Earnings Call Transcript - FWRD Q4 2025

Operator, Operator

Good afternoon, everyone. Welcome to Forward Air's Fourth Quarter and Full Year 2025 Earnings Conference Call. I would now like to turn the call over to Mr. Tony Carreno, Senior Vice President of Treasury and Investor Relations. Please go ahead, sir.

Tony Carreno, Senior Vice President of Treasury and Investor Relations

Thank you, operator, and good afternoon, everyone. Welcome to Forward Air's Fourth Quarter and Year-End 2025 Earnings Conference Call. With us this afternoon are Shawn Stewart, President and Chief Executive Officer; and Jamie Pierson, Chief Financial Officer. By now, you should have received the press release announcing Forward Air's fourth quarter 2025 results, which was also furnished to the SEC on Form 8-K. We have also furnished a slide presentation outlining fourth quarter 2025 earnings highlights and a business update. Both the press release and slide presentation for this call are accessible on the Investor Relations section of Forward Air's website at forwardair.com. Please be aware that certain statements in the company's earnings release announcement and on this conference call may be considered forward-looking statements. This includes statements which are based on expectations, intentions, and projections regarding the company's future performance, anticipated events or trends and other matters that are not historical facts, including statements regarding our fiscal year 2026. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information concerning these risks and factors, please refer to our filings with the SEC and the press release and slide presentation relating to this earnings call. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this call. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. During the call, there may also be a discussion of financial metrics that do not conform to U.S. generally accepted accounting principles or GAAP. Management uses non-GAAP measures internally to understand, manage and evaluate our business and make operating decisions. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in today's press release and slide presentation. I will now turn the call over to Shawn.

Shawn Stewart, President and Chief Executive Officer

Good afternoon, everyone, and thank you for joining us. I really appreciate your interest in Forward Air Corporation. There are three main topics that I would like to cover on today's call. First, I will provide an update on our strategic alternatives review process. Second, I will review some key achievements in 2025. Third, I will share some thoughts on our 2026 priorities before turning the call over to Jamie. Regarding the strategic review, we have continued to make progress since our last update in November and believe we are nearing the conclusion. As we have said from the onset, this has been an extremely comprehensive review in an incredibly difficult logistics environment and broader economic backdrop, which has contributed to the length of the process. When we have updates to share on the review, we will. Beyond that, we are going to remain focused on operating the company, preparing for the cycle to turn so we can take advantage of when it does and keep today's comments focused on the actual results. With that, let's turn to the second topic. For the full year 2025, we reported consolidated EBITDA, which is calculated pursuant to our credit agreement of $307 million compared to $311 million in 2024. As we mentioned last year, we expected the quality of our earnings to continue to improve as historical pro forma and synergy savings roll off, and that is exactly what has happened. To that point, adjusted EBITDA in 2025 improved $40 million year-over-year to $293 million compared to $253 million in 2024. I am proud of our team for holding 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. We remain focused on the customer and use this time to completely rebuild the management team, consolidate duplicative real estate, and reduce expenses to position the company to take advantage of the tailwinds in the industry when the broader market improves. Operationally, in 2025, we unified our U.S. domestic operations with the creation of our One Ground Network, aligning our business into a more cohesive, agile, and scalable operating model. This initiative consolidated all U.S. domestic ground operations under a single leadership structure and integrated key service lines, line haul, pickup and delivery, truckload brokerage, and expedited services into one streamlined organization. Importantly, our sales channels will continue to operate independently, delivering the outstanding solutions, service, and customer relationships we always have. At the same time, our operations remain channel-agnostic, executing consistently across the platform and delivering best-in-class on-time performance and industry-leading claims results. In 2025, we also unveiled our new Latin America regional structure, marking a significant step in strengthening our global logistics network. 