FWRD · Forward Air Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $582.05M | - | $631.76M | $618.84M | $613.28M | - | $655.94M | $643.67M | $541.81M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $561.61M | - | $616.76M | $599.32M | $608.52M | - | $633.24M | $1.74B | $607.54M | - |
| D&A | $38.52M | - | $37.75M | $36.81M | $37.36M | - | $25.89M | $48.64M | $31.79M | - |
| Operating Income | $20.44M | - | $15.01M | $19.52M | $4.76M | - | $22.70M | ($1.10B) | ($65.73M) | - |
| Interest Expense | $43.59M | - | $44.77M | $45.33M | $40.75M | - | $52.77M | $2.58M | $40.75M | - |
| Income Tax | $1.79M | - | $385.0K | ($16.75M) | $19.59M | - | $1.30M | ($174.94M) | ($18.35M) | - |
| Net Income | ($34.32M) | - | ($16.25M) | ($12.58M) | ($50.64M) | - | ($73.41M) | ($645.43M) | ($61.71M) | - |
| EPS - Basic | ($1.09) | - | ($0.52) | ($0.41) | ($1.68) | - | ($2.66) | ($23.47) | ($2.81) | - |
| EPS - Diluted | ($1.09) | - | ($0.52) | ($0.41) | ($1.68) | - | ($2.66) | ($23.47) | ($2.81) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $141.02M | $106.00M | $140.35M | $95.13M | $116.31M | $104.90M | $18.84M | $84.89M | $32.03M | $121.97M |
| Accounts Receivable | $330.70M | $343.56M | $341.41M | $335.72M | $336.40M | $322.29M | $361.00M | $368.93M | $351.81M | $153.27M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $103.69M | $121.75M | $124.83M | $115.12M | $111.51M | $105.69M | $157.23M | $143.46M | $130.65M | $45.43M |
| Current Assets | $542.36M | $521.00M | $552.49M | $474.61M | $493.37M | $472.50M | $545.08M | $558.62M | $569.43M | $347.03M |
| Total Assets | $2.70B | $2.72B | $2.79B | $2.76B | $2.80B | $2.80B | $3.06B | $3.07B | $3.96B | $2.98B |
| Current Liabilities | $441.90M | $428.32M | $460.04M | $396.69M | $438.26M | $384.05M | $448.70M | $420.01M | $444.84M | $237.09M |
| Long-term Debt | $1.69B | $1.69B | $1.68B | $1.68B | $1.68B | $1.68B | $1.67B | $1.68B | $1.66B | $0 |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $81.00M | $113.34M | $139.78M | $151.79M | $154.63M | $201.73M | $226.08M | $283.76M | $926.07M | $764.26M |
| Retained Earnings | ($482.91M) | ($447.10M) | ($418.75M) | ($402.45M) | ($389.76M) | ($338.23M) | ($301.63M) | ($228.15M) | $417.28M | $480.32M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.74M | - | - | - | ($51.72M) | - | - | - | ($51.72M) | - |
| Investing Cash Flow | ($5.52M) | - | - | - | ($1.57B) | - | - | - | ($1.57B) | - |
| Financing Cash Flow | ($4.91M) | - | - | - | ($158.73M) | - | - | - | ($158.73M) | - |
| CapEx | $6.95M | - | - | - | $11.91M | - | - | - | $4.97M | - |
| Free Cash Flow | $38.79M | - | - | - | ($63.63M) | - | - | - | ($56.69M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 3.5% | - | 2.4% | 3.2% | 0.8% | - | 3.5% | -170.2% | -12.1% | - |
| EBITDA margin | 10.1% | - | 8.4% | 9.1% | 6.9% | - | 7.4% | -162.7% | -6.3% | - |
| Net margin | -5.9% | - | -2.6% | -2.0% | -8.3% | - | -11.2% | -100.3% | -11.4% | - |
| Free cash flow margin | 6.7% | - | - | - | -10.4% | - | - | - | -10.5% | - |
| FCF / Net income | -1.13 | - | - | - | 1.26 | - | - | - | 0.92 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -1.3% | - | -0.6% | -0.5% | -1.8% | - | -2.4% | -21.0% | -1.6% | - |
| Return on equity | -42.4% | - | -11.6% | -8.3% | -32.7% | - | -32.5% | -227.5% | -6.7% | - |
