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Forward Air (FWRD) Financials

Forward Air logo
$8.74 -0.45 (-4.90%)
Closing price 05/13/2026 04:00 PM Eastern
Extended Trading
$8.85 +0.11 (+1.20%)
As of 07:37 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Forward Air

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

Quarterly Income Statements for Forward Air

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 20 9.29 102 -62 -645 -73 -36 -51 -13 -16 -28
Consolidated Net Income / (Loss)		 20 9.29 102 -89 -971 -35 -36 -61 -20 -24 -36
Net Income / (Loss) Continuing Operations		 17 6.49 -15 -89 -966 -34 -35 -61 -20 -24 -36
Total Pre-Tax Income 		24 9.03 -21 -107 -1,141 -33 32 -42 -37 -23 -45
Total Operating Income		 26 12 3.00 -66 -1,096 23 76 4.76 20 15 -2.87
Total Gross Profit		 254 335 407 537 638 518 220 608 468 495 369
Total Revenue		 334 341 338 542 644 656 633 613 619 632 631
Operating Revenue		 334 341 338 542 644 656 633 613 619 632 631
Total Cost of Revenue		 79 5.85 -69 5.25 5.86 138 413 5.65 151 137 262
Operating Cost of Revenue		 79 5.85 -69 5.25 5.86 138 413 5.65 151 137 262
Total Operating Expenses		 228 323 404 602 1,734 495 144 603 449 480 372
Selling, General & Admin Expense		 179 53 -83 113 66 388 1,049 56 347 377 708
Marketing Expense		 13 13 11 13 15 17 20 15 16 13 16
Depreciation Expense		 13 14 18 32 49 26 38 37 37 38 41
Other Operating Expenses / (Income)		 23 244 459 445 512 49 -883 495 50 52 -393
Total Other Income / (Expense), net		 -2.59 -2.66 -24 -41 -46 -56 -44 -46 -57 -38 -42
Interest Expense		 2.59 2.66 24 41 47 53 48 46 45 45 45
Other Income / (Expense), net		 0.00 0.00 - -0.66 1.61 -2.82 4.19 -0.82 -11 6.40 2.86
Income Tax Expense		 6.61 2.54 -6.26 -18 -175 1.30 67 20 -17 0.39 -8.70
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 - -27 -326 38 0.66 -11 -7.78 -7.51 -8.09
Basic Earnings per Share		 $0.76 $0.36 $3.93 ($2.81) ($23.47) ($2.66) ($1.69) ($1.68) ($0.41) ($0.52) ($0.90)
Weighted Average Basic Shares Outstanding		 51.39M 25.66M 26.37M 52.88M 27.70M 28.95M 30.40M 30.42M 30.79M 31.25M 31.55M
Diluted Earnings per Share		 $0.76 $0.36 $3.91 ($2.81) ($23.47) ($2.66) ($1.69) ($1.68) ($0.41) ($0.52) ($0.90)
Weighted Average Diluted Shares Outstanding		 51.39M 25.66M 26.37M 52.88M 27.70M 28.95M 30.40M 30.42M 30.79M 31.25M 31.55M
Weighted Average Basic & Diluted Shares Outstanding		 51.39M 25.66M 26.37M 52.88M 27.70M 28.95M 30.40M 30.42M 30.79M 31.25M 31.55M

