FWRD

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Forward Air Corp.

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Key Metrics

Previous Close: $18.52
52-Week Range: $7.86 – $32.00
Market Cap: $600.96M
P/E (TTM): —
EPS (TTM): -8.91
Dividend Yield: —

Advanced Metrics

Price/Book: —
PEG Ratio: 0.65
Return on Equity: -735.72%
Return on Assets: 3.06%
Gross Margin: 21.49%
Operating Margin: 6.34%
Profit Margin: -11.37%
Current Ratio: 1.32
Debt/Equity: —
Total Debt: $2.11B
Free Cash Flow: $86.97M
Revenue Growth: 8.80%
Earnings Growth: —
Enterprise Value: $2.56B

FWRD Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$1.68B	$1.37B	$2.47B	$2.50B
Cost of Revenue	$1.19B	$1.04B	$2.13B	$2.16B
Gross Profit	$491.67M	$330.15M	$339.65M	$338.18M
Selling, General & Admin	$47.48M	$50.13M	$64.68M	$58.97M
Operating Expenses	$244.07M	$241.94M	$374.19M	$301.75M
Operating Income	$247.59M	$88.21M	-$34.54M	$36.42M
EBITDA	$290.14M	$145.62M	-$916.64M	$186.19M
Pretax Income	$242.45M	$56.64M	-$1.25B	-$147.20M
Income Tax	$63.04M	$13.84M	-$124.99M	-$5.47M
Net Income	$193.19M	$167.35M	-$816.97M	-$107.80M
Diluted EPS	7.14	6.40	-29.66	-3.51
Diluted Shares	27.06M	26.15M	27.54M	30.71M

FWRD Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$45.82M	$121.97M	$104.90M	$106.00M
Receivables	$188.23M	$158.68M	$322.50M	$349.71M
Current Assets	$304.31M	$347.03M	$472.50M	$521.00M
Total Assets	$1.21B	$2.98B	$2.80B	$2.72B
Current Liabilities	$169.40M	$237.09M	$384.05M	$428.32M
Long-Term Debt	$106.59M	$1.79B	$1.68B	$1.69B
Total Debt	$266.78M	$1.95B	$2.15B	$2.16B
Total Liabilities	$500.83M	$2.22B	$2.52B	$2.56B
Retained Earnings	$436.12M	$480.32M	-$338.23M	-$447.10M
Shareholders' Equity	$707.24M	$764.26M	$201.73M	$113.34M
Working Capital	$134.92M	$109.93M	$88.45M	$92.68M
Net Debt	$70.08M	$1.67B	$1.57B	$1.58B

FWRD Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$259.09M	$181.39M	-$75.40M	$44.38M
Capital Expenditure	-$39.25M	-$30.73M	-$37.06M	-$29.12M
Free Cash Flow	$219.84M	$150.66M	-$112.46M	$15.27M
Depreciation & Amortisation	$42.55M	$57.41M	$143.98M	$152.64M
Stock-Based Compensation	$10.66M	$11.49M	$10.19M	$13.43M
Investing Cash Flow	-$104.46M	$174.84M	-$1.61B	-$26.91M
Financing Cash Flow	-$146.12M	$1.55B	-$163.83M	-$17.53M
Dividends Paid	-$25.86M	-$25.00M	$0.00	$0.00
Share Repurchases	-$62.77M	-$93.81M	$0.00	$0.00
Net Change in Cash	$8.51M	$1.91B	-$1.85B	-$61.00K

FWRD Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$613.28M	$618.84M	$631.76M	$631.23M	$582.05M
Cost of Revenue	$537.98M	$540.38M	$543.23M	$535.36M	$492.51M
Gross Profit	$75.30M	$78.47M	$88.54M	$95.87M	$89.53M
Selling, General & Admin	$15.01M	$15.54M	$12.72M	$15.71M	$13.50M
Operating Expenses	$70.54M	$58.94M	$73.53M	$98.74M	$69.09M
Operating Income	$4.76M	$19.52M	$15.01M	-$2.87M	$20.44M
EBITDA	$41.30M	$45.02M	$59.15M	$40.71M	$43.70M
Pretax Income	-$41.60M	-$37.11M	-$23.37M	-$45.11M	-$38.41M
Income Tax	$19.59M	-$16.75M	$385.00K	-$8.70M	$1.79M
Net Income	-$50.64M	-$12.58M	-$16.25M	-$28.33M	-$34.32M
Diluted EPS	-1.68	-0.41	-0.52	-0.91	-1.09
Diluted Shares	30.14M	30.69M	31.25M	31.13M	31.49M

FWRD Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$116.31M	$95.13M	$140.35M	$106.00M	$141.02M
Receivables	$336.40M	$335.72M	$341.41M	$349.71M	$333.78M
Current Assets	$493.37M	$474.61M	$552.49M	$521.00M	$542.36M
Total Assets	$2.80B	$2.76B	$2.79B	$2.72B	$2.70B
Current Liabilities	$438.26M	$396.69M	$460.04M	$428.32M	$441.90M
Long-Term Debt	$1.68B	$1.68B	$1.68B	$1.69B	$1.69B
Total Debt	$2.15B	$2.16B	$2.16B	$2.16B	$2.15B
Total Liabilities	$2.58B	$2.54B	$2.60B	$2.56B	$2.57B
Retained Earnings	-$389.76M	-$402.45M	-$418.75M	-$447.10M	-$482.91M
Shareholders' Equity	$154.63M	$151.79M	$139.78M	$113.34M	$81.00M
Working Capital	$55.10M	$77.92M	$92.45M	$92.68M	$100.46M
Net Debt	$1.58B	$1.60B	$1.56B	$1.58B	$1.55B

FWRD Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$27.61M	-$13.22M	$52.71M	-$22.73M	$45.74M
Capital Expenditure	-$11.91M	-$4.74M	-$4.12M	-$8.35M	-$6.95M
Free Cash Flow	$15.71M	-$17.96M	$48.60M	-$31.08M	$38.79M
Depreciation & Amortisation	$37.36M	$36.81M	$37.75M	$40.72M	$38.52M
Stock-Based Compensation	$2.96M	$4.71M	$3.38M	$2.38M	$3.54M
Investing Cash Flow	-$11.24M	-$3.88M	-$3.85M	-$7.94M	-$5.52M
Financing Cash Flow	-$5.33M	-$4.62M	-$3.66M	-$3.93M	-$4.91M
Net Change in Cash	$11.05M	-$21.72M	$45.20M	-$34.59M	$35.31M

Market Snapshot

About

Forward Air Corp. is a leading provider of time-critical ground transportation and related logistics services across North America. The company operates an asset-light forwarding network specializing in expedited less-than-truckload (LTL) freight, truckload brokerage, intermodal drayage, and supply chain services. Forward Air focuses on serving the time-sensitive deferred air freight market, offering reliable scheduled linehaul service for freight forwarders, airlines, and shippers. The company has expanded through acquisitions to broaden its service offerings in final mile delivery, warehousing, and dedicated contract carriage.