Forward Air Corp Q2 2025 Earnings: Revenue Misses Estimate, EPS Below Expectations

Forward Air Corp reported Q2 2025 earnings with consolidated revenue of $619 million, missing estimates of $627.98 million. The company also reported a net loss per share of $0.41, below the estimated earnings per share of -$0.32. Despite a challenging freight environment, Forward Air Corp improved its consolidated income from operations by $15 million to $20 million sequentially and reported its highest EBITDA margin in six quarters. The company's liquidity at the end of the quarter was $368 million.

Title: Forward Air Corp Reports Q2 2025 Earnings Amid Challenging Freight Environment

Forward Air Corporation (NASDAQ: FWRD) reported its second-quarter 2025 earnings, revealing a net loss per share of $0.41, which missed analysts' estimates of -$0.32. Despite the challenging freight environment, the company demonstrated resilience with a $15 million increase in consolidated income from operations to $20 million. Additionally, Forward Air Corp reported its highest EBITDA margin in six quarters, a significant achievement [1].

The company's consolidated revenue for the quarter stood at $619 million, a miss compared to the estimated $627.98 million. This revenue was $6 million higher than the first quarter of 2025, indicating a sequential increase. The company's Chief Executive Officer, Shawn Stewart, highlighted the team's performance in managing costs and operational improvements, which contributed to the enhanced EBITDA margin in the Expedited Freight segment. The segment's revenue per hundredweight, excluding fuel surcharge, increased sequentially for the second consecutive quarter, reflecting the company's commitment to service excellence [1].

The financial results also showed an improvement in operating margins, with a 3.2% margin in the second quarter compared to a 170.2% loss in the same period last year. The company's liquidity at the end of the quarter stood at $368 million, a decrease of $25 million compared to the first quarter, primarily due to the semi-annual interest on Senior Secured Notes paid in April and October [1].

Looking forward, Forward Air Corp is well-positioned to improve EBITDA and cash flow from operations once the freight environment normalizes. The company's focus on long-term sustainability and operational excellence is evident in its financial performance, despite the current challenges in the freight industry.

References:
[1] https://www.stocktitan.net/news/FWRD/forward-air-corporation-reports-second-quarter-2025-t8z5b76lyxua.html