Forward Air Corporation(FWRD)Earnings, Financials & Key Ratios

FWRD•NASDAQ

$18.36

$573M mkt cap·Price updated May 6, 2026

SectorIndustrials IndustryFreight & Logistics Sub-IndustryAsset-Based Parcel, Express and LTL Carriers

AboutForward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment also offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Intermodal segment provides intermodal container drayage services; and contract, and container freight station warehouse and handling services. It serves freight forwarders, third-party logistics companies, integrated air cargo carriers and passenger, passenger and cargo airlines, steamship lines, and retailers. Forward Air Corporation was founded in 1981 and is headquartered in Greeneville, Tennessee.Show more

Revenue$2.5B+0.8%
EBITDA$189M+120.6%
Net Income-$108M+86.8%
EPS (Diluted)-3.48+88.3%
Gross Margin20.48%+49.2%
EBITDA Margin7.58%+120.4%
Operating Margin1.46%+103.4%
Net Margin-4.32%+86.9%
ROE-48.17%+69.0%
ROIC1.2%+103.7%
Debt/Equity13.36+78.0%
Interest Coverage0.20+103.6%

Technical→

FWRD Key Insights

Forward Air Corporation (FWRD) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong 5Y sales CAGR of 14.5%

✗Weaknesses

✗High debt to equity ratio of 13.4x
✗Shares diluted 12.5% in last year
✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

FWRD Price & Volume

Forward Air Corporation (FWRD) stock price & volume — 10-year historical chart

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FWRD Growth Metrics

Forward Air Corporation (FWRD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.03%

5 Years14.47%

3 Years14.1%

TTM0.84%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM86.81%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM88.56%

Return on Capital

10 Years7.63%

5 Years1.19%

3 Years-11.66%

Last Year1.55%

FWRD Recent Earnings

Forward Air Corporation (FWRD) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 2/12 qtrs (17%)●Beat Revenue 3/12 qtrs (25%)

Q1 2026Latest

Feb 23, 2026

EPS

$0.28

Est $0.27

-5.7%

Revenue

$631M

Est $630M

+0.3%

Q4 2025

Nov 5, 2025

EPS

$0.52

Est $0.13

-300.0%

Revenue

$632M

Est $630M

+0.3%

Q3 2025

Aug 11, 2025

EPS

$0.41

Est $0.17

-141.2%

Revenue

$619M

Est $638M

-3.0%

Q2 2025

May 7, 2025

EPS

$1.59

Est $0.47

-238.3%

Revenue

$613M

Est $617M

-0.6%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 23, 2026	$0.28vs $0.27-5.7%	$631Mvs $630M+0.3%
Q4 2025	Nov 5, 2025	$0.52vs $0.13-300.0%	$632Mvs $630M+0.3%
Q3 2025	Aug 11, 2025	$0.41vs $0.17-141.2%	$619Mvs $638M-3.0%
Q2 2025	May 7, 2025	$1.59vs $0.47-238.3%	$613Mvs $617M-0.6%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
ARCBArcBest CorporationDirect Competitor	2.72B	121.82	46.50	-4.04%	1.38%	4.3%	0.52
SAIASaia, Inc.Direct Competitor	11.99B	449.40	47.21	0.79%	7.84%	10.04%	0.16
ODFLOld Dominion Freight Line, Inc.Direct Competitor	41.81B	200.62	41.54	-5.48%	18.63%	24.03%	0.03
XPOXPO Logistics, Inc.Direct Competitor	24.84B	211.58	80.14	1.05%	4.19%	19.04%	2.53
TFIITFI International Inc.Direct Competitor	11.45B	139.27	26.78	31.1%	3.92%	12.78%	1.38
CHRWC.H. Robinson Worldwide, Inc.Product Competitor	20B	168.59	34.90	-8.42%	3.7%	33.32%	0.88
EXPDExpeditors International of Washington, Inc.Product Competitor	20.11B	151.24	25.42	4.42%	7.48%	36.68%	0.24
GXOGXO Logistics, Inc.Product Competitor	5.74B	49.91	178.25	12.55%	0.95%	4.27%	2.62

Compare FWRD vs Peers

Forward Air Corporation (FWRD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ARCB

Most directly comparable listed peer for FWRD.

