Core Insights - TFI International's adjusted operating ratio in U.S. LTL improved to 95.3% in Q4 from 97.3% a year ago, indicating operational efficiency despite challenging market conditions [3] - The Canada-based LTL adjusted operating ratio rose to 81.7%, up from 81% year-over-year, with claims ratio nearing zero [3] - Operating income across segments, including TL and logistics, decreased to $127.2 million from $160.2 million year-over-year [3] Market Outlook - The industrial economy is currently slow, prolonging a difficult LTL environment, while TL has a more favorable outlook due to driver supply constraints [4] - TFI projects market dynamics to normalize by late 2026, likely in Q3 or Q4, particularly for divisions moving Paccar and Freightliner trucks [4] - Logistics is expected to perform significantly better in Q4 2026 compared to Q4 2025 as OEM customers are anticipated to be busier [5] Revenue Performance - LTL revenue before fuel surcharge fell to $660.5 million in Q4 2025 from $737.3 million a year ago, reflecting tough market conditions [7] - U.S. LTL revenue specifically declined by 11% to $501.3 million, constituting over a quarter of the company's total revenue [7] - The CEO indicated that the LTL segment remains in a difficult environment and anticipates this trend to continue throughout 2026 [7]