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Forward Air Corporation(FWRD)Earnings, Financials & Key Ratios
FWRD•NASDAQ
Price updated Jun 19, 2026
SectorIndustrialsIndustryFreight & LogisticsSub-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%
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
- ✗Weak momentum: RS Rating 8 (bottom 8%)
- ✗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.
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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%
TTM-3.22%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM88.65%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM90.04%
Return on Capital
10 Years7.63%
5 Years1.19%
3 Years-11.66%
Last Year1.54%
FWRD Recent Earnings
Forward Air Corporation (FWRD) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/12 qtrs (8%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$1.09-211.4%
$0.35
Rev
$582M-6.2%
$620M
Q1 2026
Feb 23, 2026Metric
Actual
Est
EPS
$0.28-5.7%
$0.27
Rev
$631M+0.3%
$630M
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$0.52-300.0%
$0.13
Rev
$632M+0.3%
$630M
Q3 2025
Aug 11, 2025Metric
Actual
Est
EPS
$0.41-141.2%
$0.17
Rev
$619M-3.0%
$638M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $1.09vs $0.35-211.4% | $582Mvs $620M-6.2% |
| Q1 2026 | 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% |
Based on last 12 quarters of dataView full earnings history →
FWRD Peer Comparison
Forward Air Corporation (FWRD) competitors in Asset-Based Parcel, Express and LTL Carriers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 ARCB | 3.22B | 144.53 | 55.16 | -4.04% | 1.38% | 4.3% | 0.52 | |
 SAIA | 11.6B | 435.12 | 45.71 | 0.79% | 7.84% | 10.04% | 0.16 | |
 ODFL | 46.07B | 221.04 | 45.76 | -5.48% | 18.63% | 24.03% | 0.03 | |
 XPO | 23.42B | 199.50 | 75.57 | 1.05% | 4.19% | 19.04% | 2.53 | |
 TFII | 11.95B | 145.40 | 27.96 | 31.1% | 3.92% | 12.78% | 1.38 | |
 CHRW | 21.95B | 185.04 | 38.31 | -8.42% | 3.7% | 33.32% | 0.88 | |
 EXPD | 21.45B | 161.32 | 27.11 | 4.42% | 7.48% | 36.68% | 0.24 | |
 GXO | 5.6B | 48.64 | 173.71 | 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.
FWRD Income Statement
Forward Air Corporation (FWRD) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 1.1B | 1.32B | 1.22B | 1.27B | 1.39B | 1.68B | 1.37B | 2.47B | 2.5B | 2.46B |
Revenue Growth % | 12.04% | 19.99% | -8% | 4.48% | 9.27% | 21.08% | -18.39% | 80.51% | 0.84% | -3.22% |
Cost of Goods Sold | 864.3M | 1.05B | 961.39M | 1.04B | 1.07B | 1.19B | 1.04B | 2.13B | 1.98B | 2.22B |
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% | 246.59M▲ 0% |
Gross Margin % | 21.49% | 20.14% | 20.89% | 18.05% | 22.63% | 29.27% | 24.09% | 13.73% | 20.48% | 10.01% |
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 | 474.51M | 194.49M |
OpEx % of Revenue | 11.61% | 10.9% | 11.63% | 12.22% | 12.03% | 14.53% | 17.65% | 56.69% | 19.02% | - |
Selling, General & Admin | 29.58M | 35.18M | 38.73M | 34.91M | 39.41M | 47.48M | 50.13M | 64.68M | 0 | 31.25M |
