Earnings summaries and quarterly performance for FORWARD AIR.
Executive leadership at FORWARD AIR.
Shawn Stewart
Detailed
Chief Executive Officer
CEO
Doug Smith
Detailed
Chief People Officer
Eric Brandt
Detailed
Chief Commercial Officer
Jamie Pierson
Detailed
Chief Financial Officer
Jason Ringgenberg
Detailed
Interim Chief Information Officer
Jerome Lorrain
Detailed
Executive Chairman
Michael L. Hance
Detailed
Chief Legal Officer and Secretary
Board of directors at FORWARD AIR.
Research analysts who have asked questions during FORWARD AIR earnings calls.
Bascome Majors
Susquehanna Financial Group
4 questions for FWRD
Also covers: CHRW, CNI, CSX +20 more
Christopher Kuhn
The Benchmark Company
4 questions for FWRD
Also covers: HUBG, SAIA, XPO
Scott Group
Wolfe Research
3 questions for FWRD
Also covers: AAL, ALGT, ALK +35 more
Andrew Baxter Cox
Stifel, Nicolaus & Company, Incorporated
2 questions for FWRD
Also covers: LSTR, TFII, ULH +1 more
Joseph Lawrence Hafling
Jefferies
2 questions for FWRD
Also covers: GXO, RXO, SAIA +3 more
Stephanie Moore
Jefferies
2 questions for FWRD
Also covers: APG, ARCB, ARMK +30 more
J. Bruce Chan
Stifel
1 question for FWRD
Also covers: ARCB, CENN, CHRW +14 more
Matthew Milask
Stifel Financial Corp.
1 question for FWRD
Also covers: GXO, SAIA, TFII
Recent press releases and 8-K filings for FWRD.
Forward Air Reports Q3 2025 Results
FWRD
Earnings
M&A
Demand Weakening
- Forward Air (FWRD) reported consolidated revenue of $632 million and Consolidated EBITDA of $78 million with a 12.3% margin for Q3 2025.
- The company maintained $413 million in liquidity and recorded an LTM Net Leverage of 5.5x as of Q3 2025.
- The Omni Logistics segment achieved its highest revenue and Reported EBITDA since acquisition, with Q3 2025 revenue at $340 million and Reported EBITDA at $33 million (9.6% margin).
- The Expedited Freight segment's Q3 2025 revenue was $259 million with a Reported EBITDA of $30 million (11.5% margin), reflecting continued pricing and margin improvement.
- FWRD has realized over $100 million in annualized cost savings, contributing to a rationalized cost structure.
Nov 5, 2025, 9:30 PM
Forward Air Reports Q3 2025 Results with Consistent EBITDA and Improved Cash Flow
FWRD
Earnings
M&A
New Projects/Investments
- Forward Air reported Q3 2025 consolidated EBITDA of $78 million and adjusted EBITDA of $75 million, maintaining consistent performance compared to the prior quarter and year-ago period. The company also generated $53 million in cash from operations in Q3 2025, contributing to a $113 million year-over-year improvement in year-to-date cash from operations to $67 million.
- The Expedited Freight segment delivered $30 million in reported EBITDA with an 11.5% margin, marking its second-highest margin since Q4 2023, while the Omni Logistics segment's reported EBITDA increased 22% year-over-year to $33 million on $340 million in revenue.
- The strategic alternatives review process is ongoing with continued discussions with multiple interested parties. Concurrently, the company is advancing its operational transformation, including the OneGround network and a one ERP initiative, alongside cost reduction efforts that have yielded approximately $12 million in annualized savings.
Nov 5, 2025, 9:30 PM
Forward Air Corporation Reports Third Quarter 2025 Results
FWRD
Earnings
Demand Weakening
- Forward Air Corporation reported consolidated revenue of $632 million for the three months ended September 30, 2025, a decrease from $656 million in the same period a year ago, in the face of an extended freight recession.
- For Q3 2025, operating income was $15 million and Consolidated EBITDA was $78 million, compared to $23 million and $86 million, respectively, in Q3 2024.
- The Omni segment's revenue increased by $5 million to $340 million in Q3 2025, achieving its highest revenue and reported EBITDA since acquisition, while the Expedited Freight segment's reported EBITDA margin was 11.5 percent.
- The company's liquidity increased to $413 million at the end of Q3 2025 from $368 million at the end of Q2 2025, with cash provided by operations totaling $67 million through the first three quarters of 2025.
Nov 5, 2025, 9:01 PM
Forward Air Corporation Reports Third Quarter 2025 Results
FWRD
Earnings
Demand Weakening
New Projects/Investments
- Forward Air Corporation reported consolidated revenue of $632 million and operating income of $15 million for the third quarter of 2025.
- Consolidated EBITDA for Q3 2025 was $78 million, with the last twelve months (LTM) Consolidated EBITDA reaching $299 million as of September 30, 2025.
- The company's liquidity stood at $413 million at the end of Q3 2025, an increase from $368 million at the end of the second quarter.
- The Omni segment posted its highest revenue and reported EBITDA since its acquisition, with revenue increasing by $5 million to $340 million and reported EBITDA rising by $6 million to $33 million compared to the prior year.
- The Expedited Freight segment achieved a reported EBITDA margin of 11.5 percent, which is its second highest since the fourth quarter of 2023.
Nov 5, 2025, 9:00 PM
Quarterly earnings call transcripts for FORWARD AIR.
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