Short answer
FORWARD AIR CORP (FWRD) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $632M (down 3.7% year over year) with net income of −$16M.
Q3 2025 key financials · XBRL
- Revenue
- $632M
- −3.7% YoY · +2.1% QoQ
- Net income
- −$16M
- +77.9% YoY · −29.1% QoQ
- Operating margin
- 2.4%
- EPS (diluted)
- −$0.51
- +58.9% YoY · −24.4% QoQ
Source: XBRL data from the FORWARD AIR CORP (FWRD) Q3 2025 10-Q on SEC EDGAR. USD.
FORWARD AIR CORP Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $631.8M, down 3.7% YoY from $655.9M, driven by Expedited Freight decline
- Operating margin 2.4% vs 3.5% YoY, with operating income $15.0M vs $22.7M
- Best segment Omni Logistics: revenue $339.6M, up 1.5%; margin 2.9% vs 0.3% YoY
- Worst segment Expedited Freight: revenue $258.6M, down 9.2%; margin 7.5% vs 6.8% YoY
- Headwinds: freight volumes declined, tariff uncertainty persisted, and strategic-review timing remained undetermined
Risk Factors
- Newly heightened tariff risk from U.S. baseline and country-specific tariffs, including China and Canada
- Most material tax risk: Tax Receivable Agreement requires 83.5% of specified tax benefits paid to Omni Holders
- Change-of-control exposure: accelerated Tax Receivable Agreement payments may substantially exceed realized tax benefits
- Near-term freight risk: lower volumes could reduce pricing, surcharges, and LTL revenue per pound
- Liquidity risk: customer payment delays could increase working-capital requirements
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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