TFI International Inc. (NYSE: TFII)

TFI International Inc. operates as a leading player in the transportation and logistics industry, offering a range of services across Canada and the United States. The company provides transportation solutions through its wholly-owned subsidiaries, leveraging their specialization and the expertise of their management and employees. TFI International Inc. serves a diverse base of clients operating across various industries, with a network that extends to all of the United States and Canada. The company's operations are divided into three reportable segments: Less-Than-Truckload (LTL), Truckload (TL), and Logistics.

TFI International Inc. generates revenue through its three primary segments. The LTL segment offers pickup, consolidation, transport, and delivery of smaller loads. The TL segment provides full loads carried directly from the customer to the destination using closed vans or specialized equipment, including expedited transportation, flatbed, tank container, and dedicated services, as well as TL brokerage. The Logistics segment delivers a wide range of asset-light logistics services, including brokerage, freight forwarding, transportation management, and small parcel delivery. The company's revenue breakdown for the fiscal years ended December 31, 2025, and 2024, was 41% and 44% from LTL, 39% and 35% from TL, and 20% and 22% from Logistics, respectively.

• LTL: This segment provides pickup, consolidation, transport, and delivery of smaller loads. It caters to clients who require efficient transportation solutions for smaller shipments, leveraging the company's extensive network and specialized services.

• TL: The Truckload segment offers full loads carried directly from the customer to the destination using closed vans or specialized equipment. This includes expedited transportation, flatbed, tank container, and dedicated services, as well as TL brokerage. The segment serves clients with specific needs for full-load transportation, providing tailored solutions to meet their requirements.

• Logistics: This segment provides a wide range of asset-light logistics services, including brokerage, freight forwarding, transportation management, and small parcel delivery. It caters to clients seeking comprehensive logistics solutions to manage their supply chains efficiently.

TFI International Inc. holds a significant position in the transportation and logistics industry, with a diverse base of clients operating across various industries. The company competes with several key players, including Old Dominion, SAIA, ArcBest, and XPO in the LTL sector; Trimac Transportation, Challenger Motor Freight, and Bison Transport in the TL sector; and C.H. Robinson Worldwide, OnTrac Shipping, and Echo Global Logistics in the Logistics sector. The industry is fragmented, with a mix of large companies and many small operators serving target markets defined by geographical location, point-to-point service location, target customer industries, and the type of service provided. TFI International Inc. competes primarily on price and its ability to provide reliable, efficient, and safe transportation services. The company's extensive customer base, broad geographic dispersion, and participation in three distinct segments help mitigate the effects of any economic downturn.

TFI International Inc. serves a diverse base of clients operating across a broad cross-section of industries. The company's extensive network and range of services cater to clients with varying transportation and logistics needs. The breadth of its client base ensures that a downturn in the activities of individual customers or in a particular industry is not expected to have a material adverse effect on the company's operations. The company's strategic alliances with other transport companies in North America further enhance its ability to offer comprehensive solutions to its clientele.