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.

• Revenue before fuel surcharge was $1.7 billion in Q4, down from $1.8 billion year-over-year; full-year revenue was $7.88 billion, down from $8.40 billion in 2024.

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

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

• Management remains focused on cost control, service improvement, and strategic capital allocation.

Financial highlights

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

• 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.

• Operating margin for TTM Q4 2025 was 8.2%, FCF yield 9.8%.

• Annual forward dividend yield stood at 1.8% as of December 31, 2025.

Outlook and guidance

• Q1 2026 adjusted diluted EPS expected at $0.50-$0.60, reflecting ongoing freight recession and transition environment.

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

• Anticipates improvement in logistics and truckload segments in the latter half of 2026.

• Expects organic growth in U.S. LTL shipment count for the first time in years.

• 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.