TFI International reported a 41% jump in second-quarter diluted earnings per share to $1.65, driven by surging profitability in its Truckload and Logistics segments, while its LTL operations—which accounted for 41% of revenue—improved but trailed behind. Truckload EBITDA margin reached 24.1%, up from 19.5% in the first quarter, and Logistics hit 16.3%, whereas LTL margin rose to 18% from 12.1%. CEO Alain Bedard attributed Truckload's strength to supply constraints rather than booming demand, calling the market shift a permanent change he has never seen in 30 years, and noted the Truckload operating ratio improved from 92.7% to 86.1%. In LTL, a 7.5% shipment increase drove higher costs and service issues, prompting the company to deploy new pricing technology to target problematic freight. Bedard forecast a 500-to-600-basis-point improvement in Truckload's operating ratio for all of 2026, while expecting LTL margins to remain flat, and guided third-quarter earnings per share between $1.70 and $1.80.
TFI International IncTruckload segment strength driven by supply constraints, not demand, boosting margins and earnings.
XPO Logistics Inc