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Forward Air FWRD Q3 2025 earnings

Reported November 5, 2025 · After market close

Revenue$631.8MBeat by $2.2M
EPS-$0.52Miss by $0.39
Revenue estimate$629.6M
EPS estimate-$0.13

Next report

Aug 5, 2026 (In 1 week)
Revenue estimate$634.4M
EPS estimate-$0.17

Financials

Q3 2025

Income statement

See full
Revenue$631.8M-3.7%
Operating income$15.0M-33.9%
Net income-$16.3M+77.9%
EPS (diluted)-$0.52+80.5%

Balance sheet

See full
Cash & equivalents$140.4M+1.6%
Total debt$2.2B+3.3%
Total equity$139.8M-38.2%
Total assets$2.8B-8.6%

Cash flow

See full
Operating cash flow$52.7M+406%
CapEx$4.1M-60.5%
Free cash flow$48.6M+283%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$789.5M-19.5%
Enterprise value$2.81B-4.3%
P/S0.3×-0.1×

Profitability

See full
Operating margin1.6%+0.8pp
Net margin-4.6%-2.1pp
FCF margin0.6%+0.3pp

Returns & leverage

See full
Return on equity-63.3%-23.4pp
Debt / equity15.4×+6.2×
Current ratio1.2×0.0×

Segments

By segment

See full
Omni Logistics$339.6M+1.5%
Expedited Freight Segment$258.6M-9.2%
Intermodal Segment$58.3M+1.6%

By product

See full
Network$194.0M-10.7%
Truckload$42.4M-2.8%

By geography

See full
Foreign Operations$82.5M—

Versus estimates

Revenue

Q1 2026$582.0MMiss by $38.2MQ4 2025$631.2MBeat by $1.6M
Q3 2025$631.8MBeat by $2.2M
Q2 2025$618.8MMiss by $18.9MQ1 2025$613.3MMiss by $3.9MQ4 2024$632.8MMiss by $34.6M

Diluted EPS

Q1 2026-$1.09Miss by $0.74Q4 2025-$0.28Miss by $0.02
Q3 2025-$0.52Miss by $0.39
Q2 2025-$0.41Miss by $0.24Q1 2025-$1.59Miss by $1.12Q4 2024$0.01Beat by $0.13

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Questions, answered.

When did Forward Air report Q3 2025 earnings?
Forward Air (FWRD) reported Q3 2025 earnings on November 5, 2025 after market close.
What were Forward Air's Q3 2025 revenue and EPS?
Forward Air reported revenue of $631.8M and eps of $-0.52 for Q3 2025.
Did Forward Air beat estimates in Q3 2025?
Revenue beat the consensus estimate of $629.6M by $2.2M. EPS missed the consensus estimate of $-0.13 by $0.39.
How did Forward Air's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 3.7% from $655.9M a year earlier and eps grew 69.6% from $-1.71.
Where can I find Forward Air's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001628280-25-049509) and the 10-Q periodic report (0001628280-25-049525) directly on SEC EDGAR. The filing index links above go to sec.gov.