Logotype for Forward Air Corporation

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.
Logotype for Forward Air Corporation
Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Strategic alternatives review is ongoing, considering sale, merger, or portfolio adjustments, with multiple interested parties engaged and no set timetable for outcome.

  • Transformation and integration efforts continue, unifying U.S. and Canadian operations under the OneGround network and regional structure, streamlining service lines, and enhancing efficiency.

  • Combined entity leverages a diversified, scalable logistics platform with 250+ facilities in 21 countries, and no single customer accounts for more than 10% of revenue.

  • FY24 revenue reached $2.5B with 4M+ shipments and a claims ratio of 0.1%, highlighting operational scale and service quality.

  • Net loss attributable to shareholders improved to $16.3M in Q3 2025 from $73.4M in Q3 2024, mainly due to the absence of prior year goodwill impairment and lower integration costs.

Financial highlights

  • Q3 2025 consolidated revenue was $632M, down 3.7% year-over-year, with operating income at $15M and consolidated EBITDA at $78M (12.3% margin).

  • Adjusted EBITDA was $75M in Q3 2025, compared to $74M in Q2 2025 and $76M in Q3 2024.

  • Cash provided by operations in Q3 2025 was $53M, up $2M year-over-year; year-to-date cash from operations reached $67M, a $113M improvement over the prior year.

  • Liquidity at quarter-end was $413M, up $45M sequentially; cash and cash equivalents were $140.4M.

  • Net loss for Q3 2025 was $23.8M, improved from $35.3M in Q3 2024.

Outlook and guidance

  • Management expects continued focus on cost control, operational efficiency, and synergy capture from the Omni Logistics acquisition, with no significant seasonal changes anticipated in Omni; intermodal expected to remain steady despite weak port activity.

  • Incremental volume or price in the expedited segment seen as the biggest upside for EBITDA; macroeconomic deterioration remains the primary risk.

  • Management expects to maintain compliance with leverage covenants and believes liquidity is sufficient for the next twelve months.

Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next Forward Air earnings date

Logotype for Forward Air Corporation
Q4 202526 Feb, 2026
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Forward Air earnings date

Logotype for Forward Air Corporation
Q4 202526 Feb, 2026

The essential earnings season companion

The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

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.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage