Forward Air posted a net loss of $36.4 million from continuing operations in Q4 2025. (Forward Air Corp.)
February 24, 2026 3:12 PM, EST
Key Takeaways:
- Forward Air reported a net loss in Q4 as it continued restructuring efforts and advanced a strategic review.
- The for-hire carrier consolidated domestic operations into one ground network and adjusted pricing to improve yields.
- Segment performance varied, with Omni Logistics revenue rising and Expedited Freight and Intermodal experiencing declines.
Forward Air Corp. posted a fourth-quarter loss while focusing on its improvement initiatives, the company reported Feb. 23.
The Greeneville, Tenn.-based ground transportation and logistics services provider posted a net loss from continuing operations of $36.4 million, or negative 91 cents a diluted share, for the three months ending Dec. 31. That compared with a loss of $35.4 million, negative $1.23, the previous year. Total revenue decreased 0.3% to $631.2 million from $632.9 million.
“I am proud of our team for helping to serve, and focusing on what we can control, and delivering these results while actively transforming the company, and in the face of a multiyear freight recession,” Forward Air CEO Shawn Stewart said during a call with investors. “We remain focused on the customer and use this time to completely rebuild the management team, consolidate duplicative real estate and reduce expenses.”
Forward Air in January 2025 initiated a review of strategic alternatives to maximize shareholder value.
The board of directors has been considering a range of options in the year since, such as a potential sale, merger or other strategic transactions. Stewart provided a brief update on the call, with the takeaway being the initiative is nearing completion.
“Operationally, in 2025, we unified our U.S. domestic operations with the creation of our one ground network,” Stewart said. “This initiative consolidated all U.S. domestic ground operations under a single leadership structure.”
Stewart added that this also involved integrating key service lines into one streamlined organization. The operations cover linehaul, pickup and delivery, truckload, brokerage and expedited services. These combined efforts are aimed at positioning the company to take advantage of industry tailwinds when the broader market improves.
“Importantly, our sales channels will continue to operate independently,” Stewart said. “At the same time, our operations remain channel agnostic, executing consistently across the platform.”
Forward Air Q4, Full-Year 2025 Earnings Report
For the full year, Forward Air reported a net loss from continuing operations of $141.7 million, negative $3.51 a share, on revenue of $2.5 billion, compared with net loss of $1.12 billion, negative $30.40, on revenue of $2.47 billion in 2024.
“In 2025, we also unveiled our new Latin America regional structure, marking a significant step in strengthening our global logistics network,” Stewart said. “This regional platform spans Mexico, Brazil, Peru, Colombia and Chile, and is anchored by our international freight station in Miami. The Miami Gateway connects Latin America to global markets.”
Stewart noted that the company also took corrective pricing actions and shed some unprofitable freight from its network, resulting in improved yields and better-aligned cost structure. He expects freight volume declines will begin moderating once those pricing actions take hold.
Revenue by Segment
- Expedited Freight: Decreased 7.1% to $246.9 million from $265.9 million during the prior-year period. The report highlighted that company leaders primarily were focused on optimal pricing and managing expenses. The segment experienced improvements in earnings before interest, taxes, depreciation and amortization, and income from continuing operations increased 110% to $15.2 million from $7.24 million.
- Omni Logistics: Increased 10.5% to $359.8 million from $325.6 million. The segment achieved its highest revenue, reported EBITDA and EBITDA margin since being acquired in January 2024. Omni also continued to see demand for its diversified service offerings. Income from continuing operations fell 89% to $9.85 million from $88.5 million
- Intermodal: Decreased 15.5% to $50.6 million from $59.8 million. The segment was impacted by unfavorable port activity related to trade softness and typical seasonality. These factors contributed to declining shipments and revenue per shipment compared with a year ago. Income from continuing operations decreased 51.7% to $2.87 million from $5.93 million.
Forward Air ranks No. 37 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 1 on the air/expedited carriers sector list. Forward Air/Omni ranks No. 36 on the TT Top 100 list of the largest logistics companies.
