Free cash flow remains dangerously volatile, swinging from a $48.6 million inflow in 2025Q3 to a $31.1 million outflow in 2025Q4, highlighting inconsistent cash-generating capacity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 62.51M | 44.38M | -75.4M | 181.39M | 259.09M | 120.26M | 84.67M | 159M | 152.55M | 103.36M | 130.35M | 85.72M | 91.66M | 90.84M | 68.59M | 76.96M | 53.99M | 50.18M | 59.08M | 62.39M | 52.47M | 51.23M | 37.41M | 32.74M | 29.95M | 35.53M | 33.83M | 20.1M | 1.9M | 22.56M | 12.52M |
| Operating CF Margin % | - | 1.78% | -3.05% | 13.23% | 15.43% | 8.67% | 6.67% | 13.08% | 11.55% | 9.39% | 13.27% | 8.94% | 11.74% | 13.92% | 11.74% | 14.35% | 11.16% | 12.02% | 12.45% | 15.89% | 14.87% | 15.96% | 13.26% | 13.56% | 13.25% | 15.62% | 15.74% | 11.77% | 1.45% | 11.85% | 7.97% |
| Operating CF Growth % | 148.4% | 158.86% | -141.57% | -29.99% | 115.44% | 42.04% | -46.75% | 4.22% | 47.59% | -20.7% | 52.06% | -6.48% | 0.9% | 32.45% | -10.88% | 42.53% | 7.6% | -15.07% | -5.31% | 18.92% | 2.41% | 36.93% | 14.27% | 9.31% | -15.69% | 5% | 68.29% | 959.78% | -91.59% | 80.19% | -20.75% |
| Net Income | -91.48M | -107.8M | -1.12B | 42.8M | 193.19M | 116.09M | 52.77M | 82.32M | 92.05M | 87.32M | 27.67M | 55.58M | 61.17M | 54.47M | 52.67M | 47.2M | 32.04M | 9.95M | 42.54M | 44.92M | 48.92M | 44.91M | 34.42M | 25.94M | 21.76M | 19.88M | 23.45M | 16.04M | 8.08M | 8.59M | 3.98M |
| Depreciation & Amortization | 153.8M | 152.64M | 143.98M | 57.41M | 47.39M | 39.55M | 37.13M | 36.39M | 42.18M | 41.05M | 38.21M | 37.16M | 31.13M | 23.58M | 21.02M | 20.99M | 20.45M | 19.72M | 16.61M | 10.82M | 8.93M | 8.95M | 6.82M | 7.26M | 7.46M | 8.41M | 5.78M | 5M | 4.35M | 11.21M | 10.52M |
| Stock-Based Compensation | 7.09M | 13.43M | 10.19M | 11.49M | 10.66M | 10.5M | 11.03M | 11.71M | 10.55M | 8.1M | 8.33M | 7.49M | 6.68M | 6.18M | 6.05M | 5.97M | 6.28M | 6.75M | 6.27M | 3.71M | 1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -10.33M | -10.95M | -133.51M | -8.89M | 7.69M | 1.42M | 772K | 7.09M | 8.09M | -12.47M | 3.52M | 14.53M | -3.02M | 4.86M | 2.04M | 4.4M | 1.44M | -4.12M | 1.15M | 596K | -136K | -48K | 1.51M | -1.35M | 60K | 167K | 2.79M | 1.45M | 1.89M | 2.61M | 1.75M |
| Other Non-Cash Items | 109.76M | 589K | 1.04B | -13.91M | 11.57M | 4.3M | -5.72M | 18.27M | 3.14M | 6.15M | 43.28M | -768K | 214K | -1.82M | 2.13M | 1.65M | 773K | 9.85M | 4.13M | 4.76M | -137K | 1.4M | 2.01M | 516K | -148K | -999K | 1.72M | 1.5M | 3.27M | 909K | 127K |
| Working Capital Changes | -8.92M | -3.53M | -11.78M | 92.49M | -11.4M | -51.6M | -11.31M | 3.2M | -3.46M | -26.8M | 9.33M | -28.26M | -4.52M | 3.58M | -15.33M | -3.26M | -6.98M | 8.03M | -11.79M | 1.49M | -6.42M | -3.97M | -7.34M | -1.49M | -1.99M | 5.6M | 94K | -3.88M | -15.56M | -1.75M | -3.85M |
