TFI International Inc. (TFII): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des transports et de la logistique, TFI International Inc. (TFII) est une puissance de solutions de mobilité innovantes, tissant un réseau complexe qui couvre les paysages de fret et de livraison nord-américains. Des partenariats stratégiques avec les principaux fabricants de camions aux intégrations technologiques de pointe, cette entreprise transforme les défis logistiques complexes en expériences de transport sans couture et efficaces. Plongez dans la toile fascinante du modèle commercial qui révèle comment TFII orchestre une approche symphonique pour déplacer les marchandises, connecter les entreprises et stimuler l'élan économique dans divers secteurs de l'industrie.

TFI International Inc. (TFII) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fabricants de camions

TFI International maintient des partenariats stratégiques avec les principaux fabricants de camions:

Fabricant	Détails du partenariat	Composition de la flotte
Freightliner	Contrat d'approvisionnement à long terme	42% des véhicules de la flotte
Kenworth	Partenariat d'approvisionnement préféré	33% des véhicules de la flotte
Peterbilt	Sourcing de véhicules supplémentaires	25% des véhicules de la flotte

Fournisseurs de services de logistique et de transport

Les partenariats logistiques clés comprennent:

• Solutions de fret UPS
• FedEx Logistics Network
• XPO Logistic Integration
• J.B. Hunt Transportation Services

Fournisseurs de carburant et réseaux de services de maintenance

Partenaire	Volume de carburant annuel	Couverture d'entretien
Shell Fuel Services	78 millions de gallons	Réseau national
Pilote volant j	62 millions de gallons	Centres de maintenance régionaux

Partenaires technologiques

La collaboration technologique se concentre sur:

• Samsara IoT Fleet Management Plateforme
• Trimble Transportation Management Systems
• Solutions de suivi GPS Geotab

Fusions et partenaires d'acquisition

Secteur cible	Acquisitions récentes	Investissement total
Camionnage nord-américain	4 transporteurs régionaux	325 millions de dollars
Services logistiques	2 entreprises de logistique spécialisées	215 millions de dollars

TFI International Inc. (TFII) - Modèle d'entreprise: Activités clés

Opérations de service de transport et de logistique

TFI International exploite une flotte diversifiée d'environ 9 500 camions et 23 000 remorques à travers l'Amérique du Nord. La société a généré un chiffre d'affaires total de 9,8 milliards de dollars en 2022, avec des segments opérationnels clés, notamment:

Segment	Contribution des revenus	Taille de la flotte
Forfait et courrier	3,2 milliards de dollars	2 500 camions
Camion	4,5 milliards de dollars	4 200 camions
Logistique	1,6 milliard de dollars	2 800 camions

Livraison de fret et de colis à travers l'Amérique du Nord

TFI International fonctionne dans plusieurs segments de transport avec une couverture approfondie:

• États-Unis: 48 États servis
• Canada: Toutes les provinces couvertes
• Mexique: services de transport transfrontaliers
• Volume quotidien de l'envoi: environ 150 000 packages

Gestion de la flotte et optimisation des itinéraires

L'entreprise utilise des solutions technologiques avancées pour la gestion de la flotte:

• Systèmes de suivi GPS Installé dans 100% des véhicules de flotte
• Technologie d'optimisation des itinéraires en temps réel
• Systèmes de surveillance de l'efficacité énergétique
• Technologie de maintenance prédictive

Acquisition et intégration des sociétés de transport

L'approche stratégique de TFI International comprend des acquisitions ciblées:

Année	Acquisition	Valeur
2021	Freight UPS	800 millions de dollars
2022	Transporteurs régionaux plus petits	250 millions de dollars

Innovation technologique dans la logistique des transports

Investissement dans les infrastructures technologiques:

• Investissement technologique annuel: 75 millions de dollars
• Plates-formes de suivi numérique
• Optimisation logistique dirigée par l'IA
• Systèmes de gestion de flotte basés sur le cloud

