FORWARD AIR CORPORATION financials
Source: EDGAR filings · Built 2026-06-02T03:06:08Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -2.04M | -124.40M | 157.41M | 204.80M | 79.81M | 74.39M |
| EBITDA | 189.06M | -918.96M | 145.62M | 290.14M | 181.99M | 111.05M |
| Working Capital | 92.68M | 88.45M | 109.93M | 134.92M | 118.11M | 74.28M |
| Net Debt | 2.05B | 2.04B | 33.35M | 232.03M | 282.75M | 201.18M |
| Gross Margin | — | — | — | — | — | 48.75% |
| Operating Margin | 1.46% | -42.96% | 6.44% | 14.74% | 10.60% | 5.82% |
| Net Margin | -4.32% | -33.02% | 12.21% | 11.50% | 7.63% | 1.87% |
| Return on Equity (ROE) | -95.11% | -404.99% | 21.90% | 27.32% | 17.83% | 4.34% |
| Return on Assets (ROA) | -3.96% | -29.15% | 5.62% | 15.99% | 9.47% | 2.27% |
| Current Ratio | 1.22× | 1.23× | 1.46× | 1.80× | 1.72× | 1.43× |
| Debt-to-Equity | 19.05× | 10.64× | 0.20× | 0.39× | 0.54× | 0.44× |
| Effective Tax Rate | 3.72% | 10.00% | 24.43% | 26.00% | 25.10% | 23.92% |
| Cash Conversion Ratio | -0.41× | 0.08× | 1.19× | 1.29× | 1.14× | 4.05× |
| Accruals Ratio | -0.06× | -0.27× | -0.01× | -0.05× | -0.01× | -0.07× |
| SBC % of Revenue | 0.54% | 0.41% | 0.84% | 0.63% | 0.76% | 0.87% |
| CapEx Coverage | 0.96× | -1.25× | 4.77× | 5.51× | 2.96× | 4.43× |
| Free Cash Flow Per Share | $-0.07 | $-4.52 | $6.05 | $7.61 | $2.92 | $2.69 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | — | — | 9.82× | 14.69× | 31.45× | 91.48× |
| P/FCF | — | — | 10.39× | 13.79× | 41.41× | 28.61× |
| FCF Yield | — | — | 9.63% | 7.25% | 2.42% | 3.50% |
| EV / EBITDA | 15.00× | — | 11.31× | 10.37× | 19.50× | 20.71× |
| P/S | 0.31× | 0.39× | 1.18× | 1.65× | 2.35× | 1.65× |
| P/B | 6.91× | 4.76× | 2.11× | 3.92× | 5.50× | 3.83× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 2.50B | 2.47B | 1.37B | 1.68B | 1.39B | 1.27B |
| Revenues | — | — | — | — | — | 1.27B |
| Cost of Goods and Services Sold | — | — | — | — | — | 650.66M |
| Operating Income (Loss) | 36.42M | -1.06B | 88.21M | 247.59M | 147.03M | 73.92M |
| Income Tax Expense (Benefit) | -5.47M | -124.99M | 13.84M | 63.04M | 35.81M | 16.59M |
| Net Income (Loss) Attributable to Parent | -107.80M | -816.97M | 167.35M | 193.19M | 105.86M | 23.73M |
| Earnings Per Share, Basic | $-3.51 | $-30.63 | $6.42 | $7.17 | $3.87 | $0.84 |
| Weighted Average Number of Shares Outstanding, Basic | 30.72M | 27.54M | 25.91M | 26.78M | 27.16M | 27.63M |
| Earnings Per Share, Diluted | $-3.51 | $-30.63 | $6.40 | $7.14 | $3.85 | $0.84 |
| Weighted Average Number of Shares Outstanding, Diluted | 30.72M | 27.54M | 26.00M | 26.93M | 27.29M | 27.70M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 106.00M | 104.90M | 121.97M | 45.82M | 37.32M | 40.25M |
| Assets, Current | 521.00M | 472.50M | 347.03M | 304.31M | 282.81M | 245.90M |
| Assets | 2.72B | 2.80B | 2.98B | 1.21B | 1.12B | 1.05B |
| Long-term Debt | 1.69B | — | 0 | 108.08M | 156.97M | 112.40M |
| Liabilities, Current | 428.32M | 384.05M | 237.09M | 169.40M | 164.69M | 171.62M |
| Long-term Debt, Excluding Current Maturities | 1.69B | 1.68B | 0 | 106.59M | 155.47M | 112.40M |
| Stockholders' Equity Attributable to Parent | 113.34M | 201.73M | 764.26M | 707.24M | 593.65M | 547.33M |
| Common Stock, Shares, Outstanding | 31.33M | 29.76M | 25.67M | 26.46M | 26.97M | 27.32M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Payments to Acquire Property, Plant, and Equipment | 29.12M | 37.06M | 30.73M | 39.25M | 38.38M | 20.27M |
| Payments for Repurchase of Common Stock | 0 | 0 | 93.81M | 62.77M | 48.99M | 45.25M |