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 | 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 | 474.51M | 2M |
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% | 52.1M▲ 0% |
Operating Margin % | 9.87% | 9.24% | 9.25% | 5.82% | 10.6% | 14.74% | 6.44% | -42.96% | 1.46% | 2.11% |
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 | 205.9M |
EBITDA Margin % | 13.6% | 12.43% | 12.25% | 8.75% | 13.12% | 17.27% | 10.62% | -37.14% | 7.58% | 8.36% |
EBITDA Growth % | 52.49% | 9.68% | -9.38% | -25.38% | 63.88% | 59.43% | -49.81% | -731.09% | 120.57% | 122.7% |
D&A (Non-Cash Add-back) | 41.05M | 42.18M | 36.39M | 37.13M | 34.97M | 42.55M | 57.41M | 143.98M | 152.64M | 153.8M |
EBIT | 108.75M | 122.03M | 112.42M | 73.92M | 147.03M | 247.59M | 88.21M | -1.06B | 33.55M | 50.05M |
Net Interest Income | -1.21M | -1.78M | -2.71M | -4.56M | -4.34M | -5.14M | -31.57M | -189.22M | -180.75M | -91.61M |
Interest Income | 0 | 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 | 91.61M |
Other Income/Expense | -1.22M | -1.78M | -2.71M | -4.56M | -4.34M | -5.14M | -31.57M | -186.9M | -183.62M | -196.1M |
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% | -144M▲ 0% |
Pretax Margin % | 9.76% | 9.1% | 9.03% | 5.46% | 10.29% | 14.43% | 4.13% | -50.51% | -5.9% | -5.84% |
Income Tax | 20.13M | 28.2M | 27.38M | 16.59M | 35.81M | 63.04M | 13.84M | -124.99M | -5.47M | -23.27M |
Effective Tax Rate % | 18.73% | 23.45% | 24.96% | 23.92% | 25.1% | 26% | 24.43% | 10% | 3.72% | 16.16% |
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% | -91.48M▲ 0% |
Net Margin % | 7.93% | 6.97% | 7.17% | 1.87% | 7.63% | 11.5% | 12.21% | -33.02% | -4.32% | -3.71% |
Net Income Growth % | 215.58% | 5.42% | -5.38% | -72.75% | 346.04% | 82.5% | -13.38% | -588.18% | 86.81% | 88.65% |
Net Income (Continuing) | 87.25M | 92.05M | 82.32M | 52.77M | 106.88M | 179.41M | 42.8M | -1.12B | -141.72M | -120.73M |
Discontinued Operations | 0 | 0 | 4.78M | -29.03M | -1.02M | 13.78M | 124.55M | -6.39M | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.14M | 48.32M | 41.27M |
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% | -2.95▲ 0% |
EPS Growth % | 221.11% | 9% | -3.49% | -72.37% | 358.33% | 85.45% | -93.98% | -6997.67% | 88.27% | 90.04% |
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 | 30.97M |
Basic Shares Outstanding | 30.11M | 29.08M | 28.2M | 27.63M | 27.16M | 26.78M | 25.91M | 27.54M | 30.97M | 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
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Current Assets | 162.74M | 201.08M | 236.32M | 245.9M | 282.81M | 304.31M | 347.03M | 472.5M | 521M | 542.36M |
Cash & Short-Term Investments | 3.89M | 25.66M | 64.75M | 40.25M | 37.32M | 45.82M | 121.97M | 104.9M | 106M | 141.02M |
Cash Only | 3.89M | 25.66M | 64.75M | 40.25M | 37.32M | 45.82M | 121.97M | 104.9M | 106M | 141.02M |