TFI International Inc. (TFII) - Modèle d'entreprise: Ressources clés

Une vaste flotte de camions et de véhicules de transport

Au quatrième trimestre 2023, TFI International exploite une flotte d'environ 8 500 camions à travers l'Amérique du Nord. La composition de la flotte comprend:

Type de véhicule	Nombre d'unités
Camions de fret	6,200
Véhicules logistiques spécialisés	1,300
Véhicules de service dédiés	1,000

Main-d'œuvre qualifiée

TFI International emploie 22 700 travailleurs en 2023, avec la rupture de la main-d'œuvre suivante:

• Conducteurs professionnels: 12 500
• Experts en logistique: 3200
• Techniciens de maintenance: 2 800
• Personnel administratif: 4 200

Technologie avancée et gestion de la flotte

L'infrastructure technologique comprend:

Atout technologique	Spécification
Logiciel de gestion de la flotte	Suivi GPS en temps réel pour la flotte entière
Systèmes de télématique	Installé dans 100% des camions
Plateforme d'optimisation logistique	Système de routage conçu sur mesure sur AI sur mesure

Réseau de transport

L'infrastructure réseau comprend:

• 85 terminaux de transport
• 42 centres de distribution
• Couverture dans 7 provinces canadiennes et 48 États américains

Capital financier

Ressources financières à partir de 2023:

Métrique financière	Montant
Actif total	5,6 milliards de dollars
Revenus annuels	8,9 milliards de dollars
Facilités de crédit disponibles	750 millions de dollars

TFI International Inc. (TFII) - Modèle d'entreprise: propositions de valeur

Solutions complètes de transport et de logistique

TFI International génère un chiffre d'affaires annuel de 14,8 milliards de dollars (à partir de 2023) grâce à des services intégrés de transport et de logistique sur plusieurs segments.

Segment de service	Contribution des revenus
Forfait et courrier	4,2 milliards de dollars
Camion	6,5 milliards de dollars
Logistique	3,1 milliards de dollars

Services de fret transfrontaliers fiables et efficaces

TFI International exploite une flotte de 8 700 camions et 24 000 remorques, facilitant le transport transfrontalier entre le Canada et les États-Unis.

• Expévances transfrontalières quotidiennes: environ 3 500
• Couverture des services transfrontaliers: 48 États et 10 provinces
• Temps de transit moyen: 2-3 jours ouvrables

Options d'expédition flexibles et personnalisables

La société propose Solutions de transport multimodal sur différents types de services.

Mode de transport	Niveau de personnalisation
Moins que la charge de camion (LTL)	Haute flexibilité
Camion dédié	Routage personnalisé
Entreposage logistique	Solutions de stockage sur mesure

Prix ​​compétitifs et transport rentable

TFI International maintient les prix compétitifs grâce à l'efficacité et à l'échelle opérationnelles.

• Marge opérationnelle: 14,3%
• Coût par mile: 1,85 $
• Taux d'utilisation de la flotte: 92%

Suivi avancé et visibilité des expéditions en temps réel

Investissement technologique de 127 millions de dollars dans les systèmes de suivi numérique et de gestion de la logistique.

Technologie de suivi	Couverture
Suivi GPS	100% de la flotte
Surveillance en temps réel	95% des expéditions
Plateforme de fret numérique	Intégré aux principaux clients

TFI International Inc. (TFII) - Modèle d'entreprise: relations avec les clients

Relations contractuelles à long terme avec des clients commerciaux

TFI International a déclaré 8,4 milliards de dollars de revenus totaux pour 2022, avec 78% des revenus provenant des accords contractuels à long terme entre les segments de transport et de logistique.

Type de contrat	Durée moyenne	Pourcentage de revenus
Transport de chargement de camion	3-5 ans	42%
Services logistiques	2-4 ans	36%

Équipes de gestion des comptes dédiés

TFI International maintient 127 professionnels de la gestion des comptes spécialisés au service des clients au niveau de l'entreprise sur les marchés nord-américains.

