For the full year, Mullen reported net income of C$91.1 million, or C$1 a share, on revenue of C$2.13 billion. (Mullen Trucking via Facebook)
February 18, 2026 9:32 AM, EST
Key Takeaways:
- Acquisitions drove all fourth-quarter revenue gains as soft demand, lower fuel surcharge revenue and weak economic conditions continued to pressure core operations.
- Two acquisitions completed in 2025 provided meaningful revenue contributions that helped offset declines tied to reduced capital investment and slowing freight activity.
- Full-year revenue rose to C$2.13 billion while net income declined as several segments faced margin pressure from low demand and depressed commodity prices.
Mullen Group navigated a tough fourth quarter and year by capitalizing on acquisition opportunities that helped drive revenue, the company reported Feb. 12.
The Okotoks, Alberta-based company posted net income of C$14.6 million, or 16 cents a diluted share, for the three months ending Dec. 31. That compared with C$18.9 million, or 21 cents, during the same time the previous year. Total revenue increased 7% to C$533.8 million from C$499.1 million.
“The fourth quarter was, in many respects, like previous quarters in 2025,” said Murray Mullen, chairman and senior executive officer of Mullen Group. “Incremental revenues from acquisitions accounted for all of the increase in revenues. We identified this trend as the only plausible way to grow when the Canadian economy was underperforming.”
Mullen added that a lack of capital investment by the private sector remained a significant headwind. He also noted that consumers continued to struggle with inflation as basic needs became more costly. Even so, the company took advantage of acquisition opportunities that became positive influences on earnings for 2025.
“We were fortunate to have two very good opportunities presented in 2025, which we completed because we had the balance sheet to complete the transactions,” Mullen said. “These new additions drove the revenue increase in 2025. More importantly, they will be valuable contributors to our expanding network of well-managed business units.”
For the full year, Mullen reported net income of C$91.1 million, or C$1 a share, on revenue of C$2.13 billion, compared with net income of C$112.3 million, or C$1.23, on revenue of C$1.99 billion in 2024.
“We have a diversified portfolio of independently managed business units operating in multiple sectors of the economy, providing a set of real-time data points on the health and direction of the overall economy,” Mullen said. “From our perspective, we continued to witness a soft economy with overall demand remaining below prior-year levels accompanied by a downward pressure on rates. Given this reality, our business units struggled to maintain margins.”
Less-than-truckload segment revenue decreased 0.4% to C$188.7 million from C$189.4 million during the prior-year period. The decline stemmed from softening overall demand and a decrease in fuel surcharge revenue in response to lower diesel prices. These decreases were somewhat offset by C$4.6 million of incremental revenue from acquisitions. Operating income before depreciation and amortization decreased 8.9% to C$28.6 million from C$31.4 million.
Logistics and warehousing segment revenue increased 27.2% to C$204.6 million from C$160.9 million the prior year. Acquisitions added C$45.2 million of incremental revenue during the quarter, though that was somewhat offset by a decline in freight and logistics demand stemming from a lack of private capital investment in Canada. Operating income increased 12.7% to C$37.4 million from C$33.2 million.
Specialized and industrial services segment revenue decreased 16.8% to C$86.4 million from C$103.8 million. The decline was tied to a lack of large capital projects being sanctioned in Canada, demarketing by some customers in certain markets and depressed commodity prices. Operating income declined 34.6% to C$10.6 million from C$16.2 million.
U.S. and international logistics segment revenue increased 18.5% to C$56.3 million from C$47.5 million. Acquisitions added C$9 million of incremental revenue to the segment. Operating income surged 190.9% to C$3.2 million from C$1.1 million.
Mullen Group ranks No. 44 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 89 on the TT Top 100 list of the largest logistics companies.