Scale Benchmark

vs FDX

Larger-name benchmark to compare FWRD against a more recognizable public peer.

Peer Set

Compare Top 5

vs ARCB, SAIA, ODFL, XPO

FWRD Income Statement

Forward Air Corporation (FWRD) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Sales/Revenue	1.1B	1.32B	1.22B	1.27B	1.39B	1.68B	1.37B	2.47B	2.5B
Revenue Growth %	12.04%	19.99%	-8%	4.48%	9.27%	21.08%	-18.39%	80.51%	0.84%
Cost of Goods Sold	864.3M	1.05B	961.39M	1.04B	1.07B	1.19B	1.04B	2.13B	1.98B
COGS % of Revenue	78.51%	79.86%	79.11%	81.95%	77.37%	70.73%	75.91%	86.27%	79.52%
Gross Profit	236.51M▲ 0%	266.04M▲ 12.5%	253.8M▼ 4.6%	229.11M▼ 9.7%	313.95M▲ 37.0%	491.67M▲ 56.6%	330.15M▼ 32.9%	339.65M▲ 2.9%	510.94M▲ 50.4%
Gross Margin %	21.49%	20.14%	20.89%	18.05%	22.63%	29.27%	24.09%	13.73%	20.48%
Gross Profit Growth %	9.88%	12.48%	-4.6%	-9.73%	37.03%	56.6%	-32.85%	2.88%	50.43%
Operating Expenses	127.84M	144.01M	141.38M	155.19M	166.93M	244.07M	241.94M	1.4B	2.46B
OpEx % of Revenue	11.61%	10.9%	11.63%	12.22%	12.03%	14.53%	17.65%	56.69%	98.54%
Selling, General & Admin	29.58M	35.18M	38.73M	34.91M	39.41M	47.48M	50.13M	64.68M	0
SG&A % of Revenue	2.69%	2.66%	3.19%	2.75%	2.84%	2.83%	3.66%	2.61%	-
Research & Development	1.82M	1.78M	0	2.05M	0	0	0	0	0
R&D % of Revenue	0.17%	0.13%	-	0.16%	-	-	-	-	-
Other Operating Expenses	-11K	-2K	102.65M	118.22M	127.52M	196.6M	191.81M	1.34B	2.46B
Operating Income	108.67M▲ 0%	122.03M▲ 12.3%	112.42M▼ 7.9%	73.92M▼ 34.2%	147.03M▲ 98.9%	247.59M▲ 68.4%	88.21M▼ 64.4%	-1.06B▼ 1305.0%	36.42M▲ 103.4%
Operating Margin %	9.87%	9.24%	9.25%	5.82%	10.6%	14.74%	6.44%	-42.96%	1.46%
Operating Income Growth %	81.18%	12.29%	-7.88%	-34.24%	98.89%	68.4%	-64.37%	-1305.01%	103.43%
EBITDA	149.73M	164.21M	148.81M	111.05M	181.99M	290.14M	145.62M	-918.96M	189.06M
EBITDA Margin %	13.6%	12.43%	12.25%	8.75%	13.12%	17.27%	10.62%	-37.14%	7.58%
