TFI International Announces 2025 Fourth Quarter and Full-Year Results

Executive Summary

• TFI International reported Q4 2025 operating income of $127.2 M, down 21% YoY, and net income of $71.7 M, down 19% YoY.
• Adjusted EBITDA fell to $279.6 M (‑11% YoY); free cash flow rose 25% YoY to $258.9 M.
• The Board declared a quarterly dividend of $0.47 per share (4% increase) and repurchased >$200 M of common stock during the year.

Key Details

• Revenue: Total Q4 revenue $1.91 B vs. $2.08 B YoY; revenue before fuel surcharge $1.68 B vs. $1.83 B YoY (‑3%).
• Segment Performance:
• Truckload revenue down 10%; LTL down 3%; Logistics down 13%.
• Operating income declines: LTL –12%, Truckload –19%, Logistics –27% YoY.
• Full‑Year Highlights:
• Total FY 2025 revenue $7.88 B vs. $8.40 B YoY; revenue before fuel surcharge $6.91 B vs. $7.30 B YoY.
• FY operating income $565.3 M vs. $719.0 M YoY.
• FY net income $310.6 M ($3.72 EPS) vs. $422.5 M ($4.96 EPS) YoY.
• Cash Flow:
• Net cash from operating activities Q4 $282.2 M (↑$19.8 M YoY).
• Free cash flow Q4 $258.9 M vs. $207.5 M YoY.
• Investing cash outflow $117.9 M, driven by $152.1 M used for business combinations offset by asset‑sale proceeds.
• Capital Allocation:
• Returned $54.1 M to shareholders in Q4 ($36.7 M dividends, $17.4 M share repurchases).
• Additional debt borrowing of $180.9 M; cash & equivalents increased $170.3 M.
• Dividend: Quarterly dividend $0.47 per share (paid Jan 15 2026), up 4% from prior quarter.
• Guidance: FY 2026 adjusted diluted EPS expected $0.50‑$0.60 for Q1; full‑year capex (excluding real estate) projected $225‑$250 M.
• Webcast: Management webcast scheduled for Feb 18 2026, 8:30 a.m. ET.

Notable Quotes

“We finished 2025 on a favorable note, delivering robust free cash flow that topped $10 per share for the year… We were also able to return significant capital to shareholders, raising our dividend in the fourth quarter and repurchasing well over $200 million worth of common shares during the year.” – Alain Bédard, Chairman, President & CEO.