MONTREAL, Febuary 17, 2026 — Leads & Copy — TFI International Inc. (NYSE and TSX: TFII), a North American transportation and logistics leader, announced its fourth-quarter and full-year results for the period ending December 31, 2025.
The company reported fourth-quarter operating income of $127.2 million, compared to $160.2 million in the same quarter of the previous year. Fourth-quarter net income was $71.7 million, versus $88.1 million in Q4 2024, while adjusted net income was $89.5 million, compared to $101.8 million in Q4 2024. Diluted earnings per share (EPS) for the fourth quarter were $0.87, compared to $1.03 in Q4 2024, while adjusted diluted EPS was $1.09, compared to $1.19 in Q4 2024.
Net cash from operating activities in the fourth quarter totaled $282.2 million, compared to $262.4 million in Q4 2024, while free cash flow was $258.9 million, compared to $207.5 million in Q4 2024.
The Board of Directors has approved a quarterly dividend of $0.47, marking a 4% increase.
Alain Bédard, Chairman, President, and CEO, stated that the company finished 2025 favorably, delivering robust free cash flow exceeding $10 per share for the year. He attributed this to the team’s focus on customer service and operational efficiencies. Bédard noted improvements in the operating ratio for U.S. LTL and the pursuit of growth opportunities to leverage infrastructure and capabilities. He highlighted a 25% increase in fourth-quarter free cash flow compared to the previous year, strengthening the balance sheet and supporting capital allocation to internal growth investments and M&A. The company also returned capital to shareholders by raising the dividend and repurchasing over $200 million in common shares during the year.
Fourth Quarter Results:
Total revenue was $1.91 billion, compared to $2.08 billion in the prior-year period, and revenue before fuel surcharge was $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 was $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 was $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 Results:
Total 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.
Net cash flow from operating activities increased to $282.2 million during 2025 from $262.4 million in the prior year. The increase was due to an increase in cash released from changes in working capital and a reduction of income taxes paid.
Net cash from investing activities decreased by $117.9 million, primarily due to an increase in cash used in business combinations of $152.1 million partially offset by an increase in the proceeds from the sale of assets held for sale.
The Company returned $54.1 million to shareholders during the quarter, of which $36.7 million was through dividends and $17.4 million was through share repurchases. In addition, the Company borrowed an additional $180.9 million of debt during the quarter. These additional borrowings are almost entirely offset by the increase in the cash and cash equivalents in the quarter of $170.3 million.
On December 15, 2025, the Board of Directors of TFI International declared a quarterly dividend of $0.47 per outstanding common share, paid on January 15, 2026, representing a 4% increase over the $0.45 quarterly dividend declared in Q4 2024.
Assuming no significant positive or negative change in the operating environment, the Company expects first quarter 2026 adjusted diluted EPS to be in the range of $0.50 to $0.60. The Company expects full-year net capital expenditures excluding real estate to be between $225 million and $250 million.
TFI International Inc. is a North American transportation and logistics leader, operating across the United States, Canada, and Mexico through its subsidiaries. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency.
TFI International Inc. is publicly traded on the New York Stock Exchange and the Toronto Stock Exchange under symbol TFII.
Source: TFI International
