What is Forward Air's operating income?

Forward Air's total operating income in 2025 was $36.42 million, based on the following breakdown: Total Gross Profit: $1.94 billion Total Operating Expenses: $1.90 billion

Forward Air (FWRD) Financials

$12.80 -0.58 (-4.33%)

Closing price 04:00 PM Eastern

Extended Trading

$12.89 +0.09 (+0.67%)

As of 07:33 PM Eastern

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Annual Income Statements for Forward Air

This table shows Forward Air's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	56	28	87	92	87	24	106	193	167	-817	-108
Consolidated Net Income / (Loss)	56	28	87	92	87	24	106	193	167	-1,131	-142
Net Income / (Loss) Continuing Operations	56	28	87	89	82	53	107	179	43	-1,125	-142
Total Pre-Tax Income	80	58	108	115	110	69	143	242	57	-1,250	-147
Total Operating Income	82	60	109	117	112	74	147	248	88	-1,063	36
Total Gross Profit	703	314	342	328	939	987	1,083	1,653	1,349	1,916	1,939
Total Revenue	959	1,030	1,169	1,138	1,215	1,270	1,387	1,680	1,371	2,474	2,495
Operating Revenue	959	1,030	1,169	1,138	1,215	1,270	1,387	1,680	1,371	2,474	2,495
Total Cost of Revenue	257	716	827	810	276	283	305	27	22	558	556
Operating Cost of Revenue	257	716	827	810	276	283	305	27	22	558	556
Total Operating Expenses	621	254	233	210	827	913	936	1,405	1,261	2,979	1,903
Selling, General & Admin Expense	87	88	99	87	689	771	793	197	192	1,560	1,487
Marketing Expense	21	25	30	30	39	35	39	47	50	65	59
Depreciation Expense	37	38	41	36	36	37	35	43	57	144	153
Other Operating Expenses / (Income)	475	60	64	58	63	70	68	1,118	961	182	204
Impairment Charge	0.00	42	0.00	0.00	-	-	-	0.00	0.00	1,028	0.00
Total Other Income / (Expense), net	-2.11	-1.59	-1.22	-1.79	-2.71	-4.56	-4.34	-5.14	-32	-187	-184
Interest Expense	2.05	1.60	1.21	1.78	2.71	4.56	4.34	5.14	32	189	181
Other Income / (Expense), net	-0.06	0.00	-0.01	-0.00	-0.00	-0.00	-	0.00	0.00	2.32	-2.87
Income Tax Expense	24	31	20	27	27	17	36	63	14	-125	-5.47
Net Income / (Loss) Discontinued Operations	-	-	-	3.49	4.78	-29	-1.02	14	125	-6.39	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	0.00	0.00	-314	-34
Basic Earnings per Share	$1.80	$0.90	$2.90	$3.14	$3.06	$0.84	$3.87	$7.17	$6.42	($30.63)	($3.51)
Weighted Average Basic Shares Outstanding	30.73M	30.28M	29.87M	29.30M	28.50M	27.53M	26.94M	26.34M	26.37M	30.40M	31.55M
Diluted Earnings per Share	$1.78	$0.90	$2.89	$3.12	$3.04	$0.84	$3.85	$7.14	$6.40	($30.63)	($3.51)
Weighted Average Diluted Shares Outstanding	30.73M	30.28M	29.87M	29.30M	28.50M	27.53M	26.94M	26.34M	26.37M	30.40M	31.55M
Weighted Average Basic & Diluted Shares Outstanding	30.73M	30.28M	29.87M	29.30M	28.50M	27.53M	26.94M	26.34M	26.37M	30.40M	31.55M
Cash Dividends to Common per Share	$0.50	$0.50	$0.60	$0.63	$0.72	$0.75	$0.84	$0.96	$0.96	$0.00	$0.00

This table shows Forward Air's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	9.29	102	-62	-645	-73	-36	-51	-13	-16	-28	-34
Consolidated Net Income / (Loss)	9.29	102	-89	-971	-35	-36	-61	-20	-24	-36	-40
Net Income / (Loss) Continuing Operations	6.49	-15	-89	-966	-34	-35	-61	-20	-24	-36	-40
Total Pre-Tax Income	9.03	-21	-107	-1,141	-33	32	-42	-37	-23	-45	-38
Total Operating Income	12	3.00	-66	-1,096	23	76	4.76	20	15	-2.87	20
Total Gross Profit	335	407	537	638	518	220	466	468	495	369	577
Total Revenue	341	338	542	644	656	633	613	619	632	631	582
Operating Revenue	341	338	542	644	656	633	613	619	632	631	582
Total Cost of Revenue	5.85	-69	5.25	5.86	138	413	148	151	137	262	4.93
Operating Cost of Revenue	5.85	-69	5.25	5.86	138	413	148	151	137	262	4.93
Total Operating Expenses	323	404	602	1,734	495	144	461	449	480	372	557
Selling, General & Admin Expense	53	-83	113	66	388	1,049	360	347	377	708	56
Marketing Expense	13	11	13	15	17	20	15	16	13	16	13
Depreciation Expense	14	18	32	49	26	38	37	37	38	41	39
Other Operating Expenses / (Income)	244	459	445	512	49	-883	49	50	52	-393	449
Total Other Income / (Expense), net	-2.66	-24	-41	-46	-56	-44	-46	-57	-38	-42	-59
Interest Expense	2.66	24	41	47	53	48	46	45	45	45	44
Other Income / (Expense), net	0.00	-	-0.66	1.61	-2.82	4.19	-0.82	-11	6.40	2.86	-15
Income Tax Expense	2.54	-6.26	-18	-175	1.30	67	20	-17	0.39	-8.70	1.79
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	-27	-326	38	0.66	-11	-7.78	-7.51	-8.09	-5.88
Basic Earnings per Share	$0.36	$3.93	($2.81)	($23.47)	($2.66)	($1.69)	($1.68)	($0.41)	($0.52)	($0.90)	($1.09)
Weighted Average Basic Shares Outstanding	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M	30.42M	30.79M	31.25M	31.55M	31.63M
Diluted Earnings per Share	$0.36	$3.91	($2.81)	($23.47)	($2.66)	($1.69)	($1.68)	($0.41)	($0.52)	($0.90)	($1.09)
Weighted Average Diluted Shares Outstanding	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M	30.42M	30.79M	31.25M	31.55M	31.63M
Weighted Average Basic & Diluted Shares Outstanding	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M	30.42M	30.79M	31.25M	31.55M	31.63M

