Forward Air (NASDAQ: FWRD) posts 2025 $2.5B revenue and $307M EBITDA
Rhea-AI Filing Summary
Forward Air Corporation reported mixed fourth quarter and full-year 2025 results. For 2025, operating revenue was $2.50B, with income from continuing operations of $36.4M and an operating margin of 1.5%, a sharp improvement from the prior year’s large operating loss driven by goodwill impairment.
The company still posted a net loss attributable to Forward Air of $107.8M, or $(3.51) per diluted share, but this was much smaller than the prior year’s net loss. Consolidated EBITDA was $307.1M, nearly flat versus 2024. Cash provided by operating activities improved to $44.4M for the year, and free cash flow turned positive at $17.5M.
By segment, 2025 operating revenue was $1.01B for Expedited Freight, $1.35B for Omni Logistics and $230.5M for Intermodal. In fourth quarter 2025, consolidated revenue was $631.2M and Consolidated EBITDA was $76.6M. Year-end liquidity was $367M, including $106M of cash and $261M of availability under the credit facility, against long-term debt of $1.69B.
Positive
- None.
Negative
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Insights
Forward Air shows operational recovery, stable EBITDA and improved cash flow, but remains leveraged and unprofitable on a net basis.
Forward Air generated full-year 2025 operating revenue of $2.50B and income from continuing operations of $36.4M, versus a very large prior-year loss driven by goodwill impairment. Consolidated EBITDA of $307.1M was essentially flat year over year, indicating underlying earnings stability in a soft freight market.
Despite this, net loss attributable to Forward Air was $107.8M for 2025, and fourth quarter 2025 showed a loss from continuing operations of $36.4M. Leverage remains elevated, with long-term debt of $1.69B and a disclosed LTM net leverage ratio of 5.5%, which constrains financial flexibility even with no major maturities until 2030.
Cash generation is a relative bright spot. Cash provided by operating activities improved to $44.4M in 2025 from a use of $69.0M in 2024, and free cash flow swung to positive $17.5M. Liquidity stood at $367M at year-end, including $106M of cash, against a fully undrawn revolving credit facility with $261M of availability. Segment data show Omni and Expedited Freight contributing most revenue, while Intermodal softened with lower shipments and margins.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Forward Air Corporation (FWRD) perform financially in full-year 2025?
Forward Air generated operating revenue of $2.50 billion in 2025 and income from continuing operations of $36.4 million, producing an operating margin of 1.5%. Net loss attributable to Forward Air narrowed significantly to $107.8 million, or $(3.51) per diluted share.
What were Forward Air’s fourth quarter 2025 results?
In fourth quarter 2025, Forward Air reported operating revenue of $631.2 million and a loss from continuing operations of $36.4 million. Consolidated EBITDA was $76.6 million, up 6.0% from the prior-year quarter, while free cash flow was negative $30.7 million for the quarter.
How did Forward Air’s EBITDA and margins trend in 2025?
For 2025, Forward Air’s Consolidated EBITDA was $307.1 million, slightly below $310.7 million in 2024. The company highlighted an improvement in consolidated Reported EBITDA margin, excluding goodwill impairment, by 320 basis points compared to 2024, indicating better underlying profitability metrics.
What is Forward Air’s liquidity and debt position at year-end 2025?
At December 31, 2025, Forward Air reported liquidity of $367 million, including $106 million of cash and $261 million of availability under its credit facility. Long-term debt totaled $1.69 billion, resulting in a disclosed LTM net leverage ratio of 5.5x under its credit agreement.
How did cash flow and free cash flow change for Forward Air in 2025?
Cash provided by operating activities improved to $44.4 million in 2025 from cash used of $69.0 million in 2024. Free cash flow turned positive at $17.5 million, compared with negative free cash flow of $100.9 million the previous year, reflecting better cash conversion.
How did Forward Air’s operating segments perform in 2025?
In 2025, operating revenue was $1.01 billion for Expedited Freight, $1.35 billion for Omni Logistics and $230.5 million for Intermodal. Fourth quarter 2025 Reported EBITDA margins were 10.1% for Expedited Freight, 10.0% for Omni Logistics and 14.2% for Intermodal, excluding goodwill impairment.
Did Forward Air improve results versus the prior year’s large loss?
Yes. Income from continuing operations improved to $36.4 million in 2025 from a loss of $1.06 billion in 2024, when results were impacted by $1.03 billion of goodwill impairment. Net loss attributable to Forward Air narrowed to $107.8 million, down from $817.0 million the prior year.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 8-K
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 23, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
| (Commission File Number) | ||
Registrant’s telephone number, including area code: (817 ) 552-5270
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 23, 2026, Forward Air Corporation (the “Company”) issued a press release announcing its financial results for the three and twelve months ended December 31, 2025. On February 23, 2026, the Company also posted an earnings presentation on the Company’s Investor Relations website at ir.forwardaircorp.com.
The information furnished under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished as part of this Report.
| No. | Exhibit | |||||||
99.1 | Press Release of Forward Air Corporation, dated February 23, 2026 | |||||||
99.2 | Forward Air Q4 2025 Earnings and Business Update Presentation Slides | |||||||
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FORWARD AIR CORPORATION | |||||||||||
Date: February 23, 2026 | By: | /s/ Shawn Stewart | |||||||||
| Name: Title: | Shawn Stewart President and Chief Executive Officer | ||||||||||
NEWS RELEASE
FORWARD AIR CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
Omni Segment Reports Another Strong Quarter with Best Results Since the Acquisition
Expedited Freight Segment’s Quarterly Results Significantly Improved Year Over Year
Ended 2025 in a Solid Liquidity Position
DALLAS – (BUSINESS WIRE) – February 23, 2026 – Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months and twelve months ended December 31, 2025, as presented in the tables below.
“We delivered solid results in 2025 despite less than favorable freight market conditions,” said Shawn Stewart, President & Chief Executive Officer. “For the full year we reported operating income of $36 million and Consolidated EBITDA of $307 million. During the year we diligently focused on what we could control including aligning our cost structure to match demand and executing our transformation strategy. We also unified our U.S. domestic ground operations and unveiled our new Latin American regional structure taking significant steps to strengthen our global logistics network.
“Our fourth quarter results were consistent with recent quarters, led by the Omni segment which continued to see strong demand for its diversified service offerings. This segment achieved its highest revenue, highest Reported EBITDA and highest Reported EBITDA margin, excluding the impact of goodwill adjustments, since we acquired the company in January 2024. Revenue increased by $34 million to $360 million compared to a year ago. Reported EBITDA increased by $4 million to $36 million and Reported EBITDA margin improved by 20 basis points to 10 percent compared to the fourth quarter 2024.
“At the Expedited Freight segment, we remained focused on charging the optimal price for freight moving through our network and actively managed expenses. Fourth quarter Reported EBITDA improved by $7 million to $25 million compared to the fourth quarter 2024. We also saw a meaningful improvement in year over year Reported EBITDA margin which increased by 350 basis points with a margin of 10.1 percent in the fourth quarter 2025 compared to 6.6 percent in the fourth quarter 2024.
“At the Intermodal segment, port activity was unfavorably impacted by trade-related softness and the typical seasonality contributed to declining shipments and revenue per shipment compared to a year ago. In the fourth quarter the Intermodal segment’s Reported EBITDA and margin were $7 million and 14.2 percent compared to $10 million and 17.5 percent a year ago. We have an experienced team leading the Intermodal segment and I am confident in their ability to deliver solid results as we manage through the current freight market,” concluded Stewart.
Jamie Pierson, Chief Financial Officer added, “We reported consolidated revenue of $631 million in the fourth quarter compared to $633 million a year ago. Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $77 million compared to $72 million for the same period last year. For the full year 2025, Consolidated EBITDA was $307 million which is in line with the $311 million in 2024.