Short-Term Investments | 0 | 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 | 333.78M |
Days Sales Outstanding | 50.52 | 44.61 | 40.91 | 44.99 | 56.88 | 40.9 | 42.25 | 47.57 | 51.16 | 50.39 |
Inventory | 1.43M | 2.24M | 2.13M | 0 | 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 | 67.56M |
Total Non-Current Assets | 524.97M | 559.13M | 754.56M | 801.5M | 835.01M | 903.76M | 2.63B | 2.33B | 2.22B | 2.15B |
Property, Plant & Equipment | 206.11M | 209.9M | 297.93M | 313.2M | 367.29M | 377.43M | 369.65M | 736.27M | 710.42M | 689.36M |
Fixed Asset Turnover | 5.34x | 6.29x | 4.08x | 4.05x | 3.78x | 4.45x | 3.71x | 3.36x | 3.51x | 3.44x |
Goodwill | 191.67M | 199.09M | 215.7M | 244.98M | 266.75M | 257.99M | 278.71M | 522.71M | 522.71M | 522.71M |
Intangible Assets | 111.25M | 113.66M | 124.86M | 145.03M | 154.72M | 115.58M | 134.79M | 999.22M | 906.79M | 884.02M |
Long-Term Investments | -29.4M | -37.17M | 0 | 0 | 0 | 0 | 1.79B | 0 | 0 | 0 |
Other Non-Current Assets | 15.94M | 36.48M | 116.08M | 98.28M | 46.25M | 152.77M | 58.86M | 71.94M | 83.89M | 57.43M |
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% | 2.74B▼ 2.1% | 2.7B▲ 0% |
Asset Turnover | 1.60x | 1.74x | 1.23x | 1.21x | 1.24x | 1.39x | 0.46x | 0.88x | 0.91x | 0.90x |
Asset Growth % | 7.24% | 10.54% | 30.34% | 5.7% | 6.72% | 8.07% | 146.63% | -5.94% | -2.06% | -24.45% |
Total Current Liabilities | 60.13M | 74.72M | 137.16M | 171.62M | 164.69M | 169.4M | 237.09M | 384.05M | 428.32M | 441.9M |
Accounts Payable | 30.72M | 34.63M | 25.41M | 38.37M | 44.84M | 50.09M | 45.43M | 105.69M | 121.75M | 103.69M |
Days Payables Outstanding | 12.97 | 11.98 | 9.65 | 13.46 | 15.25 | 15.39 | 15.94 | 18.07 | 22.4 | 19.15 |
Short-Term Debt | 359K | 309K | 0 | 0 | 6.09M | 9.31M | 12.64M | 0 | 0 | 128.13M |
Deferred Revenue (Current) | 320K | 0 | 0 | 0 | 0 | 0 | 0 | 9.9M | 13.18M | 13.18M |
Other Current Liabilities | 273K | 7.38M | 33.29M | 36.5M | 4.61M | 16.51M | 88.22M | 0 | 0 | 210.08M |
Current Ratio | 2.71x | 2.69x | 1.72x | 1.43x | 1.72x | 1.80x | 1.46x | 1.23x | 1.22x | 1.23x |
Quick Ratio | 2.68x | 2.66x | 1.71x | 1.43x | 1.72x | 1.80x | 1.46x | 1.23x | 1.22x | 1.23x |
Cash Conversion Cycle | 38.15 | 33.4 | 32.08 | - | - | - | - | - | - | 31.24 |
Total Non-Current Liabilities | 94.09M | 132.25M | 276.53M | 328.44M | 359.48M | 331.43M | 1.98B | 2.13B | 2.15B | 2.13B |
Long-Term Debt | 40.59M | 47.34M | 67.34M | 112.4M | 155.47M | 106.59M | 1.79B | 1.68B | 1.69B | 1.69B |
Capital Lease Obligations | 365K | 54K | 74.59M | 85.36M | 110.98M | 108.61M | 98.33M | 356.5M | 349.4M | 1.4B |
Deferred Tax Liabilities | 29.4M | 37.17M | 41.21M | 41.99M | 43.41M | 51.09M | 42.2M | 38.17M | 53.08M | 148.95M |
Other Non-Current Liabilities | 23.74M | 47.69M | 93.39M | 88.7M | 49.62M | 65.14M | 47.14M | 62.13M | 65.09M | 84.48M |
Total Liabilities | 154.23M | 206.97M | 413.7M | 500.06M | 524.17M | 500.83M | 2.22B | 2.52B | 2.58B | 2.57B |
