Forward Air Corporation (FWRD) quarterly cash flow statement — complete operating, investing & financing history
Forward Air Corporation (FWRD) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | -4.88M | 45.74M | -22.73M | 52.71M | -13.22M | 27.61M | -23.62M | 50.02M | -50.08M | -51.72M | 21.96M | 29.86M | 63.57M | 65.99M | 62.28M | 83.99M | 50.33M | 62.49M | 44.41M | 43.09M |
| Operating CF Margin % | -0.73% | 7.86% | -3.6% | 8.34% | -2.14% | 4.5% | -3.73% | 7.63% | -7.78% | -9.55% | 17.15% | 8.76% | 19.06% | 18.45% | 12.94% | 16.47% | 9.77% | 13.38% | 9.66% | 10.27% |
| Operating CF Growth % | 63.06% | 65.63% | 3.77% | 5.39% | 73.61% | 153.39% | -207.57% | 67.48% | -178.78% | -178.37% | -64.74% | -64.44% | 26.3% | 5.61% | 40.23% | 94.92% | 121.27% | 524.17% | 262.15% | 109.55% |
| Net Income | -251.81M | -34.32M | -28.33M | -16.25M | -20.36M | -61.19M | -35.38M | -387.19M | -640.56M | -61.71M | -14.58M | 6.49M | 17.01M | 36.37M | 42.94M | 52.13M | 55.08M | 42.44M | 38.2M | 30.27M |
| Depreciation & Amortization | 38.26M | 38.52M | 40.72M | 37.75M | 36.81M | 37.36M | 37.66M | 25.9M | 48.64M | 31.79M | 17.58M | 14.21M | 13.24M | 13.63M | 12.39M | 12.27M | 11.6M | 11.13M | 11.48M | 9.42M |
| Stock-Based Compensation | 4.03M | 0 | 0 | 0 | 4.71M | 2.96M | 2.1M | 2.9M | 0 | 0 | 2.14M | 2.77M | 0 | 2.91M | 2.63M | 2.68M | 0 | 0 | 2.73M | 0 |
| Deferred Taxes | -604K | -2.17M | -10.43M | 4.2M | -1.93M | -2.79M | 63.65M | -33.55M | -166.55M | 2.94M | -11.09M | 17K | 325K | 1.86M | 5.72M | 0 | 319K | 1.64M | 2.81M | -812K |
| Other Non-Cash Items | 265M | 2.26M | 15.48M | -6.91M | 11.66M | 4.45M | -67.95M | 365.04M | 768.97M | -20.31M | -35.24M | 7.1M | 11.04M | 1.86M | 3.43M | 3.4M | 6.53M | 4.15M | 5.26M | 5.03M |
| Working Capital Changes | -59.76M | 41.44M | -40.18M | 33.92M | -44.1M | 46.83M | -23.7M | 76.93M | -60.58M | -4.43M | 63.15M | -729K | 21.96M | 9.13M | -4.84M | 13.51M | -23.2M | 3.12M | -16.07M | -813K |
| Change in Receivables | -47.88M | 11.86M | -9.21M | 472K | 4.94M | -21.58M | 47.11M | 2.68M | -21.61M | -15.13M | 6.27M | -17.72M | 22.29M | 16.67M | 24.04M | -5.42M | -2.99M | -26.67M | -3.6M | 1.21M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -13.36M | 30.63M | -2.17M | 38.78M | -57.99M | 0 | -73.94M | 29.66M | 10.56M | 17.8M | 30.4M | 0 | -36K | -18.96M | -9.2M | 0 | -10.31M | 15.97M | -2.4M | -3.47M |
| Cash from Investing | 6.65M | -5.52M | -7.94M | -3.85M | -3.88M | -11.24M | -15.71M | -9.47M | -13.95M | -1.57B | 251.68M | -5.74M | -9.57M | -61.54M | -40.05M | -6.07M | -48.94M | -9.4M | -52.6M | -13.93M |
| Capital Expenditures | -3.21M | -6.95M | -8.35M | -4.12M | -4.74M | -11.91M | -7.25M | -10.41M | -14.43M | -4.97M | -7.31M | -5.24M | -10.32M | -6.79M | -15.33M | -6.73M | -8.77M | -9.91M | -16.09M | -14.44M |