“Liquidity at the end of the fourth quarter was $367 million comprised of $106 million in cash and $261 million of availability under our credit facility. This compares to $382 million in liquidity at the end of 2024.
“Cash provided by operating activities was $44 million in 2025 compared to cash used in operating activities of $69 million in 2024, reflecting a year over year improvement of $113 million,” concluded Pierson.
| Three Months Ended | ||||||||||||||||||||||||||
| (in thousands, except per share data) | December 31, 2025 | December 31, 2024 | Change | Percent Change | ||||||||||||||||||||||
| Operating revenue | $ | 631,230 | $ | 632,846 | $ | (1,616) | (0.3) | % | ||||||||||||||||||
| Income (loss) from continuing operations | $ | (2,868) | $ | 75,855 | $ | (78,723) | (103.8) | % | ||||||||||||||||||
| Operating margin | (0.5) | % | 12.0 | % | (12.5)% | |||||||||||||||||||||
| Loss from continuing operations | $ | (36,413) | $ | (35,378) | $ | (1,035) | (2.9) | % | ||||||||||||||||||
| Net loss attributable to Forward Air per diluted share | $ | (0.91) | $ | (1.23) | $ | 0.32 | 26.0 | % | ||||||||||||||||||
| Cash provided by (used in) operating activities | $ | (22,728) | $ | (23,245) | $ | 517 | 2.2 | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
| Consolidated EBITDA | $ | 76,628 | $ | 72,263 | $ | 4,365 | 6.0 | % | ||||||||||||||||||
| Free cash flow | $ | (30,664) | $ | (27,851) | $ | (2,813) | (10.1) | % | ||||||||||||||||||
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. | ||||||||||||||||||||||||||
| Twelve Months Ended | ||||||||||||||||||||||||||
| (in thousands, except per share data) | December 31, 2025 | December 31, 2024 | Change | Percent Change | ||||||||||||||||||||||
| Operating revenue | $ | 2,495,118 | $ | 2,474,262 | $ | 20,856 | 0.8 | % | ||||||||||||||||||
| Income (loss) from continuing operations | $ | 36,424 | $ | (1,062,936) | $ | 1,099,360 | 103.4 | % | ||||||||||||||||||
| Operating margin | 1.5 | % | (43.0) | % | 44.5% | |||||||||||||||||||||
| Loss from continuing operations | $ | (141,725) | $ | (1,124,841) | $ | 983,116 | 87.4 | % | ||||||||||||||||||
| Net loss attributable to Forward Air per diluted share | $ | (3.51) | $ | (30.40) | $ | 26.89 | 88.5 | % | ||||||||||||||||||
| Cash provided by (used in) operating activities | $ | 44,384 | $ | (69,015) | $ | 113,399 | 164.3 | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
| Consolidated EBITDA | $ | 307,129 | $ | 310,714 | $ | (3,585) | (1.2) | % | ||||||||||||||||||
| Free cash flow | $ | 17,472 | $ | (100,938) | $ | 118,410 | 117.3 | % | ||||||||||||||||||
| 1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. | ||||||||||||||||||||||||||
Review of Financial Results
Forward will hold a conference call to discuss the fourth quarter and full year 2025 results on Monday, February 23, 2026 at 4:30 p.m. ET. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 579-2543, Access Code: FWRDQ425.
A replay of the conference call will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, which we use as a primary mechanism to communicate with our
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investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.
About Forward Air Corporation
Forward is a leading asset-light provider of transportation services across the United States, Canada and Latin America. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.
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| Forward Air Corporation | |||||||||||||||||||||||
| Condensed Consolidated Statements of Comprehensive (Loss) Income | |||||||||||||||||||||||
| (Unaudited, in thousands, except per share data) | |||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Operating revenue: | |||||||||||||||||||||||
| Expedited Freight | $ | 246,928 | $ | 265,879 | $ | 1,012,559 | $ | 1,115,163 | |||||||||||||||
| Omni | 359,794 | 325,609 | 1,351,164 | 1,196,841 | |||||||||||||||||||
| Intermodal | 50,563 | 59,829 | 230,533 | 232,832 | |||||||||||||||||||
| Eliminations and other operations | (26,055) | (18,471) | (99,138) | (70,574) | |||||||||||||||||||
| Operating revenue | 631,230 | 632,846 | 2,495,118 | 2,474,262 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Purchased transportation | 320,519 | 319,498 | 1,244,471 | 1,250,570 | |||||||||||||||||||
| Salaries, wages and employee benefits | 116,367 | 130,024 | 535,681 | 536,406 | |||||||||||||||||||
| Operating leases | 53,581 | 48,326 | 204,029 | 182,197 | |||||||||||||||||||
| Depreciation and amortization | 40,724 | 37,657 | 152,638 | 143,978 | |||||||||||||||||||
| Insurance and claims | 15,709 | 19,721 | 58,970 | 64,682 | |||||||||||||||||||
| Fuel expense | 4,166 | 5,500 | 20,122 | 21,460 | |||||||||||||||||||
| Other operating expenses | 83,032 | 75,333 | 242,783 | 309,508 | |||||||||||||||||||
| Impairment of goodwill | — | (79,068) | — | 1,028,397 | |||||||||||||||||||
| Total operating expenses | 634,098 | 556,991 | 2,458,694 | 3,537,198 | |||||||||||||||||||
| Income (loss) from continuing operations: | |||||||||||||||||||||||
| Expedited Freight | 15,206 | 7,238 | 69,780 | 67,951 | |||||||||||||||||||
| Omni Logistics | 9,852 | 88,520 | 30,162 | (1,044,803) | |||||||||||||||||||
| Intermodal | 2,865 | 5,931 | 16,924 | 18,925 | |||||||||||||||||||
| Other Operations | (30,791) | (25,834) | (80,442) | (105,009) | |||||||||||||||||||
| Income (loss) from continuing operations | (2,868) | 75,855 | 36,424 | (1,062,936) | |||||||||||||||||||
| Other expense: | |||||||||||||||||||||||
| Interest expense, net | (45,099) | (48,427) | (180,747) | (189,215) | |||||||||||||||||||
| Foreign exchange loss | 222 | 3,005 | (5,892) | 1,093 | |||||||||||||||||||
| Other income (expense), net | 2,635 | 1,188 | 3,018 | 1,226 | |||||||||||||||||||
| Total other expense | (42,242) | (44,234) | (183,621) | (186,896) | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes | (45,110) | 31,621 | (147,197) | (1,249,832) | |||||||||||||||||||
| Income tax (benefit) expense | (8,697) | 66,999 | (5,472) | (124,991) | |||||||||||||||||||
| Loss from continuing operations | (36,413) | (35,378) | (141,725) | (1,124,841) | |||||||||||||||||||
| Loss from discontinued operations, net of tax | — | (374) | — | (6,387) | |||||||||||||||||||
| Net loss | (36,413) | (35,752) | $ | (141,725) | $ | (1,131,228) | |||||||||||||||||
| Net income (loss) attributable to noncontrolling interest | (8,087) | 664 | (33,929) | (314,259) | |||||||||||||||||||
| Net loss attributable to Forward Air | $ | (28,326) | $ | (36,416) | $ | (107,796) | $ | (816,969) | |||||||||||||||
| Basic and diluted loss per share attributable to Forward Air: | |||||||||||||||||||||||
| Continuing operations | $ | (0.91) | $ | (1.23) | $ | (3.51) | $ | (30.40) | |||||||||||||||
| Discontinued operation | (0.01) | — | (0.23) | ||||||||||||||||||||
| Net loss per basic and diluted share | $ | (0.91) | $ | (1.24) | $ | (3.51) | $ | (30.63) | |||||||||||||||
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| Expedited Freight Segment Information | |||||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| December 31, 2025 | Percent of Revenue | December 31, 2024 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
| Operating revenue: | |||||||||||||||||||||||||||||||||||