• Taux moyen de rétention de la clientèle: 87%
• Des équipes dédiées segmentées par les verticales de l'industrie
• Évaluation annuelle de satisfaction du client: 4.6 / 5

Plateformes numériques pour le suivi des services et le support client

L'investissement dans les infrastructures numériques a atteint 14,3 millions de dollars en 2022 pour les technologies d'interface client.

Fonctionnalité de plate-forme numérique	Pourcentage d'utilisation
Suivi d'expédition en temps réel	92%
Portail d'assistance en ligne	85%

Consultation en logistique personnalisée

TFI International fournit des consultations d'optimisation logistique complémentaires pour des contrats dépassant 500 000 $ par an.

Amélioration continue en fonction des commentaires des clients

Taux de réponse annuelle sur la rétroaction des clients: 64%, avec un investissement de 3,2 millions de dollars dans les améliorations opérationnelles dérivées des suggestions des clients en 2022.

• Réunions de révision des performances trimestrielles
• Plans d'action d'amélioration personnalisés
• Adaptation technologique basée sur les besoins des clients

TFI International Inc. (TFII) - Modèle d'entreprise: canaux

Équipe de vente directe

TFI International emploie une force de vente dédiée de 512 représentants des ventes professionnelles à travers l'Amérique du Nord au 423 du quatrième trimestre.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	512
Couverture géographique	États-Unis et Canada
Revenus de représentant des ventes moyens	1,2 million de dollars par an

Plateformes de réservation et de suivi en ligne

Statistiques d'utilisation de la plate-forme numérique pour 2023:

• Transactions de réservation en ligne: 2,1 millions
• Demandes de suivi en temps réel: 3,4 millions
• Temps de disponibilité de la plate-forme: 99,87%

Salons commerciaux du marketing numérique et de l'industrie

Canal de marketing	2023 dépenses	Atteindre
Marketing numérique	7,6 millions de dollars	1,2 million d'impressions
Participation des salons commerciaux	2,3 millions de dollars	18 événements de l'industrie

Réseaux de courtiers de fret

Composition du réseau: 1 247 courtiers de fret enregistrés en décembre 2023.

• Taux de commission de réseau: 5-8%
• Revenu total généré par le courtier: 124,5 millions de dollars

Site Web d'entreprise et canaux de communication numérique

Canal numérique	2023 métriques
Visiteurs mensuels du site Web	287,000
Abonnés des médias sociaux	LinkedIn: 42 300 Twitter: 18 700
Volume de communication par e-mail	1,6 million de communications annuelles

TFI International Inc. (TFII) - Modèle d'entreprise: segments de clientèle

Grandes entreprises commerciales

TFI International dessert de grandes entreprises commerciales avec une rupture annuelle du segment des revenus comme suit:

Taille de l'entreprise	Les revenus annuels servis	Pourcentage de clientèle
Fortune 500 Companies	4,2 milliards de dollars	37%
Corporations mondiales 2000	3,8 milliards de dollars	33%

Petites et moyennes entreprises

Les segments de clients internationaux TFI pour les PME comprennent:

• Nombre total de clients PME: 12 437
• Volume d'expédition annuel moyen par PMB: 4 562 expéditions
• Revenus totaux du segment SMB: 1,6 milliard de dollars

Sociétés de commerce électronique et de vente au détail

Segment de commerce électronique	Revenus annuels	Nombre de clients
Détaillants en ligne	2,3 milliards de dollars	1,876
Marques directes aux consommateurs	1,1 milliard de dollars	843

Secteurs de fabrication et industriels

Détails du segment de la clientèle de fabrication:

• Total des clients manufacturiers: 3 291
• Revenus annuels du secteur industriel: 2,7 milliards de dollars
• Volume moyen des expéditions par client de fabrication: 6 743 unités

Clients expédiés internationaux et transfrontaliers

Région géographique	Revenus transfrontaliers annuels	Nombre de clients internationaux
Amérique du Nord	3,9 milliards de dollars	2,456
Europe	1,7 milliard de dollars	1,123
Asie-Pacifique	1,2 milliard de dollars	876

TFI International Inc. (TFII) - Modèle d'entreprise: Structure des coûts

Entretien de la flotte et dépenses de carburant

Au cours de l'exercice 2023, TFI International a déclaré l'entretien total de la flotte et les frais de carburant de 1,2 milliard de dollars. La société exploite une flotte diversifiée d'environ 9 700 camions et 23 000 remorques.