Annual Cash Flow Statements for Forward Air

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

Quarterly Cash Flow Statements for Forward Air

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 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
Net Change in Cash & Equivalents		 -14 0.56 1,933 -1,780 -68 34 -33 11 -21 45 -34
Net Cash From Operating Activities		 64 30 22 -52 -50 50 -24 28 -13 53 -23
Net Cash From Continuing Operating Activities		 57 25 57 -52 -45 51 -23 28 -13 53 -23
Net Income / (Loss) Continuing Operations		 17 6.49 -15 -89 -966 -34 -35 -61 -20 -24 -36
Depreciation Expense		 13 14 18 32 49 26 38 37 37 38 41
Non-Cash Adjustments To Reconcile Net Income		 4.60 3.99 3.99 2.61 1,097 18 -76 3.61 5.70 4.06 23
Changes in Operating Assets and Liabilities, net		 22 -0.02 50 2.68 -225 41 51 48 -35 35 -50
Net Cash From Investing Activities		 -9.57 -5.74 252 -1,569 -14 -9.47 -16 -11 -3.89 -3.85 -7.94
Net Cash From Continuing Investing Activities		 -9.10 -5.14 -8.18 -1,569 -14 -9.47 -16 -11 -3.89 -3.85 -7.94
Purchase of Property, Plant & Equipment		 -10 -5.24 -8.65 -4.97 -14 -10 -7.25 -12 -4.74 -4.12 -8.35
Sale of Property, Plant & Equipment		 1.36 0.10 0.47 0.85 0.56 1.09 2.64 0.69 0.80 0.29 0.42
Net Cash From Financing Activities		 -68 -24 1,660 -159 -4.23 -6.44 5.56 -5.33 -4.62 -3.66 -3.93
Net Cash From Continuing Financing Activities		 -61 -19 1,884 -159 -4.23 -6.44 5.56 -5.33 -4.62 -3.66 -3.93
Repayment of Debt		 -33 -3.29 1,640 -145 -9.13 -6.21 -70 -29 -65 -3.61 -12
Issuance of Debt		 - - 25 0.00 - - 75 25 60 - 25
Other Financing Activities, net		 6.46 4.55 225 -14 4.53 -0.21 0.13 -0.89 0.33 -0.05 -18
Other Net Changes in Cash		 - - - 0.09 0.65 -0.61 0.88 0.36 - - 0.23

Annual Balance Sheets for Forward Air

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
Restricted Cash		 - - - - - - - - 40 0.36 0.00
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

Quarterly Balance Sheets for Forward Air

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 Q2 2022 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 6/30/2022 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
Total Assets		 1,197 1,186 1,227 1,185 1,191 3,959 3,067 3,056 2,804 2,761 2,794
Total Current Assets		 316 313 258 216 238 569 559 545 493 475 552
Cash & Equivalents		 47 47 32 - 19 152 85 137 116 95 140
Accounts Receivable		 246 248 201 176 192 353 370 363 336 336 341
Prepaid Expenses		 - - - - - 40 39 31 29 33 31
Other Current Assets		 22 18 24 22 27 4.30 44 13 11 10 40
Plant, Property, & Equipment, net		 229 231 253 261 258 0.00 0.00 0.00 331 321 310
Total Noncurrent Assets		 652 642 716 708 695 3,390 2,509 2,511 1,979 1,965 1,932
Goodwill		 288 288 357 357 357 1,379 545 716 523 523 523
Intangible Assets		 160 155 156 151 147 1,264 1,231 1,033 976 953 930
Other Noncurrent Operating Assets		 204 199 203 200 191 746 733 761 480 490 479
Total Liabilities & Shareholders' Equity		 1,197 1,186 1,227 1,185 1,191 3,959 3,067 3,056 2,804 2,761 2,794
Total Liabilities		 533 503 541 511 525 2,627 2,703 2,719 2,564 2,525 2,584
Total Current Liabilities		 167 180 166 169 190 445 420 449 438 397 460
Short-Term Debt		 7.51 7.89 12 67 15 28 17 17 17 17 17
Accounts Payable		 42 51 43 37 46 131 143 157 112 115 125
Accrued Expenses		 64 68 53 53 57 119 117 136 144 116 147
Other Current Liabilities		 54 53 58 12 73 167 142 139 166 149 172
Total Noncurrent Liabilities		 365 324 375 342 334 2,182 2,283 2,271 2,125 2,128 2,124
Long-Term Debt		 147 107 151 120 119 1,664 1,677 1,673 1,679 1,681 1,684
Capital Lease Obligations		 117 114 18 120 111 34 35 309 - 29 26
Noncurrent Deferred & Payable Income Tax Liabilities		 45 45 53 53 53 191 284 246 35 33 37
Other Noncurrent Operating Liabilities		 55 57 153 48 51 292 286 42 411 384 376
Total Equity & Noncontrolling Interests		 664 683 686 674 666 1,332 364 337 227 216 196
Total Preferred & Common Equity		 664 683 686 674 666 926 284 226 155 152 140
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		 664 683 686 674 666 926 284 226 155 152 140
Common Stock		 265 268 274 278 281 509 513 529 547 552 556
Retained Earnings		 399 415 411 396 385 417 -228 -302 -390 -402 -419
Accumulated Other Comprehensive Income / (Loss)		 - - - - - -0.15 -1.00 -0.82 -2.47 2.09 2.12
Noncontrolling Interest		 - - - - - 406 80 110 72 64 56