Network 1 | $ | 183,914 | 74.5 | % | $ | 199,022 | 74.8 | % | $ | (15,108) | (7.6) | % | |||||||||||||||||||||||
| Truckload | 41,597 | 16.8 | 45,087 | 17.0 | (3,490) | (7.7) | |||||||||||||||||||||||||||||
| Other | 21,417 | 8.7 | 21,770 | 8.2 | (353) | (1.6) | |||||||||||||||||||||||||||||
| Total operating revenue | 246,928 | 100.0 | 265,879 | 100.0 | (18,951) | (7.1) | |||||||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||
| Purchased transportation | 121,524 | 49.2 | 136,151 | 51.2 | (14,627) | (10.7) | |||||||||||||||||||||||||||||
| Salaries, wages and employee benefits | 49,500 | 20.0 | 56,587 | 21.3 | (7,087) | (12.5) | |||||||||||||||||||||||||||||
| Operating leases | 15,768 | 6.4 | 18,130 | 6.8 | (2,362) | (13.0) | |||||||||||||||||||||||||||||
| Depreciation and amortization | 9,825 | 4.0 | 10,395 | 3.9 | (570) | (5.5) | |||||||||||||||||||||||||||||
| Insurance and claims | 9,330 | 3.8 | 10,423 | 3.9 | (1,093) | (10.5) | |||||||||||||||||||||||||||||
| Fuel expense | 1,841 | 0.7 | 2,605 | 1.0 | (764) | (29.3) | |||||||||||||||||||||||||||||
| Other operating expenses | 23,934 | 9.7 | 24,350 | 9.2 | (416) | (1.7) | |||||||||||||||||||||||||||||
| Total operating expenses | 231,722 | 93.8 | 258,641 | 97.3 | (26,919) | (10.4) | |||||||||||||||||||||||||||||
| Income from operations | $ | 15,206 | 6.2 | % | $ | 7,238 | 2.7 | % | $ | 7,968 | 110.1 | % | |||||||||||||||||||||||
1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue. | |||||||||||||||||||||||||||||||||||
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| Expedited Freight Operating Statistics | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | Percent Change | |||||||||||||||
| Business days | 64 | 64 | — | % | |||||||||||||
Tonnage 1,2 | |||||||||||||||||
| Total pounds | 598,724 | 670,168 | (10.7) | ||||||||||||||
| Pounds per day | 9,355 | 10,471 | (10.7) | ||||||||||||||
Shipments 1,2 | |||||||||||||||||
| Total shipments | 708 | 783 | (9.6) | ||||||||||||||
| Shipments per day | 11.1 | 12.2 | (9.0) | ||||||||||||||
| Weight per shipment | 846 | 856 | (1.2) | ||||||||||||||
Revenue per hundredweight 3 | $ | 30.70 | $ | 29.70 | 3.4 | ||||||||||||
Revenue per hundredweight, ex fuel 3 | $ | 24.30 | $ | 23.74 | 2.4 | ||||||||||||
Revenue per shipment 3 | $ | 259.77 | $ | 254.30 | 2.2 | ||||||||||||
Revenue per shipment, ex fuel 3 | $ | 205.63 | $ | 203.26 | 1.2 | ||||||||||||
1 In thousands. | |||||||||||||||||
2 Excludes accessorial and Truckload products. | |||||||||||||||||
3 Includes intercompany revenue between the Network and Truckload revenue streams. | |||||||||||||||||
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Omni Logistics Segment Information | |||||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| December 31, 2025 | Percent of Revenue | December 31, 2024 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
| Operating revenue | $ | 359,794 | 100.0 | % | 325,609 | 100.0 | % | 34,185 | 10.5 | % | |||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||
| Purchased transportation | 207,699 | 57.7 | 183,084 | 56.2 | 24,615 | 13.4 | |||||||||||||||||||||||||||||
| Salaries, wages and employee benefits | 55,398 | 15.4 | 54,056 | 16.6 | 1,342 | 2.5 | |||||||||||||||||||||||||||||
| Operating leases | 31,818 | 8.8 | 23,036 | 7.1 | 8,782 | 38.1 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 26,058 | 7.2 | 22,605 | 6.9 | 3,453 | 15.3 | |||||||||||||||||||||||||||||
| Insurance and claims | 1,117 | 0.3 | 3,911 | 1.2 | (2,794) | (71.4) | |||||||||||||||||||||||||||||
| Fuel expense | 903 | 0.3 | 863 | 0.3 | 40 | 4.6 | |||||||||||||||||||||||||||||
| Other operating expenses | 26,949 | 7.5 | 28,602 | 8.8 | (1,653) | (5.8) | |||||||||||||||||||||||||||||
| Impairment of goodwill | — | — | (79,068) | (24.3) | 79,068 | 100.0 | |||||||||||||||||||||||||||||
| Total operating expenses | 349,942 | 97.3 | 237,089 | 72.8 | 112,853 | 47.6 | |||||||||||||||||||||||||||||
| Income from operations | 9,852 | 2.7 | % | 88,520 | 27.2 | % | (78,668) | (88.9) | % | ||||||||||||||||||||||||||
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| Intermodal Segment Information | |||||||||||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| December 31, 2025 | Percent of Revenue | December 31, 2024 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
| Operating revenue | $ | 50,563 | 100.0 | % | $ | 59,829 | 100.0 | % | $ | (9,266) | (15.5) | % | |||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||
| Purchased transportation | 17,351 | 34.3 | 18,901 | 31.6 | (1,550) | (8.2) | |||||||||||||||||||||||||||||
| Salaries, wages and employee benefits | 12,126 | 24.0 | 14,227 | 23.8 | (2,101) | (14.8) | |||||||||||||||||||||||||||||
| Operating leases | 4,910 | 9.7 | 6,463 | 10.8 | (1,553) | (24.0) | |||||||||||||||||||||||||||||
| Depreciation and amortization | 4,325 | 8.6 | 4,519 | 7.6 | (194) | (4.3) | |||||||||||||||||||||||||||||
| Insurance and claims | 2,829 | 5.6 | 2,498 | 4.2 | 331 | 13.3 | |||||||||||||||||||||||||||||
| Fuel expense | 1,422 | 2.8 | 2,032 | 3.4 | (610) | (30.0) | |||||||||||||||||||||||||||||
| Other operating expenses | 4,735 | 9.4 | 5,258 | 8.8 | (523) | (9.9) | |||||||||||||||||||||||||||||
| Total operating expenses | 47,698 | 94.3 | 53,898 | 90.1 | (6,200) | (11.5) | |||||||||||||||||||||||||||||
| Income from operations | $ | 2,865 | 5.7 | % | $ | 5,931 | 9.9 | % | $ | (3,066) | (51.7) | % | |||||||||||||||||||||||
Intermodal Operating Statistics | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | Percent Change | |||||||||||||||
| Drayage shipments | 57,953 | 63,920 | (9.3) | % | |||||||||||||
| Drayage revenue per shipment | $ | 790 | $ | 847 | (6.7) | % | |||||||||||
8
| Forward Air Corporation | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 105,996 | $ | 104,903 | |||||||
| Restricted cash and restricted cash equivalents | — | 363 | |||||||||
| Accounts receivable, net | 343,559 | 322,291 | |||||||||
| Other receivables | 6,147 | 205 | |||||||||
| Prepaid expenses | 28,045 | 29,053 | |||||||||
| Other current assets | 37,254 | 15,685 | |||||||||
| Total current assets | 521,001 | 472,500 | |||||||||
Property and equipment, net of accumulated depreciation and amortization of $340,021 in 2025 and $292,855 in 2024 | 297,882 | 326,188 | |||||||||
| Operating lease right-of-use assets | 412,535 | 410,084 | |||||||||
| Goodwill | 522,712 | 522,712 | |||||||||
Other acquired intangibles, net of accumulated amortization of $301,453 in 2025 and $212,905 in 2024 | 906,791 | 999,216 | |||||||||
| Other long term assets | 58,023 | 71,941 | |||||||||
| Total assets | $ | 2,718,944 | $ | 2,802,641 | |||||||
| Liabilities and Shareholders' Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 121,752 | $ | 105,692 | |||||||
| Accrued expenses | 114,422 | 119,836 | |||||||||
| Other current liabilities | 69,130 | 45,148 | |||||||||
| Current portion finance lease obligations | 15,995 | 16,930 | |||||||||
| Current portion of operating lease liabilities | 107,026 | 96,440 | |||||||||
| Total current liabilities | 428,325 | 384,046 | |||||||||
| Finance lease obligations, less current portion | 22,387 | 30,858 | |||||||||
| Long-term debt | 1,687,248 | 1,675,930 | |||||||||
| Liabilities under tax receivable agreement | 11,548 | 13,295 | |||||||||
| Operating lease liabilities, less current portion | 327,011 | 325,640 | |||||||||