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 and enables us to deliver industry-leading import and export security, reliability, and service to our customers. During the year, we completed the corrective pricing actions at the Expedited Freight segment and shed some unprofitable freight from our network as a result. Following these actions, the improvement in yield, along with aligning our cost structure with less volume in the network, this segment's full year reported EBITDA margin improved by 110 basis points from 9.8% in 2024 to 10.9% in 2025. As we move into 2026, we expect the volume declines to begin moderating as we lap the corrective pricing actions. In closing out my comments on 2025, in pursuit of continuing to enhance the transparency of our business, we provided details on revenue by product, foreshadowing how we plan to go to market and transition away from reporting by legacy and legal reporting structure. During the year, we also provided insight into our revenue by region around the world. More to come as we work out the reporting nuances, but I'm extremely excited about this additional transparency. Moving to the third topic. As we enter 2026, our strategic focus remains on profitable long-term growth through the expansion of synergistic service offerings that enhance customer value and revenue quality. Our growth is contingent upon having the right team in place, including rounding out our leadership team. In late 2025, we added Fabio Mendunekas as the President of Latin America. Fabio brings over 30 years of experience in business development and operations throughout Latin America and North America. Just last month, we added Joanna Zhu to the leadership team as our President of Asia Pacific. Joanna brings a wealth of knowledge and 34 years of experience to the company, including working with two of the world's largest logistics companies. And most recently, we announced that Lance Sons has joined the company as our new Chief Information Officer. With nearly 30 years of experience, Lance has held progressive leadership roles at a few of the largest tech-forward supply chain companies. I could not be more excited about the talent and industry experience Fabio, Joanna, and Lance bring to the company. I am confident that they will drive growth and success across the global enterprise as we enter 2026. A priority in 2026 is to continue the progress in upgrading our tech stack as part of our broader transformation. A key component of this effort is the one ERP initiative, which will consolidate multiple financial systems into a single integrated platform. By bringing these systems together, we should achieve standardized reporting, consistent processes, and a single source of financial data, driving greater efficiency and effectiveness across the company. The project is planned as a phased rollout with the first phase successfully completed earlier this month and the final phase to be completed by the end of this year. During the year, we also plan to consolidate a very decentralized global HRIS system across multiple countries into one worldwide system. This is a transformative step as we continue to rationalize our IT systems, improve the quality of our data and decision-making. By prioritizing customer service, strong leadership, and careful cost management, we believe we are positioning the company for long-term success. As most of you are aware, we have made a great deal of progress and believe we are well positioned once the freight environment improves. We are optimistic about a recovery and are committed to building on the momentum of our transformation that we have created. With that, I will turn the call over to Jamie to go through the detailed results of the fourth quarter and full year 2025.

