Cash Flow Statement

Operating Cash Flow

+1%

+60%

10Y

Currency: USD

	Apr-2002	Jul-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	11	14	14	17	22	25	31	24	25	30	36	50	55	66	107	122	129	137	115	133	132	125	117	42	43	38	37	75	58	54	44	10	32	34	43	100	90	100	96	103	118	125	159	154	143	135	124	61	47	55	51	116	122	140	133	128	484	472	482	483	126	29	62	122	149	268	260	225	236	239	235	234	241	226	246	276	287	648	697	664	745	610	724	823	787	639	527	505	486	475	470	422	386	366	323	311
Depreciation & Amortization	16	16	16	13	18	21	23	24	26	28	30	34	38	44	50	57	64	72	79	81	84	88	93	100	108	113	116	115	111	107	105	108	113	117	120	123	125	130	134	134	139	141	144	148	144	141	136	132	126	121	122	110	124	139	141	138	129	121	120	146	163	182	202	209	208	205	200	201	221	244	270	296	299	298	297	299	304	330	362	393	425	439	439	431	424	421	428	442	455	499	539	582	616	620	619	611
Change in Deffered Taxes	(1)	(1)	(1)	(1)	(1)	(1)	(2)	(1)	(1)	(1)	0	0	1	2	3	1	0	(3)	(4)	(1)	(2)	(1)	(2)	(5)	(6)	(3)	7	8	11	13	10	11	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	2	3	2	2	3	3	3	3	3	3	4	5	206	206	4	205	4	4	4	193	193	386	3	362	362	170	5	5	6	6	5	5	5	5	5	5	5	6	6	6	6	3	7	3	4	8	15	17	18	19	15	14	14	13	13	13	13	13	11	11	12	13	15
Other Non-Cash Items	0	(0)	(0)	(0)	(1)	(1)	(1)	8	10	13	16	9	7	3	(35)	(36)	(37)	(37)	(7)	(30)	(27)	(26)	(24)	48	48	56	61	7	6	(2)	(3)	40	32	56	70	41	66	67	87	89	71	82	58	90	91	87	90	130	131	136	160	140	143	124	134	118	(247)	(252)	(287)	(295)	31	127	91	32	55	(21)	33	93	109	98	101	93	89	109	115	126	129	(104)	(92)	10	59	299	262	167	148	155	218	264	283	332	346	354	331	281	209	186
Cash Taxes Paid	9	7	8	5	7	6	5	7	7	7	7	6	7	5	5	6	6	9	9	9	10	9	9	9	10	8	10	15	14	17	13	9	9	10	13	11	17	16	18	23	34	42	23	56	77	85	115	90	71	60	52	44	44	53	52	48	43	44	47	58	58	55	58	57	56	56	58	61	70	91	92	85	70	33	61	73	105	153	161	189	184	219	225	224	260	251	239	233	182	166	151	151	156	157	142	118
Cash Interest Paid	9	8	7	3	4	5	4	4	5	6	6	7	8	10	11	12	15	17	19	21	22	25	29	34	39	42	45	43	39	36	32	31	31	32	34	36	38	43	43	46	46	49	45	48	46	42	46	42	45	41	45	48	51	53	52	49	44	39	35	32	37	42	47	50	50	50	49	48	52	55	59	65	63	60	56	50	48	53	59	65	74	77	76	78	73	71	73	70	80	106	131	157	170	167	157	154
Change in Working Capital	(5)	(3)	(2)	0	(3)	(2)	(8)	(4)	4	3	6	8	(9)	(12)	(14)	(8)	1	(5)	(11)	(8)	(13)	(6)	3	11	(17)	(25)	(30)	(10)	42	51	59	16	(20)	(50)	(73)	(70)	(90)	(133)	(107)	(88)	(67)	(21)	(39)	(82)	(101)	(84)	(93)	(94)	(69)	(105)	(95)	(90)	(78)	(74)	(89)	(51)	(63)	(31)	(25)	(80)	(96)	(131)	(114)	(115)	(118)	(102)	(116)	(100)	(71)	(105)	(117)	(134)	(124)	(53)	(77)	(90)	(91)	(117)	(141)	(212)	(391)	(561)	(511)	(449)	(293)	(196)	(213)	(197)	(241)	(276)	(253)	(296)	(277)	(214)	(194)	(130)