| Other long-term liabilities | 53,540 | 48,835 | |||||||||
| Deferred income taxes | 27,221 | 38,169 | |||||||||
| Shareholders' equity: | |||||||||||
| Preferred stock | — | — | |||||||||
| Common stock | 313 | 298 | |||||||||
| Additional paid-in capital | 559,551 | 542,392 | |||||||||
| Accumulated deficit | (447,100) | (338,230) | |||||||||
| Accumulated other comprehensive income (loss) | 580 | (2,732) | |||||||||
| Total Forward Air shareholders' equity | 113,344 | 201,728 | |||||||||
| Noncontrolling interest | 48,320 | 84,140 | |||||||||
| Total shareholders' equity | 161,664 | 285,868 | |||||||||
| Total liabilities and shareholders' equity | $ | 2,718,944 | $ | 2,802,641 | |||||||
9
| Forward Air Corporation | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| Operating activities: | |||||||||||
| Net loss from continuing operations | $ | (36,413) | $ | (35,378) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 40,724 | 37,657 | |||||||||
| Impairment of goodwill | — | (79,068) | |||||||||
| Share-based compensation expense | 2,380 | 2,100 | |||||||||
| Provision for revenue adjustments | 930 | 874 | |||||||||
| Deferred income tax (benefit) expense | (10,425) | 63,646 | |||||||||
| Impairment of abandoned software project costs | 19,765 | — | |||||||||
| Other | 493 | 10,621 | |||||||||
| Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | |||||||||||
| Accounts receivable | (2,114) | 43,596 | |||||||||
| Other receivables | (7,092) | 3,518 | |||||||||
| Other current and noncurrent assets | (28,804) | 3,130 | |||||||||
| Accounts payable and accrued expenses | (2,172) | (73,941) | |||||||||
| Net cash used in operating activities of continuing operations | (22,728) | (23,245) | |||||||||
| Investing activities: | |||||||||||
| Proceeds from sale of property and equipment | 415 | 2,644 | |||||||||
| Purchases of property and equipment | (8,351) | (7,250) | |||||||||
| Purchases of a business, net of cash acquired | — | (10,977) | |||||||||
| Other | (125) | ||||||||||
| Net cash used in investing activities of continuing operations | (7,936) | (15,708) | |||||||||
| Financing activities: | |||||||||||
| Repayments of finance lease obligations | (4,319) | (3,086) | |||||||||
| Proceeds from credit facility | 25,000 | 75,000 | |||||||||
| Payments on credit facility | (25,000) | (75,000) | |||||||||
| Payment of debt issuance costs | — | 8,120 | |||||||||
| Proceeds from common stock issued under employee stock purchase plan | 412 | 398 | |||||||||
| Payment of minimum tax withholdings on share-based awards | (21) | 130 | |||||||||
| Net cash (used in) provided by financing activities of continuing operations | (3,928) | 5,562 | |||||||||
| Effect of exchange rate changes on cash | 234 | 875 | |||||||||
| Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations | (34,358) | (32,516) | |||||||||
| Cash from discontinued operation: | |||||||||||
| Net cash used in operating activities of discontinued operations | — | (374) | |||||||||
| Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents | (34,358) | (32,890) | |||||||||
| Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period | 140,354 | 138,156 | |||||||||
| Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents | (34,358) | (32,890) | |||||||||
| Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period | $ | 105,996 | $ | 105,266 | |||||||
10
| Forward Air Corporation | |||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Twelve Months Ended | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| Operating activities: | |||||||||||
| Net loss from continuing operations | $ | (141,725) | $ | (1,124,841) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 152,638 | 143,978 | |||||||||
| Impairment of goodwill | — | 1,028,397 | |||||||||
| Share-based compensation expense | 13,429 | 10,188 | |||||||||
| Provision for revenue adjustments | 3,249 | 3,635 | |||||||||
| Deferred income tax benefit | (10,948) | (133,510) | |||||||||
| Impairment of abandoned software project costs | 19,765 | — | |||||||||
| Other | 11,504 | 14,917 | |||||||||
| Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | |||||||||||
| Accounts receivable | (18,005) | 9,546 | |||||||||
| Other receivables | (7,365) | 9,677 | |||||||||
| Other current and noncurrent assets | (24,422) | (15,085) | |||||||||
| Accounts payable and accrued expenses | 46,264 | (15,917) | |||||||||
| Net cash provided by (used in) operating activities of continuing operations | 44,384 | (69,015) | |||||||||
| Investing activities: | |||||||||||
| Proceeds from sale of property and equipment | 2,204 | 5,137 | |||||||||
| Purchases of property and equipment | (29,116) | (37,060) | |||||||||
| Purchase of a business, net of cash acquired | — | (1,576,219) | |||||||||
| Other | — | (444) | |||||||||
| Net cash used in investing activities of continuing operations | (26,912) | (1,608,586) | |||||||||
| Financing activities: | |||||||||||
| Repayments of finance lease obligations | (17,305) | (18,425) | |||||||||
| Proceeds from credit facility | 110,000 | 75,000 | |||||||||
| Payments on credit facility | (110,000) | (155,000) | |||||||||
| Payment of debt issuance costs | — | (52,471) | |||||||||
| Payment of earn-out liability | — | (12,247) | |||||||||
| Proceeds from common stock issued under employee stock purchase plan | 846 | 753 | |||||||||
| Payment of minimum tax withholdings on share-based awards | (1,074) | (1,442) | |||||||||
| Net cash used in financing activities of continuing operations | (17,533) | (163,832) | |||||||||
| Effect of exchange rate changes on cash | 791 | 1,013 | |||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations | 730 | (1,840,420) | |||||||||
| Cash from discontinued operation: | |||||||||||
| Net cash used in operating activities of discontinued operations | — | (6,387) | |||||||||
| Net increase (decrease) in cash and cash equivalents, and restricted cash and restricted cash equivalents | 730 | (1,846,807) | |||||||||
| Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period | 105,266 | 1,952,073 | |||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash equivalents | 730 | (1,846,807) | |||||||||
| Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period | $ | 105,996 | $ | 105,266 | |||||||
11
Forward Air Corporation Reconciliation of Non-GAAP Financial Measures
In this press release, the Company includes financial measures that are derived on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.
For the three and twelve months ended December 31, 2025 and 2024, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“Reported EBITDA”), Consolidated EBITDA and free cash flow.
All non-GAAP financial measures are presented on a continuing operations basis.
The Company believes that Reported EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value.
The Company is also providing Consolidated EBITDA calculated in accordance with our credit agreement as we believe it provides investors with important information regarding our financial condition and compliance with our obligations under our credit agreement.
Non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, the Company’s financial results prepared in accordance with GAAP. The Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable U.S. GAAP measures set forth below.
