Forward Air Corporation (FWRD) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has decelerated to 8.8% in 2026Q2, but the company reported a net loss of $207.3 million and an operating margin of -29.9%, indicating severe operating deleveraging despite a 20.3% gross margin.

Annual statement

FWRD Income Statement

Forward Air Corporation (FWRD) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	2.52B	2.5B	2.47B	1.37B	1.68B	1.39B	1.27B	1.22B	1.32B	1.1B	982.53M	959.13M	780.96M	652.48M	584.45M	536.4M	483.94M	417.41M	474.44M	392.74M	352.76M	320.93M	282.2M	241.52M	226.07M	227.5M	214.91M	170.84M	130.44M	190.4M	157.1M
Revenue Growth %	-0.11%	0.84%	80.51%	-18.39%	21.08%	9.27%	4.48%	-8%	19.99%	12.04%	2.44%	22.81%	19.69%	11.64%	8.96%	10.84%	15.94%	-12.02%	20.8%	11.33%	9.92%	13.73%	16.84%	6.83%	-0.63%	5.86%	25.79%	30.98%	-31.49%	21.2%	6.08%
Cost of Goods Sold	2.25B	1.98B	2.13B	1.04B	1.19B	1.07B	1.04B	961.39M	1.05B	864.3M	767.29M	768.71M	601.96M	504.82M	446.77M	268.96M	175.16M	144.73M	180.99M	222.06M	193.98M	176.46M	159.05M	139.81M	135.51M	136.49M	124.57M	101.08M	78.89M	108.44M	93.88M
COGS % of Revenue	-	79.52%	86.27%	75.91%	70.73%	77.37%	81.95%	79.11%	79.86%	78.51%	78.09%	80.15%	77.08%	77.37%	76.44%	50.14%	36.19%	34.67%	38.15%	56.54%	54.99%	54.98%	56.36%	57.89%	59.94%	60%	57.96%	59.16%	60.48%	56.95%	59.76%
Gross Profit	267.85M	510.94M	339.65M	330.15M	491.67M	313.95M	229.11M	253.8M	266.04M	236.51M	215.24M	190.42M	179M	147.66M	137.67M	267.44M	308.78M	272.68M	293.45M	170.68M	158.78M	144.47M	123.14M	101.71M	90.57M	91.01M	90.34M	69.77M	51.55M	81.96M	63.22M
Gross Margin %	10.64%	20.48%	13.73%	24.09%	29.27%	22.63%	18.05%	20.89%	20.14%	21.49%	21.91%	19.85%	22.92%	22.63%	23.56%	49.86%	63.81%	65.33%	61.85%	43.46%	45.01%	45.02%	43.64%	42.11%	40.06%	40%	42.04%	40.84%	39.52%	43.05%	40.24%
Gross Profit Growth %	-	50.43%	2.88%	-32.85%	56.6%	37.03%	-9.73%	-4.6%	12.48%	9.88%	13.03%	6.38%	21.23%	7.25%	-48.52%	-13.39%	13.24%	-7.08%	71.94%	7.49%	9.9%	17.32%	21.07%	12.31%	-0.48%	0.74%	29.49%	35.34%	-37.11%	29.65%	-26.23%
Operating Expenses	436.58M	474.51M	1.4B	241.94M	244.07M	166.93M	155.19M	141.38M	144.01M	127.84M	112.82M	108.65M	82.6M	63.3M	54.14M	190.33M	185.69M	172.71M	206.97M	329.37M	283.33M	258.7M	233.98M	206.49M	197.2M	203.3M	181.25M	146.41M	116.83M	183.08M	156.14M
OpEx % of Revenue	-	19.02%	56.69%	17.65%	14.53%	12.03%	12.22%	11.63%	10.9%	11.61%	11.48%	11.33%	10.58%	9.7%	9.26%	35.48%	38.37%	41.38%	43.62%	83.87%	80.32%	80.61%	82.91%	85.5%	87.23%	89.36%	84.34%	85.7%	89.57%	96.16%	99.39%
Selling, General & Admin	15.71M	0	64.68M	50.13M	47.48M	39.41M	34.91M	38.73M	35.18M	29.58M	25.39M	21.48M	15.74M	12.62M	11.31M	130.65M	129.11M	118.57M	124.6M	96.49M	86.38M	78.49M	73.49M	64.57M	58.1M	65.85M	54.53M	42.34M	35.99M	72.92M	60.12M
