Filing Flows › Forward Air (FWRD) › Q1 2025
Forward Air (FWRD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Forward Air (FWRD) reported revenue of $613M for the first quarter 2025 (Q1 2025), +13% from a year earlier and -3% from the quarter before. Operating margin was 0.8%, net loss $61.2M (10.0% of revenue).
Forward Air, Q1 2025: revenue $613M (+13% year over year), operating margin 0.8%, net loss $61.2M, operating cash flow $27.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $613M | -3% | +13% |
| Operating profit | $4.8M | -94% | — |
| Net earnings | −$61.2M | — | — |
| Operating cash flow | $27.6M | — | — |
| Free cash flow | $16.4M | — | — |
What changed
Revenue was $613.3M in Q1 2025, up 13% year over year and down 3% from the previous quarter. Omni Logistics was the largest line at 53% of revenue. Omni Logistics added $98.6M year over year (up 44%), 138% of the total change. Expedited Freight Segment declined 13%.
Operating profit was $4.8M, a 0.8% margin (up 12.9 points year over year). Total costs grew 0% against revenue growth of 13%. The quarter ended with a net loss of $61.2M, wider than the previous quarter's $35.8M loss. Minority interests bore $10.6M of it: to shareholders the quarter was a loss of $50.6M. Net interest and other expense of $46.4M was the main reason.
Operating cash flow was $27.6M. Non-cash charges added back $37.4M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items added $48.5M. After purchases of property and equipment, net ($11.2M), free cash flow as the company reports it was $16.4M.
Questions
What was Forward Air's revenue in the first quarter 2025?
Forward Air (FWRD) reported revenue of $613M for the first quarter 2025 (Q1 2025), +13% from a year earlier and -3% from the quarter before.
Was Forward Air profitable in the first quarter 2025?
Operating profit was $4.8M (0.8% of revenue) and net loss $61.2M.
Source: Forward Air 10-Q on SEC EDGAR.