12
The following is a reconciliation of net income to Consolidated EBITDA for the three and twelve months ended December 31, 2025 and 2024 (in thousands):
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
| Loss from continuing operations | $ | (36,413) | $ | (35,378) | $ | (141,725) | $ | (1,124,841) | ||||||||||||||||||
| Interest expense | 45,099 | 48,427 | 180,747 | 189,215 | ||||||||||||||||||||||
| Income tax (benefit) expense | (8,697) | 66,999 | (5,472) | (124,991) | ||||||||||||||||||||||
| Depreciation and amortization | 40,724 | 37,657 | 152,638 | 143,978 | ||||||||||||||||||||||
| Reported EBITDA | 40,713 | 117,705 | 186,188 | (916,639) | ||||||||||||||||||||||
| Impairment of Goodwill | — | (79,068) | — | 1,028,397 | ||||||||||||||||||||||
| Transaction and integration costs | 5,746 | 10,074 | 31,473 | 81,467 | ||||||||||||||||||||||
| Severance costs | 570 | 1,923 | 5,743 | 16,337 | ||||||||||||||||||||||
| Change in the TRA Liability | (2,583) | — | (1,747) | — | ||||||||||||||||||||||
| Optimization project costs | — | 9,873 | 2,732 | 9,873 | ||||||||||||||||||||||
| Abandoned software project costs | 19,765 | — | 19,765 | — | ||||||||||||||||||||||
| Proforma synergies | — | 1,353 | — | 22,239 | ||||||||||||||||||||||
| Proforma savings | 1,350 | 8,051 | 14,117 | 35,625 | ||||||||||||||||||||||
| Other | 11,067 | 2,352 | 48,858 | 33,415 | ||||||||||||||||||||||
| Consolidated EBITDA | $ | 76,628 | $ | 72,263 | $ | 307,129 | $ | 310,714 | ||||||||||||||||||
The following is a reconciliation of net cash (used in) provided by operating activities to free cash flow for the three and twelve months ended December 31, 2025 and 2024 (in thousands):
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
| Net cash (used in) provided by operating activities | $ | (22,728) | $ | (23,245) | $ | 44,384 | $ | (69,015) | ||||||||||||||||||
| Proceeds from sale of property and equipment | 415 | 2,644 | 2,204 | 5,137 | ||||||||||||||||||||||
| Purchases of property and equipment | (8,351) | (7,250) | (29,116) | (37,060) | ||||||||||||||||||||||
| Free cash flow | $ | (30,664) | $ | (27,851) | $ | 17,472 | $ | (100,938) | ||||||||||||||||||
13
Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to management's expectations regarding the Company’s long-term growth; the Company's ability to achieve synergy capture and eliminate costs; the results of operations of the Expedited Freight, Omni Logistics, and Intermodal segments; the Company’s financial performance, including Consolidated EBITDA, and the impact it may have on the business and results of operations; the key drivers of sustainable growth and long-term profitability; and the Company's revenue growth strategies, including with respect to operational efficiency and cost control.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as tariffs, recessions, inflation, higher interest rates and downturns in customer business cycles, our ability to achieve ongoing strategic, financial and other benefits as we continue to transform our business after the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, continued weakening of the freight environment, our future debt and financing levels, our ability to deleverage, including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition, and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
We caution readers that any forward-looking statement made by us in this press release is based only on information currently available to us and they should not place undue reliance on any forward-looking statement, which reflects management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law.
Contact:
Investors:
Tony Carreño
investorrelations@forwardair.com
14
Media:
Hannah Weeg
HWeeg@forwardair.com
15
Forward Air Corporation Earnings Presentation 4Q25 February 23, 2026
E a r n i n g s P r e s e n t a t i o n Statements & Disclaimers Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this presentation relate to: expectations regarding customer demand for services of Forward Air Corporation (“Forward,” “we,” “us” or “our”); our outlook on the freight market; our expectations regarding operational and administrative transformations after the Omni acquisition, including consolidating systems and upgrading our technology through our One ERP initiative; our projections with respect to revenue growth following the realization of such synergies; our goals to achieve sustainable growth and long-term profitability; our plans to transition to financial reporting by product and service, consisting of ground, intermodal, air and ocean, and warehousing and value-added services; our plans to improve and prioritize liquidity and cash generation; our expectations and beliefs regarding the strategic alternative process and our intentions with respect to our future disclosure on the process; our beliefs regarding the ability to drive sustainable growth amidst an uncertain macroeconomic landscape; the impact of tariffs on our business; and expectations regarding our sales channel operations and results related to our One Ground Network. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, the timing of our review of strategic alternatives; our ability to execute on material aspects of any strategic alternatives that are identified and pursued; our ability to achieve ongoing strategic, financial and other benefits as we continue to transform our business after the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all; the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected, the risk that operating costs, customer loss, management and employee retention and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) as a result of the acquisition of Omni Logistics may be greater than expected, continued weakening of the freight environment, future debt and financing levels, our ability to deleverage, including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition, and pricing pressure, evolving macroeconomic factors, including the imposition of additional tariffs, potential escalation from trading partners, the uncertainty surrounding trade policy, including the extent to which increased tariffs will affect our operations and strategic plan, and our limited visibility into the impact of tariffs on third-party shipments, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We caution readers that any forward-looking statement made by us in this presentation is based only on information currently available to us and they should not place undue reliance on any forward-looking statement, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law. Non-GAAP Measures To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), we have included Adjusted EBITDA, Adjusted EBITDA Margin %, Consolidated EBITDA, Consolidated EBITDA Margin %, Net Leverage Ratio, Net Debt, Reported EBITDA, Reported EBITDA Margin %, LTM Reported EBITDA, LTM Reported EBITDA Margin, Unlevered Free Cash Flow, Operating Cash Flow, Excluding Impairment of Goodwill, each a non-GAAP financial measure (each, a “Non-GAAP Measure”), in this presentation. The reconciliation of each Non-GAAP Measure to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found in the Appendix to this presentation. Because each Non-GAAP Measure excludes certain items as described herein, it may not be indicative of the results that Forward expects to recognize for future periods. As a result, each Non-GAAP Measure should be considered in addition to, and not a substitute for, financial information prepared in accordance with GAAP. The Company is also providing Consolidated EBITDA, Liquidity, and Net Leverage Ratio calculated in accordance with Forward’s credit agreement as we believe it provides investors with important information regarding our liquidity, financial condition and compliance with our obligations under our credit agreement. 2
01 Combined Overview 02 4Q25 Results 03 Liquidity, Leverage and Cash Flow 04 Investment Rationale 05 Closing Summary 06 Appendix E a r n i n g s P r e s e n t a t i o n Agenda 3
E a r n i n g s P r e s e n t a t i o n Combined Overview 4
