TFI International Q4 Adjusted EPS $1.09 Beats Estimates as OR Improves to 95.3%
TFI International’s U.S. LTL segment saw its adjusted operating ratio improve to 95.3% from 97.3% in Q4 2025, while average shipment weight rose 4.6% to 1,284 lb despite a 9.5% revenue decline to $1.91 billion. Adjusted EPS of $1.09 topped estimates by $0.24 as GAAP EPS fell to $0.87.
1. U.S. LTL Operational Metrics Improved
In Q4 2025, TFI International’s U.S. less-than-truckload division improved its adjusted operating ratio to 95.3% from 97.3% and increased average shipment weight by 4.6% to 1,284 lb, even as average length of haul declined 6% to 1,122 miles.
2. Revenue and Earnings Trends
Total fourth-quarter revenue fell 9.5% to $1.91 billion with revenue per hundredweight down 5.8% to $26.13 and tonnage off 6.8%. GAAP EPS declined to $0.87, but adjusted EPS rose to $1.09, beating consensus by $0.24.
3. Cash Flow and Capital Returns
Net cash from operating activities grew to $282.2 million and free cash flow jumped 25% year-over-year to $258.9 million. The board increased the quarterly dividend by 4% to $0.47 per share and repurchased over $200 million of common stock in 2025.
4. Board Leadership Update
After 23 years on the board, independent director André Bérard will retire at the April 27, 2026 annual meeting. Diane Giard, a current audit committee member and former bank executive, will become the new lead director.