Cash used by operations improved by $32 million year-over-year to $13 million used in Q2, with $14 million cash provided in the first half of 2025 compared to $97 million used in the prior year.
Consolidated EBITDA was $74 million with an 11.9% margin, slightly down from $89 million and 13.8% margin in Q2 2024, but adjusted EBITDA improved by $1 million year-over-year to $74 million.
Expedited Freight segment EBITDA increased from $18 million in Q4 2024 to $30 million in Q2 2025, with margin improving 500 basis points to 11.6%.
Forward Air reported consolidated revenue of $619 million in Q2 2025, down 3.9% year-over-year primarily due to a decline in the Expedited Freight segment revenue.
Intermodal segment EBITDA remained stable at $9 million, consistent with prior quarters.
Omni Logistics segment revenue grew $16 million year-over-year to $328 million, with EBITDA increasing 47% to $30 million and margin improving to 9%.
Adjusted EBITDA rose 23.2% to $103.3 million, exceeding analyst estimates by $21 million, supported by employee retention credits and operational improvements.
CoreCivic reported a 9.8% increase in total revenue for Q2 2025 compared to Q2 2024, driven by higher federal and state detention populations and increased per diem rates.
GAAP EPS was $0.35, with adjusted EPS at $0.36, up 80% year-over-year, and normalized FFO per share increased 40.5% to $0.59.
Operating margin improved to 26.2% from 23.7% in the prior year quarter, with a 90 basis point increase excluding employee retention credits.
The company repurchased 2 million shares in Q2 at a cost of $43.2 million, totaling 3.9 million shares repurchased year-to-date for $81 million.
Record Sales, EBITDA, and EPS Achieved in Fiscal 2025
Applied Industrial Technologies achieved new records for sales, EBITDA, and EPS in fiscal 2025, demonstrating strong operational resilience.
Full year EPS growth of 4% exceeded initial guidance, highlighting effective management despite a muted demand environment.
Gross margins expanded nearly 50 basis points, surpassing 30% for the first time in the company's history, indicating margin improvement.
The company generated over $465 million of free cash flow, a 34% increase, enabling significant capital deployment including acquisitions and share buybacks.
The strategic acquisition of Hydradyne, its largest in 6 years, contributed over 400 basis points of inorganic growth and was a key driver of the record performance.
Dafinchi