TFI International Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data TFI International Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,904	3,781	7,220	8,812	7,521	8,397	7,885
Operating income	383	417	979	1,146	758	719	565
Interest expense	64.4	56.7	-78.1	-82.1	89.5	172	162
Interest income	2.29	2.78	-5.13	-1.75	8.61	13.8	2.31
Pre-tax income	321	363	906	1,066	677	561	405
Income tax	76.5	87	152	242	172	138	94.8
Income from continuing operations	244	276
Net income	234	276	754	823	505	422	311
EBITDA	679	716	1,372	1,577	1,200	1,301	1,176
EPS, basic	3.18	3.51	8.11	9.21	5.88	5.00	3.74
EPS, diluted	3.11	3.44	7.91	9.02	5.80	4.96	3.72

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0	4.3	19.3	147	336	0	210
Receivables	452	598	1,056	1,031	895	928	881
Inventory	10.7	8.76	24.4	24.2	24	18	19.5
Total current assets	527	653	1,162	1,264	1,336	1,037	1,209
Property, plant and equipment	1,125	1,074	2,455	2,132	2,415	2,891	2,779
Lease right-of-use assets	334	337	399	382	426	537	590
Goodwill	62.1	173	49.2	59.2
Total assets	3,509	3,847	5,884	5,506	6,284	7,166	7,509
Accounts payable	341	468	862	709	672	639	667
Total current liabilities	488	654	1,407	967	1,066	1,019	1,170
Lease liabilities	279	267	314	297	333	421	472
Total liabilities	2,350	2,059	3,573	3,043	3,692	4,493	4,832
Total debt	1,343	873	1,608	1,316	1,884	2,403	2,578
Retained earnings	634	804	1,283	1,566	1,647	1,839	1,778
Shareholders' equity	1,159	1,789	2,220
Total equity	1,158	1,789	2,310	2,463	2,591	2,673	2,678
Total liabilities and equity	3,509	3,847	5,884	5,506	6,284	7,166	7,509

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	234	276	823	823	505	422	311
Depreciation and amortization	296	299	393	431	442	582	611
Cash from operations	488	611	855	972	1,014	1,063	978
Capital expenditures	-261	-143	-269	-351	-362	-393	-273
Debt issued	328	33.2	661	334	575	500	219
Debt repaid	-103	-191	-43.9	-370	-41.4	-537	-320
Share buybacks	-192	-38	-198	-568	-288	-76.6	-226
Dividends paid	-60.5	-67.6	-85.4	-97.3	-121	-134	-151
Net change in cash		4.3	15	128	195	-346	213
Free cash flow	227	468	587	621	652	670	705
Interest paid	65.1	50.4	65.5	77.5	70.4	157	154
Income taxes paid	85.2	73.3	189	224	233	151	118

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $121.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	7.2%	Operating income / revenue.
EBITDA margin	14.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.1%	Pre-tax income / revenue.
Net margin	3.9%	Net income / revenue.
FCF margin	8.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.4%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	4.2%	Net income / average total assets.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	7.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-21.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-21.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-9.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-26.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-27.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-25.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-25.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.03x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / assets	34.3%	Total debt / total assets.
Liabilities / assets	64.3%	Total liabilities / total assets.
Net debt	$2.37B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.01x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.48x	Operating income / interest expense.
Working capital	$38.7M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.07x	Revenue / average total assets.
Fixed asset turnover	2.78x	Revenue / average property, plant and equipment.
Receivables turnover	8.72x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
FCF conversion	226.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	27.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$3.74	Net income per basic share, as reported (split-adjusted).
Payout ratio	48.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	21.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	32.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.95B	Share price x shares outstanding.
Enterprise value	$12.32B	Market cap + total debt - cash - short-term investments.
P/E	32.1x	Market cap / net income. Only when net income is positive.
P/S	1.26x	Market cap / revenue.
P/FCF	14.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.2x	Market cap / cash from operations, when positive.
EV/Sales	1.56x	Enterprise value / revenue.
EV/EBIT	21.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.1%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.

What was TFI International Inc.'s revenue in fiscal 2025?

TFI International Inc. reported revenue of $7.88B for fiscal 2025, 6.1% lower than the year before.

Was TFI International Inc. profitable in fiscal 2025?

Yes. Net income was $310.6M, a net margin of 3.9%.

How much free cash flow did TFI International Inc. generate in fiscal 2025?

Cash from operations of $977.8M minus capital expenditures of $273.2M left free cash flow of $704.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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