Catégorie de dépenses	Coût annuel (USD)
Dépenses de carburant	782 millions de dollars
Entretien des véhicules	418 millions de dollars

Salaires des conducteurs et compensation de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre pour TFI International en 2023 a atteint 1,45 milliard de dollars, couvrant environ 25 000 employés dans divers segments.

• Salaire moyen du conducteur: 68 500 $ par an
• Compensation totale du conducteur: 675 millions de dollars
• Avantages et dépenses de main-d'œuvre supplémentaires: 775 millions de dollars

Infrastructure technologique et logicielle

L'investissement technologique pour 2023 a totalisé 92 millions de dollars, en se concentrant sur les systèmes de gestion de la logistique et la transformation numérique.

Zone d'investissement technologique	Dépenses (USD)
Licence de logiciel	34 millions de dollars
Infrastructure numérique	58 millions de dollars

Opérations de terminal et de centre de distribution

Les dépenses opérationnelles des terminaux et des centres de distribution s'élevaient à 385 millions de dollars en 2023, couvrant 150 installations à travers l'Amérique du Nord.

• Entretien des installations: 112 millions de dollars
• Coûts opérationnels de l'entrepôt: 203 millions de dollars
• Équipements et dépenses de manutention: 70 millions de dollars

Coûts de conformité et d'adhésion réglementaire

Les dépenses de conformité réglementaire pour TFI International en 2023 étaient de 45 millions de dollars, garantissant l'adhésion aux réglementations sur les transports et la sécurité.

Catégorie de conformité	Coût annuel (USD)
Certifications de sécurité	18 millions de dollars
Documentation réglementaire	12 millions de dollars
Programmes de formation et de conformité	15 millions de dollars

TFI International Inc. (TFII) - Modèle d'entreprise: Strots de revenus

Services de transport de fret

TFI International a déclaré un chiffre d'affaires total de 9,54 milliards de dollars pour l'exercice 2022. Le segment des camions a généré 4,68 milliards de dollars de revenus.

Segment des transports	Revenus (2022)	Pourcentage du total des revenus
Camion	4,68 milliards de dollars	49.1%
Forfait et courrier	2,76 milliards de dollars	28.9%
Logistique	2,10 milliards de dollars	22%

Gestion de la logistique et de la chaîne d'approvisionnement

Le segment logistique a généré 2,10 milliards de dollars de revenus pour 2022, ce qui représente 22% du total des revenus de l'entreprise.

• Services d'optimisation de la chaîne d'approvisionnement
• Solutions d'entreposage
• Gestion des stocks
• Services de transport transfrontaliers

Frais de livraison de colis

Le paquet et le segment de messagerie ont généré 2,76 milliards de dollars de revenus pour 2022, représentant 28,9% du total des revenus de l'entreprise.

Type de service de livraison	Revenu moyen par expédition
Livraison du sol standard	$12.50
Livraison accélérée	$35.75
Expédition internationale	$45.20

Solutions de transport spécialisées

Les services de transport spécialisés ont contribué aux diverses sources de revenus de l'entreprise.

• Transport à température contrôlée
• Transport des matières dangereuses
• Haute transport et cargaison surdimensionnée

Services auxiliaires

Strots de revenus supplémentaires des services de suivi et de conseil.

• Suivi d'expédition en temps réel
• Conseil en logistique
• Services d'intégration technologique

TFI International Inc. (TFII) - Canvas Business Model: Value Propositions

You're looking at what TFI International Inc. actually offers its customers and investors, and it boils down to scale, specialization, and exceptional cash generation. The core value is providing a full-service North American transportation network, which they structure across a diversified portfolio. While the business is often described with four segments-Less-Than-Truckload (LTL), Truckload (TL), Logistics, and Package and Courier-the revenue snapshot for the trailing twelve months ending Q3 2025 shows a clear weighting across three primary areas.

