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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.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.
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