Research · Sep 3, 2026
[TFII] TFI International Thesis 2026: LTL Cycle Drives Truckload Daseke Integration
TFI International Inc. (NYSE/TSX: TFII) FY2025 revenue ~$8.05-8.40B (-1 to +3%) with adj. EPS ~$5.50-6.20 reflecting continued post-2024 ~$2.95-3.10B aggregate Less-than-truckload (LTL) revenue (~37%+ aggregate revenue mix; selected primary US TForce Freight + selected various Canadian LTL) + selected continued post-2024 ~$2.65-2.80B aggregate Truckload (TL) revenue (~33% aggregate revenue mix; selected primary US specialized + flatbed + dry van + selected post-April 2024 Daseke acquisition) + selected continued post-2024 ~$1.65-1.75B aggregate Logistics revenue (~21% aggregate revenue mix) + selected continued post-2024 ~$0.75-0.85B aggregate Package + Courier (P&C) revenue (~9%+ aggregate revenue mix) under continued Founder + Chairman + President + CEO Alain Bédard since 1996 (~29-year tenure as TFI Founder + Chairman + CEO). One of the largest North American transportation + logistics companies. Founded 1957 as Transport Frigorifique Sherbrooke in Sherbrooke Quebec Canada (~68-year heritage); selected post-2008 NYSE/TSX listing; selected post-April 2021 ~$800M+ TForce Freight (UPS Freight) acquisition; selected post-April 2024 ~$1.1B+ Daseke acquisition; selected post-1996 Alain Bédard Founder + Chairman + CEO appointment. Headquartered in Saint-Laurent Quebec Canada; ~30,000+ employees globally with ~$8.05-8.40B revenue. Four primary business segments: LTL (~37%+ ~$2.95-3.10B), Truckload (~33% ~$2.65-2.80B), Logistics (~21% ~$1.65-1.75B), P&C (~9%+ ~$0.75-0.85B). Geographic mix: US ~70%+ + Canada ~30%. LTL cycle (post-2021 TForce Freight integration recovery): ~$2.95-3.10B LTL revenue; selected primary US TForce Freight + Canadian LTL; selected ~85-88% aggregate operating ratio toward selected ~80-83% FY2026 operating ratio trajectory. Truckload + post-April 2024 Daseke integration: ~$2.65-2.80B Truckload revenue; selected primary US specialized + flatbed + dry van; selected post-April 2024 ~$1.1B+ Daseke acquisition adding ~$1.5-1.7B aggregate annual specialized + flatbed Truckload revenue. Founder + Chairman + President + CEO Alain Bédard since 1996 (~29-year tenure); CFO David Saperstein. Capital return: ~$1.80 annual dividend FY2025 (~+15-20% growth post-2024 dividend acceleration; ~13-year continuous dividend track post-2012 NYSE listing); ~$200-300M aggregate FY2024-2025 buyback program (~$80-150M aggregate FY2025); aggregate capital return ~$220-300M FY2025; net leverage ratio ~2.0-2.5x net debt-to-adj. EBITDA; investment-grade Baa3/BBB- credit rating. FY2026 thesis: LTL cycle (TForce Freight integration recovery) + Truckload + Daseke integration + ~$1.80 annual dividend + ~13-year continuous dividend track + ~$220-320M aggregate annual capital return + selected potential post-2026 dividend acceleration. Risks: Old Dominion Freight Line + XPO + Saia + ArcBest + Estes Express Lines competition, Knight-Swift + Schneider + J.B. Hunt + Werner + Heartland + Ryder competition, US LTL + Truckload cycle, Daseke integration considerations.