TFI International (TFII) Q4 2025 earnings summary

Executive summary

• Generated over $10 per share in free cash flow for 2025, totaling $832.3 million, with Q4 free cash flow up 25% year-over-year.

• 2025 revenue before fuel surcharge was $6.9 billion, with full-year revenue at $7.88 billion, and adjusted EBITDA at $1.17 billion.

• Diluted adjusted EPS from continuing operations reached $4.37 in 2025, with net cash from operating activities at $978 million.

• Board raised the dividend by 4% to $0.47 per share and repurchased over $200 million in common shares during 2025.

• Demonstrated resilience through economic cycles, with operating income, adjusted EPS, and free cash flow growing even during the COVID-19 pandemic.

Financial highlights

• Q4 total revenue was $1.91 billion, down from $2.08 billion year-over-year; revenue before fuel surcharge was $1.68 billion.

• Q4 free cash flow reached $258.9 million, a 25% increase from the prior year.

• Full-year adjusted EBITDA was $1.17 billion, down from $1.32 billion in 2024.

• Net cash from operating activities in Q4 was $282.2 million, up 8% year-over-year.

• Operating margin for TTM Q4 2025 was 8.2%, with a free cash flow yield of 9.8%.

Outlook and guidance

• Q1 2026 adjusted diluted EPS expected in the range of $0.50–$0.60, down year-over-year due to persistent freight recession.

• Full-year 2026 net CapEx (excluding real estate) projected at $225–$250 million.

• E-commerce remains a key growth driver, with 8.3% CAGR in e-commerce revenue and further opportunities in last-mile and same-day logistics.

• Anticipates logistics segment to improve in H2 2026, with truckload showing early signs of recovery and LTL expected to remain soft.

• Plans to deliver better OR and EPS in 2026 versus 2025, with stronger performance expected in Q3 and Q4.