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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.
FORWARD AIR CORP Chief Executive Officer Shawn Stewart reported equity compensation activity involving the company’s common stock. He received a grant of 43,197 shares of restricted stock as an award, with the shares scheduled to vest in three equal installments on the first, second and third anniversaries of the grant date, conditioned on his continued employment through each vesting date. To cover minimum tax withholding triggered by the vesting and net settlement of restricted stock, 3,214 shares were withheld by the company at a price of $27.78 per share. After these transactions, Stewart directly owns 129,474 shares of Forward Air common stock.
FORWARD AIR CORP CFO Jamie G. Pierson reported two equity-related transactions in company common stock. He acquired 20,698 shares as a restricted stock award that vests in three equal installments on each of the first, second and third anniversaries of the grant date, subject to continued employment. He also disposed of 1,662 shares at $27.78 per share to satisfy minimum tax withholding obligations upon vesting and net settlement of restricted stock.
FORWARD AIR CORP chief legal officer and secretary Michael L. Hance reported routine equity compensation activity involving company common stock. He received a grant of 10,799 shares of restricted stock at a stated price of $0.00 per share. According to the footnotes, this award vests in three equal installments on the first, second and third anniversaries of the grant date, subject to his continued employment. On the same date, 946 shares were withheld by the company at $27.78 per share to cover minimum tax withholding obligations upon the vesting and net settlement of restricted stock, a non‑open‑market, tax‑related disposition. After these transactions, he directly owned 96,223.4515 shares of common stock.
FORWARD AIR CORP Chief Commercial Officer Eric Frederick Brandt received a grant of 8,999 shares of common stock as restricted stock that vests in three equal annual installments starting one year after the grant date, contingent on continued employment. To cover minimum tax withholding on a vesting event, 1,057 shares were withheld at a price of $27.78 per share, a non-market, tax-related disposition. After these transactions, he directly holds 15,970 shares of common stock.
FORWARD AIR CORP Executive VP of Operations Timothy R. Osborne reported equity compensation and related tax withholding. He acquired 5,850 shares of common stock as a restricted stock award, which vests in three equal installments on each of the first, second and third anniversaries of the grant date, subject to continued employment.
To cover minimum tax withholding upon vesting and net settlement of restricted stock, 513 shares were disposed of at a price of $27.78 per share. After these transactions, Osborne directly owned 26,423 shares of common stock.
FORWARD AIR CORP Chief People Officer Douglas James Smith reported routine equity compensation activity. He received a grant of 5,850 shares of common stock as restricted stock, which will vest in three equal installments on the first, second and third anniversaries of the grant date, as long as he remains employed.
On the same date, 516 shares were disposed of at $27.78 per share to cover minimum tax withholding obligations tied to the vesting and net settlement of restricted stock. After these transactions, he directly owns 13,294 shares of common stock.
FORWARD AIR CORP Chief Supply Chain Officer Jessica L. Herren reported equity compensation activity in company common stock. She received a grant of 4,950 shares of restricted stock at no cost, which will vest in equal installments on each of the first, second and third anniversaries of the grant date, conditioned on her continued employment. To cover minimum tax withholding upon vesting and net settlement of restricted stock, 436 shares were disposed of at $27.78 per share through shares withheld by the issuer. After these transactions, Herren directly owned 10,599 shares of Forward Air common stock.
LORRAIN Jerome Jean-Pierre reported acquisition or exercise transactions in this Form 4 filing.
Forward Air Corporation reported that Executive Chairman Jerome Jean-Pierre Lorrain received a grant of 10,799 shares of common stock as a restricted stock award. These shares vest in three equal installments on the first, second, and third anniversaries of the grant date, contingent on his continued employment.
FORWARD AIR CORP Chief Accounting Officer James R. Faught reported two common stock transactions. He received a grant of 2,340 shares of restricted stock at no cost, vesting in equal parts on each of the first, second and third anniversaries of the grant date, conditioned on continued employment. The company also withheld 362 shares, valued at $27.78 per share, to cover minimum tax obligations upon the vesting and net settlement of restricted stock, leaving him with 7,952 shares held directly after these transactions.