C o m b i n e d O v e r v i e w Who We Are: A Story of Transformation and Excellence Our Heritage Forward Air's revolutionary expedited ground freight network, established in 1981, and Omni’s innovative logistics solutions, founded in 2000, represent decades of excellence in logistics innovation. Our Combined Strength Together, we have created a logistics powerhouse that combines Forward Air's robust North American LTL network with Omni's global logistics solutions, delivering unprecedented value and capabilities to our customers. Our Future This strategic union positions us as a leading force in global logistics, offering comprehensive solutions that span continents and streamline supply chains. 5
C o m b i n e d O v e r v i e w By the Numbers $2.5B FY 2025 Revenue $307M FY 2025 CEBITDA1 6K+ Total Employees 2K+ Freight Handlers2 3.7M+ Total Shipments3 0.1% Claims Ratio4 230+ Global Facilities 21 Countries 6 1. Consolidated EBITDA (“CEBITDA”). Reconciliation of Non-GAAP financial measures available in the Appendix. 2. Freight handlers included in Total Employees. 3. Total Ground, Intermodal, Air and Ocean shipments per year managed by Expedited Freight, Omni Logistics and Intermodal segments. 4. Combined claims ratio for Expedited Freight and Omni Logistics. Calculated as claims amount paid divided by revenue for FY25. All figures for FY25
Ground Transportation Air & Ocean Customs Intermodal Drayage Contract Logistics • Expedited Less Than Truckload (LTL) Services • Full Truckload (FTL) Shipping • Brokerage Services • Pickup and Delivery • Cross border trucking services • Container Freight Station • Flatbed transportation • Oversized and specialized equipment • High Value Cargo • Hand Carry • Next Flight Out /Time Critical/ Hand Carry • Express Air - 3 to 5 day • Economy Air - 5 to 8 day • Customs Brokerage • Air Charter • Full Container Load (FCL) • Less than Container Load (LCL) • Multimodal Air/Ocean/Ground Freight Solutions • Project cargo (oversized/non- containerized) • Nationwide port and rail drayage of domestic and international containers • Secured container storage • Rail intermodal (domestic and international containers) • Yard hostling / jockey services • Focus on high value, value-added services, supply chain solutions • Servicing high-tech, data center, medical and complex verticals for supply chain and end customer distribution • End-to-end capability for reverse logistics solutions including in-house sorting and repairs • Product testing • Wholesale fulfillment – Pick and pack • eCommerce fulfillment services Customs Brokerage Free Trade Zone and Bonded Warehouse C o m b i n e d O v e r v i e w Our key product groups provide end-to-end capabilities 7 ~ 63% of revenue Legacy Forward Expedited Freight and Intermodal, and Omni Logistics ground freight Omni Logistics air and ocean forwarding, warehousing & distribution and value-added service All figures for FY25 ~ 13% of revenue ~ 9% of revenue ~ 15% of revenue
C o m b i n e d O v e r v i e w Differentiated and diversified solutions 8 Reporting Segments Expedited Freight Omni Logistics Intermodal Combined Ke y Pr od uc t G ro up s Ground Transportation C us to m s Intermodal Drayage Air / Ocean Forwarding Contract Logistics Countries1 3 21 1 21 Global presence in key high demand locations Diversified portfolio of vertically- integrated solutions 1. Countries with leased or owned properties. All figures for FY25
C o m b i n e d O v e r v i e w Scalable global footprint 1. Approximated split based on consolidated FY25 revenues by country from shipments directly transported under our control. 9 ~90% ~2% ~8% <1% United States Americas (ex U.S.) APAC EMEA • ~10% of revenue generated outside of the United States.1 • 230+ global facilities in 21 countries. • No single customer represents more than 10% of revenue. • Top 10 customers account for ~28% of revenue. FY25 Revenue % by Customer Region1 All figures for FY25
E a r n i n g s P r e s e n t a t i o n 4Q25 Results 10
4 Q 2 5 R e s u l t s 4Q25 Highlights 4Q25 $631 Revenue ($3) Operating Loss $77 Consolidated EBITDA1 12.2% Margin $367 Liquidity 5.5x LTM Net Leverage2 11 1. Reconciliation of Non-GAAP financial measures available in the Appendix. 2. Calculated pursuant to Senior Secured Loan Credit Agreement. Details in the Liquidity, Leverage and Cash Flow section of this presentation. In millions, except for LTM Net Leverage
$633 $613 $619 $632 $631 4Q24 1Q25 2Q25 3Q25 4Q25 4 Q 2 5 R e s u l t s | C o n s o l i d a t e d Consolidated Results by Quarter 1. Reconciliation of Non-GAAP financial measures available in the Appendix. Calculated pursuant to the Senior Secured Loan Credit Agreement. 2. Reflects Consolidated EBITDA reported in previous quarters. Amounts were updated to reflect pro forma EBITDA add-backs of cost savings initiatives in 4Q25. Revenue Consolidated EBITDA1 & Consolidated EBITDA Margin %1 12 In millions, except for margin 2 22 2 2 2 2 2$72 $77 $78 $72 $73 $78 $79 $77 11.4% 11.9% 12.6% 12.5% 12.2% 4Q24 1Q25 2Q25 3Q25 4Q25 2 2 2
4 Q 2 5 R e s u l t s | E x p e d i t e d F r e i g h t Expedited Freight Segment Results by Quarter 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Excludes impairment of goodwill. Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin2 13 In millions, except for margin $266 $249 $258 $259 $247 4Q24 1Q25 2Q25 3Q25 4Q25 $18 $26 $30 $30 $25 6.6% 10.4% 11.6% 11.5% 10.1% 4Q24 1Q25 2Q25 3Q25 4Q25
4 Q 2 5 R e s u l t s | E x p e d i t e d F r e i g h t Expedited Freight Segment: Year over year pricing and margin improvement 14 Revenue per CWT, ex fuel1,2 & Reported EBITDA Margin3 Revenue per Shipment, ex fuel1,2 & Reported EBITDA Margin3 $23.74 $24.76 $24.82 $24.98 $24.30 6.6% 10.4% 11.6% 11.5% 10.1% 4Q24 1Q25 2Q25 3Q25 4Q25 Revenue per CWT, ex fuel Reported EBITDA Margin +2.4% $203 $208 $209 $210 $206 6.6% 10.4% 11.6% 11.5% 10.1% 4Q24 1Q25 2Q25 3Q25 4Q25 Revenue per Shipment, ex fuel Reported EBITDA Margin +1.2% 1. Excludes accessorial and Truckload products. 2. Includes intercompany revenue between the Network and Truckload revenue streams. 3. Reconciliation of Non-GAAP financial measures available in the Appendix. • Corrective pricing action implemented in 4Q24. • Year-over-year pricing improvement. • 350 bps margin improvement year over year
4 Q 2 5 R e s u l t s | E x p e d i t e d F r e i g h t Expedited Freight Segment Financial Results 4Q 2025 4Q 2024 Change Revenue $247 $266 (7.1%) Operating Income $15 $7 110.1% Operating Ratio 93.8% 97.3% 3.4% Reported EBITDA $25 $18 42% Reported EBITDA Margin 10.1% 6.6% 3.5% 11.1 LTL Shipments per Workday1 LTL Tonnage per Workday1 LTL Revenue per Shipment ex-fuel 9,355 $206 In millions, except for margin 15 1. In thousands
0.18% 0.14% 0.12% 0.13% 0.13% 0.15% 0.12% 0.11% 2021 2022 2023 2024 1Q25 2Q25 3Q25 4Q25 4 Q 2 5 R e s u l t s | E x p e d i t e d F r e i g h t Expedited Freight Segment: Continued superior service following acquisition 16 Omni acquisition Expedited Freight Segment Claims Ratio1 • Industry-leading claims ratio of ~0.1%. • Superior service to 96% of all continental United States zip codes. • Maintaining priority focus on customer service during integration and transformation. 1. Expedited Freight segment only. Calculated as claims amount paid divided by revenue.
4 Q 2 5 R e s u l t s | O m n i L o g i s t i c s Omni Logistics Segment Results by Quarter Reported EBITDA2 & Reported EBITDA Margin %2Segment Revenue1 17 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Excludes impairment of goodwill. $326 $323 $328 $340 $360 4Q24 1Q25 2Q25 3Q25 4Q25 In millions, except for margin $32 $26 $30 $33 $36 9.8% 7.9% 9.0% 9.6% 10.0% 4Q24 1Q25 2Q25 3Q25 4Q25
Omni Segment Financial Results 4Q 2025 4Q 2024 Change Revenue $360 $326 10.5% Operating Income $10 $91 4.2% Operating Ratio 97.3% 97.1%1 (0.2%) Reported EBITDA $36 $321 12.0% Reported EBITDA Margin 10.0% 9.8%1 0.1% 4 Q 2 5 R e s u l t s | O m n i L o g i s t i c s In millions, except for margin 18 1. Operating Income, Operating Ratio, Reported EBITDA and Reported EBITDA Margin shown excluding impairment of goodwill.
