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Forward Air FWRD Q4 2025 Annual earnings

Reported February 23, 2026 · After market close

Revenue$631.2MBeat by $1.6M
EPS-$0.28Miss by $0.02
Revenue estimate$629.6M
EPS estimate-$0.27

Next report

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

Financials

Q4 2025

Income statement

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Revenue$631.2M-0.3%
Operating income-—
Net income-$28.3M+22.2%
EPS (diluted)-$0.91+26.6%

Balance sheet

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Cash & equivalents$106.0M+0.7%
Total debt$2.2B+0.6%
Total equity$113.3M-43.8%
Total assets$2.7B-3.0%

Cash flow

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CapEx$8.4M+15.2%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$781.21M-16.3%
Enterprise value$2.85B-4.7%
P/S0.3×-0.1×

Profitability

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Operating margin1.6%+0.8pp
Net margin-4.3%-2.0pp

Returns & leverage

See full
Return on equity-68.4%-25.5pp
Debt / equity19.2×+8.5×
Current ratio1.2×0.0×

Segments

By segment

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Omni Logistics$359.8M+10.5%
Expedited Freight$246.9M-7.1%
Intermodal$50.6M-15.5%

By product

See full
Network$183.9M-7.6%
Truckload$41.6M-7.7%

By geography

See full
Foreign Operations$82.5M—

FAQ

When did Forward Air report Q4 2025 earnings?
Forward Air (FWRD) reported Q4 2025 earnings on February 23, 2026 after market close.
What were Forward Air's Q4 2025 revenue and EPS?
Forward Air reported revenue of $631.2M and eps of $-0.28 for Q4 2025.
Did Forward Air beat estimates in Q4 2025?
Revenue beat the consensus estimate of $629.6M by $1.6M. EPS missed the consensus estimate of $-0.27 by $0.02.
How did Forward Air's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 0.3% from $632.8M a year earlier.
Where can I find Forward Air's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001628280-26-010569) and the 10-K periodic report (0001628280-26-016793) directly on SEC EDGAR. The filing index links above go to sec.gov.