Filing Flows › Forward Air (FWRD) › Q4 2025
Forward Air (FWRD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 11, 2026
Forward Air (FWRD) reported revenue of $631M for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and -0.1% from the quarter before. Operating margin was -0.5%, net loss $36.4M (5.8% of revenue).
Forward Air, Q4 2025: revenue $631M (-0.3% year over year), operating margin -0.5%, net loss $36.4M, operating cash flow −$22.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $631M | -0.1% | -0.3% |
| Operating profit | −$2.9M | -119% | -104% |
| Net earnings | −$36.4M | — | — |
| Operating cash flow | −$22.7M | -143% | — |
What changed
Revenue was $631.2M in Q4 2025, roughly flat year over year and roughly flat from the previous quarter. Omni Logistics was the largest line at 57% of revenue.
Operating costs exceeded revenue by $2.9M, an operating margin of -0.5%. Total costs grew 14% against flat revenue. The quarter ended with a net loss of $36.4M, wider than the previous quarter's $23.8M loss. Minority interests bore $8.1M of it: to shareholders the quarter was a loss of $28.3M. Net interest and other expense of $42.2M was the main reason.
Operating cash flow was −$22.7M. Non-cash charges added back $40.7M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $29.4M. Capital expenditures of $8.4M exceeded it, leaving free cash flow of −$31.1M.
Questions
What was Forward Air's revenue in the fourth quarter 2025?
Forward Air (FWRD) reported revenue of $631M for the fourth quarter 2025 (Q4 2025), -0.3% from a year earlier and -0.1% from the quarter before.
Was Forward Air profitable in the fourth quarter 2025?
Operating loss was $2.9M (-0.5% of revenue) and net loss $36.4M.
Source: Forward Air 10-K on SEC EDGAR.