This table details how cash moves in and out of Forward Air's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-8.12	-25	-4.62	22	39	-24	-2.94	8.51	1,906	-1,847	0.73
Net Cash From Operating Activities	86	130	103	153	159	85	120	259	181	-75	44
Net Cash From Continuing Operating Activities	86	130	137	142	146	96	121	250	199	-69	44
Net Income / (Loss) Continuing Operations	56	28	87	89	82	53	107	179	43	-1,125	-142
Depreciation Expense	37	38	41	36	36	37	35	43	57	144	153
Non-Cash Adjustments To Reconcile Net Income	6.72	52	2.19	13	15	16	16	17	17	1,042	36
Changes in Operating Assets and Liabilities, net	-14	13	6.33	4.65	12	-9.95	-38	11	82	-130	-2.97
Net Cash From Discontinued Operating Activities	-	-	-	10	13	-11	-0.35	8.93	-18	-6.39	0.00
Net Cash From Investing Activities	-101	-52	-59	-55	-64	-83	-88	-104	175	-1,609	-27
Net Cash From Continuing Investing Activities	-101	-52	-59	-52	-58	-82	-96	-103	-84	-1,609	-27
Purchase of Property, Plant & Equipment	-40	-42	-38	-40	-22	-20	-38	-39	-31	-37	-29
Acquisitions	-62	-12	-23	-20	-39	-64	-60	-66	-57	-1,576	0.00
Sale of Property, Plant & Equipment	1.72	1.93	2.44	6.97	2.66	2.41	2.64	2.37	3.74	5.14	2.20
Other Investing Activities, net	-0.27	-0.34	-0.22	0.36	-	-	-	0.00	0.00	-0.44	0.00
Net Cash From Discontinued Investing Activities	-	-	-	-3.24	-5.55	-1.20	7.29	-1.48	259	0.00	0.00
Net Cash From Financing Activities	7.08	-103	-49	-89	-56	-26	-35	-146	1,550	-145	-18
Net Cash From Continuing Financing Activities	7.08	-103	-157	-68	-48	-39	-28	-139	1,791	-164	-18
Repayment of Debt	-101	-56	-98	-0.30	-0.95	-21	42	-55	-179	-207	-110
Repurchase of Common Equity	-20	-40	-49	-66	-56	-45	-49	-63	-94	0.00	0.00
Payment of Dividends	-15	-16	-18	-25	-20	-21	-23	-26	-25	0.00	0.00
Issuance of Debt	125	0.00	0.00	7.00	20	65	-	0.00	1,861	75	110
Issuance of Common Equity	0.45	0.44	0.46	0.48	0.61	0.66	0.91	0.78	0.80	0.75	0.85
Other Financing Activities, net	18	8.08	7.27	2.05	8.94	-17	1.01	4.29	227	-14	-18
Net Cash From Discontinued Financing Activities	-	-	-	-6.91	-7.92	13	-6.94	-7.45	-241	0.00	0.00
Other Net Changes in Cash	-	-	-	-	-	-	-	0.00	0.00	1.01	0.79

