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Forward Air (FWRD) investor relations material
Forward Air Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 delivered solid operational performance with sequential revenue and income growth, driven by cost management, pricing actions, and successful integration of major acquisitions.
The combined entity leverages a global logistics platform with 250+ facilities in 21 countries, supporting scale and service quality.
Net loss improved sharply to $20.4M from a prior-year loss of $966.5M, reflecting the absence of a $1.1B goodwill impairment.
Board-initiated strategic review and ongoing transformation efforts remain key focus areas.
Recognized for operational excellence and customer service through multiple industry awards.
Financial highlights
Q2 2025 consolidated revenue was $619M, down 3.9% year-over-year but up sequentially; EBITDA margin improved to 11.9%.
Net loss from continuing operations was $20.4M, a significant improvement from a $966.5M loss in Q2 2024.
Cash provided by operating activities year-to-date was $14M, up $111M from prior year; liquidity at quarter-end was $368M.
Net leverage ratio increased to 5.7x LTM EBITDA; long-term debt at $1.68B as of Q2 2025.
No long-term debt maturities until December 2030.
Outlook and guidance
Management expects continued margin and cash flow improvement as cost synergies are realized and pricing actions take effect.
No quantitative EBITDA guidance provided; focus remains on cost discipline, service quality, and long-term growth.
Strategic review and Omni integration are expected to impact future results, with no set timetable for review completion.
Diversified product portfolio and global footprint expected to drive resilience amid macroeconomic uncertainty.
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