FORWARD AIR CORPFWRDEarnings & Financial Report
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
Revenue
$631.8M
Gross Profit
N/A
Operating Profit
$15.0M
Net Profit
$-16.3M
Gross Margin
N/A
Operating Margin
2.4%
Net Margin
-2.6%
YoY Growth
-3.7%
EPS
$-0.52
Financial Flow
FORWARD AIR CORP Q3 2025 Financial Summary
FORWARD AIR CORP reported revenue of $631.8M (down 3.7% YoY) for Q3 2025, with a net profit of $-16.3M (up 77.9% YoY) (-2.6% margin). Cost of goods sold was N/A.
Key Financial Metrics
| Total Revenue | $631.8M |
|---|---|
| Net Profit | $-16.3M |
| Gross Margin | N/A |
| Operating Margin | 2.4% |
| Report Period | Q3 2025 |
Revenue Breakdown
FORWARD AIR CORP Q3 2025 revenue of $631.8M breaks down across 4 segments, led by Omni Logistics Segment at $339.6M (53.8% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Omni Logistics Segment | $339.6M | 53.8% |
| Network | $194.0M | 30.7% |
| Intermodal Segment | $57.8M | 9.1% |
| Truckload | $42.4M | 6.7% |
FORWARD AIR CORP Revenue by Segment — Quarterly Trend
FORWARD AIR CORP revenue by segment across the last 4 reported quarters, showing how each business line (such as Omni Logistics Segment and Network) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Omni Logistics Segment | $359.8M | $339.6M | $328.3M | $323.5M |
| Network | $183.9M | $194.0M | — | $190.2M |
| Intermodal Segment | $50.2M | $57.8M | — | $62.5M |
| Truckload | $41.6M | $42.4M | $42.6M | $39.3M |
FORWARD AIR CORP Annual Revenue by Year
FORWARD AIR CORP annual revenue history includes year-by-year totals (for example, 2025 revenue was $2.5B).
| Year | Annual Revenue |
|---|---|
| 2025 | $2.5B |
| 2024 | $2.5B |
| 2023 | $1.4B |
| 2022 | $1.7B |
FORWARD AIR CORP Quarterly Revenue & Net Profit History
FORWARD AIR CORP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $631.2M | -0.3% | $-28.3M | -4.5% |
| Q3 2025 | $631.8M | -3.7% | $-16.3M | -2.6% |
| Q2 2025 | $618.8M | -3.9% | $-12.6M | -2.0% |
| Q1 2025 | $613.3M | +13.2% | $-50.6M | -8.3% |
| Q4 2024 | $632.8M | +87.0% | $-36.4M | -5.8% |
| Q3 2024 | $655.9M | +92.4% | $-73.4M | -11.2% |
| Q2 2024 | $643.7M | +92.9% | $-645.4M | -100.3% |
| Q1 2024 | $541.8M | +51.5% | $-61.7M | -11.4% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $541.8M | $643.7M | $655.9M | $632.8M | $613.3M | $618.8M | $631.8M | $631.2M |
| YoY Growth | 51.5% | 92.9% | 92.4% | 87.0% | 13.2% | -3.9% | -3.7% | -0.3% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $3.96B | $3.07B | $3.06B | $2.80B | $2.80B | $2.76B | $2.79B | $2.72B |
| Liabilities | $3.03B | $2.78B | $2.83B | $2.60B | $2.65B | $2.61B | $2.65B | $2.61B |
| Equity | $926.1M | $283.8M | $226.1M | $201.7M | $154.6M | $151.8M | $139.8M | $113.3M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|
| Operating CF | $-51.7M | $-45.2M | $51.2M | $-23.2M | $27.6M | $52.7M |