TFI International Inc. (TFII): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de transporte e logística, a TFI International Inc. (TFII) permanece como uma potência de soluções inovadoras de mobilidade, tecendo uma rede complexa que atravessa paisagens de frete e entrega norte -americanos. De parcerias estratégicas com os principais fabricantes de caminhões a integrações tecnológicas de ponta, esta empresa transforma desafios de logística complexos em experiências de transporte eficientes e eficientes. Mergulhe na fascinante modelo de negócios de negócios que revela como o TFII orquestra uma abordagem sinfônica para mover mercadorias, conectar empresas e impulsionar o momento econômico em diversos setores da indústria.

TFI International Inc. (TFII) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com fabricantes de caminhões

A TFI International mantém parcerias estratégicas com os principais fabricantes de caminhões:

Fabricante	Detalhes da parceria	Composição da frota
Freightliner	Contrato de fornecimento de longo prazo	42% dos veículos da frota
Kenworth	Parceria de Compras Preferida	33% dos veículos da frota
Peterbilt	Fornecimento suplementar de veículos	25% dos veículos da frota

Provedores de serviços de logística e transporte

As principais parcerias de logística incluem:

• Soluções de frete da UPS
• Rede de logística da FedEx
• Integração de logística XPO
• J.B. Hunt Transportation Services

Fornecedores de combustível e redes de serviços de manutenção

Parceiro	Volume anual de combustível	Cobertura de manutenção
Serviços de combustível de shell	78 milhões de galões	Rede nacional
Piloto voando j	62 milhões de galões	Centros de manutenção regional

Parceiros de tecnologia

A colaboração de tecnologia se concentra em:

• Samsara IoT Fleet Management Platform
• Trimble Transportation Management Systems
• Soluções de rastreamento de GPS geotab

Fusões e parceiros de aquisição

Setor -alvo	Aquisições recentes	Investimento total
Caminhão norte -americano	4 transportadoras regionais	US $ 325 milhões
Serviços de logística	2 empresas de logística especializadas	US $ 215 milhões

TFI International Inc. (TFII) - Modelo de negócios: Atividades -chave

Operações de serviço de transporte e logística

A TFI International opera uma frota diversificada de aproximadamente 9.500 caminhões e 23.000 reboques na América do Norte. A empresa gerou receita total de US $ 9,8 bilhões em 2022, com os principais segmentos operacionais, incluindo:

Segmento	Contribuição da receita	Tamanho da frota
Pacote e correio	US $ 3,2 bilhões	2.500 caminhões
Carga de caminhão	US $ 4,5 bilhões	4.200 caminhões
Logística	US $ 1,6 bilhão	2.800 caminhões

Entrega de frete e pacotes em toda a América do Norte

A TFI International opera em vários segmentos de transporte com extensa cobertura:

• Estados Unidos: 48 estados servidos
• Canadá: todas as províncias cobertas
• México: serviços transfronteiriços de transporte
• Volume diário de remessa: aproximadamente 150.000 pacotes

Gerenciamento de frota e otimização de rota

A empresa utiliza soluções tecnológicas avançadas para gerenciamento de frotas:

• Sistemas de rastreamento GPS instalado em 100% dos veículos da frota
• Tecnologia de otimização de rota em tempo real
• Sistemas de monitoramento de eficiência de combustível
• Tecnologia de manutenção preditiva

Aquisição e integração de empresas de transporte

A abordagem estratégica da TFI International inclui aquisições direcionadas:

Ano	Aquisição	Valor
2021	Frete ups	US $ 800 milhões
2022	Portadores regionais menores	US $ 250 milhões

Inovação tecnológica na logística de transporte

Investimento em infraestrutura tecnológica:

• Investimento de tecnologia anual: US $ 75 milhões
• Plataformas de rastreamento digital
• Otimização de logística acionada por IA
• Sistemas de gerenciamento de frota baseados em nuvem

