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Trucking · Industrials · Fiscal year ends Dec 31
TFI International reported revenue of $7.9B in the fiscal year ended Dec 2025, down 6.1% from the year before. Operating income was $565M, an operating margin of 7.2%, and net income was $311M. Operating cash flow of $978M less capital expenditure of $273M left free cash flow of $705M. Net debt was $2.4B.
Ranks among the 10 trucking companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 7,220 | 8,812 | 7,521 | 8,397 | 7,885 |
| Operating income | 979 | 1,146 | 758 | 719 | 565 |
| Interest expense | −78.1 | −82.1 | 89.5 | 172 | 162 |
| Pre-tax income | 906 | 1,066 | 677 | 561 | 405 |
| Income tax | 152 | 242 | 172 | 138 | 94.8 |
| Net income | 823 | 823 | 505 | 422 | 311 |
| Diluted EPS | 7.91 | 9.02 | 5.80 | 4.96 | 3.72 |
| Diluted shares | 95.3 | 91.3 | 87.1 | 85.2 | 83.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 19.3 | 147 | 336 | 0.0 | 210 |
| Receivables | 1,056 | 1,031 | 895 | 928 | 881 |
| Inventory | 24.4 | 24.2 | 24.0 | 18.0 | 19.5 |
| Current assets | 1,162 | 1,264 | 1,336 | 1,037 | 1,209 |
| Net PP&E | 2,455 | 2,132 | 2,415 | 2,891 | 2,779 |
| Goodwill | 49.2 | 59.2 | – | – | – |
| Total assets | 5,884 | 5,506 | 6,284 | 7,166 | 7,509 |
| Payables | 862 | 709 | 672 | 639 | 667 |
| Current liabilities | 1,407 | 967 | 1,066 | 1,019 | 1,170 |
| Short-term debt | 364 | 37.1 | 174 | 93.5 | 222 |
| Long-term debt | 1,245 | 1,279 | 1,710 | 2,309 | 2,355 |
| Total liabilities | 3,573 | 3,043 | 3,692 | 4,493 | 4,832 |
| Shareholders' equity | 2,220 | 2,463 | 2,591 | 2,673 | 2,678 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 855 | 972 | 1,014 | 1,063 | 978 |
| Capital expenditure | 269 | 351 | 362 | 393 | 273 |
| Free cash flow | 587 | 621 | 652 | 670 | 705 |
| Depreciation & amortisation | 393 | 431 | 442 | 582 | 611 |
| Stock-based compensation | 15.4 | 14.6 | 13.5 | 11.1 | 15.1 |
| Acquisitions | 1,008 | 158 | 629 | 958 | 201 |
| Share buybacks | 198 | 568 | 288 | 76.6 | 226 |
| Dividends paid | 85.4 | 97.3 | 121 | 134 | 151 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.0% | −14.7% | 11.6% | −6.1% |
| Operating income growth (YoY) | – | 17.0% | −33.9% | −5.1% | −21.4% |
| EPS growth (YoY) | – | 14.0% | −35.7% | −14.5% | −25.0% |
| Operating margin | 13.6% | 13.0% | 10.1% | 8.6% | 7.2% |
| Net margin | 11.4% | 9.3% | 6.7% | 5.0% | 3.9% |
| Return on equityBlank when equity is negative | 37.1% | 33.4% | 19.5% | 15.8% | 11.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.9% | 25.2% | 14.5% | 11.7% | 8.9% |
| Free cash flow margin | 8.1% | 7.0% | 8.7% | 8.0% | 8.9% |
| Cash conversion (CFO ÷ net income) | 1.04x | 1.18x | 2.01x | 2.52x | 3.15x |
| Receivable days | 53 | 43 | 43 | 40 | 41 |
| Interest cover | −12.5x | −14.0x | 8.47x | 4.18x | 3.48x |
| Debt ÷ equity | 0.72x | 0.53x | 0.73x | 0.90x | 0.96x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,589 | 1,169 | 1,549 | 2,403 | 2,368 |
| Current ratio | 0.83x | 1.31x | 1.25x | 1.02x | 1.03x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.