This table details how cash moves in and out of Forward Air's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	0.56	1,933	-1,780	-68	34	-33	11	-21	45	-34	35
Net Cash From Operating Activities	30	22	-52	-50	50	-24	28	-13	53	-23	46
Net Cash From Continuing Operating Activities	25	57	-52	-45	51	-23	28	-13	53	-23	46
Net Income / (Loss) Continuing Operations	6.49	-15	-89	-966	-34	-35	-61	-20	-24	-36	-40
Consolidated Net Income / (Loss)	-	-	-89	-	-	-	-61	-20	-24	-	-40
Depreciation Expense	14	18	32	49	26	38	37	37	38	41	39
Non-Cash Adjustments To Reconcile Net Income	3.99	3.99	2.61	1,097	18	-76	3.61	5.70	4.06	23	4.27
Changes in Operating Assets and Liabilities, net	-0.02	50	2.68	-225	41	51	48	-35	35	-50	43
Net Cash From Investing Activities	-5.74	252	-1,569	-14	-9.47	-16	-11	-3.89	-3.85	-7.94	-5.52
Net Cash From Continuing Investing Activities	-5.14	-8.18	-1,569	-14	-9.47	-16	-11	-3.89	-3.85	-7.94	-5.52
Purchase of Property, Plant & Equipment	-5.24	-8.65	-4.97	-14	-10	-7.25	-12	-4.74	-4.12	-8.35	-6.95
Sale of Property, Plant & Equipment	0.10	0.47	0.85	0.56	1.09	2.64	0.69	0.80	0.29	0.42	1.43
Other Investing Activities, net	-	-	-0.09	-0.09	-0.15	-0.13	-0.02	0.06	-0.03	-	0.00
Net Cash From Financing Activities	-24	1,660	-159	-4.23	-6.44	5.56	-5.33	-4.62	-3.66	-3.93	-4.91
Net Cash From Continuing Financing Activities	-19	1,884	-159	-4.23	-6.44	5.56	-5.33	-4.62	-3.66	-3.93	-4.91
Repayment of Debt	-3.29	1,640	-145	-9.13	-6.21	-70	-29	-65	-3.61	-12	0.00
Issuance of Debt	-	25	0.00	-	-	75	25	60	-	25	0.00
Other Financing Activities, net	4.55	225	-14	4.53	-0.21	0.13	-0.89	0.33	-0.05	-18	-4.91
Other Net Changes in Cash	-	-	0.09	0.65	-0.61	0.88	-	-	-	0.23	-0.28

This table presents Forward Air's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	700	641	693	760	991	1,047	1,118	1,208	2,980	2,803	2,719
Total Current Assets	173	136	168	201	236	246	283	304	347	473	521
Cash & Equivalents	33	8.51	3.89	26	65	40	37	46	122	105	106
Accounts Receivable	109	117	148	156	136	156	216	188	159	322	350
Prepaid Expenses	11	9.85	9.95	12	14	21	22	25	26	29	28
Other Current Assets	-	-	-	-	5.95	6.74	7.03	11	1.10	16	37
Plant, Property, & Equipment, net	187	200	206	210	193	190	219	246	0.00	326	298
Total Noncurrent Assets	339	305	319	349	562	612	616	657	2,633	2,004	1,900
Goodwill	206	185	192	199	216	245	267	258	279	523	523
Intangible Assets	128	107	111	114	125	145	155	116	135	999	907
Other Noncurrent Operating Assets	5.78	13	16	36	145	169	194	183	2,219	482	471
Total Liabilities & Shareholders' Equity	700	641	693	760	991	1,047	1,118	1,208	2,980	2,803	2,719
Total Liabilities	190	142	160	207	414	500	524	501	2,215	2,517	2,557
Total Current Liabilities	109	78	66	75	137	172	165	169	237	384	428
Accounts Payable	31	24	37	42	39	38	45	50	45	106	122
Accrued Expenses	11	14	15	15	14	51	62	50	63	120	114
Other Current Liabilities	-	-	-	0.00	44	54	52	46	116	159	192
Total Noncurrent Liabilities	81	64	94	132	277	328	359	331	1,978	2,133	2,129
Long-Term Debt	28	0.00	40	47	67	112	155	107	0.00	1,676	1,687
Capital Lease Obligations	1.07	0.73	0.37	0.05	4.91	5.01	9.57	-	27	31	22
Noncurrent Deferred & Payable Income Tax Liabilities	40	42	29	37	41	42	43	51	42	51	39
Other Noncurrent Operating Liabilities	12	22	24	48	126	134	151	168	1,909	374	381
Total Equity & Noncontrolling Interests	510	499	533	553	577	547	594	707	764	286	162
Total Preferred & Common Equity	510	499	533	553	577	547	594	707	764	202	113
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	510	499	533	553	577	547	594	707	764	202	113
Common Stock	161	180	196	211	227	243	259	271	284	543	560
Retained Earnings	349	319	337	343	350	304	335	436	480	-338	-447
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	0.00	-2.73	0.58
Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	84	48

This table presents Forward Air's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,186	1,227	1,185	1,191	3,959	3,067	3,056	2,804	2,761	2,794	2,696
Total Current Assets	313	258	216	238	569	559	545	493	475	552	542
Cash & Equivalents	47	32	-	19	152	85	137	116	95	140	141
Accounts Receivable	248	201	176	192	353	370	363	336	336	341	334
Prepaid Expenses	-	-	-	-	40	39	31	29	33	31	29
Other Current Assets	18	24	22	27	4.30	44	13	11	10	40	38
Plant, Property, & Equipment, net	231	253	261	258	0.00	0.00	0.00	331	321	310	287
Total Noncurrent Assets	642	716	708	695	3,390	2,509	2,511	1,979	1,965	1,932	1,867
Goodwill	288	357	357	357	1,379	545	716	523	523	523	523
Intangible Assets	155	156	151	147	1,264	1,231	1,033	976	953	930	884
Other Noncurrent Operating Assets	199	203	200	191	746	733	761	480	490	479	460
Total Liabilities & Shareholders' Equity	1,186	1,227	1,185	1,191	3,959	3,067	3,056	2,804	2,761	2,794	2,696
Total Liabilities	503	541	511	525	2,627	2,703	2,719	2,564	2,525	2,584	2,574
Total Current Liabilities	180	166	169	190	445	420	449	438	397	460	442
Accounts Payable	51	43	37	46	131	143	157	112	115	125	104
Accrued Expenses	68	53	53	57	119	117	136	144	116	147	133
Other Current Liabilities	53	58	12	73	167	142	139	166	149	172	205
Total Noncurrent Liabilities	324	375	342	334	2,182	2,283	2,271	2,125	2,128	2,124	2,132
Long-Term Debt	107	151	120	119	1,664	1,677	1,673	1,679	1,681	1,684	1,690
Capital Lease Obligations	114	18	120	111	34	35	309	-	29	26	19
Noncurrent Deferred & Payable Income Tax Liabilities	45	53	53	53	191	284	246	35	33	37	53
Other Noncurrent Operating Liabilities	57	153	48	51	292	286	42	411	384	376	369
Total Equity & Noncontrolling Interests	683	686	674	666	1,332	364	337	227	216	196	122
Total Preferred & Common Equity	683	686	674	666	926	284	226	155	152	140	81
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	683	686	674	666	926	284	226	155	152	140	81
Common Stock	268	274	278	281	509	513	529	547	552	556	565
Retained Earnings	415	411	396	385	417	-228	-302	-390	-402	-419	-483
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-0.15	-1.00	-0.82	-2.47	2.09	2.12	-1.03
Noncontrolling Interest	-	-	-	-	406	80	110	72	64	56	41

