TFI International Sees Margins Tighten Despite $1.8 Billion Q2 Revenue

By Maria Kalamatas | July 30, 2025

Montreal, July 30 — TFI International, one of North America’s largest trucking and logistics operators, reported $1.8 billion in revenue for the second quarter of 2025, but a slimmer operating margin of 9.5 percent as rising labor and fuel costs weighed on results. The company is now accelerating cost-control measures and network adjustments to stabilize profitability.

“We’re still seeing solid demand in key sectors like retail and industrial freight, but inflationary pressures continue to hit operating costs,” said Alain Bouchard, TFI’s chief financial officer. “Our priority is to improve efficiency across our terminals and fleet operations without compromising service levels.”

Cost headwinds hit performance

Despite steady freight volumes, TFI’s operating expenses grew nearly 6 percent year-over-year, driven largely by higher diesel prices and rising driver wages. Analysts say the company’s exposure to long-haul markets, where rate growth has slowed, is amplifying the margin squeeze.

“The challenge for TFI is balancing competitive rates with the need to offset cost inflation,” noted Sarah Vickers, a Toronto-based logistics analyst. “Carriers are fighting for freight while trying to maintain profitability — it’s a tough equation.”

Network optimization underway

In response, TFI has begun consolidating underutilized terminals and expanding its use of intermodal solutions to reduce fuel consumption. Company officials also highlighted plans to invest in route optimization software and expand partnerships with regional carriers for last-mile delivery.

“These measures will help us move more freight with fewer resources,” Bouchard explained. “Efficiency gains are the only way to protect margins in the current environment.”

Outlook for the remainder of 2025

TFI expects freight volumes to remain steady through the second half of the year, with particular strength in cross-border shipments between Canada, the United States, and Mexico. Executives say additional cost-saving initiatives, including further automation, will roll out in the coming months.

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