TFI International Inc

Latest Results (30.07.2026):

TFI International Inc. reported results for the fourth quarter of 2025 (Q4 2025). Revenue fell versus Q4 2024, driven by weaker end-market demand, and operating income, net income and diluted EPS were all lower year‑over‑year. Despite weaker top‑line and profit comparisons, the company generated strong cash flow — including materially higher free cash flow versus the year‑ago quarter — raised its quarterly dividend and continued share repurchases while maintaining capacity to pursue acquisitions and internal growth.

Key Q4 2025 financials

Total revenue was $1.914 billion (Q4 2025) versus $2.077 billion in Q4 2024; revenue before fuel surcharge was $1.680 billion versus $1.827 billion. Operating income was $127.2 million (down from $160.2M), net income was $71.7 million (down from $88.1M) and diluted EPS was $0.87 (down from $1.03). Adjusted net income was $89.5 million and adjusted diluted EPS was $1.09 (both down versus Q4 2024).

Adjusted EBITDA and margin trends

Adjusted EBITDA for Q4 2025 was $279.6 million versus $315.3 million a year earlier. On a revenue‑before‑fuel basis the consolidated operating margin declined to 7.6% in Q4 2025 from 8.8% in Q4 2024.

Segment performance (Q4 2025)

Revenue before fuel surcharge declined by segment in Q4: Truckload -3%, Less‑Than‑Truckload (LTL) -10% and Logistics -13%. Operating income fell: LTL down ~12%, Truckload down ~19% and Logistics down ~27% versus the prior year quarter.

Cash flow and free cash flow

Net cash from operating activities was $282.2 million in Q4 2025 (vs. $262.4M). Free cash flow was $258.9 million in the quarter, about 25% higher than Q4 2024, and the company said free cash flow topped $10 per share for the full year.

Capital allocation and balance sheet actions

The Board approved a quarterly dividend of $0.47 (a 4% increase vs. Q4 2024). In Q4 the company returned $54.1 million to shareholders ($36.7M dividends, $17.4M share repurchases); during 2025 it repurchased well over $200 million of common shares. The company borrowed an additional $180.9 million in the quarter; cash and cash equivalents rose by $170.3 million.

Full‑year 2025 highlights

For the full year ended Dec. 31, 2025: total revenue was $7.885 billion (down from $8.397B in 2024), adjusted EBITDA was $1,170.5 million (vs. $1,321.0M), operating income was $565.3 million (vs. $719.0M), net income was $310.6 million ($3.72 diluted EPS) and adjusted diluted EPS was $4.37 (vs. $5.75 in 2024). Truckload revenue rose for the year (driven by the prior Daseke acquisition) while LTL and Logistics declined year‑over‑year.

Outlook and guidance

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 (excluding real estate) of $225–$250 million.