NFI Group (NFI) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 results, with revenue up 22.5% year-over-year and adjusted EBITDA up 78.7% year-over-year, supported by strong operational performance, margin expansion, and a $13.0 billion backlog.

• Net earnings for Q4 reached $166.0 million, with a full-year net loss of $63.9 million due to a non-recurring battery recall and settlement.

• Leadership transition completed, with new CEO emphasizing operational excellence, cost management, and customer focus.

• Delivered 1,233 equivalent units in Q4, with 27.4% being zero-emission buses.

Financial highlights

• Q4 2025 revenue was $1,025.1 million, up 22.5% year-over-year; adjusted EBITDA was $121.3 million, up 78.7% year-over-year.

• Net earnings for Q4 were $166.0 million, up from $18.6 million in Q4 2024; adjusted net earnings were $59.6 million.

• Full-year adjusted net earnings were $85.4 million, an $88.8 million increase from 2024.

• Liquidity increased by $319.0 million year-over-year, reaching $445.8 million at quarter-end.

• Free cash flow for Q4 was $32.9 million, and for the year was $67.8 million, both significantly improved year-over-year.

Outlook and guidance

• 2026 revenue guidance is $3.9–$4.2 billion; adjusted EBITDA expected between $370–$410 million; cash CapEx projected at $50–$60 million.

• Backlog stands at $13.0 billion (over 15,300 EUs), providing strong production visibility into 2027.

• Focus on operational excellence, supply chain performance, cost management, and deleveraging to drive growth.

• Targeting total leverage of 1.5x–2.5x by late 2026 or early 2027, before considering shareholder returns.

• Guidance includes current tariffs but excludes potential future tariff impacts.