| Change in Receivables | 8.07M | -25.37M | 19.22M | 25.15M | -19.13M | -52.68M | -25.74M | 653K | -12.18M | -31.31M | -9.71M | 5.4M | -12.19M | 1.45M | -6.54M | -9.89M | -8.58M | -844K | -2.38M | -11.47M | -6.52M | -7.44M | -8.89M | -4.36M | -2.73M | 2.36M | -2.41M | -9.13M | -4.16M | -5.7M | -6.42M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.56M | -1.2M | 283K | -1.38M | -280K | -215K | -1.33M | -102.98M | -119.78M | -76.89M | 0 | -41K | 66K | -145K | -23K | 4K | -24K | 60K | 201K | -251K | -89K | -169K | -192K |
| Change in Payables | 9.24M | 46.26M | -15.92M | 36.66M | 12.57M | 17.18M | 23.85M | 7.21M | 12.54M | 8.95M | -1.41M | -17.51M | -199K | 2.59M | -3.48M | 3.83M | 3.02M | 8.32M | -2.67M | 6.61M | -4.06M | 615K | 4.26M | 1.32M | 1.06M | -999K | 3.21M | 5.02M | 8.31M | 5.91M | 2.04M |
| Cash from Investing | -21.19M | -26.91M | -1.61B | 174.84M | -104.46M | -88.31M | -82.71M | -63.89M | -55.46M | -59.19M | -52.39M | -100.92M | -127.71M | -78.92M | -20.7M | -19.67M | -13.89M | -20.2M | -56.19M | -34.07M | 794K | 3.1M | -51.45M | 14.72M | -443K | -31.01M | -26.85M | -13.36M | -16.98M | -19.04M | -6.04M |
| Capital Expenditures | -24.16M | -29.12M | -37.06M | -30.73M | -40.73M | -39.11M | -20.27M | -22.01M | -42.29M | -38.27M | -42.19M | -40.49M | -39.49M | -35.44M | -21.35M | -21.22M | -15.15M | -20.85M | -26.7M | -47.03M | -15.45M | -22.08M | -11.2M | -2.87M | -3.91M | -4.84M | -16.55M | -7.41M | -11.76M | -19.07M | -8.76M |
| CapEx % of Revenue | 0.98% | 1.17% | 1.5% | 2.24% | 2.42% | 2.82% | 1.6% | 1.81% | 3.2% | 3.48% | 4.29% | 4.22% | 5.06% | 5.43% | 3.65% | 3.96% | 3.13% | 4.99% | 5.63% | 11.97% | 4.38% | 6.88% | 3.97% | 1.19% | 1.73% | 2.13% | 7.7% | 4.34% | 9.02% | 10.02% | 5.58% |
| Acquisitions | 1.72M | 2.2M | -1.58B | -52.96M | -66.11M | -59.87M | -63.65M | -39M | -19.99M | -23.14M | -11.8M | -61.88M | -90.17M | -45.33M | 0 | 0 | 0 | 0 | -29.33M | -48.63M | 3.67M | -12.75M | 9K | 189K | 135K | -2.98M | -10.71M | -6.81M | 0 | -1.21M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.24M | 0 | 4.69M | 258.52M | 2.37M | 10.66M | 1.21M | -2.89M | 6.82M | 2.22M | 1.59M | 1.46M | 1.95M | 1.84M | 648K | 1.54M | 1.26M | 642K | -247K | -119K | -4.77M | -191.94M | 1.17M | 113K | 58K | 394K | 407K | 862K | -5.22M | 1.25M | 2.72M |
| Cash from Financing | -17.12M | -17.53M | -163.83M | 1.55B | -146.12M | -34.89M | -26.45M | -56.01M | -75.33M | -48.79M | -102.76M | 7.08M | -49.89M | 3.27M | 5.5M | -72.99M | -7.64M | -10.03M | 14.29M | -31.64M | -45.36M | -54.08M | -2.25M | 2.44M | -15.23M | -743K | 2.62M | -1.21M | 14.64M | -2.87M | -10.29M |
| Debt Issued (Net) | -17.1M | -17.3M | -98.42M | 1.67B | -55.11M | 42.58M | 43.55M | 19.05M | 6.7M | 12.21M | -55.77M | 23.65M | -9.74M | -20.38M | -551K | -50.64M | -895K | -1.55M | 18.4M | 29.51M | -1.54M | 1.5M | -30K | -469K | -4.42M | -2.84M | -176K | -20.71M | 12.17M | -1.37M | -1.16M |