EBITDA Growth %	52.49%	9.68%	-9.38%	-25.38%	63.88%	59.43%	-49.81%	-731.09%	120.57%
D&A (Non-Cash Add-back)	41.05M	42.18M	36.39M	37.13M	34.97M	42.55M	57.41M	143.98M	152.64M
EBIT	108.75M	122.03M	112.42M	73.92M	147.03M	247.59M	88.21M	-1.06B	33.55M
Net Interest Income	-1.21M	-1.78M	-2.71M	-4.56M	-4.34M	-5.14M	-31.57M	-189.22M	-180.75M
Interest Income	0	0	0	0	0	0	0	0	0
Interest Expense	1.21M	1.78M	2.71M	4.56M	4.34M	5.14M	31.57M	189.22M	180.75M
Other Income/Expense	-1.22M	-1.78M	-2.71M	-4.56M	-4.34M	-5.14M	-31.57M	-186.9M	-183.62M
Pretax Income	107.45M▲ 0%	120.25M▲ 11.9%	109.7M▼ 8.8%	69.36M▼ 36.8%	142.69M▲ 105.7%	242.45M▲ 69.9%	56.64M▼ 76.6%	-1.25B▼ 2306.7%	-147.2M▲ 88.2%
Pretax Margin %	9.76%	9.1%	9.03%	5.46%	10.29%	14.43%	4.13%	-50.51%	-5.9%
Income Tax	20.13M	28.2M	27.38M	16.59M	35.81M	63.04M	13.84M	-124.99M	-5.47M
Effective Tax Rate %	18.73%	23.45%	24.96%	23.92%	25.1%	26%	24.43%	10%	3.72%
Net Income	87.32M▲ 0%	92.05M▲ 5.4%	87.1M▼ 5.4%	23.73M▼ 72.8%	105.86M▲ 346.0%	193.19M▲ 82.5%	167.35M▼ 13.4%	-816.97M▼ 588.2%	-107.8M▲ 86.8%
Net Margin %	7.93%	6.97%	7.17%	1.87%	7.63%	11.5%	12.21%	-33.02%	-4.32%
Net Income Growth %	215.58%	5.42%	-5.38%	-72.75%	346.04%	82.5%	-13.38%	-588.18%	86.81%
Net Income (Continuing)	87.25M	92.05M	82.32M	52.77M	106.88M	179.41M	42.8M	-1.12B	-141.72M
Discontinued Operations	0	0	4.78M	-29.03M	-1.02M	13.78M	124.55M	-6.39M	0
Minority Interest	0	0	0	0	0	0	0	84.14M	48.32M
EPS (Diluted)	2.89▲ 0%	3.15▲ 9.0%	3.04▼ 3.5%	0.84▼ 72.4%	3.85▲ 358.3%	7.14▲ 85.5%	0.43▼ 94.0%	-29.66▼ 6997.7%	-3.48▲ 88.3%
EPS Growth %	221.11%	9%	-3.49%	-72.37%	358.33%	85.45%	-93.98%	-6997.67%	88.27%
EPS (Basic)	2.90	3.17	3.06	0.85	3.87	7.18	0.44	-29.43	-3.48
Diluted Shares Outstanding	30.21M	29.19M	28.31M	27.7M	27.29M	26.93M	26M	27.54M	30.97M
Basic Shares Outstanding	30.11M	29.08M	28.2M	27.63M	27.16M	26.78M	25.91M	27.54M	30.97M
Dividend Payout Ratio	20.67%	20.02%	23.53%	87.93%	21.7%	13.39%	14.94%	-	-

