NFI Group Inc. Announces Record Financial Performance and Industry Recognition
NFI Group Inc., the Canadian‑based manufacturer of heavy‑duty transit buses, released its audited consolidated financial results for Fiscal 2025 on March 11, 2026. The company reported a record fourth‑quarter and full‑year performance, underscoring its strategic focus on electric vehicle (EV) technology and robust aftermarket support.
Record Fourth‑Quarter Results
In the quarter ended December 31, 2025, NFI shipped 1,233 equivalent units (EUs), of which 27.4 % were battery‑ or fuel‑cell‑electric buses (ZEBs). Revenue rose 22.5 % year‑over‑year to US $1.025 billion, driven by a higher mix of high‑margin ZEBs and an expanded backlog. Gross margin increased 89.0 % to US $174.4 million, reflecting both product‑mix advantages and improved operational efficiencies.
Net earnings for the quarter reached US $166.0 million, a jump of $147.5 million versus the same period a year earlier. Adjusted net earnings, which exclude non‑recurring items such as the battery settlement, were US $59.6 million or $0.50 per share, an improvement of 328.8 % over the prior year’s figure. Net cash generated from operating activities totaled US $118.6 million, bolstered by the battery settlement and reduced interest payments, and partially offset by working‑capital investments. Adjusted EBITDA for the quarter reached US $121.3 million.
Full‑Year 2025 Highlights
Across the full fiscal year, the company posted a revenue of US $1.025 billion, a 22.5 % increase from the prior year’s US $1.00 billion. Net earnings of US $166.0 million represented a 147.5 % rise over the 2024 figure of US $59.5 million. Adjusted net earnings per share climbed to $0.50 from $0.16 in 2024, while adjusted EBITDA rose to US $121.3 million from US $48.8 million.
The company’s backlog closed at US $13.0 billion, indicating sustained demand for its transit and coach fleets. The strong performance was attributed to an increased delivery of electric buses, higher gross margins from premium units, and cost efficiencies across manufacturing and supply‑chain operations.
Strategic Partnerships and Market Expansion
On March 11, 2026, Ballard Power Systems announced a commercial agreement with New Flyer (the parent of NFI Group) to supply 50 MW of fuel‑cell bus engines. The partnership is expected to accelerate NFI’s electrification portfolio and enhance its competitive position in North America’s rapidly growing EV transit market.
Recognition as a Top Employer
NFI Group was named one of Manitoba’s Top Employers for 2026, marking the second consecutive year it has received the accolade. The recognition, awarded by Canada’s Top 100 Employers, highlights the company’s commitment to creating an inclusive, growth‑oriented workplace. President and CEO John Sapp emphasized that the organization’s success “depends on our people” and that the honor underscores its dedication to being an employer of choice across all regions of operation.
Market Context
Despite a negative price‑earnings ratio of –4.774, the company’s market capitalization stands at CAD 1.92 billion. The 52‑week trading range shows a high of CAD 19.90 on July 27, 2025, and a low of CAD 9.83 on April 6, 2025. The share price closed at CAD 15.82 on March 9, 2026, reflecting investor confidence in NFI’s growth trajectory and its strategic shift toward electrified transit solutions.
Conclusion
NFI Group Inc. has demonstrated a compelling blend of operational excellence, financial resilience, and strategic innovation. The record‑setting 2025 results, coupled with the high‑profile fuel‑cell partnership and the acknowledgment as a top employer, position the company strongly for continued expansion in the global transit bus market.