This scale means they can handle a wide variety of freight needs across the United States, Canada, and Mexico. Here's a look at the operational footprint as of late 2025, which underpins their service promise:

Metric	Value (Late 2025)	Source Context
Total Operating Companies	Over 100	Across all segments
Total Facilities	Approximately 623 to 636	Across North America
Total Trucks	Approximately 19,555 to 20,756	Owned and contracted
Total Trailers	Approximately 42,060 to 42,726	Across the network

The revenue split for the year-to-date period ending Q3 2025 demonstrates where the volume is concentrated:

• LTL: 41% of revenue
• Truckload: 39% of revenue
• Logistics: 20% of revenue

For complex freight, TFI International leverages its Specialized Truckload services, which include flatbed, tanks, and oversized hauling capabilities. This capability was significantly enhanced by the 2024 acquisition of Daseke, which immediately scaled the specialized offering. That single deal added approximately 4,900 tractors and 11,000 flatbed and specialized trailers to their fleet, giving them immediate depth in handling difficult or non-standard loads that require specific equipment and expertise. This is a key differentiator from pure-play LTL carriers.

The value proposition extends beyond just moving goods; it's about offering Integrated supply chain solutions to reduce customer delivery costs. TFI International positions itself as a one-stop experience for customers, providing comprehensive supply chain management and transportation planning services. This integration helps customers streamline their logistics spend, moving beyond transactional shipping to strategic partnership, which is crucial when freight volumes are tight.

For you as an analyst or investor, the financial stability derived from this model is a major selling point. TFI International boasts a high free cash flow conversion of 84.1% for the trailing twelve months ending Q2 2025, which ensures operational stability and funding for acquisitions or shareholder returns. This is far superior to peer averages, which is a direct result of their asset-light approach. For instance, in TTM Q2 2025, the LTL segment converted 84.4% of its cash flow, and the Logistics segment hit 97.1%, compared to their respective peer averages of 31.9% and 78.4%. That kind of cash generation is a clear sign of resilience and a strong balance sheet, even when volumes are slow.

Finally, the commitment to Best-in-class customer service is focused on on-time and damage-free delivery, which they tie directly to operational efficiency. While specific on-time percentages aren't public in the latest filings, the operational focus is clear. For example, the U.S. LTL segment leadership drove the overall LTL Operating Ratio to 89.5% in Q2 2025, a 360 basis point improvement sequentially, showing intense focus on efficiency that directly impacts service quality. They live their mission of 'Delivering more than freight' through quality care across their 26,200-plus employees.

Finance: draft 13-week cash view by Friday.

TFI International Inc. (TFII) - Canvas Business Model: Customer Relationships

You're looking at how TFI International Inc. manages its relationships across a network built on over 130 acquisitions. The company serves a diverse customer base across the United States, Canada, and Mexico, generating a TTM revenue of $8.04 Billion USD as of late 2025.

Dedicated account management for large, recurring industrial clients

For your biggest, most consistent industrial shippers, TFI International Inc. assigns dedicated management. This is crucial because the customer base is spread across many sectors, with Retail accounting for 19% of revenue, Manufactured goods at 17%, and Building materials at 13% in fiscal year 2025. This structure ensures continuity and deep understanding of complex supply chains, which is key when you operate over 630 facilities across North America. The company has over 26,200+ employees dedicated to operations.

Self-service web-enhanced portals for order facilitation and tracking

For the high volume of day-to-day transactions, TFI International Inc. pushes customers toward digital tools. They explicitly state they offer clients a web-enhanced experience for facilitating and expediting their orders and inquiries. This self-service layer helps manage the sheer scale of their operations, which includes a fleet of over 19,500+ trucks and 42,700+ trailers.

• Facilitate order placement digitally.
• Expedite tracking of shipments.
• Support on-time delivery metrics.
• Designed for damage-free transportation.