| Equity Issued (Net) | 846K | 846K | 753K | -93.81M | -62.77M | -48.99M | -45.25M | -56.2M | -66.13M | -48.98M | -39.98M | -19.99M | -39.97M | -354K | 0 | -14.91M | 1.19M | 237K | 255K | -54.88M | -37.09M | -47.84M | -2.22M | 2.91M | -10.81M | 2.1M | 2.79M | 19.5M | 2.48M | 602K | 641K |
| Dividends Paid | 0 | 0 | 0 | -25M | -25.86M | -22.98M | -20.87M | -20.49M | -18.43M | -18.05M | -15.53M | -14.82M | -14.79M | -12.14M | -9.95M | -8.19M | -8.12M | -8.11M | -8.09M | -8.3M | -8.69M | -7.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 434K | 846K | 753K | -93.81M | -62.77M | -48.99M | -45.25M | -56.2M | -66.13M | -48.98M | -39.98M | -19.99M | -39.97M | -354K | 259K | -26.1M | 0 | 0 | 0 | -55.13M | -41.72M | -54.07M | -9.58M | 0 | -12.52M | 0 | 0 | 0 | 0 | 0 | -1.79M |
| Other Financing | -865K | -1.07M | -66.16M | -3.67M | -2.38M | -5.5M | -3.89M | 1.63M | 2.53M | 6.03M | 8.52M | 18.24M | 14.62M | 36.14M | 16M | 747K | 194K | -611K | 3.73M | 2.03M | 1.97M | -75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 24.35M | 730K | -1.85B | 1.91B | 8.51M | -2.94M | -24.5M | 39.09M | 21.76M | -4.62M | -24.8M | -8.12M | -85.94M | 15.19M | 53.38M | -15.7M | 32.47M | 19.94M | 17.18M | -3.32M | 7.9M | 254K | -16.28M | 49.9M | 14.28M | 3.77M | 9.6M | 5.53M | -440K | 658K | -3.81M |
| Free Cash Flow | 38.35M | 15.27M | -112.46M | 150.66M | 218.36M | 81.15M | 64.4M | 136.99M | 110.26M | 65.1M | 88.16M | 45.23M | 52.17M | 55.4M | 47.23M | 55.74M | 38.85M | 29.33M | 32.38M | 15.37M | 37.01M | 29.16M | 26.21M | 29.87M | 26.04M | 30.68M | 17.29M | 12.69M | -9.87M | 3.49M | 3.76M |
| FCF Margin % | 1.56% | 0.61% | -4.55% | 10.99% | 13% | 5.85% | 5.07% | 11.27% | 8.35% | 5.91% | 8.97% | 4.72% | 6.68% | 8.49% | 8.08% | 10.39% | 8.03% | 7.03% | 6.83% | 3.91% | 10.49% | 9.08% | 9.29% | 12.37% | 11.52% | 13.49% | 8.04% | 7.43% | -7.56% | 1.83% | 2.39% |
| FCF Growth % | 195.72% | 113.58% | -174.64% | -31% | 169.08% | 26.02% | -52.99% | 24.24% | 69.37% | -26.16% | 94.94% | -13.31% | -5.82% | 17.29% | -15.27% | 43.49% | 32.44% | -9.42% | 110.74% | -58.48% | 26.95% | 11.21% | -12.23% | 14.7% | -15.13% | 77.5% | 36.2% | 228.63% | -382.72% | -7.16% | 142.24% |
| FCF per Share | 1.24 | 0.49 | -4.08 | 5.79 | 8.11 | 2.97 | 2.33 | 4.84 | 3.78 | 2.15 | 2.87 | 1.45 | 1.68 | 1.80 | 1.60 | 1.89 | 1.33 | 1.01 | 1.12 | 0.51 | 1.17 | 0.90 | 0.80 | 0.91 | 0.78 | 0.92 | 0.52 | 0.40 | -0.34 | 0.13 | 0.14 |
| FCF Conversion (FCF/Net Income) | -0.42x | -0.41x | 0.09x | 1.08x | 1.34x | 1.14x | 3.57x | 1.83x | 1.66x | 1.18x | 4.71x | 1.54x | 1.50x | 1.67x | 1.30x | 1.63x | 1.69x | 5.05x | 1.39x | 1.39x | 1.07x | 1.14x | 1.09x | 1.27x | 1.39x | 1.79x | 1.44x | 1.25x | 0.19x | 2.63x | 3.15x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21M | 0 | 22.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Integration and leverage headwinds
