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Forward Air (FWRD) investor relations material
Forward Air Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Strategic alternatives review is ongoing, evaluating potential sale, merger, or portfolio adjustments, with no set timetable or assurance of outcome.
The combined entity leverages a North American LTL network and global logistics platform, operating 250+ facilities in 21 countries.
Transformation and integration efforts continue, unifying U.S. and Canadian operations under a regional structure and streamlining service lines and technology.
Leadership highlights strong team alignment and focus on operational excellence and cost controls despite challenging freight markets.
The Omni Logistics acquisition drives integration synergies and segment revenue growth.
Financial highlights
Q3 2025 consolidated revenue was $632 million, down 3.7% year-over-year; consolidated EBITDA was $78 million (12.3% margin), stable sequentially.
Operating income for Q3 2025 was $15 million; net loss attributable to shareholders improved to $16.3 million from $73.4 million a year ago.
Cash provided by operations in Q3 2025 was $53 million, with liquidity at quarter-end of $413 million, including $140 million in cash and $273 million in revolver availability.
Free cash flow for Q3 2025 was $48.9 million.
No long-term debt maturities until December 2030; net debt stands at $1.65 billion.
Outlook and guidance
Management expects continued focus on cost control, operational efficiency, and synergy capture from the Omni Logistics acquisition.
No significant seasonal uptick or downturn anticipated in Q4; Omni segment expected to remain stable due to warehousing.
Margin improvement is expected as cost savings and integration synergies are realized, with focus on closing the margin gap with peers.
Board's methodical approach to strategic review
One Ground Network impact on sales channels
What drives your Truckload segment's growth?
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Next Forward Air earnings date
Q4 202526 Feb, 2026
Next Forward Air earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Forward Air Corporation provides asset-light transportation and logistics services, including expedited less-than-truckload, final mile delivery, intermodal drayage, and brokerage. The company serves retail, manufacturing, and e-commerce customers across North America. It is headquartered in Greeneville, Tennessee, and its shares are listed on the NASDAQ.
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