| Payments of Dividends | 0 | 0 | 25.00M | 25.86M | 22.98M | 20.87M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 38.79M | -31.08M | 46.35M | -2.25M | 15.71M | -33.48M |
| EBITDA | 58.96M | 37.86M | 52.76M | 56.33M | 42.12M | 113.51M |
| Working Capital | 100.46M | 92.68M | 92.45M | 77.92M | 55.10M | 88.45M |
| Net Debt | 2.01B | 2.05B | 2.00B | 2.05B | 2.02B | 2.04B |
| Operating Margin | 3.51% | -0.45% | 2.38% | 3.15% | 0.78% | 11.99% |
| Net Margin | -5.90% | -4.49% | -2.57% | -2.03% | -8.26% | -5.75% |
| Return on Equity (ROE) | -42.37% | -24.99% | -11.63% | -8.29% | -32.75% | -18.05% |
| Return on Assets (ROA) | -1.27% | -1.04% | -0.58% | -0.46% | -1.81% | -1.30% |
| Current Ratio | 1.23× | 1.22× | 1.20× | 1.20× | 1.13× | 1.23× |
| Debt-to-Equity | 26.55× | 19.05× | 15.31× | 14.14× | 13.81× | 10.64× |
| Effective Tax Rate | -4.67% | 19.28% | -1.65% | 45.13% | -47.09% | 211.88% |
| Cash Conversion Ratio | -1.33× | 0.80× | -4.13× | -1.14× | -0.55× | 0.64× |
| Accruals Ratio | -0.03× | -0.00× | -0.03× | -0.01× | -0.03× | -0.00× |
| SBC % of Revenue | 0.61% | 0.38% | 1.75% | 1.24% | 0.48% | 0.33% |
| CapEx Coverage | 6.58× | -2.72× | 3.23× | 0.86× | 2.32× | -2.27× |
| Free Cash Flow Per Share | $1.23 | $-1.01 | $1.50 | $-0.07 | $0.52 | $-1.22 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| EV / EBITDA | 12.32× | 15.00× | 10.58× | 10.75× | — | — |
| P/S | 0.21× | 0.31× | 0.32× | 0.30× | 0.24× | 0.39× |
| P/B | 6.52× | 6.91× | 5.72× | 4.95× | 3.95× | 4.76× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 582.05M | 631.23M | 631.76M | 618.84M | 613.28M | 632.85M |
| Operating Income (Loss) | 20.44M | -2.87M | 15.01M | 19.52M | 4.76M | 75.86M |
| Income Tax Expense (Benefit) | 1.79M | -8.70M | 385.00K | -16.75M | 19.59M | 67.00M |
| Net Income (Loss) Attributable to Parent | -34.32M | -28.33M | -16.25M | -12.58M | -50.64M | -36.42M |
| Earnings Per Share, Basic | $-1.09 | $-0.91 | $-0.52 | $-0.41 | $-1.68 | $-1.24 |
| Weighted Average Number of Shares Outstanding, Basic | 31.48M | 30.72M | 30.97M | 30.43M | 30.19M | 27.54M |
| Earnings Per Share, Diluted | $-1.09 | $-0.91 | $-0.52 | $-0.41 | $-1.68 | $-1.24 |
| Weighted Average Number of Shares Outstanding, Diluted | 31.48M | 30.72M | 30.97M | 30.43M | 30.19M | 27.54M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 141.02M | 106.00M | 140.35M | 95.13M | 116.31M | 104.90M |
| Assets, Current | 542.36M | 521.00M | 552.49M | 474.61M | 493.37M | 472.50M |
| Assets | 2.70B | 2.72B | 2.79B | 2.76B | 2.80B | 2.80B |
| Long-term Debt | 1.69B | 1.69B | 1.68B | — | — | — |
| Liabilities, Current | 441.90M | 428.32M | 460.04M | 396.69M | 438.26M | 384.05M |
| Long-term Debt, Excluding Current Maturities | 1.69B | 1.69B | 1.68B | 1.68B | 1.68B | 1.68B |
| Stockholders' Equity Attributable to Parent | 81.00M | 113.34M | 139.78M | 151.79M | 154.63M | 201.73M |
| Common Stock, Shares, Outstanding | 31.60M | 31.33M | 31.20M | 30.61M | 30.41M | 29.76M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 45.74M | — | — | — | 27.61M | — |
| Payments to Acquire Property, Plant, and Equipment | 6.95M | 8.35M | 20.77M | 16.65M | 11.91M | 7.25M |
| Net Cash Provided by (Used in) Investing Activities | -5.52M | — | -18.98M | -15.12M | -11.24M | — |
| Payments for Repurchase of Common Stock | — | — | — | — | — | 0 |
| Payments of Dividends | — | — | — | — | — | 0 |
| Net Cash Provided by (Used in) Financing Activities | -4.91M | — | -13.61M | -9.94M | -5.33M | — |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (FWRD CIK 0000912728),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.