Jamie Pierson, Chief Financial Officer

Thanks, Shawn, and good afternoon, everyone. For the fourth quarter of 2025, we reported another solid $75 million consolidated EBITDA quarter. Actually, to be very specific, it was a $77 million quarter, and that is compared to $72 million in the fourth quarter a year ago. As you heard from Shawn, for the full year, consolidated EBITDA was $307 million, which was in line with the $311 million for 2024. As usual, we have detailed the information used to reconcile the adjusted and consolidated EBITDA results on Slide 31 of the presentation. And before you ask, I should note that in the fourth quarter, our operating expenses were negatively impacted by a $20 million charge for the impairment of software implementation costs. Being a noncash charge, as you would expect, the credit agreement allows us to add these costs back. Regarding consolidated EBITDA for the prior three quarters, we've adjusted the previously reported amounts by the actions we took in the fourth quarter to improve our cost structure. If you will remember, the credit agreement also allows us to add back pro forma savings from these actions to be included in our historical consolidated EBITDA and requires that we spread back in time to the period in which the expense would have been incurred. As such, we have appropriately adjusted the prior quarters to reflect the impacts of the cost savings. If you would, please reference Page 12 of the slide presentation issued today, and you will be able to see what we reported in the past, updated for the most recent cost-cut and pro forma actions. Turning to the segments. Expedited Freight fourth-quarter reported EBITDA improved to $25 million compared to $18 million a year ago. We also saw a significant improvement in year-over-year margin, which increased by 350 basis points to 10.1% in the fourth quarter of '25 compared to 6.6% in the fourth quarter of '24. For the full year, despite a challenging freight environment and a decline in tonnage, we focused on charging the optimal price for freight moving through our network and actively managing expenses. As you heard from Shawn, this strategy to focus on what we can control contributed to an improvement in Expedited Freight's reported EBITDA margin of more than 100 basis points to 10.9% for the year compared to 9.8% in 2024. At the Omni Logistics segment, we continue to reach new heights. In the fourth quarter, this segment achieved the highest revenue, the highest reported EBITDA, and the highest reported EBITDA margin, excluding the impairment of goodwill since the acquisition in January of '24. Reported EBITDA in the fourth quarter of '25 improved to $36 million compared to $32 million a year ago. The reported EBITDA margin for the fourth quarter of 2025 improved to 10% compared to 9.8% in the fourth quarter of 2024. Looking at the Omni Logistics segment's full-year results, reported EBITDA, again, excluding the impact of goodwill, almost doubled, increasing to $124 million in '25 compared to $67 million in 2024. Additionally, the margin increased significantly as well, increasing 360 basis points to 9.2% in 2025 compared to 5.6% in 2024. At Intermodal, the market, especially port activity remained challenging in the fourth quarter. Trade-related softness among several core customers, along with typical seasonality contributed to declining shipments and revenue per shipment compared to a year ago. In the fourth quarter, the Intermodal segment's reported EBITDA and margin were $7 million and 14.2%, respectively, compared to $10 million and 17.5% a year ago. On a full-year basis, the Intermodal segment's 2025 reported EBITDA of $35 million was in line with the $37 million we reported in 2024. The margin remained stable as well with a 15.1% margin in 2025 compared to 16% in 2024. Turning to cash flow, cash, and liquidity. Cash used by operating activities in the fourth quarter was $23 million, which was the exact same amount last year. For the full year of '25, we generated $44 million of cash from operating activities compared to consuming $69 million of cash used in operating activities last year, which is a $113 million year-over-year improvement. As for liquidity, we ended the year with $367 million comprised of $106 million in cash and $261 million in availability under the revolver. This compares to $105 million in cash and $382 million of liquidity at the end of '24. And as usual, I'd like to leave you with a few additional thoughts. The first of which is our very consistent performance in the midst of the current backdrop. On a consolidated basis, we have been bouncing around between $73 million to $79 million in consolidated EBITDA every single quarter of this year, which in turn leads to the continued strength of our liquidity position. When compared to our peers as a percent of total assets and as a percent of total LTM revenue, we are above the industry average on both metrics, ending the year with $367 million in liquidity and no meaningful maturities for almost five years gives us a ton of cushion and a ton of time to continue improving operations. As for my second point, given the current amount of excess capacity in the domestic ground network and the cost-out initiatives put in place last year, every single additional shipment added to the system should have a disproportionate positive contribution to the bottom line, and that has nothing to do with the increase in pricing that we're starting to see in the broader market. That is a long way of saying there is a significant amount of operating leverage in the domestic ground network. And the final point is the continued prioritization and maniacal focus on cash generation. As you heard earlier, cash provided by operations improved $113 million in '25 compared to '24. On Page 23 of the earnings presentation, you will see that on a non-GAAP basis, we generated $32 million in operating cash flow in the fourth quarter and $209 million for the full year of 2025. In closing, I would say for the continued and highly speculated industry recovery, I am not an economist nor am I a speculator. As we ended '25, I did not see any meaningful positive signs. That being said, since the end of the year, the recent spike in TL spot rates and the same rejected loads do give me hope that we're reaching an inflection point. Before declaring victory, we're going to need to see sustained PMI above 50 and continued increases in spot rates and rejections. I will now pass the call back to Shawn for closing comments before Q&A.

Shawn Stewart, President and Chief Executive Officer

Thank you, Jamie. In closing, we finished the year with momentum despite economic headwinds and a significant ongoing organizational transformation. Performing under these conditions underscores the resilience of our business and the strength of our team. I am incredibly proud of their unwavering commitment to our customers and their disciplined execution. Their ability to operate with precision while maintaining rigorous cost control has meaningfully strengthened our performance and enhanced our flexibility. This focus has not only delivered results in a challenging environment but also positioned us well to capture opportunities as the market conditions improve. I am highly confident in the foundation we are building. We are entering the next phase of the business from a position of strength, well-equipped to drive sustainable long-term growth and to continue delivering meaningful, measurable value to our shareholders. We believe we are well-positioned to benefit as freight markets stabilize and recover. As we move into Q&A, we ask that the questions focus on the state of the industry and the business. Thank you in advance. I will now turn the call over to the operator to take questions.

Operator, Operator

We'll go first today to Bruce Chan with Stifel.