TFI International Inc. (TFII) - Modelo de negócios: Recursos -chave

Extensa frota de caminhões e veículos de transporte

A partir do quarto trimestre de 2023, a TFI International opera uma frota de aproximadamente 8.500 caminhões na América do Norte. A composição da frota inclui:

Tipo de veículo	Número de unidades
Caminhões de carga	6,200
Veículos de logística especializados	1,300
Veículos de serviço dedicados	1,000

Força de trabalho qualificada

A TFI International emprega 22.700 trabalhadores a partir de 2023, com a seguinte quebra da força de trabalho:

• Drivers profissionais: 12.500
• Especialistas em logística: 3.200
• Técnicos de manutenção: 2.800
• Equipe administrativo: 4.200

Tecnologia avançada e gerenciamento de frota

A infraestrutura tecnológica inclui:

Ativo de tecnologia	Especificação
Software de gerenciamento de frota	Rastreamento de GPS em tempo real para toda a frota
Sistemas telemáticos	Instalado em 100% dos caminhões
Plataforma de otimização de logística	Sistema de roteamento orientado a IA desenvolvido personalizado

Rede de transporte

A infraestrutura de rede inclui:

• 85 terminais de transporte
• 42 centros de distribuição
• Cobertura em 7 províncias canadenses e 48 estados dos EUA

Capital financeiro

Recursos Financeiros a partir de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 5,6 bilhões
Receita anual	US $ 8,9 bilhões
Linhas de crédito disponíveis	US $ 750 milhões

TFI International Inc. (TFII) - Modelo de negócios: proposições de valor

Soluções abrangentes de transporte e logística

A TFI International gera receita anual de US $ 14,8 bilhões (a partir de 2023) através de serviços integrados de transporte e logística em vários segmentos.

Segmento de serviço	Contribuição da receita
Pacote e correio	US $ 4,2 bilhões
Carga de caminhão	US $ 6,5 bilhões
Logística	US $ 3,1 bilhões

Serviços de frete transfronteiriço e eficientes confiáveis ​​e eficientes

A TFI International opera uma frota de 8.700 caminhões e 24.000 reboques, facilitando o transporte transfronteiriço entre o Canadá e os Estados Unidos.

• Remessas diárias transfronteiriças: aproximadamente 3.500
• Cobertura de serviço transfronteiriço: 48 estados e 10 províncias
• Tempo médio de trânsito: 2-3 dias úteis

Opções de envio flexíveis e personalizáveis

A empresa oferece Soluções de transporte multimodais em diferentes tipos de serviço.

Modo de transporte	Nível de personalização
Menos do que o caminhão (LTL)	Alta flexibilidade
Carga de caminhão dedicado	Roteamento personalizado
Logística de armazenamento	Soluções de armazenamento personalizado

Preços competitivos e transporte econômico

A TFI International mantém preços competitivos por meio de eficiência e escala operacionais.

• Margem operacional: 14,3%
• Custo por milha: US $ 1,85
• Taxa de utilização da frota: 92%

Rastreamento avançado e visibilidade de remessa em tempo real

Investimento tecnológico de US $ 127 milhões em sistemas de rastreamento digital e gerenciamento de logística.

Tecnologia de rastreamento	Cobertura
Rastreamento GPS	100% da frota
Monitoramento em tempo real	95% das remessas
Plataforma de frete digital	Integrado aos principais clientes

TFI International Inc. (TFII) - Modelo de Negócios: Relacionamentos ao Cliente

Relacionamentos baseados em contratos de longo prazo com clientes comerciais

A TFI International registrou US $ 8,4 bilhões em receita total em 2022, com 78% da receita derivada de acordos contratuais de longo prazo nos segmentos de transporte e logística.

Tipo de contrato	Duração média	Porcentagem de receita
Transporte de caminhão	3-5 anos	42%
Serviços de logística	2-4 anos	36%

Equipes de gerenciamento de contas dedicadas

A TFI International mantém 127 profissionais de gerenciamento de contas especializados que atendem a clientes em nível corporativo nos mercados norte-americanos.

