TFI International (FRA:9TF) Operating Income: €502 Mil (TTM As of Jun. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

FRA:9TF TFI International Inc FRA:9TF
92 GF Score
Price €117.30
GF Value €123.19
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is TFI International Operating Income?

TFI International FRA:9TF +0.47% 92 Operating Income is €502 Mil as of Jun. 2026. GuruFocus rates FRA:9TF with a GF Score™ of 92/100 and a GF Value™ of €123.19 (Fairly Valued). The stock has 4 warning signs investors should review.

TFI International's Operating Income for the three months ended in Jun. 2026 was €185 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was €502 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. TFI International's Operating Income for the three months ended in Jun. 2026 was €185 Mil. TFI International's Revenue for the three months ended in Jun. 2026 was €1,988 Mil. Therefore, TFI International's Operating Margin % for the quarter that ended in Jun. 2026 was 9.30%.

Warning Sign:

TFI International Inc operating margin has been in a 5-year decline. The average rate of decline per year is -6.2%.

TFI International's 5-Year average Growth Rate for Operating Margin % was -6.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. TFI International's annualized ROC % for the quarter that ended in Jun. 2026 was 9.74%. TFI International's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 24.77%.


TFI International  (FRA:9TF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

TFI International's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=739.708 * ( 1 - 24.43% )/( (5775.812 + 5707.708)/ 2 )
=558.9973356/5741.76
=9.74 %

where

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=6474.419 - 622.158 - ( 160.729 - max(0, 1039.576 - 1116.025+160.729))
=5775.812

Invested Capital(Q: Jun. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=6504.775 - 691.897 - ( 178.327 - max(0, 1113.187 - 1218.357+178.327))
=5707.708

Note: The Operating Income data used here is four times the quarterly (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

TFI International's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=750.676/( ( (2833.478 + max(227.014, 0)) + (2784.556 + max(216.134, 0)) )/ 2 )
=750.676/( ( 3060.492 + 3000.69 )/ 2 )
=750.676/3030.591
=24.77 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(853.659 + 17.402 + 65.474) - (622.158 + 0 + 87.363)
=227.014

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(926.241 + 17.797 + 77.271) - (691.897 + 0 + 113.278)
=216.134

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

TFI International's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=184.927/1987.59
=9.30 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


TFI International Operating Income Related Terms


TFI International Operating Income Historical Data

* Premium members only.

The historical data trend for TFI International's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

TFI International Operating Income Chart

TFI International Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 587.26 888.54 683.82 706.30 474.25

TFI International Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 144.45 128.10 114.46 74.59 184.93
FRA:9TF
92GF Score
TFI International Inc FRA:9TF
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TFI International Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €502 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of €502 Mil mean?
TFI International (FRA:9TF) has a Operating Income of €502 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on TFI International and its competitors.
Is TFI International's Operating Income too high?
TFI International's current Operating Income is €502 Mil. Overall, TFI International has a GF Score™ of 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does TFI International's Operating Income compare to ODFL and XPO?
TFI International's Operating Income of €502 Mil can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Transportation company?
A good Operating Income depends on the Transportation industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on TFI International and its competitors. TFI International's current Operating Income is €502 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TFI International stock overvalued right now?
Based on GuruFocus' analysis, TFI International (FRA:9TF) is currently considered Fairly Valued. The stock's GF Value™ is €123.19, compared to a current price of €117.30 — trading 4.8% below its estimated fair value. The current Operating Income is €502 Mil. TFI International's overall GF Score™ is 92/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For TFI International (FRA:9TF), the current Operating Income is €502 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is TFI International (FRA:9TF) Overvalued in 2026?

Based on GuruFocus' analysis, TFI International stock appears to be undervalued. The current stock price of €117.30 is trading 4.8% below its estimated GF Value™ of €123.19. GuruFocus considers TFI International to be Fairly Valued.

Key valuation signals for FRA:9TF:

  • Operating Income: €502 Mil
  • GF Value™: €123.19 vs. price of €117.30 (4.8% below fair value)
  • GF Score™: 92/100 with 4 warning signs

No single metric tells the full story. See the FRA:9TF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


TFI International Business Description

Other Exchanges TFII:USATFII:Canada
Address 8801 Trans-Canada Highway, Suite 500, Saint-Laurent, Montreal, QC, CAN, H4S 1Z6
TFI International Inc is involved in the provision of transportation and logistics services across the United States, Canada, and Mexico. The company's reportable segments are; Less-Than-Truckload, which derives maximum revenue, Truckload, and Logistics. The Less-Than-Truckload segment engages in pickup, consolidation, transport, and delivery of smaller loads; the Truckload segment deals with full loads carried directly from the customer to the destination using a closed van or specialized equipment to meet customer's specific needs; and the Logistics segment provides asset-light logistics services, including brokerage, freight forwarding, and transportation management, as well as small package parcel delivery. Geographically, the company generates maximum revenue from the United States.
92GF Score

Get the complete analysis for FRA:9TF

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€117.30
Price
€123.19
GF Value