Cash from Operating Activities	21 N/A	25 +18%	27 +9%	29 +8%	35 +21%	41 +16%	43 +6%	51 +19%	64 +25%	72 +13%	87 +21%	101 +15%	93 -8%	104 +12%	111 +8%	136 +22%	158 +16%	163 +3%	171 +5%	175 +3%	174 -1%	180 +4%	186 +3%	196 +5%	176 -10%	180 +3%	191 +6%	194 +2%	228 +17%	223 -2%	214 -4%	184 -14%	168 -9%	163 -3%	160 -1%	193 +21%	191 -1%	163 -15%	210 +29%	239 +14%	262 +10%	327 +25%	322 -2%	310 -4%	277 -11%	279 +1%	257 -8%	229 -11%	236 +3%	207 -12%	237 +14%	276 +16%	311 +13%	329 +6%	319 -3%	332 +4%	303 -9%	310 +2%	290 -7%	254 -12%	225 -11%	208 -8%	241 +16%	247 +3%	294 +19%	350 +19%	378 +8%	419 +11%	495 +18%	476 -4%	489 +3%	489 0%	505 +3%	580 +15%	581 +0%	611 +5%	629 +3%	757 +20%	826 +9%	855 +4%	838 -2%	787 -6%	914 +16%	972 +6%	1 066 +10%	1 019 -4%	960 -6%	1 014 +6%	982 -3%	1 031 +5%	1 103 +7%	1 063 -4%	1 056 -1%	1 054 0%	958 -9%	978 +2%
Investing Cash Flow
Capital Expenditures	(8)	(6)	(7)	(10)	(12)	(13)	(13)	(11)	(11)	(13)	(15)	(24)	(25)	(34)	(42)	(51)	(57)	(74)	(82)	(102)	(143)	(132)	(132)	(126)	(88)	(92)	(100)	(94)	(90)	(76)	(63)	(53)	(53)	(73)	(89)	(100)	(114)	(112)	(94)	(105)	(103)	(101)	(107)	(91)	(86)	(74)	(83)	(76)	(81)	(82)	(72)	(64)	(76)	(107)	(127)	(123)	(113)	(91)	(67)	(85)	(91)	(122)	(173)	(201)	(204)	(202)	(211)	(246)	(254)	(254)	(258)	(265)	(251)	(218)	(177)	(144)	(158)	(200)	(233)	(276)	(329)	(343)	(348)	(357)	(342)	(351)	(397)	(364)	(365)	(403)	(406)	(399)	(362)	(324)	(273)	(283)
Other Items	(2)	(6)	(33)	(28)	(28)	(24)	2	2	(33)	(39)	(43)	(54)	(51)	(58)	(25)	(40)	(122)	(113)	(171)	(150)	(58)	(82)	(59)	(137)	(151)	(130)	(118)	(67)	(34)	(21)	(23)	(39)	(27)	(26)	(56)	(2)	(200)	(213)	(178)	(311)	(175)	(176)	(181)	(55)	(6)	23	(4)	(6)	(102)	(113)	(226)	(665)	(558)	(536)	(391)	47	587	584	589	13	(560)	(565)	(470)	117	168	108	13	(34)	(111)	(114)	(112)	(39)	39	47	19	(234)	(257)	(1 062)	(1 083)	(887)	(896)	1	524	580	544	555	(397)	(433)	(466)	(1 324)	(850)	(846)	(740)	24	29	(79)
Cash from Investing Activities	(10) N/A	(12) -20%	(40) -231%	(37) +7%	(40) -8%	(37) +8%	(11) +71%	(9) +18%	(44) -408%	(52) -18%	(58) -10%	(78) -36%	(76) +2%	(92) -21%	(67) +28%	(92) -37%	(179) -96%	(187) -4%	(253) -35%	(252) +0%	(201) +20%	(214) -7%	(191) +11%	(263) -37%	(238) +9%	(222) +7%	(218) +2%	(161) +26%	(124) +23%	(97) +22%	(87) +11%	(92) -6%	(81) +12%	(99) -23%	(145) -46%	(102) +30%	(314) -208%	(325) -4%	(272) +16%	(415) -53%	(277) +33%	(277) 0%	(289) -4%	(145) +50%	(92) +37%	(51) +44%	(86) -69%	(83) +4%	(183) -121%	(195) -7%	(298) -53%	(729) -144%	(633) +13%	