Forward Air Corporation reported fourth‑quarter 2025 revenue of $631.2 million, a 0.3 % decline from $632.8 million a year earlier, and a full‑year revenue of $2.495 billion, up 0.8 % from $2.474 billion in 2024. The company beat consensus revenue estimates of $629.6 million by $1.6 million, a 0.26 % lift driven largely by stronger demand in its Omni Logistics segment. However, the company missed earnings expectations, reporting a diluted earnings per share of –$0.91 versus the consensus estimate of –$0.26, a miss of 250 %.
Operating income swung to a loss of $2.868 million in the quarter, compared with a profit of $75.9 million a year earlier, reflecting a 0.3 % revenue decline and higher cost inflation. Full‑year operating income improved to $36.4 million from a loss of $1.063 billion in 2024. Consolidated EBITDA rose to $76.6 million in the quarter, up 6.0 % from $72.3 million a year earlier, while full‑year EBITDA fell to $307.1 million, a 1.2 % decline from $310.7 million in 2024. The EBITDA improvement in Q4 was driven by a higher mix of higher‑margin Omni and Expedited Freight services, offsetting pressure in the Intermodal segment.
Cash provided by operating activities increased to $44.4 million in the quarter, a turnaround from the $22.7 million used in the same period a year earlier, and rose to $17.5 million for the full year versus a loss of $69.0 million in 2024. Liquidity at the end of the quarter stood at $367 million, comprising $106 million in cash and $261 million of available credit, down from $382 million at the end of 2024.
Management highlighted the resilience of its Omni Logistics segment, noting that it "led by strong demand for its diversified service offerings" and achieved its highest revenue, EBITDA and margin since the January 2024 acquisition. CEO Shawn Stewart said, "We delivered solid results in 2025 despite less than favorable freight market conditions." He added that the company "unified our U.S. domestic ground operations and unveiled our new Latin American regional structure" to strengthen its global network. CFO Jamie Pierson noted that "Liquidity at the end of the fourth quarter was $367 million comprised of $106 million in cash and $261 million of availability under our credit facility."
The results underscore the ongoing freight recession, with declining tonnage and excess capacity weighing on pricing power. While revenue growth is modest, the company’s focus on cost alignment and strategic network expansion aims to stabilize margins. The significant EPS miss and operating loss in the quarter signal continued profitability challenges, but the company’s improved cash flow and liquidity position provide a buffer as it navigates the market downturn.
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