• Taxa média de retenção de clientes: 87%
• Equipes dedicadas segmentadas por verticais da indústria
• Classificação anual de satisfação do cliente: 4.6/5

Plataformas digitais para rastreamento de serviços e suporte ao cliente

O investimento em infraestrutura digital atingiu US $ 14,3 milhões em 2022 para tecnologias de interface do cliente.

Recurso da plataforma digital	Porcentagem de uso
Rastreamento de remessa em tempo real	92%
Portal de suporte on -line	85%

Consulta de logística personalizada

A TFI International fornece consultas de otimização de logística gratuitas para contratos superiores a US $ 500.000 anualmente.

Melhoria contínua com base no feedback do cliente

Taxa anual de resposta à pesquisa de feedback do cliente: 64%, com um investimento de US $ 3,2 milhões em melhorias operacionais derivadas de sugestões de clientes em 2022.

• Reuniões trimestrais de revisão de desempenho
• Planos de ação de melhoria personalizados
• Adaptação tecnológica com base nas necessidades do cliente

TFI International Inc. (TFII) - Modelo de negócios: canais

Equipe de vendas diretas

A TFI International emprega uma força de vendas dedicada de 512 representantes profissionais de vendas na América do Norte a partir do quarto trimestre de 2023. Orçamento anual de remuneração da equipe de vendas: US $ 42,3 milhões.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	512
Cobertura geográfica	Estados Unidos e Canadá
Receita média de representante de vendas	US $ 1,2 milhão por ano

Plataformas de reserva e rastreamento on -line

Estatísticas de uso da plataforma digital para 2023:

• Transações de reserva on -line: 2,1 milhões
• Pedidos de rastreamento em tempo real: 3,4 milhões
• Tempo de atividade da plataforma: 99,87%

Feiras de marketing digital e indústria

Canal de marketing	2023 Despesas	Alcançar
Marketing digital	US $ 7,6 milhões	1,2 milhão de impressões
Participação na feira	US $ 2,3 milhões	18 eventos da indústria

Redes de corretor de frete

Composição de rede: 1.247 corretores de carga registrados em dezembro de 2023.

• Taxa de comissão de rede: 5-8%
• Receita total gerada por corretor: US $ 124,5 milhões

Site corporativo e canais de comunicação digital

Canal digital	2023 Métricas
Visitantes mensais do site	287,000
Seguidores de mídia social	LinkedIn: 42.300 Twitter: 18.700
Volume de comunicação por e -mail	1,6 milhão de comunicações anuais

TFI International Inc. (TFII) - Modelo de negócios: segmentos de clientes

Grandes empresas comerciais

A TFI International atende grandes empresas comerciais com quebra anual do segmento de receita da seguinte forma:

Tamanho da empresa	Receita anual servida	Porcentagem de base de clientes
Fortune 500 empresas	US $ 4,2 bilhões	37%
Corporações globais de 2000	US $ 3,8 bilhões	33%

Pequenas e médias empresas

Os segmentos internacionais de clientes da TFI para SMBs incluem:

• Contagem total de clientes da SMB: 12.437
• Volume médio de envio anual por SMB: 4.562 remessas
• Receita total do segmento SMB: US $ 1,6 bilhão

Empresas de comércio eletrônico e de varejo

Segmento de comércio eletrônico	Receita anual	Número de clientes
Varejistas on -line	US $ 2,3 bilhões	1,876
Marcas diretas ao consumidor	US $ 1,1 bilhão	843

Setores de fabricação e industrial

Detalhes do segmento de clientes de fabricação:

• Total de clientes de fabricação: 3.291
• Receita anual do setor industrial: US $ 2,7 bilhões
• Volume médio de remessa por cliente de fabricação: 6.743 unidades

