Filing Flows › Forward Air (FWRD) › Q2 2025
Forward Air (FWRD) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
Forward Air (FWRD) reported revenue of $619M for the second quarter 2025 (Q2 2025), -4% from a year earlier and +0.9% from the quarter before. Operating margin was 3.2%, net loss $20.4M (3.3% of revenue).
Forward Air, Q2 2025: revenue $619M (-4% year over year), operating margin 3.2%, net loss $20.4M, operating cash flow −$13.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $619M | +0.9% | -4% |
| Operating profit | $19.5M | +310% | — |
| Net earnings | −$20.4M | — | — |
| Operating cash flow | −$13.2M | -148% | — |
What changed
Revenue was $618.8M in Q2 2025, down 4% year over year and up 1% from the previous quarter. Omni Logistics was the largest line at 53% of revenue. Expedited Freight Segment lost $40.8M year over year (down 15%), 164% of the total change.
Operating profit was $19.5M, a 3.2% margin (up 173.4 points year over year). Total costs fell 66% while revenue fell 4%. The quarter ended with a net loss of $20.4M, narrower than the previous quarter's $61.2M loss. Minority interests bore $7.8M of it: to shareholders the quarter was a loss of $12.6M. Net interest and other expense of $56.6M was the main reason.
Operating cash flow was −$13.2M. Non-cash charges added back $36.8M of depreciation and amortization and $4.7M of share-based compensation. Working capital and other items used $34.4M. Capital expenditures of $4.7M exceeded it, leaving free cash flow of −$18.0M.
Questions
What was Forward Air's revenue in the second quarter 2025?
Forward Air (FWRD) reported revenue of $619M for the second quarter 2025 (Q2 2025), -4% from a year earlier and +0.9% from the quarter before.
Was Forward Air profitable in the second quarter 2025?
Operating profit was $19.5M (3.2% of revenue) and net loss $20.4M.
Source: Forward Air 10-Q on SEC EDGAR.