Forward Air Corp (FWRD) Financial Statements
Industry: Arrangement of Transportation of Freight & Cargo
In fiscal 2025, Forward Air reported revenue of $2.50B, up 0.8% from $2.47B the year before. Net income was -$107.8M (a -4.3% net margin), or -$3.51 per diluted share. Gross margin was 1.5% and operating margin was 1.5%. Operating activities generated $44.4M of cash, leaving $15.3M of free cash flow. At fiscal year end, Forward Air held $2.72B in total assets against $2.61B in total liabilities, including $106.0M of cash and equivalents.
Open the full interactive Forward Air financials → Quarterly statements, key ratios, valuation history and price charts.
Forward Air Key Stats
| Share Price | $15.58 |
|---|---|
| Market Cap | $506.1M |
| Revenue YoY Growth | +0.8% |
| 52-Week Range | $8.31 – $30.23 |
| Shares Outstanding | 32.5 million (basic, 2026 Q2) |
Forward Air Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.27B | $1.66B | $1.97B | $1.37B | $2.47B | $2.50B |
| Cost of Goods Sold | $650.7M | $1.50B | $1.71B | $1.28B | $3.54B | $2.46B |
| Gross Profit | $618.9M | $159.3M | $266.0M | $88.2M | -$1.06B | $36.4M |
| Operating Income | $73.9M | $159.3M | $266.0M | $88.2M | -$1.06B | $36.4M |
| Pre-Tax Income | $69.4M | $155.0M | $260.8M | $56.6M | -$1.25B | -$147.2M |
| Income Tax | $16.6M | $38.9M | $67.6M | $13.8M | -$125.0M | -$5.5M |
| Net Income | $23.7M | $105.9M | $193.2M | $167.4M | -$817.0M | -$107.8M |
| Diluted EPS | $0.84 | $3.85 | $7.14 | $6.40 | -$30.63 | -$3.51 |
Forward Air Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $631.8M | $631.2M | $582.0M | $673.0M |
| Net Income | -$16.2M | -$28.3M | -$34.3M | -$207.3M |
| Diluted EPS | -$0.52 | -$0.92 | -$1.09 | -$6.38 |
Forward Air Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $40.3M | $37.3M | $45.8M | $122.0M | $104.9M | $106.0M |
| Current Assets | $245.9M | $282.8M | $304.3M | $347.0M | $472.5M | $521.0M |
| Total Assets | $1.05B | $1.12B | $1.21B | $2.98B | $2.80B | $2.72B |
| Current Liabilities | $171.6M | $164.7M | $169.4M | $237.1M | $384.0M | $428.3M |
| Total Long-Term Debt | $112.4M | $161.6M | $116.0M | $12.6M | $1.69B | $1.69B |
| Total Liabilities | $500.1M | $524.2M | $500.8M | $2.22B | $2.60B | $2.61B |
| Shareholders' Equity | $547.3M | $593.7M | $707.2M | $764.3M | $201.7M | $113.3M |
Forward Air Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $96.1M | $124.9M | $259.1M | $199.2M | -$69.0M | $44.4M |
| Free Cash Flow | $75.8M | $85.8M | $218.4M | $168.5M | -$106.1M | $15.3M |
| Dividends Paid | $20.9M | $23.0M | $25.9M | $25.0M | $0 | $0 |
Figures from Forward Air's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Forward Air financials page for every line item.
Forward Air Company Profile
| Ticker | FWRD |
|---|---|
| Exchange | Nasdaq |
| Industry | Arrangement of Transportation of Freight & Cargo |
| Headquarters | Dallas, Texas |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0000912728 |
Frequently Asked Questions
What was Forward Air's revenue in fiscal 2025?
Forward Air (FWRD) reported revenue of $2.50B for fiscal 2025.
What is Forward Air's annual revenue history?
Forward Air's annual revenue by fiscal year: 2020: $1.27B; 2021: $1.66B; 2022: $1.97B; 2023: $1.37B; 2024: $2.47B; 2025: $2.50B.
What was Forward Air's net income in fiscal 2025?
Forward Air reported net income of -$107.8M for fiscal 2025.
What was Forward Air's earnings per share (EPS) in fiscal 2025?
Forward Air's diluted EPS was -$3.51 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Forward Air generate in fiscal 2025?
Forward Air generated $15.3M of free cash flow in fiscal 2025.
What was Forward Air's revenue last quarter?
In its most recent reported quarter (2026 Q2), Forward Air reported revenue of $673.0M.
How much debt does Forward Air have?
Forward Air reported $1.69B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Forward Air are outstanding?
Forward Air reported a weighted average of 32.5 million basic shares outstanding in 2026 Q2.
What is Forward Air's market cap?
Based on its latest closing price, Forward Air (FWRD) has a market capitalization of about $506.1M.
When does Forward Air's fiscal year end?
Forward Air's fiscal year end, as registered with the SEC, is December 31.
Where is Forward Air headquartered?
Forward Air lists its business address in Dallas, Texas in its SEC filings.
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