Forward Air Reports Robust Q1 Results Despite Market Uncertainty
Forward Air Corporation delivered a strong first quarter in 2025, demonstrating resilience amid ongoing industry headwinds. The company reported operating revenue of $613 million, marking a 13.2% increase from $542 million in the same period last year. Net income from continuing operations turned positive at $4.76 million, compared to a loss of $65.7 million last year, with net loss per share improving to $(1.68) from $(2.81). Operating income surged 107.2% to $4.76 million from a loss of $65.7 million, reflecting better cost management and strategic execution.
The company’s EBITDA showed a notable turnaround, reaching nearly $69 million—an 8.8% increase over last year’s $63.4 million—its best performance in recent quarters. Free cash flow turned positive at $16.4 million, compared to a negative $55.8 million in the first quarter of 2024, supported by strong operating cash flow and disciplined capital management. Liquidity at the end of the quarter increased to approximately $393 million, driven by cash flow generation and expense controls.
CEO Shawn Stewart emphasized the company’s focus on customer needs and operational excellence, noting that efforts to improve pricing, especially in the Expedited Freight segment, have yielded positive results. The company began implementing corrective pricing strategies late last year, completing them in February, which contributed to a 4.3% increase in revenue per hundredweight (excluding fuel surcharge) compared to the previous quarter, and a 2.5% rise year-over-year. The segment’s EBITDA margin improved significantly, reaching 10.4%—a nearly 400 basis point sequential increase.
Stewart highlighted that the company continues to navigate through a backdrop of economic and tariff uncertainty, leveraging its disciplined approach to growth and profitability. The company remains committed to expanding its service offerings and maintaining a focus on customer satisfaction.
Chief Financial Officer Jamie Pierson reaffirmed that the company’s financial health is strong, with cash from operations at $27.6 million and continued investments in technology, cybersecurity, and infrastructure to position itself for future growth.
Looking ahead, Forward Air projected revenue of $620 million to $640 million for the second quarter, with adjusted EBITDA expected to be between $75 million and $80 million, reflecting ongoing confidence in its operational momentum and strategic initiatives.
Overall, Forward Air’s first quarter results highlight a company successfully navigating a challenging environment, with solid financial performance, strategic investments, and a clear focus on sustainable growth and profitability.