Total Debt | 40.95M | 47.64M | 179.23M | 243.24M | 320.07M | 266.78M | 1.95B | 2.15B | 2.16B | 2.15B |
Net Debt | 37.05M | 21.99M | 114.48M | 202.98M | 282.75M | 220.96M | 1.82B | 2.04B | 2.05B | 2.01B |
Debt / Equity | 0.08x | 0.09x | 0.31x | 0.44x | 0.54x | 0.38x | 2.55x | 7.51x | 13.36x | 17.59x |
Debt / EBITDA | 0.27x | 0.29x | 1.20x | 2.19x | 1.76x | 0.92x | 13.36x | - | 11.42x | 10.44x |
Net Debt / EBITDA | 0.25x | 0.13x | 0.77x | 1.83x | 1.55x | 0.76x | 12.53x | - | 10.86x | 9.76x |
Interest Coverage | 89.95x | 68.44x | 41.47x | 16.21x | 33.89x | 48.19x | 2.79x | -5.61x | 0.19x | 0.55x |
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% | 122.28M▲ 0% |
Equity Growth % | 6.9% | 3.7% | 4.33% | -5.17% | 8.46% | 19.13% | 8.06% | -62.6% | -43.45% | -172.02% |
Book Value per Share | 17.66 | 18.95 | 20.39 | 19.76 | 21.75 | 26.27 | 29.39 | 10.38 | 5.22 | 3.95 |
Total Shareholders' Equity | 533.49M | 553.24M | 577.18M | 547.33M | 593.65M | 707.24M | 764.26M | 201.73M | 113.34M | 81M |
Common Stock | 295K | 285K | 279K | 273K | 270K | 265K | 257K | 298K | 313K | 316K |
Retained Earnings | 337.85M | 342.66M | 350.03M | 304.14M | 334.91M | 436.12M | 480.32M | -338.23M | -447.1M | -482.91M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -193.12M | -204M | 0 | 0 | 0 | 0 | 0 | -2.73M | 580K | -1.03M |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.14M | 48.32M | 41.27M |
FWRD Cash Flow Statement
Forward Air Corporation (FWRD) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 103.36M | 152.55M | 159M | 84.67M | 120.26M | 259.09M | 181.39M | -75.4M | 44.38M | 62.51M |
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% | 148.4% |
Net Income | 87.32M | 92.05M | 82.32M | 52.77M | 116.09M | 193.19M | 42.8M | -1.12B | -107.8M | -91.48M |
Depreciation & Amortization | 41.05M | 42.18M | 36.39M | 37.13M | 39.55M | 47.39M | 57.41M | 143.98M | 152.64M | 153.8M |
Stock-Based Compensation | 8.1M | 10.55M | 11.71M | 11.03M | 10.5M | 10.66M | 11.49M | 10.19M | 13.43M | 7.09M |
Deferred Taxes | -12.47M | 8.09M | 7.09M | 772K | 1.42M | 7.69M | -8.89M | -133.51M | -10.95M | -10.33M |
Other Non-Cash Items | 6.15M | 3.14M | 18.27M | -5.72M | 4.3M | 11.57M | -13.91M | 1.04B | 589K | 109.76M |
Working Capital Changes | -26.8M | -3.46M | 3.2M | -11.31M | -51.6M | -11.4M | 92.49M | -11.78M | -3.53M | -8.92M |
Change in Receivables | -31.31M | -12.18M | 653K | -25.74M | -52.68M | -19.13M | 25.15M | 19.22M | -25.37M | 8.07M |
Change in Inventory | -1.2M | -2.56M | 0 | 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 | 9.24M |
Cash from Investing | -59.19M | -55.46M | -63.89M | -82.71M | -88.31M | -104.46M | 174.84M | -1.61B | -26.91M | -21.19M |
Capital Expenditures | -38.27M | -42.29M | -22.01M | -20.27M | -39.11M | -40.73M | -30.73M | -37.06M | -29.12M | -24.16M |
CapEx % of Revenue | 3.48% | 3.2% | 1.81% | 1.6% | 2.82% | 2.42% | 2.24% | 1.5% | 1.17% | 0.98% |
Acquisitions | -23.14M | -19.99M | -39M | -63.65M | -59.87M | -66.11M | -52.96M | -1.58B | 2.2M | 1.72M |
