Forward Air Corp

Latest Results (13.10.2025):

Forward Air Corporation reported its second quarter of 2025 financial results, demonstrating strategic improvements in operating income and EBITDA despite a slight year-over-year decline in revenue. The company’s focused cost management and operational enhancements have positioned it well for continued growth as market conditions stabilize.

Revenue Growth

In the second quarter of 2025, Forward Air Corporation achieved consolidated revenue of $619 million, a sequential increase of $6 million from the first quarter. However, compared to $644 million in the same period last year, revenue saw a decrease of 3.9% year-over-year.

Improved Operating Income

Operating income rose significantly to $20 million in Q2 2025, a sharp turnaround from a loss of $3 million in the previous year. This $15 million improvement highlights the company’s effective cost management and operational efficiencies amid challenging market conditions.

EBITDA Enhancement

Consolidated EBITDA for the second quarter reached $74 million, marking a $5 million sequential increase from the first quarter. This growth underscores Forward Air’s ongoing efforts to enhance profitability through disciplined expense control and strategic operational improvements.

Expedited Freight Segment Performance

The Expedited Freight segment reported its highest EBITDA margin in six quarters, driven by increased revenue per hundredweight and stringent cost controls. These achievements reflect the segment’s strong execution and dedication to service excellence, reinforcing its position as a leader in high-value, time-critical freight.

Strengthened Cash Flow

Cash provided by operating activities improved to $14 million year-to-date through June 30, 2025, a significant turnaround from the $97 million used in the first half of 2024. This improvement is attributed to enhanced operational performance and effective liquidity management.