SG&A % of Revenue	-	-	2.61%	3.66%	2.83%	2.84%	2.75%	3.19%	2.66%	2.69%	2.58%	2.24%	2.02%	1.93%	1.93%	24.36%	26.68%	28.41%	26.26%	24.57%	24.49%	24.46%	26.04%	26.74%	25.7%	28.94%	25.37%	24.78%	27.6%	38.3%	38.27%
Research & Development	0	0	0	0	0	0	2.05M	0	1.78M	1.82M	1.66M	1.53M	1.46M	1.23M	1.1M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	0.16%	-	0.13%	0.17%	0.17%	0.16%	0.19%	0.19%	0.19%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2M	474.51M	1.34B	191.81M	196.6M	127.52M	118.22M	102.65M	-2K	-11K	4K	-58K	289K	99K	14K	59.68M	56.58M	54.15M	0	321.69M	196.95M	180.21M	160.49M	141.91M	139.1M	137.45M	126.71M	104.07M	80.83M	110.17M	96.02M
Operating Income	-168.73M	36.42M	-1.06B	88.21M	247.59M	147.03M	73.92M	112.42M	122.03M	108.67M	59.98M	81.77M	96.41M	84.36M	83.53M	77.11M	53.74M	18.79M	70.28M	71.05M	75.4M	67.44M	53.6M	40.18M	32.74M	31.66M	37.3M	26.44M	16.01M	16.8M	9.34M
Operating Margin %	-6.7%	1.46%	-42.96%	6.44%	14.74%	10.6%	5.82%	9.25%	9.24%	9.87%	6.1%	8.53%	12.34%	12.93%	14.29%	14.38%	11.1%	4.5%	14.81%	18.09%	21.37%	21.01%	18.99%	16.64%	14.48%	13.92%	17.36%	15.48%	12.27%	8.82%	5.95%
Operating Income Growth %	-	103.43%	-1305.01%	-64.37%	68.4%	98.89%	-34.24%	-7.88%	12.29%	81.18%	-26.65%	-15.18%	14.29%	0.99%	8.33%	43.49%	186.06%	-73.27%	-1.07%	-5.77%	11.8%	25.82%	33.39%	22.74%	3.41%	-15.13%	41.06%	65.16%	-4.71%	79.88%	-71.95%
EBITDA	-13.48M	189.06M	-918.96M	145.62M	290.14M	181.99M	111.05M	148.81M	164.21M	149.73M	98.19M	118.93M	127.54M	107.93M	104.55M	98.1M	74.19M	38.51M	86.9M	81.87M	84.33M	76.38M	60.41M	47.45M	40.2M	40.07M	43.08M	31.44M	20.36M	28.01M	19.86M
EBITDA Margin %	-0.54%	7.58%	-37.14%	10.62%	17.27%	13.12%	8.75%	12.25%	12.43%	13.6%	9.99%	12.4%	16.33%	16.54%	17.89%	18.29%	15.33%	9.23%	18.32%	20.85%	23.91%	23.8%	21.41%	19.64%	17.78%	17.61%	20.05%	18.4%	15.61%	14.71%	12.64%
EBITDA Growth %	-106.87%	120.57%	-731.09%	-49.81%	59.43%	63.88%	-25.38%	-9.38%	9.68%	52.49%	-17.44%	-6.75%	18.16%	3.23%	6.57%	32.23%	92.66%	-55.69%	6.14%	-2.91%	10.4%	26.43%	27.34%	18.03%	0.32%	-7%	37.04%	54.44%	-27.33%	41.02%	-19.25%
D&A (Non-Cash Add-back)	155.25M	152.64M	143.98M	57.41M	42.55M	34.97M	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
EBIT	-262.92M	33.55M	-1.06B	88.21M	247.59M	147.03M	73.92M	112.42M	122.03M	108.75M	59.71M	81.71M	96.69M	84.45M	83.55M	77.18M	53.83M	18.62M	70.65M	72.8M	75.4M	71.34M	54.73M	40.18M	-7.32M	31.66M	-90.91M	-76.64M	-60.48M	-7.61M	-9.2M
Net Interest Income	-90.01M	-180.75M	-189.22M	-31.57M	-5.14M	-4.34M	-4.56M	-2.71M	-1.78M	-1.21M	-1.6M	-2.05M	-610K	-532K	-391K	-619K	-730K	-670K	-1.24M	-491K	0	0	0	0	0	0	0	0	0	0	0
