---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-023133"
form_type: "8-K"
ticker: "FWRD"
cik: "0000912728"
company_name: "FORWARD AIR CORP"
filed_at: "2025-05-07T23:59:59+00:00"
generated_at: "2026-05-22T10:19:36.010254+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Forward Air Q1 2025 revenue up 13.2% to $613M; operating income swings to $4.8M from -$65.7M

## Summary
- Revenue $613M vs $542M YoY (+13.2%); income from operations improved $70.5M to $4.8M.
- Net loss narrowed to $61.2M ($1.68/share) from $88.8M ($2.81/share) a year ago.
- Expedited Freight segment: revenue per hundredweight (ex-fuel) up 4.3% sequentially and 2.5% YoY; EBITDA margin 10.4% (+400 bps vs Q4 2024).
- Liquidity increased to $393M from $382M at Q4 2024 end; operating cash flow $27.6M vs -$51.7M YoY.
- Consolidated EBITDA (credit agreement) $69M for Q1; LTM $313M with ~$66M covenant cushion.

## SEC filing metadata
- accession: 0001628280-25-023133
- form_type: 8-K
- ticker: FWRD
- cik: 0000912728
- company_name: FORWARD AIR CORP
- filed_at: 2025-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/912728/000162828025023133/0001628280-25-023133-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/912728/000162828025023133/fwrd-20250507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-023133
- JSON: https://secwatch.observer/filing/0001628280-25-023133.json
- Plain text: https://secwatch.observer/filing/0001628280-25-023133.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.