FWRD Balance Sheet

Forward Air Corporation (FWRD) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Current Assets	162.74M	201.08M	236.32M	245.9M	282.81M	304.31M	347.03M	472.5M	521M
Cash & Short-Term Investments	3.89M	25.66M	64.75M	40.25M	37.32M	45.82M	121.97M	104.9M	106M
Cash Only	3.89M	25.66M	64.75M	40.25M	37.32M	45.82M	121.97M	104.9M	106M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	152.38M	161.42M	136.21M	156.49M	216.18M	188.23M	158.68M	322.5M	349.71M
Days Sales Outstanding	50.52	44.61	40.91	44.99	56.88	40.9	42.25	47.57	51.16
Inventory	1.43M	2.24M	2.13M	0	0	0	0	0	0
Days Inventory Outstanding	0.6	0.78	0.81	-	-	-	-	-	-
Other Current Assets	0	0	18.77M	27.74M	7.03M	45.49M	40.7M	16.05M	65.3M
Total Non-Current Assets	524.97M	559.13M	754.56M	801.5M	835.01M	903.76M	2.63B	2.33B	2.2B
Property, Plant & Equipment	206.11M	209.9M	297.93M	313.2M	367.29M	377.43M	369.65M	736.27M	710.42M
Fixed Asset Turnover	5.34x	6.29x	4.08x	4.05x	3.78x	4.45x	3.71x	3.36x	3.51x
Goodwill	191.67M	199.09M	215.7M	244.98M	266.75M	257.99M	278.71M	522.71M	522.71M
Intangible Assets	111.25M	113.66M	124.86M	145.03M	154.72M	115.58M	134.79M	999.22M	906.79M
Long-Term Investments	-29.4M	-37.17M	0	0	0	0	1.79B	0	0
Other Non-Current Assets	15.94M	36.48M	116.08M	98.28M	46.25M	152.77M	58.86M	71.94M	58.02M
Total Assets	687.72M▲ 0%	760.22M▲ 10.5%	990.88M▲ 30.3%	1.05B▲ 5.7%	1.12B▲ 6.7%	1.21B▲ 8.1%	2.98B▲ 146.6%	2.8B▼ 5.9%	2.72B▼ 3.0%
Asset Turnover	1.60x	1.74x	1.23x	1.21x	1.24x	1.39x	0.46x	0.88x	0.92x
Asset Growth %	7.24%	10.54%	30.34%	5.7%	6.72%	8.07%	146.63%	-5.94%	-2.99%
Total Current Liabilities	60.13M	74.72M	137.16M	171.62M	164.69M	169.4M	237.09M	384.05M	428.32M
Accounts Payable	30.72M	34.63M	25.41M	38.37M	44.84M	50.09M	45.43M	105.69M	121.75M
Days Payables Outstanding	12.97	11.98	9.65	13.46	15.25	15.39	15.94	18.07	22.4
Short-Term Debt	359K	309K	0	0	6.09M	9.31M	12.64M	0	123.02M
Deferred Revenue (Current)	320K	0	0	0	0	0	0	9.9M	0
Other Current Liabilities	273K	7.38M	33.29M	36.5M	4.61M	16.51M	88.22M	0	183.55M
Current Ratio	2.71x	2.69x	1.72x	1.43x	1.72x	1.80x	1.46x	1.23x	1.22x
Quick Ratio	2.68x	2.66x	1.71x	1.43x	1.72x	1.80x	1.46x	1.23x	1.22x
Cash Conversion Cycle	38.15	33.4	32.08	-	-	-	-	-	-
Total Non-Current Liabilities	94.09M	132.25M	276.53M	328.44M	359.48M	331.43M	1.98B	2.13B	2.18B
Long-Term Debt	40.59M	47.34M	67.34M	112.4M	155.47M	106.59M	1.79B	1.68B	2.04B
Capital Lease Obligations	365K	54K	74.59M	85.36M	110.98M	108.61M	98.33M	356.5M	349.4M
Deferred Tax Liabilities	29.4M	37.17M	41.21M	41.99M	43.41M	51.09M	42.2M	38.17M	27.22M
Other Non-Current Liabilities	23.74M	47.69M	93.39M	88.7M	49.62M	65.14M	47.14M	62.13M	-273.47M
Total Liabilities	154.23M	206.97M	413.7M	500.06M	524.17M	500.83M	2.22B	2.52B	2.61B
Total Debt	40.95M	47.64M	179.23M	243.24M	320.07M	266.78M	1.95B	2.15B	2.16B
Net Debt	37.05M	21.99M	114.48M	202.98M	282.75M	220.96M	1.82B	2.04B	2.05B
Debt / Equity	0.08x	0.09x	0.31x	0.44x	0.54x	0.38x	2.55x	7.51x	13.36x
Debt / EBITDA	0.27x	0.29x	1.20x	2.19x	1.76x	0.92x	13.36x	-	11.42x
Net Debt / EBITDA	0.25x	0.13x	0.77x	1.83x	1.55x	0.76x	12.53x	-	10.86x
Interest Coverage	89.89x	68.44x	41.47x	16.21x	33.89x	48.19x	2.79x	-5.62x	0.20x
Total Equity	533.49M▲ 0%	553.24M▲ 3.7%	577.18M▲ 4.3%	547.33M▼ 5.2%	593.65M▲ 8.5%	707.24M▲ 19.1%	764.26M▲ 8.1%	285.87M▼ 62.6%	161.66M▼ 43.4%
Equity Growth %	6.9%	3.7%	4.33%	-5.17%	8.46%	19.13%	8.06%	-62.6%	-43.45%
Book Value per Share	17.66	18.95	20.39	19.76	21.75	26.27	29.39	10.38	5.22
Total Shareholders' Equity	533.49M	553.24M	577.18M	547.33M	593.65M	707.24M	764.26M	201.73M	113.34M
Common Stock	295K	285K	279K	273K	270K	265K	257K	298K	313K
Retained Earnings	337.85M	342.66M	350.03M	304.14M	334.91M	436.12M	480.32M	-338.23M	-447.1M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	-193.12M	-204M	0	0	0	0	0	-2.73M	580K
Minority Interest	0	0	0	0	0	0	0	84.14M	48.32M