Investments | - | - | - | - | - | - | - | - | - | - |
Other Investing | 2.22M | 6.82M | -2.89M | 1.21M | 10.66M | 2.37M | 258.52M | 4.69M | 0 | 1.24M |
Cash from Financing | -48.79M | -75.33M | -56.01M | -26.45M | -34.89M | -146.12M | 1.55B | -163.83M | -17.53M | -17.12M |
Debt Issued (Net) | 12.21M | 6.7M | 19.05M | 43.55M | 42.58M | -55.11M | 1.67B | -98.42M | -17.3M | -17.1M |
Equity Issued (Net) | -48.98M | -66.13M | -56.2M | -45.25M | -48.99M | -62.77M | -93.81M | 753K | 846K | 846K |
Dividends Paid | -18.05M | -18.43M | -20.49M | -20.87M | -22.98M | -25.86M | -25M | 0 | 0 | 0 |
Share Repurchases | -48.98M | -66.13M | -56.2M | -45.25M | -48.99M | -62.77M | -93.81M | 753K | 846K | 434K |
Other Financing | 6.03M | 2.53M | 1.63M | -3.89M | -5.5M | -2.38M | -3.67M | -66.16M | -1.07M | -865K |
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% | 24.35M▲ 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% | 38.35M▲ 0% |
FCF Margin % | 5.91% | 8.35% | 11.27% | 5.07% | 5.85% | 13% | 10.99% | -4.55% | 0.61% | 1.56% |
FCF Growth % | -26.16% | 69.37% | 24.24% | -52.99% | 26.02% | 169.08% | -31% | -174.64% | 113.58% | 195.72% |
FCF per Share | 2.15 | 3.78 | 4.84 | 2.33 | 2.97 | 8.11 | 5.79 | -4.08 | 0.49 | 1.24 |
FCF Conversion (FCF/Net Income) | 1.18x | 1.66x | 1.83x | 3.57x | 1.14x | 1.34x | 1.08x | 0.09x | -0.41x | -0.42x |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 0 | 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | 16.91% | 16.94% | 15.41% | 4.22% | 18.56% | 29.7% | 22.75% | -155.59% | -48.17% | -52.57% |
Return on Invested Capital (ROIC) | 14.96% | 15.98% | 13.31% | 7.69% | 13.56% | 20.58% | 3.76% | -32.44% | 1.2% | 1.77% |
Gross Margin | 21.49% | 20.14% | 20.89% | 18.05% | 22.63% | 29.27% | 24.09% | 13.73% | 20.48% | 10.01% |
Net Margin | 7.93% | 6.97% | 7.17% | 1.87% | 7.63% | 11.5% | 12.21% | -33.02% | -4.32% | -3.71% |
Debt / Equity | 0.08x | 0.09x | 0.31x | 0.44x | 0.54x | 0.38x | 2.55x | 7.51x | 13.36x | 17.59x |
Interest Coverage | 89.95x | 68.44x | 41.47x | 16.21x | 33.89x | 48.19x | 2.79x | -5.61x | 0.19x | 0.55x |
FCF Conversion | 1.18x | 1.66x | 1.83x | 3.57x | 1.14x | 1.34x | 1.08x | 0.09x | -0.41x | -0.42x |
Revenue Growth | 12.04% | 19.99% | -8% | 4.48% | 9.27% | 21.08% | -18.39% | 80.51% | 0.84% | -3.22% |
Related:FWRD Dividend History·FWRD Revenue History·FWRD Price History·FWRD P/E History·FWRD Financial Ratios·FWRD Institutional Holders
FWRD SEC Filings & Documents
Forward Air Corporation (FWRD) SEC filings — annual & quarterly reports (10-K, 10-Q)
FWRD Frequently Asked Questions
Forward Air Corporation (FWRD) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Forward Air Corporation (FWRD) reported $2.46B in revenue for fiscal year 2025. This represents a 1468% 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 $91.5M 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 $38.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.