TFI International Inc

Latest Results (09.09.2026):

TFI International Inc.'s fourth quarter of 2025 (Q4 2025) showed lower revenue and earnings versus Q4 2024 but strong cash generation. Total revenue for the quarter was $1.914 billion (revenue before fuel surcharge $1.680 billion), operating income was $127.2 million and diluted EPS was $0.87. Free cash flow and operating cash flow improved year-over-year, supporting a dividend raise and continued share repurchases while the company managed weaker market demand across key segments.

Revenue and margins

Total revenue in Q4 2025 was $1.914 billion (down from $2.077 billion in Q4 2024); revenue before fuel surcharge fell to $1.680 billion from $1.827 billion. Adjusted EBITDA for the quarter was $279.6 million versus $315.3 million a year earlier. Operating income declined to $127.2 million from $160.2 million, reflecting weaker volumes partially offset by acquisitions.

Profitability

Reported net income for Q4 2025 was $71.7 million (diluted EPS $0.87) versus $88.1 million (EPS $1.03) in Q4 2024. Adjusted net income was $89.5 million, or adjusted diluted EPS of $1.09, down from $101.8 million and $1.19 respectively in Q4 2024.

Cash flow and capital returns

Net cash from operating activities was $282.2 million in the quarter (up from $262.4 million). Free cash flow was $258.9 million (about 25% higher than the year-earlier quarter). The Board increased the quarterly dividend to $0.47 (4% increase) and the company returned $54.1 million to shareholders in the quarter ($36.7M dividends, $17.4M repurchases) and repurchased over $200 million of common shares during the year.

Segment performance

Q4 revenue before fuel surcharge fell across segments: Truckload down ~3%, Less‑Than‑Truckload (LTL) down ~10%, Logistics down ~13%. Operating income decreased: LTL -12%, Truckload -19%, Logistics -27%. Management noted improvements in the U.S. LTL operating ratio despite the challenging demand environment.

Full‑year 2025 snapshot

For the full year ended Dec 31, 2025, total revenue was $7.885 billion (down from $8.397 billion in 2024), operating income $565.3 million (vs. $719.0M), net income $310.6 million (EPS $3.72) and adjusted net income $364.9 million (adjusted diluted EPS $4.37). Free cash flow for the year was $832.3 million.

Guidance and capital spending

TFI expects Q1 2026 adjusted diluted EPS of $0.50–$0.60 (assuming no material change in the operating environment) and forecasts full‑year net capital expenditures (excluding real estate) of $225–$250 million.

Liquidity and balance sheet actions

The company borrowed $180.9 million in the quarter, with cash and cash equivalents increasing by $170.3 million. Management highlighted a strengthened balance sheet used to support internal growth investments and M&A activity.