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.

Price · FWRD

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.50B	$2.47B	$1.37B	$1.97B	$1.27B	$1.27B
Cost of Revenue	-	-	-	-	-	$650.66M
Gross Profit	-	-	-	-	-	$618.91M
R&D	-	-	-	-	-	-
SG&A	-	-	-	-	-	-
Total Operating Expenses	$2.46B	$3.54B	$1.28B	$1.71B	$1.50B	$1.20B
D&A	$152.64M	$143.98M	$57.41M	$47.39M	$39.55M	$37.13M
Operating Income	$36.42M	($1.06B)	$88.21M	$265.98M	$159.30M	$73.92M
Interest Expense	$180.75M	$189.22M	$31.57M	$5.14M◇	$4.34M◇	$4.56M
Income Tax	($5.47M)	($124.99M)	$13.84M	$67.65M	$38.87M	$16.59M
Net Income	($107.80M)	($816.97M)	$167.35M	$193.19M	$105.86M	$23.73M
EPS - Basic	($3.51)	($30.63)	$6.42	$7.17	$3.87	$0.84
EPS - Diluted	($3.51)	($30.63)	$6.40	$7.14	$3.85	$0.84

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$106.00M	$104.90M	$121.97M	$45.82M	$37.32M	$40.25M
Accounts Receivable	$343.56M	$322.29M	$153.27M	$221.03M	$208.09M	$156.49M
Inventory	-	-	-	-	-	-
Accounts Payable	$121.75M	$105.69M	$45.43M	$54.60M	$44.84M	$38.37M
Current Assets	$521.00M	$472.50M	$347.03M	$304.31M	$282.81M	$245.90M
Total Assets	$2.72B	$2.80B	$2.98B	$1.21B	$1.12B	$1.05B
Current Liabilities	$428.32M	$384.05M	$237.09M	$169.40M	$164.69M	$171.62M
Long-term Debt	$1.69B	$1.68B	$0	$106.59M	$155.47M	$112.40M
Total Liabilities	-	-	-	-	-	-
Stockholders' Equity	$113.34M	$201.73M	$764.26M	$707.24M	$593.65M	$547.33M
Retained Earnings	($447.10M)	($338.23M)	$480.32M	$436.12M	$334.91M	$304.14M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$44.38M	($69.02M)	$199.21M	$259.09M	$124.90M	$96.11M
Investing Cash Flow	($26.91M)	($1.61B)	($83.69M)	($104.46M)	($96.33M)	($81.51M)
Financing Cash Flow	($17.53M)	($163.83M)	$1.79B	($146.12M)	($31.50M)	($39.09M)
CapEx	$29.12M	$37.06M	$30.73M	$40.73M	$39.11M	$20.27M
Free Cash Flow	$15.27M	($106.08M)	$168.49M	$218.36M	$85.79M	$75.84M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	48.7%
Operating margin	1.5%	-43.0%	6.4%	13.5%	12.5%	5.8%
EBITDA margin	7.6%	-37.1%	10.6%	15.9%	15.7%	8.7%
Net margin	-4.3%	-33.0%	12.2%	9.8%	8.3%	1.9%
Free cash flow margin	0.6%	-4.3%	12.3%	11.1%	6.8%	6.0%
FCF / Net income	-0.14	0.13	1.01	1.13	0.81	3.20
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	-	-	-	-	-	-
Effective tax rate	-	-	7.6%	25.9%	26.9%	41.1%
Return on assets	-4.0%	-29.1%	5.6%	16.0%	9.5%	2.3%
Return on equity	-95.1%	-405.0%	21.9%	27.3%	17.8%	4.3%
Return on invested capital	1.6%	-44.7%	10.7%	24.2%	15.6%	6.6%
Liquidity
Current ratio	1.22	1.23	1.46	1.80	1.72	1.43
Quick ratio	1.22	1.23	1.46	1.80	1.72	1.43
Cash ratio	0.25	0.27	0.51	0.27	0.23	0.23
Leverage
Debt / Equity	14.89	8.31	0.00	0.15	0.26	0.21
Debt / Assets	0.62	0.60	0.00	0.09	0.14	0.11
Debt / EBITDA	8.92	-	0.00	0.34	0.78	1.01
Interest coverage	0.2x	-5.6x	2.8x	51.8x	36.7x	16.2x
Equity multiplier	23.99	13.89	3.90	1.71	1.88	1.91
Liabilities / Assets	-	-	-	-	-	-
Efficiency
Asset turnover	0.92	0.88	0.46	1.63	1.14	1.21
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	50d	48d	41d	41d	60d	45d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	22d
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	-	-	9.8x	14.7x	31.5x	91.5x
P / B	6.8x	4.4x	2.1x	4.0x	5.6x	3.9x
P / S	0.3x	0.4x	1.2x	1.4x	2.6x	1.7x
EV / EBITDA	12.4x	-	10.4x	9.2x	17.2x	19.8x
Growth
Revenue growth (YoY)	0.8%	80.5%	-30.5%	55.4%	0.0%	-10.0%
Revenue CAGR (3y)	8.1%	24.9%	2.6%	11.8%	-1.3%	4.9%
Revenue CAGR (5y)	14.5%	11.9%	0.7%	12.4%	5.3%	5.8%
Gross profit growth (YoY)	-	-	-	-	-	-19.8%
Operating income growth (YoY)	-	-	-66.8%	67.0%	115.5%	-37.8%
Net income growth (YoY)	86.8%	-	-13.4%	82.5%	346.0%	-72.8%
EPS growth (YoY)	88.5%	-	-10.4%	85.5%	358.3%	-72.4%
EPS CAGR (3y)	-	-	96.8%	32.9%	7.3%	-33.8%
EPS CAGR (5y)	-	-	15.5%	19.8%	33.7%	-13.9%
FCF growth (YoY)	-	-	-22.8%	154.5%	13.1%	-42.0%
FCF CAGR (5y)	-27.4%	-	8.9%	27.4%	-0.5%	10.9%
Book value growth (YoY)	-43.8%	-73.6%	8.1%	19.1%	8.5%	-5.2%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$2.50B total

Omni Logistics Segment$1.35B · 54.2%

Expedited Freight Segment$914.66M · 36.7%

Intermodal Segment$229.29M · 9.2%

Product / service

$1.01B total

Network$761.94M · 75.2%

Truckload$165.89M · 16.4%

Product And Service Other$84.73M · 8.4%

Geographic

$2.50B total

US$2.17B · 86.8%

Non Us$330.04M · 13.2%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

4/9

Neutral

✗Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✗Current ratio improved
✗No share dilution
-Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Arrangement of Transportation of Freight & Cargo

Company	Revenue (last FY)	Net margin	ROE
BCO	$5.26B	3.8%	71.9%
CHRW	$16.23B	3.6%	31.8%
EXPD	$11.07B	7.3%	34.4%
HUBG	-	-	-
RLGT	$902.70M	1.9%	7.7%

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

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.