Tailored, integrated solutions across LTL, Truckload, and Logistics

The relationship strategy hinges on cross-selling their three main segments: Less-Than-Truckload (LTL), Truckload (TL), and Logistics. This integration allows them to offer a complete solution rather than just point-to-point service. For instance, in Q1 2025, the revenue breakdown before fuel surcharge showed the relative importance of each pillar:

Segment	Q1 2025 Revenue Before Fuel Surcharge (USD)
Less-Than-Truckload (LTL)	$737 million
Truckload (TL)	$693 million
Logistics	$410 million

The LTL segment, which handles smaller loads, generated 41% of Q2-2025 revenue. The Truckload segment, which handles full loads, made up 39% of that same revenue base.

High-touch, consultative approach for specialized freight needs

When a customer needs something beyond standard dry-van LTL, the consultative approach kicks in, particularly within the Truckload segment. This segment includes specialized services like flatbed, tanks, and oversized freight. The acquisition of Daseke in April 2024 for $1.1 billion specifically bolstered this specialized Truckload capability. For Q3 2025, the Truckload segment saw revenue increase by 9% year-over-year, largely due to acquisitions like Daseke, suggesting strong, tailored relationships in that niche. The Logistics segment also offers asset-light services, including brokerage and freight forwarding, requiring a consultative partnership to manage multiple providers effectively.

Finance: draft 13-week cash view by Friday.

TFI International Inc. (TFII) - Canvas Business Model: Channels

You're looking at how TFI International Inc. gets its services-from LTL to specialized logistics-into the hands of its customers. It's a mix of boots-on-the-ground sales and a massive physical footprint, supported by digital tools.

Direct sales force targeting large industrial and retail customers

TFI International Inc. serves a diverse customer base, which the direct sales effort targets across various industries. The revenue breakdown by industry for fiscal year 2025 shows the focus areas for this direct engagement:

• Retail: 19% of revenue
• Manufactured goods: 17% of revenue
• Building materials: 13% of revenue
• Automotive: 10% of revenue
• Metals and mining: 10% of revenue

Extensive network of 381 US and 265 Canadian facilities

The physical backbone of TFI International Inc.'s channel strategy is its vast network of operating locations across North America. As of March 31, 2025, the total facility count stood at 646. The geographical split of these facilities is precise:

Geography	Facility Count (as of March 31, 2025)
United States	381
Canada	265

This network supports over 95+ Operating Companies under the TFI International Inc. umbrella.

The scale of TFI International Inc.'s owned and contracted assets moving freight through these channels, as reported around mid-2025, includes:

Asset Type	Count (as of Q2 2025 or Aug 2025 Overview)
Total Trucks	19,555 (Q2 2025) or 19,500+ (Aug 2025)
Owned Trucks	13,511 (Aug 2025 Overview)
Independent Contractor Trucks	6,044 (Aug 2025 Overview)
Trailers	42,726 (Q2 2025) or 42,700+ (Aug 2025)
Employees	26,200+ (Aug 2025 Overview)

Digital channels providing a web-enhanced experience for clients

TFI International Inc. uses technology to enhance client interaction, aiming for a complete one-stop experience for supply chain management and transportation planning.

• The company plans capital-light AI/software investments to drive efficiency in 2026.
• Tractors and trailers are equipped with the latest technology to track and measure capacity.

Intermodal rail and third-party carrier access for asset-light logistics

The Logistics segment, which accounted for 20% of year-to-date revenue before fuel surcharge in Q2 2025, leverages asset-light strategies. This involves using intermodal rail and long-established partnerships to access more carriers, providing enhanced management of multiple providers.

The revenue contribution from the primary asset-heavy segments for the first half of 2025 was:

• Truckload: 39% of year-to-date Q2 2025 revenue before fuel surcharge
• Less-Than-Truckload: 41% of year-to-date Q2 2025 revenue before fuel surcharge (Calculated as 100% - 39% - 20%)

The quarterly dividend approved in July 2025 was $0.47 per share.