J. Bruce Chan, Analyst

Congratulations on your progress so far. To start, it’s been some time since we experienced an up cycle, and there have been significant changes in the Expedited Freight segment during this period. Could you please remind us how your model operates during a recovery scenario, particularly with respect to the truckload supply aspect you mentioned, Jamie? I’m trying to understand how we should approach the potential gross margin pressures in expedited and brokerage compared to truckload, and what your current status is regarding third-party PC line haul miles.

Jamie Pierson, Chief Financial Officer

Bruce has about five questions in one sentence. So let me... It's good to hear from you, Bruce. Yes. Let me start from the beginning. Reflecting on our performance in a challenging environment, over the past five to seven years, we have consistently outperformed the industry due to the flexibility of our operating model. Our fixed costs are on the terminal side, while we have considerable flexibility with our profit-taking, which addresses one of your questions. This allows us to add capacity related to drivers, tractors, and trailers more quickly than most competitors. If I review our performance quarterly or annually, we may compare favorably with the industry average EBITDA margin, though not by a significant margin. However, during periods of volatility, we are likely to perform better on the ground side. This does not apply similarly to our warehouse operations, which remain fairly stable, nor to air and ocean, where the future is uncertain based on today's announcement. Currently, with our EBITDA margins at 10% compared to the industry's 20%, I believe we can recover much of that difference. This was a poorly phrased way of saying it; it was a play on words that was not intended.

Shawn Stewart, President and Chief Executive Officer

Yes. So Bruce, as you know, it's a pretty diverse portfolio. So when you look at whether it be obviously ground feeding into the network or the contract logistics, air and ocean customs brokerage. So it's really our focused growth in all of those areas and really plays into the advantages of that diversification so that when one is up or one is down, the other one is up, et cetera. So that's really what we've seen in the success of 2025 and what we really intend to continue to push through 2026 and beyond. We've got the right leadership with the right experience, with the right focus in each one of those areas moving forward. And the other complement, I would say, is, I call it synergy selling, but it's looking at customers that have a wallet share in one of those areas, but not in the others. And we have a very robust team focused on that wallet share across the product offerings to continue to have organic growth and further diversifying customer portfolios across those offerings. So that's really what’s happening here within the Omni area.

J. Bruce Chan, Analyst

Okay. But there's nothing in customs brokerage or bonded warehousing or something that should lead us to believe that you were over earning in this period or something like that?

Shawn Stewart, President and Chief Executive Officer

No, not significantly. I mean, obviously, yes, duty drawback on the customs brokerage side is huge right now with all the tariff stuff, but it's not significant revenue streams. It's just an uptick. But no, nothing in particular to your point, other than just growth and organic growth across the portfolio of those customers.

Jamie Pierson, Chief Financial Officer

Yes. If you look at the earnings presentation, Bruce, you'll see our margins in the Omni segment are pretty strong. So what Shawn said about growth, it couldn't be more spot on.

Operator, Operator

We go next now to Stephanie Moore with Jefferies.

Stephanie Benjamin Moore, Analyst

I appreciate the insights you've shared regarding the market's condition as the year has unfolded. It would be beneficial if you could offer more commentary on what your customers are experiencing, especially with the recent positive change in the ISM print after a long period. It would be great to hear about customers feeling more optimistic, and any distinctions you can draw between your LTL and Omni customers would also be valuable.

Shawn Stewart, President and Chief Executive Officer

I think, Stephanie, from my perspective, our customers' experience with us, on a consistent basis has given them comfort whether you're talking about the legacy Forward Air freight forwarder 3PLs. We've been very consistent with them and very active and transparent with them. And then the consistency on the omni side of our solutioning and cross-functional service offerings over the last two years with all the changes we made. To me, it's no differently than any of us when we are buying the service; we want to go to the best and very consistent, and that will keep us coming back for more. And that's really our recipe that's working for us. And so no real secret other than that. That's what we're seeing.

Jamie Pierson, Chief Financial Officer

Yes. I'd say is, and I think I said it in my comments, looking at the ISM print and especially focus on new orders, I think everyone gets super excited about seeing the new orders pop. But if you look at it, I mean, there's been three months over the last 36 that it's been even marginally positive over 50. And the most recent print obviously doesn't make a trend. We're going to need to see a consistent trend, at least a report over 50 for at least two, if not three or more months to see that it's sustainable and it's not an aberration in the actual results.

