TFI Plunges 15% After Third-Quarter Results, Forecasts EPS of $1.30 to $1.40

Key Facts

TFI International shares fell 15% on October 30 after the company reported third-quarter results and gave a fourth-quarter earnings-per-share range below analyst estimates, according to TIKR. The company reported results for the quarter ended September 30 on October 29 and said all amounts in its statement were in U.S. dollars. Adjusted diluted earnings per share were $1.67, up 39% from $1.20 a year earlier, but below the analyst consensus of about $1.75, according to TIKR. The company set a fourth-quarter adjusted EPS range of $1.30 to $1.40, compared with an analyst estimate of about $1.67. In trading on October 29, the stock closed at $112.54, according to EL7 data.

Overall results were stronger than a year earlier, with revenue rising 13% to $2.23 billion from $1.97 billion. The company attributed $59.3 million of the increase to acquisitions and $73.7 million to improved market conditions. Net income rose 25% to $105.7 million from $84.7 million. Total operating income also climbed 17% to $180 million from $153.3 million. But growth in these measures did not prevent adjusted EPS from missing the market average, while the new fourth-quarter guidance came in below analyst estimates.

The divergence among the company’s segments was clear in operating income. Truckload income rose 91%, while less-than-truckload income fell 43%, including a non-cash impairment charge of $14.4 million. The segment’s revenue before fuel surcharges declined to $677.7 million from $687 million in the same period a year earlier. Its operating income margin also fell to 6.6% from 11.3%. This put pressure in the segment alongside growth in truckload, while the impairment charge alone does not explain the EPS miss; the company said adjusted EPS rose year over year.

Chief Executive Officer Alain Bédard said pricing initiatives in less-than-truckload began benefiting results late in the quarter, with the effect extending into October. He added that year-to-date free cash flow reached $440 million through the end of the third quarter. TIKR said EPS of $1.67 also came in below the guidance range the company announced in July, of $1.70 to $1.80. Investors therefore faced a higher year-over-year result that was still lighter than expectations, alongside a next-quarter range below analyst estimates. The sector’s focus is on whether the effect of the pricing initiatives described by the company will feed through to freight margins in the coming period.

TFI expects adjusted diluted EPS of $1.30 to $1.40 in the fourth quarter and annual capital expenditures of $225 million to $250 million, excluding real estate. Operationally, it expects the adjusted operating ratio for truckload to improve by 400 to 500 basis points year over year, and logistics to improve by 100 to 200 basis points. By contrast, it expects the adjusted operating ratio for less-than-truckload to worsen by 0 to 100 basis points. The company approved a quarterly cash dividend of $0.47 per share, up 4% from $0.45 in the third quarter of 2025. Management was scheduled to discuss the results in a webcast on October 30, 2026, at 9:30 a.m. Eastern time.