FWRD Cash Flow Statement

Forward Air Corporation (FWRD) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	103.36M	152.55M	159M	84.67M	120.26M	259.09M	181.39M	-75.4M	44.38M
Operating CF Margin %	9.39%	11.55%	13.08%	6.67%	8.67%	15.43%	13.23%	-3.05%	1.78%
Operating CF Growth %	-20.7%	47.59%	4.22%	-46.75%	42.04%	115.44%	-29.99%	-141.57%	158.86%
Net Income	87.32M	92.05M	82.32M	52.77M	116.09M	193.19M	42.8M	-1.12B	-107.8M
Depreciation & Amortization	41.05M	42.18M	36.39M	37.13M	39.55M	47.39M	57.41M	143.98M	152.64M
Stock-Based Compensation	8.1M	10.55M	11.71M	11.03M	10.5M	10.66M	11.49M	10.19M	13.43M
Deferred Taxes	-12.47M	8.09M	7.09M	772K	1.42M	7.69M	-8.89M	-133.51M	-10.95M
Other Non-Cash Items	6.15M	3.14M	18.27M	-5.72M	4.3M	11.57M	-13.91M	1.04B	589K
Working Capital Changes	-26.8M	-3.46M	3.2M	-11.31M	-51.6M	-11.4M	92.49M	-11.78M	-3.53M
Change in Receivables	-31.31M	-12.18M	653K	-25.74M	-52.68M	-19.13M	25.15M	19.22M	-25.37M
Change in Inventory	-1.2M	-2.56M	0	0	0	0	0	0	0
Change in Payables	8.95M	12.54M	7.21M	23.85M	17.18M	12.57M	36.66M	-15.92M	46.26M
Cash from Investing	-59.19M	-55.46M	-63.89M	-82.71M	-88.31M	-104.46M	174.84M	-1.61B	-26.91M
Capital Expenditures	-38.27M	-42.29M	-22.01M	-20.27M	-39.11M	-40.73M	-30.73M	-37.06M	-29.12M
CapEx % of Revenue	3.48%	3.2%	1.81%	1.6%	2.82%	2.42%	2.24%	1.5%	1.17%
Acquisitions	-23.14M	-19.99M	-39M	-63.65M	-59.87M	-66.11M	-52.96M	-1.58B	2.2M
Investments	-	-	-	-	-	-	-	-	-
Other Investing	2.22M	6.82M	-2.89M	1.21M	10.66M	2.37M	258.52M	4.69M	0
Cash from Financing	-48.79M	-75.33M	-56.01M	-26.45M	-34.89M	-146.12M	1.55B	-163.83M	-17.53M
Debt Issued (Net)	12.21M	6.7M	19.05M	43.55M	42.58M	-55.11M	1.67B	-98.42M	-17.3M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	753K	846K
Dividends Paid	-18.05M	-18.43M	-20.49M	-20.87M	-22.98M	-25.86M	-25M	0	0
Share Repurchases	-48.98M	-66.13M	-56.2M	-45.25M	-48.99M	-62.77M	-93.81M	753K	846K
Other Financing	6.03M	2.53M	1.63M	-3.89M	-5.5M	-2.38M	-3.67M	-66.16M	-1.07M
Net Change in Cash	-4.62M▲ 0%	21.76M▲ 571.3%	39.09M▲ 79.6%	-24.5M▼ 162.7%	-2.94M▲ 88.0%	8.51M▲ 389.5%	1.91B▲ 22310.7%	-1.85B▼ 196.9%	730K▲ 100.0%
Free Cash Flow	65.1M▲ 0%	110.26M▲ 69.4%	136.99M▲ 24.2%	64.4M▼ 53.0%	81.15M▲ 26.0%	218.36M▲ 169.1%	150.66M▼ 31.0%	-112.46M▼ 174.6%	15.27M▲ 113.6%
FCF Margin %	5.91%	8.35%	11.27%	5.07%	5.85%	13%	10.99%	-4.55%	0.61%
FCF Growth %	-26.16%	69.37%	24.24%	-52.99%	26.02%	169.08%	-31%	-174.64%	113.58%
FCF per Share	2.15	3.78	4.84	2.33	2.97	8.11	5.79	-4.08	0.49
FCF Conversion (FCF/Net Income)	1.18x	1.66x	1.83x	3.57x	1.14x	1.34x	1.08x	0.09x	-0.41x
Interest Paid	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0