Annual Metrics And Ratios for Forward Air

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		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Forward Air

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

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 6/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 31,248,234.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 31,248,234.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.91
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 19 8.40 2.10 -46 -767 16 -85 3.33 14 11 -2.01
Return On Investment Capital (ROIC_SIMPLE)		 - - 0.26% - - - -4.29% 0.17% 0.70% 0.55% -0.11%
Earnings before Interest and Taxes (EBIT)		 26 12 3.00 -66 -1,094 20 80 3.95 8.21 21 -0.01
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 40 26 21 -35 -1,046 46 118 41 45 59 41
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -54 -19 21 -2,098 -1,794 -1,289 -1,330 1,070 134 411 120
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 962 892 642 2,887 1,989 2,197 1,887 1,820 1,869 1,797 1,765
Increase / (Decrease) in Invested Capital		 73 27 -19 2,052 1,027 1,305 1,245 -1,067 -120 -400 -122
Book Value per Share		 $25.95 $25.91 $29.78 $35.12 $10.24 $8.16 $6.97 $5.09 $4.99 $4.54 $3.63
Tangible Book Value per Share		 $6.38 $6.31 $13.67 ($65.13) ($53.87) ($54.99) ($45.60) ($44.21) ($43.52) ($42.64) ($42.12)
Total Capital		 980 911 804 3,059 2,093 2,335 1,979 1,923 1,944 1,923 1,871
Total Debt		 307 245 39 1,727 1,729 1,999 1,693 1,696 1,728 1,727 1,710
Total Long-Term Debt		 240 230 27 1,698 1,712 1,982 1,676 1,679 1,711 1,710 1,710
Net Debt		 289 226 -122 1,554 1,624 1,860 1,588 1,580 1,632 1,587 1,604
Capital Expenditures (CapEx)		 8.96 5.14 8.18 4.12 14 9.33 4.61 11 3.94 3.82 7.94
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 95 43 -39 -20 51 -25 0.48 -44 -0.33 -31 -13
Debt-free Net Working Capital (DFNWC)		 113 62 123 153 155 113 105 73 95 109 93
Net Working Capital (NWC)		 47 47 110 125 139 96 88 55 78 92 93
Net Nonoperating Expense (NNE)		 -0.96 -0.89 -100 43 204 51 -49 65 34 34 34
Net Nonoperating Obligations (NNO)		 289 226 -122 1,554 1,624 1,860 1,601 1,593 1,652 1,601 1,604
Total Depreciation and Amortization (D&A)		 13 14 18 32 49 26 38 37 37 38 41
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.76 $0.36 $3.93 ($2.81) ($23.47) ($2.66) ($1.69) ($1.68) ($0.41) ($0.52) ($0.90)
Adjusted Weighted Average Basic Shares Outstanding		 51.39M 25.66M 26.37M 52.88M 27.70M 28.95M 30.40M 30.42M 30.79M 31.25M 31.55M
Adjusted Diluted Earnings per Share		 $0.76 $0.36 $3.91 ($2.81) ($23.47) ($2.66) ($1.69) ($1.68) ($0.41) ($0.52) ($0.90)
Adjusted Weighted Average Diluted Shares Outstanding		 51.39M 25.66M 26.37M 52.88M 27.70M 28.95M 30.40M 30.42M 30.79M 31.25M 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		 51.39M 25.66M 26.37M 52.88M 27.70M 28.95M 30.40M 30.42M 30.79M 31.25M 31.55M
Normalized Net Operating Profit after Tax (NOPAT)		 19 8.40 2.10 -46 -2.13 26 53 3.33 14 11 -2.01
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

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.
05/14/26 06:09 AM 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 financial year ends in December. Their financial 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. See Forward Air's forecast for analyst expectations on what's next for the company.

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 4/20/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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