| CapEx % of Revenue | 0.48% | 1.19% | 1.32% | 0.65% | 0.77% | 1.94% | 1.15% | 1.59% | 2.24% | 0.92% | 5.71% | 1.54% | 3.09% | 1.9% | 3.19% | 1.32% | 1.7% | 2.12% | 3.5% | 3.44% |
| Acquisitions | -1.43M | 1.43M | 415K | 294K | 804K | 691K | -8.33M | 1.09M | 557K | -1.57B | 466K | 0 | 1.22M | -56.57M | -25.67M | 0 | -40.18M | 511K | -36.81M | 515K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 11.29M | 0 | 0 | -31K | 55K | -24K | -125K | -145K | -85K | 760K | 258.52M | -495K | -469K | 1.81M | 949K | 656K | 0 | 0 | 304K | 0 |
| Cash from Financing | -3.54M | -4.91M | -3.93M | -3.66M | -4.62M | -5.33M | 5.56M | -6.44M | -4.23M | -158.73M | 1.66B | -23.56M | -67.75M | -18.25M | -23.25M | -78.46M | -15.64M | -28.77M | -6.42M | -28.08M |
| Debt Issued (Net) | -4.15M | -4.22M | -4.32M | -3.61M | -4.94M | -4.43M | -55.56M | -6.21M | -4.57M | -84.56M | 1.67B | -3.29M | -32.59M | 42.91M | -2.22M | -42M | -9.39M | -1.45M | -978K | -610K |
| Equity Issued (Net) | 1.42M | -685K | 412K | -52K | 434K | -894K | 398K | -14K | 369K | -1.33M | 379K | -14.02M | -28.88M | -50.49M | -15M | -29.99M | 374K | -17.57M | 666K | -15M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.2M | -6.2M | -6.25M | -6.34M | -6.4M | -6.47M | -6.49M | -6.5M | -5.71M | -5.71M |
| Share Repurchases | 685K | -685K | 0 | -52K | 434K | -894K | 0 | 0 | 0 | -1.33M | 0 | -14.02M | -29.3M | -50.49M | -15M | -29.99M | 0 | -17.78M | 0 | -15M |
| Other Financing | -805K | 0 | -21K | 0 | -107K | 0 | 60.72M | -211K | -35K | -72.84M | -154K | -55K | -32K | -4.32M | 372K | 0 | -130K | -3.25M | -404K | -6.76M |
| Net Change in Cash | -1.57M | 35.03M | -34.36M | 45.05M | -21.37M | 11.41M | -32.89M | 33.5M | -67.61M | -1.78B | 142.73M | 562K | -13.75M | -13.79M | -1.02M | -540K | -14.24M | 24.31M | -14.61M | 1.09M |
| Free Cash Flow | -8.1M | 38.79M | -31.08M | 48.6M | -17.96M | 15.71M | -30.87M | 39.6M | -64.51M | -56.69M | 14.65M | 24.62M | 53.26M | 59.2M | 46.95M | 77.27M | 41.57M | 52.58M | 28.32M | 28.65M |
| FCF Margin % | -1.2% | 6.66% | -4.92% | 7.69% | -2.9% | 2.56% | -4.88% | 6.04% | -10.02% | -10.46% | 11.44% | 7.22% | 15.96% | 16.55% | 9.76% | 15.15% | 8.07% | 11.26% | 6.16% | 6.83% |
| FCF Growth % | 54.92% | 146.94% | -0.68% | 22.72% | 72.16% | 127.71% | -310.71% | 60.85% | -221.13% | -195.75% | -68.8% | -68.13% | 28.11% | 12.6% | 65.79% | 169.68% | 146.44% | 618.67% | 235.75% | 56.23% |
| FCF per Share | -0.25 | 1.25 | -1.00 | 1.57 | -0.59 | 0.52 | -1.05 | 1.42 | -2.41 | -2.16 | 0.57 | 0.96 | 2.05 | 2.24 | 1.76 | 2.87 | 1.54 | 1.94 | 1.04 | 1.06 |
| FCF Conversion (FCF/Net Income) | 0.02x | -1.33x | 0.80x | -3.24x | 1.05x | -0.55x | 0.65x | -0.68x | 0.08x | 0.84x | 0.22x | 3.22x | 3.19x | 1.81x | 1.45x | 1.61x | 0.91x | 1.46x | 1.10x | 1.83x |
| Interest Paid | 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 | 0 |