| Return on invested capital | 0.9% | - | 0.6% | 0.8% | 0.2% | - | 0.9% | -44.1% | -2.0% | - |
| Liquidity | ||||||||||
| Current ratio | 1.23 | 1.22 | 1.20 | 1.20 | 1.13 | 1.23 | 1.21 | 1.33 | 1.28 | 1.46 |
| Quick ratio | 1.23 | 1.22 | 1.20 | 1.20 | 1.13 | 1.23 | 1.21 | 1.33 | 1.28 | 1.46 |
| Cash ratio | 0.32 | 0.25 | 0.31 | 0.24 | 0.27 | 0.27 | 0.04 | 0.20 | 0.07 | 0.51 |
| Leverage | ||||||||||
| Debt / Equity | 20.87 | 14.89 | 12.05 | 11.08 | 10.86 | 8.31 | 7.40 | 5.91 | 1.80 | 0.00 |
| Debt / Assets | 0.63 | 0.62 | 0.60 | 0.61 | 0.60 | 0.60 | 0.55 | 0.55 | 0.42 | 0.00 |
| Debt / EBITDA | 28.67 | - | 31.93 | 29.85 | 39.85 | - | 34.44 | - | - | - |
| Interest coverage | 0.5x | - | 0.3x | 0.4x | 0.1x | - | 0.4x | -423.9x | -1.6x | - |
| Equity multiplier | 33.28 | 23.99 | 19.99 | 18.19 | 18.13 | 13.89 | 13.52 | 10.81 | 4.28 | 3.90 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.22 | - | 0.23 | 0.22 | 0.22 | - | 0.21 | 0.21 | 0.14 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 207d | - | 197d | 198d | 200d | - | 201d | 209d | 237d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 6.5x | - | 5.7x | 4.9x | 3.9x | - | 4.4x | 1.8x | 0.9x | - |
| P / S | 0.9x | - | 1.3x | 1.2x | 1.0x | - | 1.5x | 0.8x | 1.5x | - |
| EV / EBITDA | 35.2x | - | 44.3x | 41.4x | 51.5x | - | 54.4x | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -5.1% | - | -3.7% | -3.9% | 13.2% | - | 58.7% | 60.0% | 26.9% | - |
| Revenue CAGR (3y) | 10.9% | - | 7.4% | 6.3% | 9.5% | - | 16.1% | 15.2% | 21.0% | - |
| Revenue CAGR (5y) | 13.8% | - | 13.7% | 17.0% | 12.4% | - | 12.6% | 13.2% | 11.0% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 329.2% | - | -33.9% | - | - | - | 46.5% | - | - | - |
| Net income growth (YoY) | 32.2% | - | 77.9% | 98.1% | 17.9% | - | - | - | - | - |
| EPS growth (YoY) | 35.1% | - | 80.5% | 98.3% | 40.2% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | -12.2% | - | - | - | - | - |
| FCF CAGR (5y) | 6.6% | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -47.6% | -43.8% | -38.2% | -46.5% | -83.3% | -73.6% | -66.0% | -57.9% | 35.1% | 8.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.50B totalOmni Logistics Segment$1.35B · 54.2%
Expedited Freight Segment$914.66M · 36.7%
Intermodal Segment$229.29M · 9.2%
Product / service
$1.01B totalNetwork$761.94M · 75.2%
Truckload$165.89M · 16.4%
Product And Service Other$84.73M · 8.4%
Geographic
$2.50B totalUS$2.17B · 86.8%
Non Us$330.04M · 13.2%
Peer comparison
Same SIC group: Arrangement of Transportation of Freight & Cargo
Comparing FORWARD AIR CORP against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Nov 21, 2023 | $0.2400 |
| Aug 16, 2023 | $0.2400 |
| May 24, 2023 | $0.2400 |
| Mar 1, 2023 | $0.2400 |
| Nov 22, 2022 | $0.2400 |
| Aug 17, 2022 | $0.2400 |
| May 25, 2022 | $0.2400 |
| Mar 2, 2022 | $0.2400 |
| Nov 23, 2021 | $0.2100 |
| Aug 19, 2021 | $0.2100 |
| May 26, 2021 | $0.2100 |
| Mar 3, 2021 | $0.2100 |
| Nov 24, 2020 | $0.2100 |
| Aug 19, 2020 | $0.1800 |
| May 21, 2020 | $0.1800 |
| Mar 4, 2020 | $0.1800 |
| Nov 20, 2019 | $0.1800 |
| Aug 21, 2019 | $0.1800 |
| May 23, 2019 | $0.1800 |
| Mar 6, 2019 | $0.1800 |
| Nov 21, 2018 | $0.1800 |
| Aug 22, 2018 | $0.1500 |
| May 24, 2018 | $0.1500 |
| Mar 7, 2018 | $0.1500 |