GREENEVILLE, Tenn.— Forward Air Corporation reported financial results for the latest quarter.
“We posted yet another solid quarter; even in this challenging environment, our team continues to deliver,” said Shawn Stewart, Chief Executive Officer. “Operationally, we remained focused on the customer and executed well in our linehaul and terminal operations. By tightly managing costs and improving most of our operating KPIs, we have improved margins in our Expedited Freight segment. Sequentially, on a consolidated basis second quarter income from operations increased by $15 million to $20 million and Consolidated EBITDA increased by $5 million to $74 million compared to the first quarter of the year. Our team has done an exceptional job managing through a very challenging freight recession, and given our expense management discipline and operational improvements, I believe that we are equally well positioned to improve both EBITDA and cash flow from operations once the freight environment normalizes. It takes a lot of discipline, but we are not focused on the next three months or even the next three quarters, but the next three plus years.
“At the Expedited Freight segment, we are seeing the benefits from maintaining rigorous cost controls and addressing pricing actions to more closely align with the quality of service we provide. Following corrective pricing actions completed in February of this year, the second quarter revenue per hundredweight, excluding fuel surcharge, increased sequentially for the second consecutive quarter. The improvements contributed to the highest reported EBITDA margin at the Expedited Freight segment since the fourth quarter of 2023. The Expedited Freight segment encompasses one of the largest expedited LTL networks in North America and is a recognized industry leader in time-critical, high-value freight. We believe our commitment to service excellence is key to sustainable growth and long-term profitability,” concluded Stewart.
Jamie Pierson, Chief Financial Officer added, “We reported consolidated revenue of $619 million in the second quarter 2025 compared to $644 million in the second quarter of 2024. Sequentially, consolidated revenue increased by $6 million compared to $613 million in the first quarter of this year. Income from operations improved to $20 million in the second quarter compared to a loss from operations of $3 million, excluding an impairment of goodwill, a year ago. On a sequential basis, that same $20 million income from operations improved by $15 million compared to $5 million reported in the first quarter 2025.
“For the second quarter, Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Senior Secured Term Loan Credit Agreement, was $74 million. Correspondingly, the last twelve months Consolidated EBITDA as of June 30, 2025, was $298 million.
“Liquidity at the end of the second quarter was $368 million compared to $393 million at the end of the first quarter 2025. The $25 million decrease during the quarter includes the $34 million semi-annual interest on the Senior Secured Notes paid every April and October. Year-to-date through June 30, cash provided by operating activities is $14 million which is a $111 million improvement compared to the $97 million used by operations in the first half of 2024,” concluded Pierson.
Bruce Guthrie is an award-winning journalist who has lived in three states including Arkansas, Missouri and Georgia. During his nearly 20-year career, Bruce has served as managing editor and sports editor for numerous publications. He and his wife, Dana, who is also a journalist, are based in Carrollton, Georgia.
