Company research / FWRD

Forward Air Corp (FWRD)

SEC name FORWARD AIR CORP · CIK 0000912728 · Nasdaq · Arrangement of Transportation of Freight & Cargo

  • Sector Transportation & Utilities
  • Incorporated DE
  • Fiscal year ends Dec 31

For the year ended 2025-12-31, Forward Air Corp reported revenue of $2.50B. Revenue grew 0.8% from the prior annual period. Over the twelve months to 2026-06-30, revenue was $2.52B.

Key ratios (year ended 2025-12-31)

1.5%
Operating margin
-4.3%
Net margin
-95.1%
Return on year-end equity
0.8%
Revenue growth (YoY)

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Latest selected filing: Form 10-Q (quarterly report) · 2026-08-05

Annual financials

Annual flows and balances are grouped by their actual period end. Select a figure to open its SEC filing. n/a means a matching observation is unavailable. Free cash flow is operating cash flow minus capital expenditures, and EBITDA is operating income plus depreciation and amortization, for the same period, computed by TickerFacts.

The first column covers the twelve months to 2026-06-30 from the latest quarterly report: flows are the last fiscal year plus this year to date minus the same months a year earlier, and balances are as of that date. Per-share figures are annual only.

Period endedTTM to
2026-06-30
2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-31
Revenue$2.52B$2.50B$2.47B$1.37B$1.68B$1.39B$1.27B$1.22B$1.14B$1.17B$1.03B
Cost of Revenuen/an/an/an/an/an/a$650.66M$586.14M$564.31M$545.09M$460.80M
Gross Profit (computed)n/an/an/an/an/an/a$618.91M$629.05M$573.30M$624.25M$569.41M
Operating Income-$168.73M$36.42M-$1.06B$88.21M$247.59M$147.03M$73.92M$112.42M$117.22M$108.76M$59.70M
Depreciation & Amortization$155.25M$152.64M$143.98M$57.41M$42.55M$34.97M$37.12M$36.39M$35.83M$41.05M$38.21M
EBITDA-$13.48M$189.06M-$918.96M$145.62M$290.14M$181.99M$111.05M$148.81M$153.05M$149.81M$97.91M
Net Income-$286.19M-$107.80M-$816.97M$167.35M$193.19M$105.86M$23.73M$87.10M$92.05M$87.25M$27.50M
EPS (Diluted)n/a-$3.51-$30.63$6.40$7.14$3.85$0.84$3.04$3.12$2.89$0.90
Total Assets$2.41B$2.72B$2.80B$2.98B$1.21B$1.12B$1.05B$990.88M$760.22M$692.62M$644.05M
Long-Term Debt$1.69B$1.69Bn/a$0$108.08M$156.97M$112.40Mn/an/an/an/a
Shareholders' Equity-$115.43M$113.34M$201.73M$764.26M$707.24M$593.65M$547.33M$577.18M$553.24M$532.70M$498.35M
Cash & Equivalents$139.45M$106.00M$104.90M$121.97M$45.82M$37.32M$40.25M$64.75M$25.66M$3.89M$8.51M
Operating Cash Flow$70.84M$44.38M-$69.02M$199.21M$250.16M$120.61M$96.11M$145.53M$142.40Mn/an/a
Capital Expenditures$22.62M$29.12M$37.06M$30.73M$39.25M$38.38M$20.27M$22.01M$39.56M$38.27M$42.19M
Free Cash Flow$48.22M$15.27M-$106.08M$168.49M$210.91M$82.23M$75.84M$123.52M$102.84Mn/an/a
Share Repurchasesn/a$0$0$93.81M$62.77M$48.99M$45.25M$56.20M$66.13M$48.98M$39.98M
Dividends Paidn/a$0$0$25.00M$25.86M$22.98M$20.87M$20.49M$18.43M$18.05M$15.53M
Shares Outstanding33.74M31.33M29.76M25.67M26.46M26.97M27.32M27.85M28.53M29.45M30.09M
Dividends Per Sharen/a$0.00$0.00$0.96$0.96$0.84$0.75$0.72$0.63$0.60$0.51
Weighted Average Diluted Sharesn/a30.72M27.54M26.00M26.93M27.29M27.70M28.31M29.19M29.96M30.44M
EPS (Basic)n/a-$3.51-$30.63$6.42$7.17$3.87$0.84$3.06$3.14$2.90$0.90

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