This table displays calculated financial ratios and metrics derived from Forward Air's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	31,248,234.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	31,248,234.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-3.45
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	57	28	88	90	84	56	110	183	67	-744	25
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	22.26%	8.30%	-37.60%	1.36%
Earnings before Interest and Taxes (EBIT)	82	60	109	117	112	74	147	248	88	-1,061	34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	119	98	150	153	149	111	182	290	146	-917	186
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-81	70	38	84	103	-0.08	-4.65	249	86	-1,989	148
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	561	519	570	575	556	613	727	661	642	1,887	1,765
Increase / (Decrease) in Invested Capital	138	-42	50	5.48	-19	56	115	-66	-19	1,245	-122
Book Value per Share	$16.54	$16.35	$17.89	$18.95	$20.49	$19.90	$22.02	$26.60	$29.78	$6.97	$3.63
Tangible Book Value per Share	$5.73	$6.81	$7.72	$8.24	$8.40	$5.72	$6.39	$12.55	$13.67	($45.60)	($42.12)
Total Capital	595	528	574	601	651	667	765	823	804	1,979	1,871
Total Debt	85	29	41	48	74	119	171	116	39	1,693	1,710
Total Long-Term Debt	29	0.73	41	47	72	117	165	107	27	1,676	1,710
Net Debt	51	20	37	22	8.92	79	134	70	-122	1,588	1,604
Capital Expenditures (CapEx)	39	40	36	33	19	18	36	37	27	32	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	87	78	98	101	36	36	87	98	-39	0.48	-13
Debt-free Net Working Capital (DFNWC)	120	86	102	127	101	76	124	144	123	105	93
Net Working Capital (NWC)	64	58	101	126	99	74	118	135	110	88	93
Net Nonoperating Expense (NNE)	1.47	0.75	0.99	-2.12	-2.74	33	4.27	-9.97	-101	387	167
Net Nonoperating Obligations (NNO)	51	20	37	22	-21	65	134	-46	-122	1,601	1,604
Total Depreciation and Amortization (D&A)	37	38	41	36	36	37	35	43	57	144	153
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.80	$0.91	$2.90	$3.14	$3.06	$0.84	$3.87	$7.17	$6.42	($30.63)	($3.51)
Adjusted Weighted Average Basic Shares Outstanding	30.54M	30.23M	29.58M	28.79M	28.14M	27.53M	26.94M	26.34M	26.37M	30.40M	31.55M
Adjusted Diluted Earnings per Share	$1.78	$0.90	$2.89	$3.12	$3.04	$0.84	$3.85	$7.14	$6.40	($30.63)	($3.51)
Adjusted Weighted Average Diluted Shares Outstanding	30.54M	30.23M	29.58M	28.79M	28.14M	27.53M	26.94M	26.34M	26.37M	30.40M	31.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.54M	30.23M	29.58M	28.79M	28.14M	27.53M	26.94M	26.34M	26.37M	30.40M	31.55M
Normalized Net Operating Profit after Tax (NOPAT)	57	72	88	90	84	56	110	183	67	-24	25
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Forward Air's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	31,248,234.00	31,554,245.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	31,248,234.00	31,554,245.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.91	-1.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-33.15%	80.56%	51.47%	92.93%	92.37%	87.00%	13.19%	-3.86%	-3.69%	-	-5.09%
EBITDA Growth	-69.14%	-59.32%	-158.09%	-2,742.18%	76.73%	471.97%	219.36%	104.31%	29.24%	-	5.81%
EBIT Growth	-83.69%	-93.03%	-240.67%	-4,256.31%	70.02%	2,568.27%	105.94%	100.75%	7.69%	-	31.36%
NOPAT Growth	-84.23%	-93.07%	-228.94%	-4,138.71%	89.11%	-4,141.26%	107.25%	101.78%	-33.88%	-	329.16%
Net Income Growth	-82.18%	136.93%	-344.15%	-4,968.66%	-480.44%	-135.14%	31.09%	97.90%	32.77%	-	34.31%
EPS Growth	-81.35%	144.38%	-305.11%	-3,188.16%	-838.89%	-143.22%	40.21%	98.25%	80.45%	-	35.12%
Operating Cash Flow Growth	-64.44%	-64.74%	-178.37%	-178.78%	67.48%	-207.57%	153.39%	73.61%	5.39%	-	65.63%
Free Cash Flow Firm Growth	-1,190.94%	-77.87%	-2,575.07%	-3,217.40%	-6,687.53%	-6,329.46%	151.00%	107.46%	131.88%	-	-86.58%
Invested Capital Growth	3.17%	-2.91%	246.03%	106.70%	146.27%	193.86%	-36.96%	-6.04%	-18.23%	-	-7.11%
Revenue Q/Q Growth	2.20%	-0.75%	103.72%	18.80%	1.91%	-3.52%	-3.09%	0.91%	2.09%	-	-7.79%
EBITDA Q/Q Growth	-34.55%	-20.54%	-367.28%	-2,921.27%	104.38%	157.17%	-64.91%	8.99%	31.39%	-	7.34%
EBIT Q/Q Growth	-55.60%	-74.33%	-8,157.59%	-1,548.04%	101.82%	302.78%	-95.07%	108.19%	160.60%	-	47,209.09%
NOPAT Q/Q Growth	-55.76%	-75.00%	-8,075.62%	-1,567.00%	102.07%	-634.16%	103.93%	309.87%	-23.13%	-	812.73%
Net Income Q/Q Growth	-53.45%	995.44%	-187.27%	-993.93%	96.36%	-1.18%	-71.15%	66.72%	-16.66%	-	-10.39%
EPS Q/Q Growth	-52.63%	986.11%	-171.87%	-735.23%	88.67%	36.47%	0.59%	75.60%	-26.83%	-	-21.11%
Operating Cash Flow Q/Q Growth	-53.02%	-26.48%	-335.55%	3.17%	199.87%	-147.22%	216.92%	-147.86%	498.83%	-	301.24%
Free Cash Flow Firm Q/Q Growth	64.88%	212.39%	-11,333.79%	14.53%	28.13%	-3.15%	180.50%	-87.50%	207.26%	-	19.65%
Invested Capital Q/Q Growth	-7.28%	-28.03%	349.60%	-31.11%	10.47%	-14.12%	-3.55%	2.69%	-3.86%	-	-4.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.29%	120.30%	75.25%	99.09%	99.26%	34.73%	99.08%	75.64%	78.32%	-	99.15%
EBITDA Margin	7.60%	6.08%	-6.39%	-162.43%	6.98%	18.60%	6.74%	7.27%	9.36%	-	7.51%
