TFI’s Truckload Division Just Outshined Its LTL Crown Jewel

TFI International is known for its massive LTL operation, but in Q2 2025, it was the company’s truckload business that put up the numbers worth talking about. And there’s a lesson in there for anyone moving freight.

Truckload revenue jumped 12.6% year-over-year, adjusted EBITDA climbed nearly 15%, and the operating ratio improved 400 basis points to 86.1%. The real eye-catcher? Revenue per truck per week (excluding fuel) shot up 21.6%. That’s a carrier squeezing more value out of every asset—and doing it with fewer trucks.

Meanwhile, TFI’s LTL segment turned in a mixed bag. The operating ratio slipped 100 basis points, revenue per hundredweight (the LTL metric everyone watches) dipped slightly, and revenue per shipment fell 2.1%. Adjusted EBITDA still rose 4.46%, so it’s not a disaster—but it’s clearly not the growth engine right now.

Why This Matters for Your Freight Decisions

Here’s the takeaway: TFI is running leaner and getting paid better per unit. Their equipment count tells the story. At the end of June, TFI operated 11,987 trucks and 39,710 trailers—down significantly from 13,511 trucks and 42,726 trailers a year ago. They cut roughly 1,500 trucks and 3,000 trailers while growing revenue.

Translation? Carriers are prioritizing profitability over volume. They’re shedding underperforming capacity and focusing on freight that pays. For shippers, that means the days of cheap, easy capacity are fading. Carriers won’t chase low-margin loads just to keep trucks moving. If you’re a broker, expect the carriers you rely on to be pickier about the lanes and rates they’ll accept.

The Freight Mix Is Shifting

TFI’s customer base is also telling us something about where the freight economy is heading. Manufactured goods grew to 19% of revenue (up from 17%), while retail dropped to 16% from 19%. Automotive jumped to 13% from 10%.

That’s a notable rotation. Retail freight softening while manufacturing and automotive strengthen suggests industrial demand is holding up better than consumer-driven shipping. If your book is heavy on retail, this is worth watching—the volume patterns you counted on last year may not hold. Diversifying into industrial and automotive lanes could be a smart hedge.

Overall, TFI posted strong numbers across the board. Net income climbed to $136.2 million from $98.2 million, and adjusted EPS hit $1.86, up from $1.34 a year earlier. The adjusted EBITDA margin was 24.1% for truckload versus 18% for LTL—another sign of where the momentum is.

What to Do With This

When a major carrier like TFI proves it can grow revenue while cutting fleet size, it sets a template others will follow. Expect more carriers to trim capacity and hold firm on rates. Lock in reliable capacity now, watch your freight mix, and don’t assume last year’s lanes will price the same way this year.