TFI International Inc

Latest Results (27.03.2026):

TFI International Inc.'s fourth quarter of 2025 results show lower revenue and profits year-over-year but strong cash generation and continued shareholder returns. For Q4 2025 the company reported total revenue of $1.914 billion (down from $2.077 billion in Q4 2024), operating income of $127.2 million (versus $160.2 million), net income of $71.7 million ($0.87 diluted EPS) and adjusted net income of $89.5 million ($1.09 adjusted diluted EPS). Free cash flow was notably stronger, supporting a dividend increase and meaningful share repurchases.

Revenue

Total revenue for Q4 2025 was $1.914 billion (revenue before fuel surcharge $1.680 billion), down from $2.077 billion (or $1.827 billion before fuel) in Q4 2024, driven primarily by weaker end-market volumes partially offset by acquisitions.

Profitability

Operating income fell to $127.2 million in Q4 2025 from $160.2 million a year earlier (operating margin 7.6% vs. 8.8%). Reported net income was $71.7 million ($0.87 diluted EPS) versus $88.1 million ($1.03) in Q4 2024; adjusted net income was $89.5 million ($1.09 adjusted diluted EPS) versus $101.8 million ($1.19) in Q4 2024.

Segment performance

Quarterly revenue declines: Truckload -3%, Less‑Than‑Truckload (LTL) -10%, Logistics -13%. Operating income fell: LTL -12%, Truckload -19%, and Logistics -27% year-over-year, reflecting weaker market demand across segments.

Cash flow and free cash flow

Net cash from operating activities increased to $282.2 million (Q4 2025) from $262.4 million a year earlier. Free cash flow in Q4 rose to $258.9 million from $207.5 million (~25% higher), underpinning balance sheet strength and capital allocation.

Capital returns and balance sheet actions

The Board approved a quarterly dividend of $0.47 (a 4% increase). During the quarter TFI returned $54.1 million to shareholders ($36.7 million dividends, $17.4 million share repurchases) and repurchased over $200 million of common shares during the year. The company also drew additional debt of $180.9 million in the quarter, with cash and cash equivalents rising by $170.3 million.

Full‑year 2025 snapshot

For the full year ended December 31, 2025, total revenue was $7.885 billion (down from $8.397 billion in 2024), operating income $565.3 million (vs. $719.0 million), net income $310.6 million ($3.72 diluted EPS) and adjusted diluted EPS $4.37 (vs. $5.75 in 2024).

Outlook

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