Forward Air Corporation reported its second quarter 2025 financial results on August 11, 2025, with consolidated operating revenue of $618.844 million, a 3.9% decrease from $643.666 million in Q2 2024. Despite the year-over-year revenue decline, consolidated revenue increased sequentially by $6 million from Q1 2025.
The company reported income from operations of $19.522 million, a significant improvement compared to a loss of $(1,095,755) million in Q2 2024, which included a substantial goodwill impairment. Net loss attributable to Forward Air decreased to $(12.583) million from $(645.433) million in Q2 2024.
Consolidated EBITDA for the quarter was $73.813 million, down 17.1% from Q2 2024. Liquidity stood at $368 million at the end of Q2, a $25 million sequential decrease primarily due to a $34 million semi-annual interest payment. Year-to-date cash provided by operating activities improved by $111 million to $14 million compared to the first half of 2024.
The Expedited Freight segment reported its highest EBITDA margin in six quarters, with revenue per hundredweight excluding fuel surcharge increasing sequentially for the second consecutive quarter. This indicates a positive impact from corrective pricing actions implemented earlier in the year.
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