4 Q 2 5 R e s u l t s | I n t e r m o d a l Intermodal Segment Results by Quarter 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Reported EBITDA2 & Reported EBITDA Margin %2Segment Revenue1 $60 $62 $59 $58 $51 4Q24 1Q25 2Q25 3Q25 4Q25 In millions, except for margin 19 $10 $10 $9 $8 $7 17.5% 16.4% 15.1% 14.5% 14.2% 4Q24 1Q25 2Q25 3Q25 4Q25
Intermodal Segment Financial Results 4Q 2025 4Q 2024 Change Revenue $51 $60 (15.5%) Operating Income $3 $6 (51.7%) Operating Ratio 94.3% 90.1% (4.2%) Reported EBITDA $7 $10 (31.2%) Reported EBITDA Margin 14.2% 17.5% (3.2%) 57,953 Drayage Shipments Drayage Revenue per Shipment $790 4 Q 2 5 R e s u l t s | I n t e r m o d a l 20
E a r n i n g s P r e s e n t a t i o n Liquidity, Leverage and Cash Flow 21
$42 $46 $52 $79 $32 4Q24 1Q25 2Q25 3Q25 4Q25 L i q u i d i t y , L e v e r a g e a n d C a s h F l o w Resilient cash generation despite freight recession 1. Non-GAAP financial metrics. “Operating Cash Flow” and “Unlevered Free Cash Flow” represent the change in Unrestricted Cash less discrete items identified on this slide. 2. Totals may not foot due to rounding. 22 • Asset-light business model with meaningful upside as cost savings measures are recognized Operating Cash Flow1 In millions 4Q24 1Q25 2Q25 3Q25 4Q25 Change in Unrestricted Cash ($32) $11 ($21) $45 ($34) (+) Debt Service 64 25 59 24 58 (+) Term Loan Paydown 0 0 0 0 0 (-) LC Release (2) 0 0 0 0 Unlevered Free Cash Flow1 $31 $37 $38 $70 $24 (+) Transaction/Integration Fees 12 9 14 10 8 (+) Earnouts & Purchase Price Adjustments 0 0 0 0 0 Operating Cash Flow1 $42 $46 $52 $79 $32
4Q25 & FY25 Cash Bridge 23 • Operating cash flow1 of $32M in 4Q25. • Operating cash flow1 of $209M for full year 2025. • Unrestricted cash balance remained strong with $106M at end of 2025 compared to $105M at the beginning of the year. $140 $32 ($58) ($8) $106 $105 $209 ($166) ($41) $106 09/30 Unrestricted Cash Balance Operating Cash Flow1 Debt Service Professional Fees 12/31 Unrestricted Cash Balance 4Q25 12/31 Unrestricted Cash Balance Operating Cash Flow1 Debt Service Professional Fees 12/31 Unrestricted Cash Balance FY25 1. Non-GAAP financial metric. “Operating Cash Flow” represents the change in Unrestricted Cash less discrete items identified on this slide. L i q u i d i t y , L e v e r a g e a n d C a s h F l o w
$277 $277 $273 $273 $261 $86 $101 $79 $123 $91 $0 <$1 <$1 $19 $15 $16 $17 $15 4Q24 1Q25 2Q25 3Q25 4Q25 L i q u i d i t y , L e v e r a g e a n d C a s h F l o w Liquidity and Leverage Net Leverage1 Net Leverage Ratio1 Required Covenant Leverage Ratio1 Net Cash1,3 Revolving Credit Facility4 Restricted Cash Deduction Foreign Subsidiary Deduction * 24 * * * * 1. Calculated pursuant to Senior Secured Loan Credit Agreement. 2. Includes Term Loan, Senior Secured Notes, and Revolving Credit Facility, excludes finance leases. 3. Excludes foreign subsidiaries and restricted cash. 4. Undrawn revolver balance. 5. Totals may not foot due to rounding. In millions 5.5x 5.3x 5.7x 5.5x 5.5x 6.50x 4Q24 1Q25 2Q25 3Q25 4Q25 Liquidity5 $382 $393 $368 $413 $367 Gross Cash* $105 $117 $95 $140 $106 in millions 4Q24 1Q25 2Q25 3Q25 4Q25 Term Loan B $1,045 $1,045 $1,045 $1,045 $1,045 Senior Sec. Notes $725 $725 $725 $725 $725 First Lien Debt2 $1,770 $1,770 $1,770 $1,770 $1,770 Net Cash1,3 86 101 79 123 91 Net Debt 1,684 1,669 1,691 1,647 1,679 Consolidated LTM EBITDA1 311 320 309 302 307 Net Leverage Ratio1 5.4x 5.2x 5.5x 5.5x 5.5x
L i q u i d i t y , L e v e r a g e a n d C a s h F l o w No debt maturities over the next 4 years 1. Credit Facility undrawn as of 12/31/2025 other than $39 million letters of credit issued through facility. 25 $300 $1,045 $725 2026 2027 2028 2029 (Jan) 2030 (Dec) 2031 (Oct) Revolving Credit Facility First Lien Term Loan Senior Secured Notes No Long-Term Debt Maturities Until December 2030 Debt maturities by year In millions
E a r n i n g s P r e s e n t a t i o n Investment Rationale 26
I n v e s t m e n t R a t i o n a l e Laying the foundation for future profitable growth Strong brand, customer value proposition and loyalty Robust North American LTL network with international logistics capabilities Superior service with consistently low claims ratio of 0.1%1 Differentiated and diversified solutions with global scale Highly customizable and specialized service offering of vertically-integrated solutions Scalable growth with over 230 global facilities in 21 countries Rationalized cost structure poised for profitable growth Asset-light business model with normalizing free cash flow generation Improved consolidated Reported EBITDA margin, excluding goodwill, by 320 basis points in 2025 compared to 20242 27 1. Combined claims ratio for Expedited Freight and Omni as of FY24. Calculated as claims amount paid divided by revenue for FY24. 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Excludes impairment of goodwill.