Operating Margin	3.43%	0.89%	-12.13%	-170.24%	3.46%	11.99%	0.78%	3.15%	2.38%	-	3.51%
EBIT Margin	3.43%	0.89%	-12.25%	-169.99%	3.03%	12.65%	0.64%	1.33%	3.39%	-	0.89%
Profit (Net Income) Margin	2.72%	30.06%	-16.39%	-150.91%	-5.39%	-5.65%	-9.98%	-3.29%	-3.76%	-	-6.91%
Tax Burden Percent	102.81%	-485.05%	82.87%	85.10%	107.41%	-113.06%	147.09%	54.87%	101.65%	-	104.67%
Interest Burden Percent	77.29%	-699.20%	161.38%	104.32%	-165.52%	39.50%	-1,054.55%	-451.88%	-109.20%	-	-741.12%
Effective Tax Rate	28.13%	0.00%	0.00%	0.00%	0.00%	211.88%	0.00%	0.00%	0.00%	-	0.00%
Return on Invested Capital (ROIC)	3.42%	1.31%	-7.10%	-150.62%	3.42%	-26.24%	0.59%	2.89%	2.08%	-	3.45%
ROIC Less NNEP Spread (ROIC-NNEP)	3.86%	-117.23%	-12.12%	-171.98%	-1.49%	-19.60%	-3.51%	0.81%	0.10%	-	0.00%
Return on Net Nonoperating Assets (RNNOA)	1.17%	13.39%	-10.23%	-317.01%	-3.10%	-27.60%	-7.09%	4.57%	0.65%	-	0.02%
Return on Equity (ROE)	4.59%	14.70%	-17.33%	-467.63%	0.31%	-53.84%	-6.50%	7.46%	2.73%	-	3.47%
Cash Return on Invested Capital (CROIC)	7.51%	13.18%	-111.25%	-123.99%	-135.96%	-157.29%	15.82%	10.68%	24.09%	-	9.45%
Operating Return on Assets (OROA)	3.52%	0.58%	-7.35%	-149.11%	3.11%	10.83%	0.48%	1.15%	2.89%	-	0.80%
Return on Assets (ROA)	2.80%	19.68%	-9.83%	-132.38%	-5.53%	-4.83%	-7.51%	-2.85%	-3.21%	-	-6.19%
Return on Common Equity (ROCE)	4.59%	14.70%	-13.84%	-431.38%	0.28%	-49.53%	-4.50%	5.59%	1.87%	-	2.34%
Return on Equity Simple (ROE_SIMPLE)	16.31%	0.00%	4.56%	-334.47%	-439.54%	0.00%	-713.70%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	8.40	2.10	-46	-767	16	-85	3.33	14	11	-2.01	14
NOPAT Margin	2.46%	0.62%	-8.49%	-119.17%	2.42%	-13.41%	0.54%	2.21%	1.66%	-	2.46%
Net Nonoperating Expense Percent (NNEP)	-0.43%	118.54%	5.02%	21.36%	4.91%	-6.64%	4.10%	2.08%	1.98%	-	3.45%
Return On Investment Capital (ROIC_SIMPLE)	-	0.26%	-	-	-	-4.29%	0.17%	0.70%	0.55%	-0.11%	0.78%
Cost of Revenue to Revenue	1.71%	-20.30%	24.75%	0.91%	0.74%	65.27%	0.92%	24.36%	21.68%	-	0.85%
SG&A Expenses to Revenue	15.44%	-24.64%	71.97%	10.20%	8.47%	165.74%	9.06%	56.02%	59.71%	-	9.55%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	94.86%	119.41%	87.38%	269.33%	95.80%	22.75%	98.30%	72.48%	75.95%	-	95.64%
Earnings before Interest and Taxes (EBIT)	12	3.00	-66	-1,094	20	80	3.95	8.21	21	-0.01	5.18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	21	-35	-1,046	46	118	41	45	59	41	44
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.64	2.11	0.89	1.77	4.34	4.63	3.95	4.92	5.65	-	6.51
Price to Tangible Book Value (P/TBV)	10.85	4.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Price to Revenue (P/Rev)	1.44	1.18	0.53	0.27	0.45	0.38	0.24	0.30	0.32	-	0.21
Price to Earnings (P/E)	16.21	9.64	11.84	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Dividend Yield	1.40%	1.53%	3.09%	5.04%	2.71%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	6.17%	10.37%	8.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.23	2.32	0.96	1.11	1.34	1.38	1.24	1.31	1.35	-	1.26
Enterprise Value to Revenue (EV/Rev)	1.63	1.09	1.79	1.18	1.35	1.05	0.89	0.97	0.97	-	0.87
Enterprise Value to EBITDA (EV/EBITDA)	11.31	10.24	53.38	0.00	0.00	0.00	0.00	9.78	9.24	-	11.33
Enterprise Value to EBIT (EV/EBIT)	15.49	16.90	0.00	0.00	0.00	0.00	0.00	21.80	21.41	-	61.42
Enterprise Value to NOPAT (EV/NOPAT)	21.27	22.37	0.00	0.00	0.00	0.00	0.00	28.42	30.17	-	58.58
Enterprise Value to Operating Cash Flow (EV/OCF)	8.96	8.22	43.67	0.00	0.00	0.00	575.52	59.89	55.92	-	34.18
Enterprise Value to Free Cash Flow (EV/FCFF)	30.09	17.36	0.00	0.00	0.00	0.00	6.08	11.86	5.06	-	12.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.37	0.05	1.30	4.75	5.94	5.92	7.47	7.99	8.82	-	13.98
Long-Term Debt to Equity	0.35	0.04	1.27	4.70	5.89	5.86	7.39	7.91	8.73	-	13.98
Financial Leverage	0.30	-0.11	0.84	1.84	2.08	1.41	2.02	5.65	6.50	-	9.05
Leverage Ratio	1.76	2.85	2.57	4.10	4.24	5.51	4.34	10.04	10.99	-	15.75
Compound Leverage Factor	1.36	-19.90	4.15	4.27	-7.01	2.18	-45.73	-45.37	-12.00	-	-116.70
Debt to Total Capital	26.92%	4.90%	56.44%	82.60%	85.59%	85.55%	88.20%	88.88%	89.81%	-	93.32%
Short-Term Debt to Total Capital	1.65%	1.57%	0.92%	0.81%	0.72%	0.86%	0.91%	0.87%	0.86%	-	0.00%
Long-Term Debt to Total Capital	25.27%	3.33%	55.52%	81.80%	84.87%	84.70%	87.29%	88.01%	88.96%	-	93.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	13.28%	3.84%	4.73%	4.25%	3.76%	3.32%	2.92%	-	2.25%
Common Equity to Total Capital	73.08%	95.10%	30.27%	13.56%	9.68%	10.19%	8.04%	7.81%	7.27%	-	4.42%
Debt to EBITDA	1.40	0.27	33.14	-1.67	-1.98	-1.85	-2.02	6.92	6.56	-	9.06
Net Debt to EBITDA	1.29	-0.84	29.83	-1.57	-1.84	-1.73	-1.88	6.53	6.03	-	8.31
Long-Term Debt to EBITDA	1.31	0.18	32.60	-1.66	-1.96	-1.83	-2.00	6.85	6.50	-	9.06
Debt to NOPAT	2.63	0.59	-99.79	-2.15	-2.51	-2.28	-2.44	20.09	21.43	-	46.86
Net Debt to NOPAT	2.42	-1.83	-89.83	-2.02	-2.34	-2.13	-2.27	18.98	19.68	-	42.99
Long-Term Debt to NOPAT	2.46	0.40	-98.16	-2.13	-2.49	-2.25	-2.42	19.89	21.22	-	46.86
