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Side-by-side financial comparison of TFI International Inc. (TFII) and Tradeweb Markets Inc. (TW). Click either name above to swap in a different company.
TFI International Inc. is the larger business by last-quarter revenue ($921.9M vs $617.8M, roughly 1.5× Tradeweb Markets Inc.).
TFI International Inc. is a Canadian transport and logistics company based in Saint-Laurent, Quebec, a borough of Montreal. It operates primarily in Canada, the United States, and Mexico through 4 business segments: less than truckload (LTL), package and courier, logistics, and truckload. It has Canada's largest LTL business, largest trucking fleet, and in 2021 was ranked 6th in terms of revenue among both LTL and truckload North American carriers. Its trucking fleet consists of over 14,000 c...
Tradeweb Markets Inc., headquartered in New York City, operates electronic trading platforms primarily used by institutional investors to trade fixed income products, ETFs, and derivatives. It has over 3,000 customers including banks, asset managers, central banks, pension funds, and insurance companies. In 2024, 83% of the company's revenue was from transaction fees and commissions and 17% was from subscription fees. In 2024, 52% of revenue came from products related to rates, 27% of revenue...
TFII vs TW — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $921.9M | $617.8M |
| Net Profit | — | $233.2M |
| Gross Margin | — | — |
| Operating Margin | 8.4% | 46.5% |
| Net Margin | — | 37.7% |
| Revenue YoY | — | 21.2% |
| Net Profit YoY | — | 38.5% |
| EPS (diluted) | — | $0.96 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $617.8M | ||
| Q4 25 | — | $521.2M | ||
| Q3 25 | $921.9M | $508.6M | ||
| Q2 25 | $2.0B | $513.0M | ||
| Q1 25 | $2.0B | $509.7M | ||
| Q4 24 | — | $463.3M | ||
| Q3 24 | $1.0B | $448.9M | ||
| Q2 24 | $2.3B | $405.0M |
| Q1 26 | — | $233.2M | ||
| Q4 25 | — | $325.0M | ||
| Q3 25 | — | $185.6M | ||
| Q2 25 | $98.2M | $153.8M | ||
| Q1 25 | $56.0M | $148.4M | ||
| Q4 24 | — | $142.2M | ||
| Q3 24 | — | $113.9M | ||
| Q2 24 | $117.8M | $119.2M |
| Q1 26 | — | 46.5% | ||
| Q4 25 | — | 42.4% | ||
| Q3 25 | 8.4% | 41.4% | ||
| Q2 25 | 8.4% | 39.0% | ||
| Q1 25 | 5.8% | 40.0% | ||
| Q4 24 | — | 40.7% | ||
| Q3 24 | 9.5% | 35.5% | ||
| Q2 24 | 9.2% | 40.1% |
| Q1 26 | — | 37.7% | ||
| Q4 25 | — | 62.4% | ||
| Q3 25 | — | 36.5% | ||
| Q2 25 | 4.8% | 30.0% | ||
| Q1 25 | 2.9% | 29.1% | ||
| Q4 24 | — | 30.7% | ||
| Q3 24 | — | 25.4% | ||
| Q2 24 | 5.2% | 29.4% |
| Q1 26 | — | $0.96 | ||
| Q4 25 | — | $1.52 | ||
| Q3 25 | — | $0.86 | ||
| Q2 25 | — | $0.71 | ||
| Q1 25 | — | $0.69 | ||
| Q4 24 | — | $0.66 | ||
| Q3 24 | — | $0.53 | ||
| Q2 24 | — | $0.55 |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | — |
| Free Cash FlowOCF − Capex | — | $2.0M |
| FCF MarginFCF / Revenue | — | 0.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $355.9M | ||
| Q3 25 | — | $342.3M | ||
| Q2 25 | — | $409.2M | ||
| Q1 25 | — | $60.2M | ||
| Q4 24 | — | $282.0M | ||
| Q3 24 | — | $292.1M | ||
| Q2 24 | — | $285.7M |
| Q1 26 | — | $2.0M | ||
| Q4 25 | — | $336.5M | ||
| Q3 25 | — | $328.3M | ||
| Q2 25 | — | $403.7M | ||
| Q1 25 | — | $58.6M | ||
| Q4 24 | — | $256.8M | ||
| Q3 24 | — | $287.8M | ||
| Q2 24 | — | $280.8M |
| Q1 26 | — | 0.3% | ||
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 64.5% | ||
| Q2 25 | — | 78.7% | ||
| Q1 25 | — | 11.5% | ||
| Q4 24 | — | 55.4% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 69.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TFII
Segment breakdown not available.
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