As reported in recent financial filings, Forward Air's operating cash flow frequently diverges from net income, with the 2026Q1 OCF/NI ratio of -1.33 highlighting a persistent inability to convert accounting losses into meaningful cash generation, suggesting significant underlying volatility in the company's core operational cash conversion cycle.
The consistent gap between net losses and operating cash flow suggests that non-cash charges and working capital swings are masking the true cash-burn nature of the business. Investors should monitor whether this disconnect is a temporary byproduct of integration or a structural failure to generate cash from the expanded service portfolio.
Based on quarterly cash flow statements, Forward Air's free cash flow trajectory remains highly erratic, swinging from a positive $48.6 million in 2025Q3 to a negative $31.1 million in 2025Q4, indicating that the company's cash-generating capacity is currently insufficient to support its ongoing operational and integration requirements.
The lack of a stable free cash flow trend suggests that the company is struggling to maintain positive margins amidst its strategic pivot. This instability warrants further investigation into whether the current cost structure can be rationalized to prevent further cash depletion in future periods.
According to historical cash flow data, working capital changes have been a primary driver of cash flow variance, with a $41.4 million inflow in 2026Q1 following a $40.2 million outflow in 2025Q4, suggesting that the company's cash position is highly sensitive to timing differences in receivables and payables.
These large, oscillating working capital adjustments imply that the company's cash flow is not yet reflective of sustainable operational performance. Analysts should be wary of relying on short-term cash flow improvements that appear driven by temporary balance sheet management rather than organic growth in freight volume.
As indicated by recent financial statements, Forward Air has shifted away from shareholder returns, with dividend payments ceasing after 2023Q4 and minimal share repurchases, reflecting a necessary pivot toward capital preservation as the company navigates the significant financial burden of its recent large-scale acquisition and integration efforts.
The cessation of dividends and the lack of active capital deployment suggest that management is prioritizing liquidity over shareholder distributions. This appears to be a defensive posture, likely intended to manage the leverage profile following the controversial acquisition of Omni Logistics.
Quick answers to the most common questions about buying FWRD stock.
Forward Air Corporation (FWRD) generated $44.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Forward Air Corporation (FWRD) generated $15.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Forward Air Corporation (FWRD) spent $29.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Forward Air Corporation (FWRD) spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.