A TForce Freight truck. TForce is a subsidiary of TFI International. (TForce Freight)
February 18, 2026 12:00 PM, EST
Key Takeaways:
- TFI International reported Q4 revenue fell 7.8% to $1.91 billion and net income dropped to $71.7 million.
- The company said weaker results came as it improved its U.S. LTL operating ratio and generated free cash flow more than 25% higher than 2024.
- CEO Alain Bédard signaled continued capital deployment for growth and shareholder returns.
TFI International saw earnings and revenue decline as 2025 drew to a close.
The Montreal-based transportation and logistics company on Feb. 17 reported a 7.8% decline in revenue during the fourth quarter to $1.91 billion compared with $2.08 billion in the year-ago period. The carrier posted net income of $71.7 million, or 87 cents per diluted share, for the three-month period, which ended Dec. 31. That compared with $88.1 million, $1.03, during the same time the previous year.
“As we prepare for stronger freight fundamentals, we were able to improve our operating ratio for U.S. [less-than-truckload], which has been an ongoing area of focus. We’re also tapping into attractive growth opportunities today,” TFI CEO Alain Bédard said. “We finished 2025 on a favorable note, delivering robust free cash flow that topped $10 per share for the year, driven by our entire team’s keen emphasis on customer service and operational efficiencies.”
He pointed to free cash flow being 25% higher than in 2024, improvements on the balance sheet and the strategic allocation of capital to internal growth investments as signs that execution has been strong. “Importantly, we were also able to return significant capital to shareholders, raising our dividend in the fourth quarter and repurchasing well over $200 million worth of common shares during the year, which are key components of our ongoing approach to creating long-term shareholder value,” Bédard said.
For the full year, TFI reported net income of $310.6 million, $3.72, on revenue of $7.88 billion, compared with net income of $422.5 million, $4.96, on revenue of $8.4 billion in 2024. LTL segment revenue decreased 10.4% to $660.5 million from $737.3 million as operating income declined 12.5% to $61.5 million from $70.3 million. Truckload segment revenue decreased 2.7% to $674.2 million from $693.2 million as operating income decreased 19.3% to $48.2 million from $59.7 million. Logistics revenue decreased 12.7% to $358.1 million from $410.2 million, with operating income falling 27% to $31.3 million from $42.9 million.
TFI Q4 2025 Earnings Report
TFI International ranks No. 4 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 39 on the TT Top 100 list of the largest logistics companies. It also comes in at No. 43 on the TT Top 50 global freight companies list.
