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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

Nov 4, 2026 (in 2 months)
Revenue estimate$677.4M
EPS estimate$0.12

Financials

Q3 2025

Income statement

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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

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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

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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

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

Returns & leverage

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

Segments

By segment

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Omni Logistics$339.6M+1.5%
Expedited Freight$258.6M-9.2%
Intermodal$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—

FAQ

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.