Overview

* Forward Air Q2 2025 revenue falls 3.9% yr/yr, missing analyst expectations

* Expedited Freight segment reports highest EBITDA margin in six quarters

* Company's operating income improves to $20 mln from a loss last year

Outlook

* Company aims to improve EBITDA and cash flow as freight normalizes

* Forward Air focuses on long-term growth over next three-plus years

* Company benefits from cost controls and pricing actions in Expedited Freight

Result Drivers

* EXPEDITED FREIGHT - Improved margins attributed to rigorous cost controls and corrective pricing actions

* SEQUENTIAL IMPROVEMENT - Operating income increased by $15 mln and EBITDA by $5 mln compared to Q1 2025

* LIQUIDITY DECREASE - Liquidity fell by $25 mln due to $34 mln interest payment on Senior Secured Notes

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Miss $618.84 $628 mln

Operatin mln (5

g Analysts

Revenue )

Q2 EPS -$0.41

Q2 $73.81

EBITDA mln

Q2 Free -$17.16

Cash mln

Flow

Q2 3.2%

Operatin

g Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the courier, postal, air freight & land-based logistics peer group is "buy"

* Wall Street's median 12-month price target for Forward Air Corp (Delaware) ( FWRD ) is $34.00, about 11% above its August 8 closing price of $30.25

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)