Altman Z-Score	3.57	1.17	0.71	-0.51	0.85	1.07	0.88	0.93	0.93	-	0.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	20.14%	7.75%	11.02%	8.01%	30.70%	24.96%	31.28%	-	32.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.25	1.46	1.28	1.33	1.21	1.23	1.13	1.20	1.20	-	1.23
Quick Ratio	1.11	1.18	1.14	1.08	1.11	1.11	1.03	1.09	1.05	-	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-19	21	-2,098	-1,794	-1,289	-1,330	1,070	134	411	120	144
Operating Cash Flow to CapEx	581.03%	268.46%	-1,255.01%	-361.10%	536.26%	-512.79%	246.23%	-335.46%	1,379.59%	-	828.89%
Free Cash Flow to Firm to Interest Expense	-7.15	0.89	-51.49	-37.95	-24.43	-27.45	23.50	2.95	9.18	-	3.30
Operating Cash Flow to Interest Expense	11.25	0.92	-1.27	-1.06	0.95	-0.49	0.61	-0.29	1.18	-	1.05
Operating Cash Flow Less CapEx to Interest Expense	9.31	0.57	-1.37	-1.35	0.77	-0.58	0.36	-0.38	1.09	-	0.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.03	0.65	0.60	0.88	1.03	0.86	0.75	0.87	0.85	-	0.90
Accounts Receivable Turnover	5.55	7.90	5.61	6.83	7.86	10.28	7.38	7.14	7.09	-	7.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	4.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	7.98
Accounts Payable Turnover	2.83	0.46	5.04	4.04	3.58	7.38	4.61	5.44	4.98	-	3.84
Days Sales Outstanding (DSO)	65.76	46.19	65.11	53.47	46.42	35.49	49.45	51.12	51.47	-	49.64
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	129.06	792.27	72.35	90.35	101.83	49.44	79.16	67.11	73.36	-	95.06
Cash Conversion Cycle (CCC)	-63.31	-746.08	-7.24	-36.88	-55.41	-13.95	-29.71	-15.99	-21.89	-	-45.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	892	642	2,887	1,989	2,197	1,887	1,820	1,869	1,797	1,765	1,690
Invested Capital Turnover	1.39	2.10	0.84	1.26	1.41	1.96	1.08	1.31	1.25	-	1.40
Increase / (Decrease) in Invested Capital	27	-19	2,052	1,027	1,305	1,245	-1,067	-120	-400	-122	-129
Enterprise Value (EV)	1,986	1,491	2,781	2,208	2,951	2,606	2,263	2,443	2,432	-	2,137
Market Capitalization	1,760	1,613	820	503	981	934	611	747	790	-	527
Book Value per Share	$25.91	$29.78	$35.12	$10.24	$8.16	$6.97	$5.09	$4.99	$4.54	$3.63	$2.57
Tangible Book Value per Share	$6.31	$13.67	($65.13)	($53.87)	($54.99)	($45.60)	($44.21)	($43.52)	($42.64)	($42.12)	($42.01)
Total Capital	911	804	3,059	2,093	2,335	1,979	1,923	1,944	1,923	1,871	1,831
Total Debt	245	39	1,727	1,729	1,999	1,693	1,696	1,728	1,727	1,710	1,709
Total Long-Term Debt	230	27	1,698	1,712	1,982	1,676	1,679	1,711	1,710	1,710	1,709
Net Debt	226	-122	1,554	1,624	1,860	1,588	1,580	1,632	1,587	1,604	1,568
Capital Expenditures (CapEx)	5.14	8.18	4.12	14	9.33	4.61	11	3.94	3.82	7.94	5.52
Debt-free, Cash-free Net Working Capital (DFCFNWC)	43	-39	-20	51	-25	0.48	-44	-0.33	-31	-13	-41
Debt-free Net Working Capital (DFNWC)	62	123	153	155	113	105	73	95	109	93	100
Net Working Capital (NWC)	47	110	125	139	96	88	55	78	92	93	100
Net Nonoperating Expense (NNE)	-0.89	-100	43	204	51	-49	65	34	34	34	55
Net Nonoperating Obligations (NNO)	226	-122	1,554	1,624	1,860	1,601	1,593	1,652	1,601	1,604	1,568
Total Depreciation and Amortization (D&A)	14	18	32	49	26	38	37	37	38	41	39
Debt-free, Cash-free Net Working Capital to Revenue	3.57%	-2.84%	-1.26%	2.73%	-1.15%	0.02%	-1.72%	-0.01%	-1.26%	-	-1.65%
Debt-free Net Working Capital to Revenue	5.11%	8.94%	9.82%	8.34%	5.19%	4.26%	2.85%	3.76%	4.36%	-	4.08%
Net Working Capital to Revenue	3.88%	8.02%	8.01%	7.43%	4.42%	3.58%	2.16%	3.09%	3.70%	-	4.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.36	$3.93	($2.81)	($23.47)	($2.66)	($1.69)	($1.68)	($0.41)	($0.52)	($0.90)	($1.09)
Adjusted Weighted Average Basic Shares Outstanding	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M	30.42M	30.79M	31.25M	31.55M	31.63M
Adjusted Diluted Earnings per Share	$0.36	$3.91	($2.81)	($23.47)	($2.66)	($1.69)	($1.68)	($0.41)	($0.52)	($0.90)	($1.09)
Adjusted Weighted Average Diluted Shares Outstanding	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M	30.42M	30.79M	31.25M	31.55M	31.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	25.66M	26.37M	52.88M	27.70M	28.95M	30.40M	30.42M	30.79M	31.25M	31.55M	31.63M
Normalized Net Operating Profit after Tax (NOPAT)	8.40	2.10	-46	-2.13	26	53	3.33	14	11	-2.01	14
Normalized NOPAT Margin	2.46%	0.62%	-8.49%	-0.33%	4.00%	8.39%	0.54%	2.21%	1.66%	-	2.46%
Pre Tax Income Margin	2.65%	-6.20%	-19.78%	-177.33%	-5.02%	5.00%	-6.78%	-6.00%	-3.70%	-	-6.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.40	0.13	-1.63	-23.15	0.38	1.65	0.09	0.18	0.48	-	0.12
NOPAT to Interest Expense	3.16	0.09	-1.13	-16.23	0.30	-1.75	0.07	0.30	0.23	-	0.33
EBIT Less CapEx to Interest Expense	2.47	-0.22	-1.73	-23.44	0.20	1.56	-0.16	0.09	0.39	-	-0.01
NOPAT Less CapEx to Interest Expense	1.23	-0.25	-1.23	-16.52	0.12	-1.85	-0.17	0.21	0.15	-	0.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.22%	14.94%	44.21%	-1.31%	-0.62%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	123.46%	70.99%	146.89%	-2.78%	-0.62%	0.00%	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