(643) -2%	(518) +20%	(77) +85%	474 N/A	493 +4%	522 +6%	(71) N/A	(651) -811%	(687) -5%	(643) +6%	(84) +87%	(36) +57%	(94) -160%	(198) -110%	(280) -41%	(365) -30%	(368) -1%	(371) -1%	(304) +18%	(212) +30%	(171) +19%	(159) +7%	(379) -139%	(414) -9%	(1 262) -205%	(1 316) -4%	(1 163) +12%	(1 226) -5%	(342) +72%	176 N/A	223 +27%	201 -10%	204 +1%	(794) N/A	(797) 0%	(831) -4%	(1 727) -108%	(1 257) +27%	(1 245) +1%	(1 101) +12%	(300) +73%	(244) +19%	(362) -48%
Financing Cash Flow
Net Issuance of Common Stock	22	23	82	60	60	60	0	0	24	23	21	65	89	90	91	48	125	127	128	127	2	1	(0)	0	0	0	0	0	0	0	41	42	42	42	1	1	1	1	1	1	1	1	(40)	(58)	(57)	(72)	(34)	(14)	(37)	(26)	(9)	(31)	(8)	(47)	(109)	(94)	(141)	(133)	(117)	(109)	(63)	(60)	(33)	(58)	(85)	(80)	(69)	(95)	(137)	(153)	(205)	(176)	80	121	380	409	186	155	(62)	(195)	(212)	(389)	(578)	(561)	(536)	(438)	(240)	(322)	(302)	(218)	(221)	(93)	(138)	(194)	(261)	(236)
Net Issuance of Debt	(33)	(35)	(69)	(45)	(38)	(34)	9	4	6	8	1	(14)	(45)	(36)	(66)	(34)	(15)	(6)	61	62	136	147	122	187	189	165	123	36	(62)	(103)	(141)	(103)	(95)	(70)	20	(55)	160	199	101	217	57	(8)	51	(60)	(80)	(108)	(89)	(86)	30	61	120	535	384	416	362	(108)	(584)	(619)	(645)	(20)	540	591	489	(50)	(114)	(116)	(50)	19	74	113	154	55	(216)	(458)	(465)	(569)	(19)	538	432	614	336	(36)	(318)	(388)	(489)	(492)	167	431	1 043	889	467	67	(560)	(408)	(322)	(8)
Cash Paid for Dividends	0	0	0	(7)	(18)	(30)	(42)	(47)	(49)	(51)	(52)	(55)	(62)	(66)	(71)	(79)	(89)	(98)	(107)	(112)	(111)	(113)	(117)	(121)	(126)	(124)	(96)	(69)	(43)	(24)	(28)	(32)	(34)	(35)	(37)	(37)	(38)	(38)	(40)	(42)	(43)	(44)	(45)	(47)	(48)	(49)	(48)	(47)	(47)	(48)	(50)	(51)	(53)	(54)	(54)	(54)	(52)	(50)	(49)	(48)	(49)	(50)	(51)	(53)	(55)	(56)	(57)	(57)	(58)	(59)	(60)	(61)	(61)	(62)	(64)	(68)	(73)	(78)	(82)	(85)	(89)	(92)	(95)	(97)	(103)	(109)	(115)	(121)	(124)	(127)	(131)	(134)	(138)	(144)	(147)	(151)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	0	0	0	(1)	(1)	(1)	(1)	(2)	(2)	(2)	(2)	(4)	(4)	(4)	(5)	(7)	(7)	(9)	(7)	(3)	(4)	(2)	1	(0)	(0)	(6)	(8)	(11)	(28)	(26)	(30)	(21)	(24)	(20)	(22)	(10)	(8)	(9)	(4)	(4)	(7)	(7)	(7)	(7)
Cash from Financing Activities	(11) N/A	(13) -12%	13 N/A	8 -38%	5 -40%	(4) N/A	(32) -731%	(42) -31%	(20) +54%	(20) -2%	(30) -51%	(4) +87%	(17) -341%	(12) +29%	(45) -272%	(65) -43%	21 N/A	23 +10%	82 +253%	77 -6%	27 -64%	34 +23%	5 -86%	67 +1 285%	62 -6%	42 -33%	27 -36%	(33) N/A	(105) -215%	(126) -21%	(128) -1%	(92) +28%	(87) +6%	(63) +27%	(15) +76%	(92) -503%	123 N/A	162 +32%	62 -62%	177 +186%	15 -92%	(50) N/A	(34) +34%	(165) -391%	(185) -12%	(228) -23%	(170) +25%	(146) +14%	(54) +63%	