Clientes de remessas internacionais e transfronteiriços

Região geográfica	Receita anual transfronteiriça	Número de clientes internacionais
América do Norte	US $ 3,9 bilhões	2,456
Europa	US $ 1,7 bilhão	1,123
Ásia-Pacífico	US $ 1,2 bilhão	876

TFI International Inc. (TFII) - Modelo de negócios: estrutura de custos

Manutenção da frota e despesas de combustível

No ano fiscal de 2023, a TFI International registrou a manutenção total da frota e as despesas de combustível de US $ 1,2 bilhão. A empresa opera uma frota diversificada de aproximadamente 9.700 caminhões e 23.000 reboques.

Categoria de despesa	Custo anual (USD)
Despesas de combustível	US $ 782 milhões
Manutenção do veículo	US $ 418 milhões

Salários do motorista e compensação da força de trabalho

A compensação total da força de trabalho para a TFI International em 2023 atingiu US $ 1,45 bilhão, cobrindo aproximadamente 25.000 funcionários em vários segmentos.

• Salário médio do motorista: US $ 68.500 por ano
• Compensação total do motorista: US $ 675 milhões
• Benefícios e despesas adicionais da força de trabalho: US $ 775 milhões

Infraestrutura de tecnologia e software

O investimento em tecnologia para 2023 totalizou US $ 92 milhões, com foco em sistemas de gerenciamento de logística e transformação digital.

Área de investimento em tecnologia	Despesas (USD)
Licenciamento de software	US $ 34 milhões
Infraestrutura digital	US $ 58 milhões

Operações do centro de terminal e distribuição

As despesas operacionais para terminais e centros de distribuição totalizaram US $ 385 milhões em 2023, cobrindo 150 instalações em toda a América do Norte.

• Manutenção da instalação: US $ 112 milhões
• Custos operacionais do armazém: US $ 203 milhões
• Equipamentos e despesas de manuseio: US $ 70 milhões

Custos de conformidade e aderência regulatória

As despesas de conformidade regulatória da TFI International em 2023 foram de US $ 45 milhões, garantindo a adesão aos regulamentos de transporte e segurança.

Categoria de conformidade	Custo anual (USD)
Certificações de segurança	US $ 18 milhões
Documentação regulatória	US $ 12 milhões
Programas de treinamento e conformidade	US $ 15 milhões

TFI International Inc. (TFII) - Modelo de negócios: fluxos de receita

Serviços de transporte de frete

A TFI International reportou receita total de US $ 9,54 bilhões para o ano fiscal de 2022. O segmento de caminhões gerou US $ 4,68 bilhões em receita.

Segmento de transporte	Receita (2022)	Porcentagem da receita total
Carga de caminhão	US $ 4,68 bilhões	49.1%
Pacote e correio	US $ 2,76 bilhões	28.9%
Logística	US $ 2,10 bilhões	22%

Gerenciamento de logística e cadeia de suprimentos

O segmento de logística gerou US $ 2,10 bilhões em receita para 2022, representando 22% da receita total da empresa.

• Serviços de otimização da cadeia de suprimentos
• Soluções de armazenamento
• Gerenciamento de inventário
• Serviços de transporte transfronteiriço

Taxas de entrega de pacotes

O segmento de pacote e correio gerou US $ 2,76 bilhões em receita para 2022, representando 28,9% da receita total da empresa.

Tipo de serviço de entrega	Receita média por remessa
Entrega padrão do solo	$12.50
Entrega acelerada	$35.75
Envio internacional	$45.20

Soluções de transporte especializadas

Os serviços de transporte especializados contribuíram para os diversos fluxos de receita da empresa.

• Transporte controlado por temperatura
• Transporte de materiais perigosos
• Haul pesado e carga de grandes dimensões

Serviços auxiliares

Fluxos de receita adicionais dos serviços de rastreamento e consultoria.

• Rastreamento de remessa em tempo real
• Logistics Consulting
• Serviços de integração de tecnologia

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.