Stephanie Benjamin Moore, Analyst

Absolutely. I think that's helpful. Sticking with Omni, the performance has been very strong. Do you believe this is primarily due to your company's specific actions, or do you think there are some improvements in the underlying market? Also, do you think you're beginning to see any synergies from offering the two services coming together in 2026?

Shawn Stewart, President and Chief Executive Officer

I wouldn't say there are any signs of recovery other than the fact that our commercial organization has been restructured by Eric Brandt. We're regaining our confidence and have a clear focus. We understand our strengths and weaknesses, and we won’t pursue offerings that don't align with our capabilities. We're concentrating on selling solutions that fit our expertise. Even though we have both direct and indirect sales channels, operationally, everything related to ground services has transitioned into what we call the Forward network. I prefer not to use terms like legacy, but for this discussion, we will. Our aim is to enhance the customer experience with our solutions while respecting the sales channels to avoid conflicts.

Operator, Operator

We'll go next now to Scott Group with Wolfe Research.

Scott Group, Analyst

So I know you don't want to say too much on the process. I just want to make sure we're getting the message right. I think last quarter, you said it's taking a while and there's maybe a churn of interested parties, maybe less interest from some and new interest from others, if I understand what you were trying to say last quarter. Maybe just an update on that. Are we still seeing that churn? Or is there some other reason why this is taking so long?

Shawn Stewart, President and Chief Executive Officer

Yes, Scott, I can't say any more than I said. But I feel confident that we are coming to a conclusion here and more to come as that rounds itself out.

Scott Group, Analyst

I guess we're getting more optimistic since the year started. We're about two-thirds of the way through Q1 now. Can you give us an update on what you're seeing in the business? LTL tonnage was down 10% to 11% per day in Q4. What are you seeing in January and February?

Jamie Pierson, Chief Financial Officer

Yes. Scott, we don't give guidance on that. And I always appreciate you asking at least there's one consistency amongst the calls. But what I would say is it's probably just normal seasonality. We're not going to comment on the change in tonnage or price at this point in time. But if you just look over the last probably two years, it's probably not that much different in the first quarter than what you would have anticipated.

Scott Group, Analyst

Okay. Maybe I'll ask one more question. Can you share some insights on cash flow for this year, particularly regarding CapEx? Additionally, I've noticed that the leverage covenant is becoming increasingly challenging each quarter this year. I'd appreciate your thoughts on where you anticipate ending the year and your approach to deleveraging this year.

Jamie Pierson, Chief Financial Officer

Yes. The positive aspect of 2025 is that we have reached an inflection point. When reviewing the statement of cash flow from our filing, you will note that we incurred about $166 million in interest, approximately $25 million in financing leases, and around $27 million in capital expenditures. Once we hit this inflection point, any additional revenue will directly contribute to cash flow. In 2025, we saw an increase of $1 million in cash from 2024. While this may seem minimal, it signifies that we made significant progress in overcoming the challenges we faced in 2024. Moving forward, we will keep our focus on boosting sales while maintaining the operational efficiency that our team has developed over the past 18 months.

Scott Group, Analyst

So, is it similar regarding CapEx and everything for this year?

Jamie Pierson, Chief Financial Officer

Yes, we might have a little bit more in CapEx. But as a percent of revenue, I don't see it's going to be that demonstrably different than the past.

Operator, Operator

We'll go next now to Harrison Bauer with Susquehanna.

Harrison Bauer, Analyst

You emphasized the importance of volume driving incremental margins this year in your expedited business. It sounds like you view volume as having a higher profit contribution rather than your price cost outlook for 2026. Can you maybe speak to the directional outlook, particularly within Expedited Freight for pricing this year as you begin to lap prior pricing actions? As weight per shipment improves, would you expect any mix-related pressure on net yields?

Jamie Pierson, Chief Financial Officer

Again, Harrison, probably three different questions in there. But I think what you're getting at is incremental shipments and having a disproportionate positive contribution if I'm following that correctly. Is that right?

Harrison Bauer, Analyst

Yes, you got it. And just generally, what pricing within that business, what you expect if you expect volumes to be the bigger contributor to incrementals?