TFI International Inc. (TFII) - Canvas Business Model: Customer Segments

You're looking at the core customer base for TFI International Inc. as of late 2025, which is built on a foundation of diverse, high-volume freight needs across North America. The company's strategy relies on serving a wide array of shippers, which helps insulate it from downturns in any single industry. As of the twelve months ending September 30, 2025, TFI International's total revenue stood at approximately $8.048 billion.

The customer base is segmented by the type of service required, which aligns closely with TFI International's operating segments. The company has explicitly stated that it maintains a diverse customer base across a broad cross-section of industries, with no single client accounting for more than 5% of consolidated revenue as of December 31, 2024.

Here is a breakdown of the key customer groups TFI International serves:

• Retail and Manufactured Goods companies, representing an estimated 36% of revenue.
• Industrial sectors, including those in Building Materials, Automotive, and Metals and Mining.
• Shippers requiring Less-Than-Truckload (LTL) services in the US and Canada.
• Clients needing specialized transportation, such as flatbed or tank transport.

The Less-Than-Truckload (LTL) service forms a substantial part of the business. For the year ended December 31, 2024, the LTL segment revenue declined by 6% relative to the prior year. Based on year-to-date Q1 2024 revenue figures, LTL services accounted for 43% of that period's revenue. TFI International operates Canada's largest LTL business.

The specialized transportation services are captured within the Truckload and Logistics segments, with the Specialized service category making up 20% of year-to-date Q1 2024 revenue. The acquisition of Daseke in April 2024 significantly bolstered the Truckload segment, which saw its revenue increase by 64% for the full year 2024 due primarily to that acquisition. Furthermore, TFI International has been active in acquiring specialized carriers, such as Groupe CRS Express, a flatbed and heavy-haul carrier, in July 2024.

You can see how the revenue was distributed across the main service categories based on the latest available detailed segment data from Q1 2024:

Service Category	Percentage of YTD Q1-2024 Revenue
Less-Than-Truckload (LTL)	43%
Logistics	25%
Truckload (TL)	25%
Package & Courier (P&C)	7%

Geographically, the US market is a major focus, with US operations accounting for 34% of year-to-date Q1 2024 revenue, while Canadian operations represented 9% of total revenues for the same period. TFI International's executive office is in Etobicoke, Ontario, but as of December 31, 2024, 388 of its 658 facilities were located in the United States, with 270 in Canada. The company intends to pursue re-domiciliation from Canada to the United States, where approximately 70% of its operations are now based.

The company's focus on specialized and LTL services means it directly serves shippers who need more than standard dry van truckload capacity. For example, the Logistics segment, which was 25% of revenue in Q1 2024, benefits from E-Commerce fulfillment opportunities, with total U.S. E-Commerce revenue reaching $362.7 million in the trailing twelve months ending Q1 2024. This shows a clear customer segment tied to the growing digital economy.

Finance: review the impact of the Daseke acquisition on the Industrial sectors' revenue contribution for the full year 2025 by Friday.

TFI International Inc. (TFII) - Canvas Business Model: Cost Structure

Significant operating expenses are driven by personnel and materials/services, which for the three months ended March 31, 2025, totaled $1,849.7 million, an increase of $130.5 million year-over-year.

Labor costs, reflected in personnel expenses, rose to $607.4 million in Q1 2025, marking an 8% increase from the prior year period. As of March 31, 2025, TFI International Inc. employed 26,312 individuals across its operations.

Maintenance and related costs are captured within materials and services expenses. For Q1 2025, these expenses, net of fuel surcharge revenue, saw a decrease of $37.5 million, or 16%, compared to the same quarter last year. This reduction included a $9.1 million decrease in rolling stock maintenance and repair and tire expense.

Fuel costs are subject to volatility, but for the three months ended March 31, 2025, fuel costs specifically decreased by $7.6 million within the materials and services category. Fuel surcharge revenue for Q1 2025 was $81.290 million for the U.S. Based Less-Than-Truckload segment alone.

The fixed cost base stems from owning a vast network of terminals and fleet assets, though specific fixed cost amounts like depreciation are presented as percentages of revenue in some reports. For instance, depreciation of property and equipment as a percentage of revenue before fuel surcharge for TTM Q1 2025 was 5.0%.

