Forward Air Corporation (FWRD) Financial Statements
$15.30NASDAQ: FWRDMarket Cap $516.85M
Forward Air Corporation most recently reported annual revenue of $2.5B, a net loss of $108.0M. Revenue grew at an average annual rate of 14.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
Forward Air Corporation: Revenue rose from $983.0M in 2016 to $2.5B in 2025, a change of +153.8% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from 6.1% to 1.5%, a shift of -4.6 percentage points; the most recent year shows a net loss of $108.0M.
Income Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
$983.0M
$1.1B
$1.3B
$1.2B
$1.3B
$1.4B
$1.7B
$1.4B
$2.5B
$2.5B
Operating Expenses
$923.0M
$992.0M
$1.2B
$1.1B
$1.2B
$1.2B
$1.4B
$1.3B
$3.5B
$2.5B
Operating Profit
$60.0M
$109.0M
$122.0M
$112.0M
$74.0M
$147.0M
$248.0M
$88.0M
$-1.1B
$36.0M
Operating Margin
6.1%
9.9%
9.2%
9.3%
5.8%
10.6%
14.7%
6.4%
-43.0%
1.5%
Other Income
$-1.0M
$-1.0M
$-2.0M
$-3.0M
$-5.0M
$-4.0M
$-5.0M
$-32.0M
$-187.0M
$-184.0M
Interest
$2.0M
$1.0M
$2.0M
$3.0M
$5.0M
$4.0M
$5.0M
$32.0M
$189.0M
$181.0M
Depreciation
$38.0M
$41.0M
$42.0M
$36.0M
$37.0M
$35.0M
$43.0M
$57.0M
$144.0M
$153.0M
Profit Before Tax
$58.0M
$107.0M
$120.0M
$110.0M
$69.0M
$143.0M
$242.0M
$57.0M
$-1.3B
$-147.0M
Tax
$52.6M
$18.7M
$23.4M
$25.0M
$23.9M
$25.1M
$26.0M
$24.4M
$10.0M
$3.7M
Net Profit
$28.0M
$87.0M
$92.0M
$87.0M
$24.0M
$106.0M
$193.0M
$167.0M
$-817.0M
$-108.0M
EPS
$0.90
$2.89
$3.15
$3.04
$0.84
$3.85
$7.14
$0.43
$-29.66
$-3.48
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 12 Quarters (USD millions)
8 duplicate period labels in the source data were collapsed.
Metric
Sep '23
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$341.0M
$128.0M
$542.0M
$644.0M
$656.0M
$633.0M
$613.0M
$619.0M
$632.0M
$631.0M
$582.0M
$673.0M
Operating Expenses
$325.0M
$136.0M
$608.0M
$1.7B
$618.0M
$636.0M
$609.0M
$599.0M
$617.0M
$634.0M
$562.0M
$874.0M
Operating Profit
$15.0M
$-8.0M
$-66.0M
$-1.1B
$37.0M
$-3.0M
$5.0M
$20.0M
$15.0M
$-3.0M
$20.0M
$-201.0M
Operating Margin
4.5%
-6.3%
-12.1%
-170.2%
5.7%
-0.5%
0.8%
3.1%
2.4%
-0.5%
3.5%
-29.9%
Interest
$3.0M
$24.0M
$41.0M
$47.0M
$53.0M
$48.0M
$46.0M
$45.0M
$45.0M
$45.0M
$44.0M
$44.0M
Profit Before Tax
$9.0M
$-32.0M
$-107.0M
$-1.1B
$-33.0M
$32.0M
$-42.0M
$-37.0M
$-23.0M
$-45.0M
$-38.0M
$-244.0M
Tax
$28.1M
$28.7M
$17.1M
$15.3M
$-4.0M
$211.9M
$-47.1M
$45.1M
$-1.6M
$19.3M
$-4.7M
$70,000
Net Profit
$9.0M
$102.0M
$-62.0M
$-645.0M
$-73.0M
$-36.0M
$-51.0M
$-13.0M
$-16.0M
$-28.0M
$-34.0M
$-207.0M
EPS
$0.36
$3.94
$-2.81
$-24.08
$-2.63
$-1.24
$-1.68
$-0.41
$-0.52
$-0.91
$-1.11
$-6.38
Over the 10 years reported for Forward Air Corporation, borrowings increased from $29.0M in 2016 to $2.2B in 2025, cash stood at $106.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.22 times.
