Fourth quarter net income of $71.7 million compares to $88.1 million in Q4 2024, while adjusted net income1 of $89.5 million compares to $101.8 million in Q4 2024
Fourth quarter diluted earnings per share (diluted "EPS") of $0.87 compares to $1.03 in Q4 2024, while adjusted diluted EPS1 of $1.09 compares to $1.19 in Q4 2024
Fourth quarter net cash from operating activities $282.2 million compares to $262.4 million in Q4 2024, while free cash flow1 of $258.9 million compares to $207.5 million in Q4 2024
The Board of Directors approved a $0.47 quarterly dividend, an increase of 4%
MONTREAL, Feb. 17, 2026 (GLOBE NEWSWIRE) -- TFI International Inc. (NYSE and TSX:TFII), a North American leader in the transportation and logistics industry, today announced its results for the fourth quarter and full year ended December 31, 2025. All amounts are shown in U.S. dollars.
"We finished 2025 on a favorable note, delivering robust free cash flow that topped $10 per share for the year, driven by our entire team's keen emphasis on customer service and operational efficiencies," said Alain Bédard, Chairman, President and Chief Executive Officer. "As we prepare for stronger freight fundamentals, we were able to improve our operating ratio for U.S. LTL which has been an ongoing area of focus. We're also tapping into attractive growth opportunities today that will further leverage our unique infrastructure and capabilities. The end result of our strong execution was evident during the fourth quarter, with free cash flow some 25% higher than the year-earlier period, further strengthening our fortress balance sheet and supporting strategic allocation of capital to internal growth investments and attractive M&A. Importantly, we were also able to return significant capital to shareholders, raising our dividend in the fourth quarter and repurchasing well over $200 million worth of common shares during the year, which are key components of our ongoing approach to creating long-term shareholder value."
FOURTH QUARTER RESULTS
Financial highlights
Three months ended
Years ended
December 31
December 31
(in millions of U.S. dollars, except per share data)
2025
2024
2025
2024
Total revenue
1,914.0
2,076.9
7,884.7
8,396.8
Revenue before fuel surcharge
1,679.7
1,826.7
6,913.0
7,304.6
Adjusted EBITDA1
279.6
315.3
1,170.5
1,321.0
Operating income
127.2
160.2
565.3
719.0
Net cash from operating activities
282.2
262.4
977.8
1,062.7
Net income
71.7
88.1
310.6
422.5
EPS - diluted ($)
0.87
1.03
3.72
4.96
Adjusted net income1
89.5
101.8
364.9
489.5
Adjusted EPS - diluted¹ ($)
1.09
1.19
4.37
5.75
Weighted average number of shares ('000s)
82,137
84,622
83,067
84,552
Weighted average number of diluted shares ('000s)
82,421
85,151
83,414
85,243
Number of share outstanding - end of period ('000s)
82,151
84,408
82,151
84,408
1 This is a non-IFRS measure. For a reconciliation, please refer to the "Non-IFRS Financial Measures" section below.
FOURTH QUARTER RESULTSTotal revenue of $1.91 billion compared to $2.08 billion in the prior year period and revenue before fuel surcharge of $1.68 billion compared to $1.83 billion in the prior year period. The decrease is primarily due to reduced volumes driven by weaker end market demand partially offset by contributions from business acquisitions.
Operating income of $127.2 million compared to $160.2 million in the prior year period. The decrease is primarily attributable to the decline in revenues as a result of weaker market demand in the quarter, partially offset by contributions from business acquisitions of $2.8 million.
Net income of $71.7 million compared to $88.1 million in the prior year period, and net income of $0.87 per diluted share compared to $1.03 in the prior year period. Adjusted net income, a non-IFRS measure, was $89.5 million, or $1.09 per diluted share, compared to $101.8 million, or $1.19 per diluted share, in the prior year period.
Total revenue declined by 3% for the Truckload segment, 10% for the Less-Than-Truckload segment and 13% for the Logistics segment. Operating income in the Less-Than-Truckload segment decreased by 12%, 19% in the Truckload segment, and 27% in the Logistics segment.
FULL-YEAR RESULTSTotal revenue was $7.88 billion for 2025 versus $8.40 billion in 2024. Revenue before fuel surcharge of $6.91 billion compared to $7.30 billion the prior year. The decrease is primarily due to decreases from existing operations due to weaker market demand and is partially offset by increased from business acquisitions of $386.1 million.
Operating income totaled $565.3 million compared to $719.0 million in the prior year. The decrease is mainly attributable to the weaker market demand referenced above and greater depreciation charges, partially offset by contributions from business acquisitions.
Net income was $310.6 million, or $3.72 per diluted share, compared to $422.5 million, or $4.96 per diluted share a year earlier. Adjusted net income and adjusted diluted EPS, non-IFRS measures, were $364.9 million, or $4.37 per diluted share, compared to $489.5 million, or $5.75 per diluted share the prior year.
During 2025, total revenue increased 5% for Truckload, due to the acquisition of Daseke in 2024, and declined 12% for Less-Than-Truckload and 13% for Logistics relative to the prior year. Operating income was down 13% for Truckload and 28% for both Less-Than-Truckload and Logistics.
SEGMENTED RESULTS
(in millions of U.S. dollars)
Three months ended December 31
Years ended December 31
2025
2024
2025
2024
$
$
$
$
Revenue before fuel surcharge
Less-Than-Truckload
660.5
737.3
2,730.2
3,085.7
Truckload
674.2
693.2
2,733.4
2,551.5
Logistics