The cost of capital is evident in the interest expense. The average level of long-term debt for the three-month period ended March 31, 2025, was $2.43 billion, up from $2.06 billion in the same quarter last year, with an average interest rate of 4.97%. This resulted in an increase in interest expense of $7.8 million compared to Q1 2024. The funded debt-to-EBITDA ratio stood at 2.21 as of March 31, 2025.

Costs associated with integrating new acquisitions and rationalizing operations are ongoing. The increase in personnel expenses in Q1 2025 was due to business acquisitions adding 4,400 employees, partially offset by rationalizations affecting 3,093 employees. TFI International Inc. closed two tuck-in acquisitions, Basin Transportation LLC and Veilleux Transit Inc., subsequent to the end of Q1 2025. The company has acquired 94 companies since 2016.

Here are some key expense and operational metrics from Q1 2025:

Metric (Three Months Ended March 31, 2025)	Amount (US$ in millions)	Comparison Point
Total Operating Expenses	1,849.7	Up from $1,719.3 million in Q1 2024
Personnel Expenses	607.4	Up 8% from $562.6 million in Q1 2024
Materials and Services Expenses, Net of Fuel Surcharge	452.922	For U.S. Based LTL segment only
Interest Expense on Long-Term Debt Increase	7.8	Compared to Q1 2024
Average Level of Long-Term Debt	2.43 billion	As of Q1 2025

The company's operating ratio performance highlights cost control efforts, though results vary by segment:

• U.S. Based Less-Than-Truckload Adjusted Operating Ratio (Q1 2025): 98.9%
• Canada LTL Operating Ratio (Q1 2025): 80.2%
• LTL Operating Ratio (Q1 2025): 93.1%
• Truckload Operating Ratio (Q1 2025): 93.7%

TFI International Inc. (TFII) - Canvas Business Model: Revenue Streams

You're looking at the core ways TFI International Inc. brings in money as of late 2025. The overall picture shows a business heavily reliant on its core freight services, but with a significant contribution from its diversified segments.

The Total Trailing Twelve Month (TTM) revenue for TFI International Inc. as of September 30, 2025, was reported at $8.048 billion USD. This figure reflects a dynamic period, showing a year-over-year decline of 2.91% for the TTM period.

The primary revenue drivers, based on the composition for Year-to-Date (YTD) Q2 2025, are clearly segmented, which helps you understand where the bulk of the business activity lies. The structure is defintely built around moving freight.

Here is the breakdown of the business segments by their contribution to the YTD Q2 2025 revenue:

Revenue Stream Segment	Percentage of YTD Q2 2025 Revenue
Less-Than-Truckload (LTL) services	41%
Truckload services (Conventional and Specialized)	39%
Logistics and Package & Courier services	20%

The LTL segment itself has an internal structure that matters for analysis. For YTD Q2 2025, the components within the LTL category were:

• US LTL: 27% of YTD Q2 2025 revenue.
• Canadian LTL: 8% of YTD Q2 2025 revenue.
• Package & Courier: 6% of YTD Q2 2025 revenue.

To give you a concrete sense of the scale during the recent reporting period, TFI International Inc.'s total revenue for the second quarter ended June 30, 2025, was $2.04 billion. This Q2 2025 revenue before fuel surcharge was $1.79 billion. This shows the impact of the variable component in their top line.

A key variable impacting the reported revenue figures is the fuel surcharge revenue. This component fluctuates directly with market prices for diesel and other fuels, meaning it can cause short-term swings in total revenue, even if underlying freight volumes are stable or growing. A reduction in this surcharge revenue was cited as a factor contributing to the year-over-year revenue decrease in the first half of 2025.

The revenue streams are supported by the company's asset-light model, which results in lower capital intensity compared to peers, contributing to strong free cash flow conversion across all segments. For instance, the Logistics segment showed a 97.1% Free Cash Flow (FCF) conversion rate against a peer average of 78.4% in the TTM period ending Q2 2025.

Finance: draft 13-week cash view by Friday.