Balance Sheet — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
$641.0M
$688.0M
$760.0M
$991.0M
$1.0B
$1.1B
$1.2B
$3.0B
$2.8B
$2.7B
Current Assets
$136.0M
$163.0M
$201.0M
$236.0M
$246.0M
$283.0M
$304.0M
$347.0M
$473.0M
$521.0M
Cash
$9.0M
$4.0M
$26.0M
$65.0M
$40.0M
$37.0M
$46.0M
$122.0M
$105.0M
$106.0M
Inventory
$1.0M
$1.0M
$2.0M
$2.0M
$0
$0
$0
$0
$0
$0
Receivables
$117.0M
$152.0M
$161.0M
$136.0M
$156.0M
$216.0M
$188.0M
$159.0M
$322.0M
$350.0M
Fixed Assets
$200.0M
$206.0M
$210.0M
$298.0M
$313.0M
$367.0M
$377.0M
$370.0M
$736.0M
$710.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Investments
$-42.0M
$-29.0M
$-37.0M
$0
$0
$0
$0
$1.8B
$0
$0
Other Assets
$185.0M
$192.0M
$199.0M
$216.0M
$245.0M
$267.0M
$258.0M
$279.0M
$523.0M
$523.0M
Total Liabilities
$142.0M
$154.0M
$207.0M
$414.0M
$500.0M
$524.0M
$501.0M
$2.2B
$2.5B
$2.6B
Current Liabilities
$78.0M
$60.0M
$75.0M
$137.0M
$172.0M
$165.0M
$169.0M
$237.0M
$384.0M
$428.0M
Borrowings
$29.0M
$41.0M
$48.0M
$179.0M
$243.0M
$320.0M
$267.0M
$1.9B
$2.1B
$2.2B
Other Liabilities
$113.0M
$113.0M
$159.0M
$234.0M
$257.0M
$204.0M
$234.0M
$269.0M
$371.0M
$423.0M
Equity
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Reserves
$499.0M
$533.0M
$553.0M
$577.0M
$547.0M
$594.0M
$707.0M
$764.0M
$202.0M
$113.0M
For Forward Air Corporation, operating cash flow was positive in 9 of 10 reported years; free cash flow in the latest year was $15.0M; free cash flow was positive in 9 of 10 years; financing activities used $1.0M in the latest year, which covers debt repayment, dividends and buybacks.
Cash Flow Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$130.0M
$103.0M
$153.0M
$159.0M
$85.0M
$120.0M
$259.0M
$181.0M
$-75.0M
$44.0M
Investing Cash Flow
$-95.0M
$-97.0M
$-98.0M
$-86.0M
$-103.0M
$-127.0M
$-145.0M
$144.0M
$-1.6B
$-56.0M
Financing Cash Flow
$-31.0M
$-43.0M
$-64.0M
$-55.0M
$-49.0M
$-54.0M
$-65.0M
$-97.0M
$-65.0M
$-1.0M
Net Cash Flow
$-25.0M
$-5.0M
$22.0M
$39.0M
$-24.0M
$-3.0M
$9.0M
$1.9B
$-1.8B
$1.0M
Free Cash Flow
$88.0M
$65.0M
$110.0M
$137.0M
$64.0M
$81.0M
$218.0M
$151.0M
$-112.0M
$15.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
0.01
EV / EBITDA
-23.25
FCF Yield
9.06%
Quick Ratio
1.32
Interest Coverage
-1.87
Return 1Y
-49.16%
Return 3Y
-86.93%
Return 5Y
-85.06%
Forward Air Corporation (FWRD) financials — frequently asked questions
What is Forward Air Corporation's annual revenue?
Forward Air Corporation (FWRD) reported annual revenue of $2.5B in its most recent fiscal year.
What is Forward Air Corporation's net profit?
Forward Air Corporation (FWRD) reported a net loss of $108.0M in its most recent fiscal year.
What is FWRD EV/EBITDA?
Forward Air Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is -23.25. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.