4.4% 7.3% 7.8% 7.4% 7.6% 31.4% 23.2% 19.5% 14.1% 11.9% 10.0% 10.4% 9.1% 5.4% 5.4% 4.8% 1.0% 23.9% 17.3%15.9% 14.3% 10.9% 6.3% 4Q24 1Q25 2Q25 3Q25 4Q25 Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 I n v e s t m e n t R a t i o n a l e Meaningful upside as we close margin gap with peers 1. For comparability purposes, Reported EBITDA Margin is calculated as Operating Income plus depreciation & amortization and impairment of goodwill. 2. Using 3Q25 LTM figures for peers and Forward Air segments. 3. Segment averages are weighted based on revenue (excludes Forward segments). 4. Reconciliation of Non-GAAP financial measures available in the Appendix. 20.00% Average3 5.4% Average3 14.5% Average3 28 Forward Consolidated Less-than-Truckload 3PL / Freight Forwarders Truckload / Intermodal LTM Reported EBITDA margin1,4 LTM 3Q25 Peer and Forward Segment Reported EBITDA Margin1,2 Ex pe di te d Fr ei gh t O m ni Lo gi st ic s In te rm od al C om bi ne d LTM 3Q25 Peers versus FWRD by segment
E a r n i n g s P r e s e n t a t i o n Closing Summary 01 Delivering exceptional service, performance, and partnership 02 Omni Logistics reported another strong quarter with best results since the acquisition 03 Expedited Freight segment’s fourth quarter results improved significantly year over year 04 Maintained solid liquidity position during 2025 05 Seeing the benefits of diversified product portfolio 29
E a r n i n g s P r e s e n t a t i o n Appendix 30
A p p e n d i x 31 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Totals may not foot due to rounding. In millions, except for margin Net Income to Adjusted and Consolidated EBITDA Reconciliation Adjusted & Consolidated EBITDA Reconciliation 4Q24 1Q25 2Q25 3Q25 4Q25 LTM (12/31/2024) LTM (12/31/2025) Net (loss) income from continuing operations ($35) ($61) ($20) ($24) ($36) ($1,125) ($142) Interest expense 48 46 45 45 45 189 181 Income tax (benefit) expense 67 20 (17) 0 (9) (125) (5) Depreciation and amortization 38 37 37 38 41 144 153 Reported EBITDA1,2 $118 $41 $45 $59 $41 ($917) $186 Impairment of goodwill (79) -- -- -- -- 1,028 -- Transaction and integration costs 10 14 6 6 6 81 31 Change in TRA Liability -- -- 7 (6) (3) -- (2) Severance costs 2 2 1 3 1 16 6 Optimization project costs 10 1 1 1 -- 10 3 Abandoned software project costs -- -- -- -- 20 -- 20 Other 2 11 14 12 11 33 49 Adjusted EBITDA1,2 $63 $69 $74 $75 $76 $253 $293 Pro forma synergies 1 -- -- -- -- 22 -- Pro forma savings 5 -- -- -- -- 33 -- Adjusted EBITDA Excluding Cost Reduction1,2 $69 $69 $74 $75 $76 $308 $293 3Q 2025 Cost Reduction Initiatives 3 3 3 3 -- 3 9 4Q 2025 Cost Reduction Initiatives -- 1 1 1 1 -- 5 Consolidated EBITDA1,2 $72 $73 $78 $79 $77 $311 $307 Consolidated First Lien Indebtedness 1,770 Net Cash & Cash Equivalents (91) Net Debt $1,679 Consolidated First Lien Net Leverage Ratio 5.5x
A p p e n d i x Segment Performance – Expedited Freight 32 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Totals may not foot due to rounding. In millions, except for margin Expedited Freight1,2 4Q24 1Q25 2Q25 3Q25 4Q25 LTM 4Q24 LTM 4Q25 Operating revenue $266 $249 $258 $259 $247 $1,115 $1,013 Operating expenses Purchased transportation 136 121 124 125 122 546 492 Salaries, wages, and employee benefits 57 53 54 54 50 242 210 Operating leases 18 15 17 16 16 64 64 Depreciation and amortization 10 10 10 10 10 41 41 Insurance and claims 10 10 11 10 9 44 41 Fuel expense 3 2 3 2 2 10 9 Other operating expenses 24 22 19 21 24 100 86 Total operating expenses 259 234 238 239 232 1,047 943 Income (loss) from operations $7 $16 $20 $19 $15 $68 $70 (+) Depreciation and amortization 10 10 10 10 10 41 41 Reported EBITDA $18 $26 $30 $30 $25 109 111 Reported EBITDA Margin % 6.6% 10.4% 11.6% 11.5% 10.1% 9.8% 10.9%
A p p e n d i x Segment Performance – Omni Logistics 33 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Totals may not foot due to rounding. 3. Reported EBITDA and Reported EBITDA Margin shown excluding impairment of goodwill. In millions, except for margin Omni Logistics1,2 4Q24 1Q25 2Q25 3Q25 4Q25 LTM 4Q24 LTM 4Q25 Operating revenue $326 $323 $328 $340 $360 $1,197 $1,351 Operating expenses Purchased transportation 183 186 185 196 208 701 775 Salaries, wages, and employee benefits 54 57 62 58 55 216 232 Operating leases 23 27 26 30 32 97 115 Depreciation and amortization 23 22 22 23 26 84 94 Insurance and claims 4 3 1 (0) 1 12 5 Fuel expense 1 1 1 1 1 3 4 Other operating expenses 29 25 24 22 27 101 97 Impairment of goodwill (79) - - - - 1,029 - Total operating expenses 237 320 321 330 350 2,242 1,321 Income (loss) from operations $89 $3 $7 $10 $10 ($1,045) $30 (+) Impairment of goodwill (79) - - - - 1,029 - Adjusted income (loss) from operations $9 $3 $7 $10 $10 ($16) $30 (+) Depreciation and amortization 23 22 22 23 26 84 94 Reported EBITDA3 $32 $26 $30 $33 $36 $67 $124 Reported EBITDA Margin %3 9.8% 7.9% 9.0% 9.6% 10.0% 5.6% 9.2%
A p p e n d i x Segment Performance – Intermodal 34 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Totals may not foot due to rounding. In millions, except for margin Intermodal1,2 4Q24 1Q25 2Q25 3Q25 4Q25 LTM 4Q24 LTM 4Q25 Operating revenue $60 $62 $59 $58 $51 $233 $231 Operating expenses Purchased transportation 19 20 20 19 17 74 77 Salaries, wages, and employee benefits 14 16 15 14 12 59 58 Operating leases 6 6 5 6 5 22 22 Depreciation and amortization 5 5 5 4 4 18 18 Insurance and claims 2 3 3 3 3 10 12 Fuel expense 2 2 2 2 1 9 7 Other operating expenses 5 5 4 5 5 23 20 Total operating expenses 54 57 55 54 48 214 214 Income (loss) from operations $6 $6 $4 $4 $3 $19 $17 (+) Depreciation and amortization 5 5 5 4 4 18 18 Reported EBITDA $10 $10 $9 $8 $7 $37 $35 Reported EBITDA Margin % 17.5% 16.4% 15.1% 14.5% 14.2% 16.0% 15.1%
A p p e n d i x Consolidated LTM Financials by Quarter 35 1. Totals may not foot due to rounding. 2. Reported EBITDA and Reported EBITDA Margin shown excluding impairment of goodwill. In millions, except for margin Consolidated1 LTM 4Q24 LTM 1Q25 LTM 2Q25 LTM 3Q25 LTM 4Q25 Operating revenue $2,474 $2,546 $2,521 $2,497 $2,495 Operating expenses Purchased transportation 1,251 1,278 1,260 1,243 1,244 Salaries, wages, and employee benefits 536 549 551 569 536 Operating leases 182 192 195 199 204 Depreciation and amortization 144 150 138 150 153 Insurance and claims 65 67 68 63 59 Fuel expense 21 22 21 21 20 Other operating expenses 310 252 230 215 243 Impairment of goodwill 1,028 1,028 (64) (79) - Total operating expenses 3,537 3,538 2,398 2,382 2,459 Income (loss) from operations ($1,063) ($992) $123 $115 $36 (+) Impairment of goodwill 1,028 1,028 (64) (79) - Adjusted income (loss) from operations ($35) $36 $59 $36 $36 (+) Depreciation and amortization 144 150 138 150 153 Reported EBITDA2 $109 $186 $196 $186 $189 Reported EBITDA Margin %2 4.4% 7.3% 7.8% 7.4% 7.6%
A p p e n d i x Expedited Freight Segment Operating Metrics 36 Shipments per Day1 Weight per Shipment Revenue per Shipment, excluding fuel1,2 In thousands In pounds 1.4% 3.4% (2.3)% (9.0)% (10.9)% (15.4)% (12.3)% (9.0)% YoY % change 7.4% 2.5% 4.5% 5.0% 1.6% 2.7% (1.9)% (1.2)% YoY % change 0.7% 3.7% 4.0% 4.0% 4.1% 4.6% 1.6% 1.2% YoY % change 1. Excludes assessorial and Truckload products. 2. Includes intercompany revenue between the Network and Truckload revenue streams. 12.9 13.6 13.0 12.2 11.5 11.5 11.4 11.1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 827 821 858 856 840 843 841 846 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $200 $200 $207 $203 $208 $209 $210 $206 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Forward Air Corporation (NASDAQ: FWRD) IR Contact | Tony Carreño investorrelations@forwardair.com https://ir.forwardaircorp.com