Below are the key takeaways from Forward Air's quarterly results, using the latest four years of data provided for revenue, profitability, cash flow, and the balance sheet. All figures are in USD.

Revenue has remained broadly stable around the $630 million level each quarter in 2024–2025 (Q4 2025 Operating Revenue: 631,230,000; Q3 2025: 631,763,000; Q4 2024: 632,846,000), indicating a steady top-line despite macro headwinds.
Q3 2025 showed positive cash flow from continuing operating activities of about 52.7 million, signaling that cash generation can improve even when GAAP results are negative.
Depreciation and amortization run around 37–41 million per quarter (Q4 2025: 40,724,000; Q3 2025: 37,748,000; Q2 2025: 36,806,000), providing a meaningful non-cash charge that supports operating cash flow.
Additionally, sizable non-cash adjustments (around 23–57 million in various periods) help reconcile net income to cash.
Cash on hand has been adequate for liquidity planning, with cash and equivalents around 95 million (Q2 2025) to 140 million (Q3 2025) in recent quarters, offering a cushion for near-term obligations.

Across 2025, quarterly revenue remained flat rather than showing clear growth (Q1 2025: 613,281,000; Q2 2025: 618,844,000; Q3 2025: 631,763,000; Q4 2025: 631,230,000), suggesting limited top-line expansion despite ongoing operations.
The balance sheet shows a very high leverage level: total liabilities around 2.58 billion vs total equity around 196–216 million in 2025 (example: Q3 2025 Liabilities 2,584,225,000; Equity 195,842,000; Noncontrolling Interest 56,058,000), implying significant debt load relative to equity.
Earnings per share have been negative across most 2025 quarters (Q1 2025 Basic EPS -1.68; Q2 2025 -2.04; Q3 2025 -0.52; Q4 2025 -0.90), reflecting ongoing profitability pressure despite revenue stability.