(13) +76%	61 N/A	453 +640%	322 -29%	315 -2%	199 -37%	(256) N/A	(777) -204%	(803) -3%	(812) -1%	(180) +78%	426 N/A	479 +13%	402 -16%	(165) N/A	(257) -56%	(255) +1%	(180) +30%	(140) +22%	(129) +8%	(108) +16%	(119) -10%	(185) -56%	(200) -8%	(400) -100%	(148) +63%	(228) -54%	94 N/A	609 +546%	279 -54%	322 +15%	6 -98%	(543) N/A	(1 021) -88%	(1 067) -5%	(1 152) -8%	(1 059) +8%	(210) +80%	(22) +90%	608 N/A	535 -12%	111 -79%	(164) N/A	(843) -413%	(752) +11%	(738) +2%	(403) +45%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(6)	7	10	9	11	3	0	1	(3)
Net Change in Cash	(1) N/A	0 N/A	(0) N/A	(0) N/A	(0) N/A	(0) N/A	0 N/A	(0) N/A	(0) N/A	(0) N/A	(0) -200%	19 N/A	(1) N/A	(1) +18%	(1) N/A	(20) -2 122%	(0) +99%	(1) -150%	(0) +60%	(0) +50%	(0) N/A	(0) N/A	(0) -100%	0 N/A	0 N/A	0 N/A	0 N/A	(0) N/A	(0) -100%	(0) +50%	(0) -200%	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	(0) N/A	(0) N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 +100%	0 -50%	0 N/A	0 N/A	(0) N/A	0 N/A	0 N/A	0 N/A	0 N/A	0 N/A	(0) N/A	(0) -100%	(0) +50%	(0) N/A	3 N/A	0 -96%	0 N/A	0 N/A	(3) N/A	0 N/A	0 N/A	0 N/A	0 N/A	1 N/A	0 N/A	0 N/A	0 N/A	92 N/A	9 -90%	275 +2 988%	4 -98%	309 +7 081%	104 -66%	(210) N/A	15 N/A	(381) N/A	(98) +74%	69 N/A	128 +86%	116 -9%	163 +41%	(45) N/A	188 N/A	766 +307%	(152) N/A	(33) +78%	(336) -915%	(886) -164%	1 N/A	(24) N/A	210 N/A
Free Cash Flow
Free Cash Flow	13 N/A	19 +44%	20 +3%	19 -1%	23 +17%	28 +23%	30 +7%	40 +34%	53 +31%	59 +12%	73 +23%	77 +6%	67 -12%	69 +3%	69 -1%	85 +23%	101 +18%	89 -11%	89 +0%	74 -18%	30 -59%	48 +59%	54 +13%	70 +29%	88 +25%	89 +1%	91 +3%	100 +10%	138 +38%	147 +7%	151 +3%	131 -13%	115 -13%	90 -22%	71 -21%	93 +31%	77 -17%	51 -34%	116 +126%	134 +16%	159 +19%	226 +42%	215 -5%	219 +2%	191 -13%	205 +7%	174 -15%	153 -12%	156 +2%	125 -19%	165 +32%	212 +29%	236 +11%	222 -6%	192 -13%	209 +9%	190 -9%	219 +15%	223 +2%	169 -24%	134 -21%	86 -36%	68 -20%	46 -33%	89 +96%	147 +65%	167 +14%	174 +4%	241 +39%	222 -8%	231 +4%	224 -3%	254 +14%	362 +43%	404 +12%	467 +15%	471 +1%	557 +18%	593 +6%	580 -2%	508 -12%	444 -13%	566 +27%	615 +9%	724 +18%	667 -8%	563 -16%	650 +15%	617 -5%	628 +2%	697 +11%	664 -5%	694 +5%	730 +5%	685 -6%	695 +1%

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TFI International Inc
TSX:TFII

Cash Flow Statement

Cash Flow Statement
TFI International Inc

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TFI International Inc TSX:TFII

Cash Flow Statement

Cash Flow Statement TFI International Inc

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TFI International Inc
TSX:TFII

Cash Flow Statement
TFI International Inc