Filing Flows › Forward Air (FWRD) › Q3 2025
Forward Air (FWRD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Forward Air (FWRD) reported revenue of $632M for the third quarter 2025 (Q3 2025), -4% from a year earlier and +2% from the quarter before. Operating margin was 2.4%, net loss $23.8M (3.8% of revenue).
Forward Air, Q3 2025: revenue $632M (-4% year over year), operating margin 2.4%, net loss $23.8M, operating cash flow $52.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $632M | +2% | -4% |
| Operating profit | $15.0M | -23% | — |
| Net earnings | −$23.8M | — | — |
| Operating cash flow | $52.7M | — | +3% |
| Free cash flow | $48.9M | — | +17% |
What changed
Revenue was $631.8M in Q3 2025, down 4% year over year and up 2% from the previous quarter. Omni Logistics was the largest line at 54% of revenue. Expedited Freight Segment lost $29.7M year over year (down 11%), 123% of the total change.
Operating profit was $15.0M, a 2.4% margin (down 1.1 points year over year). Total costs fell 3% while revenue fell 4%. The quarter ended with a net loss of $23.8M, wider than the previous quarter's $20.4M loss. Minority interests bore $7.5M of it: to shareholders the quarter was a loss of $16.2M. Net interest and other expense of $38.4M was the main reason.
Operating cash flow was $52.7M (up 3% year over year). Non-cash charges added back $37.7M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items added $35.3M. After purchases of property and equipment, net ($3.8M), free cash flow as the company reports it was $48.9M.
Questions
What was Forward Air's revenue in the third quarter 2025?
Forward Air (FWRD) reported revenue of $632M for the third quarter 2025 (Q3 2025), -4% from a year earlier and +2% from the quarter before.
Was Forward Air profitable in the third quarter 2025?
Operating profit was $15.0M (2.4% of revenue) and net loss $23.8M.
Source: Forward Air 10-Q on SEC EDGAR.