Forward Air $(FWRD)$ reported 4Q25 revenue of USD 631 million and a 4Q25 operating loss of USD 3 million, with consolidated EBITDA of USD 77 million (12.2% margin). Liquidity was USD 367 million at the end of 4Q25 and LTM net leverage was 5.5x. By segment in 4Q25, Expedited Freight revenue was USD 247 million (-7.1%), with operating income of USD 15 million and reported EBITDA of USD 25 million (10.1% margin); LTL shipments per workday were 11.1 thousand and LTL revenue per shipment ex-fuel was USD 206. Omni Logistics revenue was USD 360 million (+10.5%), with operating income of USD 10 million and reported EBITDA of USD 36 million (10.0% margin). Intermodal revenue was USD 51 million (-15.5%), with operating income of USD 3 million and reported EBITDA of USD 7 million (14.2% margin); drayage shipments were 57,953 and drayage revenue per shipment was USD 790. Forward Air reported operating cash flow of USD 32 million in 4Q25 and USD 209 million for FY25, with unrestricted cash of USD 106 million at year-end 2025. The company also highlighted a combined FY25 claims ratio of 0.1% and noted no long-term debt maturities until December 2030.

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