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TFI International’s Truckload Tipping Point: Operating Income Jumps 50%!

TFI International reported strong second-quarter 2026 results marked by earnings and operating income growth across all three segments—less-than-truckload (LTL), truckload, and logistics—with an overall adjusted diluted EPS of $1.85 surpassing the guidance range and representing a 38% year-over-year increase. Total revenue before fuel surcharge rose 6% to $1.9 billion, while operating income increased nearly 30% to $220 million, lifting operating margins by over 200 basis points to 11.6%. Free cash flow generation remained robust at over $200 million, further strengthening an already solid balance sheet and enabling continued capital allocation flexibility, including $40 million in quarterly dividends. Segment-wise, the LTL business accounted for 38% of segmented revenue with a 3% revenue increase but exhibited softness in pricing. Despite shipments growing by 7.5%, revenue per shipment declined 2%, driven primarily by excess volume underpriced in the 3PL segment. The adjusted operating ratio remained steady at 88.