FWRD Key Ratios

Forward Air Corporation (FWRD) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	5.48%	16.91%	16.94%	15.41%	4.22%	18.56%	29.7%	22.75%	-155.59%	-48.17%
Return on Invested Capital (ROIC)	8.32%	14.96%	15.98%	13.31%	7.69%	13.56%	20.58%	3.76%	-32.44%	1.2%
Gross Margin	21.91%	21.49%	20.14%	20.89%	18.05%	22.63%	29.27%	24.09%	13.73%	20.48%
Net Margin	2.82%	7.93%	6.97%	7.17%	1.87%	7.63%	11.5%	12.21%	-33.02%	-4.32%
Debt / Equity	0.06x	0.08x	0.09x	0.31x	0.44x	0.54x	0.38x	2.55x	7.51x	13.36x
Interest Coverage	37.56x	89.89x	68.44x	41.47x	16.21x	33.89x	48.19x	2.79x	-5.62x	0.20x
FCF Conversion	4.71x	1.18x	1.66x	1.83x	3.57x	1.14x	1.34x	1.08x	0.09x	-0.41x
Revenue Growth	2.44%	12.04%	19.99%	-8%	4.48%	9.27%	21.08%	-18.39%	80.51%	0.84%

FWRD SEC Filings & Documents

Forward Air Corporation (FWRD) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Feb 23, 2026·SEC

Material company update

Nov 5, 2025·SEC

Material company update

Oct 15, 2025·SEC

10-K Annual Reports

FY 2026

Mar 11, 2026·SEC

FY 2025

Mar 24, 2025·SEC

FY 2024

Mar 15, 2024·SEC

10-Q Quarterly Reports

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 11, 2025·SEC

FY 2025

May 7, 2025·SEC

FWRD Frequently Asked Questions

Forward Air Corporation (FWRD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Forward Air Corporation (FWRD) reported $2.50B in revenue for fiscal year 2025. This represents a 1488% increase from $157.1M in 1996.

Forward Air Corporation (FWRD) grew revenue by 0.8% over the past year. Growth has been modest.

Forward Air Corporation (FWRD) reported a net loss of $107.8M for fiscal year 2025.

Dividend & Returns

Forward Air Corporation (FWRD) has a return on equity (ROE) of -48.2%. Negative ROE indicates the company is unprofitable.

Forward Air Corporation (FWRD) generated $15.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Forward Air Corporation(FWRD)Earnings, Financials & Key Ratios

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