Q4 2025 includes a large one-time item: Other Operating Expenses / (Income) of -392,595,000, which substantially reduces operating income and contributed to a GAAP net loss for the quarter.
Net income in 2025 was negative in every quarter shown (Q1: -61,191,000; Q2: -96,471,000; Q3: -23,756,000; Q4: -28,326,000), indicating ongoing profitability challenges despite revenue stability.
Cash flow from operations has been uneven, with several 2025 quarters posting negative operating cash flow (e.g., Q2 2025 net cash from continuing operating activities: -13,217,000; Q4 2025: -22,728,000), underscoring variability in cash generation.
The combined balance sheet posture shows a heavy debt burden relative to equity (long-term debt around 1.68–1.69 billion through 2025; interest expense typically around 45–50 million per quarter), pointing to meaningful fixed obligations that will need to be managed going forward.

07/13/26 10:04 PM ETAI Generated. May Contain Errors.

Forward Air Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Forward Air's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Forward Air's net income appears to be on an upward trend, with a most recent value of -$141.73 million in 2025, falling from $55.58 million in 2015. The previous period was -$1.13 billion in 2024. Find out what analysts predict for Forward Air in the coming months.

Forward Air's total operating income in 2025 was $36.42 million, based on the following breakdown:

Total Gross Profit: $1.94 billion
Total Operating Expenses: $1.90 billion

Over the last 10 years, Forward Air's total revenue changed from $959.13 million in 2015 to $2.50 billion in 2025, a change of 160.1%.

Forward Air's total liabilities were at $2.56 billion at the end of 2025, a 1.6% increase from 2024, and a 1,246.8% increase since 2015.

In the past 10 years, Forward Air's cash and equivalents has ranged from $3.89 million in 2017 to $121.97 million in 2023, and is currently $106.00 million as of their latest financial filing in 2025.

Over the last 10 years, Forward Air's book value per share changed from 16.54 in 2015 to 3.63 in 2025, a change of -78.1%.

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Financial statements for NASDAQ:FWRD last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Forward Air (FWRD) Financials

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Forward Air (FWRD) Financials

Annual Income Statements for Forward Air

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Quarterly Cash Flow Statements for Forward Air

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Quarterly Balance Sheets for Forward Air

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Quarterly Metrics And Ratios for Forward Air

Financials Breakdown Chart

Key Financial Trends

Forward Air Financials - Frequently Asked Questions

When does Forward Air's financial year end?

How has Forward Air's net income changed over the last 10 years?

What is Forward Air's operating income?

How has Forward Air's revenue changed over the last 10 years?

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How has Forward Air's book value per share changed over the last 10 years?

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