24.1% for truckload. The overall picture for TFI as a whole, including a solid performance in logistics, was significantly stronger. Net income rose to $136.2 million from $98.2 million in the second quarter. Adjusted earnings per share climbed to $1.86 from $1.34 a year earlier. A year ago at the halfway point of 2025, manufactured goods accounted for 17% of the company’s revenue, with retail leading the pack at 19%. But this year for the six months ended June 30, manufactured goods were up to 19% of revenue, with retail falling back to 16%. Automotive climbed to 13% from 10%. One notable statistic in the report: the company’s equipment count is way down. At the end of June TFI had 11,987 trucks, 39,710 trailers and 6,189 independent contractors. A year ago, the corresponding numbers were 13,511 trucks, 42,726 trailers and 6,044 independent contractors. More articles by John Kingston Upcoming FreightWaves Events Compliance Brokerage Compliance Symposium The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry. October 26, 2026 The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now Awards F3 Awards Dinner The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room. October 26, 2026 The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now FreightTech F3: Future of Freight Festival Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals. October 27, 2026 – October 28, 2026 The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now Compliance Brokerage Compliance Symposium Oct 26 • The Signal at Chattanooga Choo Choo • Chattanooga, TN The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry. The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now Awards F3 Awards Dinner Oct 26 • The Signal at Chattanooga Choo Choo • Chattanooga, TN The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room. The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now FreightTech F3: Future of Freight Festival Oct 27 – Oct 28 • The Signal at Chattanooga Choo Choo • Chattanooga, TN Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals. The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now