In 2004, Henman failed to reach the fourth round of the Australian Open and failed to reach the semi-finals at the Wimbledon Championships. However, he reached, to the surprise of commentators, the semi-finals of the French Open and later, the semi-finals of the US Open. His ATP tour was not as successful, but he managed to reach the finals of the Indian Wells, where he was defeated by reigning champion Roger Federer in two sets, 3–6, 3–6. 2004 would be the last time Henman participated in the Tennis Masters Cup (a tournament between the eight best players of the world). 2004 would prove Henman's last successful year as a tennis player; he failed to reach beyond the third round in any of the Grand Slams from 2005 until his retirement in 2007.