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.