Jamie Pierson, Chief Financial Officer

Yes, right now, we're concentrating on enhancing the density of the network and addressing the profitability margin challenge associated with it. As everyone knows, there's a trade-off between price and volume. Given the decline in tonnage over the past couple of years, we've generated excess capacity in the ground network. Through cost-cutting measures, synergies, facility closures, and headcount reductions, we've established a robust operating model. This means that, assuming the price remains constant, adding one more shipment to the network increases profitability significantly more than the previous shipment. While it's difficult to determine exact capacity due to various metrics like terminals, doors, drivers, tractors, and trailers, adding a shipment to an already dispatched trailer, for which costs have already been incurred, is much more beneficial than earlier shipments, assuming everything else is equal. Moreover, if prices rise, that becomes additional margin. Shawn, do you have anything to add?

Harrison Bauer, Analyst

Could you provide insights on the significant change in revenue per shipment this quarter in your drayage business within Intermodal, especially considering it has taken a downturn compared to your recent trends?

Jamie Pierson, Chief Financial Officer

Yes. This one is an easy one, Harrison. I think this is a simple supply and demand. The port volumes are down somewhere between 5% to 10%. And it's not like the ground or the LTL network. It's much more, I guess, volatile in terms of the supply falling off, which is to say that it's much more elastic pricing in intermodal than it is probably in the linehaul business.

Shawn Stewart, President and Chief Executive Officer

I would say, Harrison, there's two major revenue streams there. We have quite a few storage depots in country. And so you have the dray move lesser to the intermodal over the rail and your other major revenue stream outside of just normal port drayage or rail drayage is the storage of the container in our depot yard. So it just depends on what that mix is per quarter. And I would say that also helped us with the slowdown of the port drayage in Q4. We had some decent revenues on the storage side. So that's what supports the margin as well.

Operator, Operator

We'll take a follow-up question now from Bruce Chan at Stifel.

J. Bruce Chan, Analyst

Yes. I appreciate the follow-up, guys. Looking through the deck, I'm reminded that you have some nice data center exposure in contract logistics through one of the legacy Omni OpCos. Can you just maybe give us a sense of what that looks like as a percent of revenue and maybe what growth has looked like there recently?

Shawn Stewart, President and Chief Executive Officer

I think one of the slides depicts the percentage...

Jamie Pierson, Chief Financial Officer

Yes, if you look at Page 7, it outlines our product segment changes. We've updated this slide to reflect the revenue percentages for the entire fiscal year of 2025. You'll see that contract logistics accounts for about 15%, but that's on a global scale.

Shawn Stewart, President and Chief Executive Officer

But, Bruce, the major concentration is in North America and Asia Pacific. So that's the majority where our contract logistics revenue comes from.

J. Bruce Chan, Analyst

Okay. So fair to assume there's a good chunk of that data center and high-tech exposure in there?

Shawn Stewart, President and Chief Executive Officer

It's included, but I wouldn't describe it as a significant part of our business. It's not the only component. You'll find textiles, technology beyond data centers, and some automotive as well. So it's not limited to just that sector.

Jamie Pierson, Chief Financial Officer

Yes. And I know you haven't had a chance to read it yet, Bruce. But we've been talking about under that vertical being tech, data, medical and then kind of a complex, high-value end market.

J. Bruce Chan, Analyst

Okay. Great. And then what does the growth look like in that data center business? Has that been scaling with all the activity that we've been seeing in that space?

Shawn Stewart, President and Chief Executive Officer

Yes, for sure. I mean we're scaling with it. There's a lot of players in the space, but we're there, and we're taking every wallet share we can grab. We're pretty good at it. And with the high-value, high-risk area of this business, going from our world-class warehouses on the contract logistics side into our trucks, into the clean rooms of the data centers, we're very good at the service, and we continue to gain momentum here.

Operator, Operator

And gentlemen, it appears we have no further questions today. Mr. Stewart, I'd like to turn things back to you, sir, for any closing comments.

Shawn Stewart, President and Chief Executive Officer

All right. Well, thank you so much, and we really appreciate your interest and your support of us. It was a great year, and we remain extremely confident in our strategy and look forward to updating you on our progress next quarter if something happens between then. So I appreciate the time today. And if you have any follow-up questions, please reach out to Tony, and we'll be in touch. Thank you. Have a great week.

Operator, Operator

Thank you, gentlemen. Again, ladies and gentlemen, this concludes Forward Air's Fourth Quarter and Full Year 2025 Earnings Conference Call. Please disconnect your line at this time, and have a wonderful day. Goodbye.