Interest Income	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
Interest Expense	90.01M	180.75M	189.22M	31.57M	5.14M	4.34M	4.56M	2.71M	1.78M	1.21M	1.6M	2.05M	610K	532K	391K	619K	730K	670K	1.24M	491K	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-182.19M	-183.62M	-186.9M	-31.57M	-5.14M	-4.34M	-4.56M	-2.71M	-1.78M	-1.22M	-1.32M	-2.1M	-321K	-433K	-377K	-545K	-640K	-601K	-874K	1.26M	3.15M	3.8M	1.07M	529K	1.42M	546K	666K	-454K	-1.17M	-4.62M	-1.57M
Pretax Income	-350.92M	-147.2M	-1.25B	56.64M	242.45M	142.69M	69.36M	109.7M	120.25M	107.45M	58.39M	79.67M	96.08M	83.92M	83.16M	76.56M	53.1M	18.18M	69.41M	72.31M	78.54M	71.24M	54.67M	40.71M	34.16M	32.2M	37.97M	25.99M	14.84M	14.09M	6.44M
Pretax Margin %	-13.94%	-5.9%	-50.51%	4.13%	14.43%	10.29%	5.46%	9.03%	9.1%	9.76%	5.94%	8.31%	12.3%	12.86%	14.23%	14.27%	10.97%	4.36%	14.63%	18.41%	22.27%	22.2%	19.37%	16.86%	15.11%	14.16%	17.67%	15.21%	11.38%	7.4%	4.1%
Income Tax	-6.69M	-5.47M	-124.99M	13.84M	63.04M	35.81M	16.59M	27.38M	28.2M	20.13M	30.72M	24.09M	34.92M	29.45M	30.49M	29.37M	21.06M	8.24M	26.87M	27.39M	29.62M	26.33M	20.25M	14.9M	12.54M	12.32M	14.52M	9.95M	5.65M	5.49M	2.46M
Effective Tax Rate %	1.91%	3.72%	10%	24.43%	26%	25.1%	23.92%	24.96%	23.45%	18.73%	52.61%	30.24%	36.34%	35.1%	36.66%	38.35%	39.67%	45.31%	38.71%	37.87%	37.71%	36.96%	37.04%	36.59%	36.72%	38.26%	38.25%	38.28%	38.09%	38.98%	38.2%
Net Income	-286.19M	-107.8M	-816.97M	167.35M	193.19M	105.86M	23.73M	87.1M	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	25.82M	21.62M	19.88M	23.45M	16.04M	10.15M	8.59M	3.98M
Net Margin %	-11.37%	-4.32%	-33.02%	12.21%	11.5%	7.63%	1.87%	7.17%	6.97%	7.93%	2.82%	5.79%	7.83%	8.35%	9.01%	8.8%	6.62%	2.38%	8.97%	11.44%	13.87%	13.99%	12.2%	10.69%	9.56%	8.74%	10.91%	9.39%	7.78%	4.51%	2.53%
Net Income Growth %	-65.39%	86.81%	-588.18%	-13.38%	82.5%	346.04%	-72.75%	-5.38%	5.42%	215.58%	-50.21%	-9.15%	12.3%	3.42%	11.59%	47.33%	222.1%	-76.62%	-5.3%	-8.17%	8.94%	30.47%	33.34%	19.43%	8.72%	-15.2%	46.17%	57.97%	18.15%	115.98%	-11.58%
Net Income (Continuing)	-344.22M	-141.72M	-1.12B	42.8M	179.41M	106.88M	52.77M	82.32M	92.05M	87.25M	27.67M	55.58M	61.17M	54.47M	52.67M	47.2M	32.04M	9.8M	42.54M	44.92M	48.92M	44.91M	34.42M	25.82M	21.62M	19.88M	23.45M	16.04M	9.19M	7.44M	4.88M
Discontinued Operations	-1000K	0	-6.39M	124.55M	13.78M	-1.02M	-29.03M	4.78M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	-7.24M	48.32M	84.14M	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
EPS (Diluted)	-8.81	-3.48	-29.66	0.43	7.14	3.85	0.84	3.04	3.15	2.89	0.90	1.78	1.96	1.77	1.78	1.60	1.10	0.34	1.47	1.50	1.55	1.39	1.05	0.79	0.65	0.59	0.70	0.51	0.35	0.31	0.15
EPS Growth %	-49.66%	88.27%	-6997.67%	-93.98%	85.45%	358.33%	-72.37%	-3.49%	9%	221.11%	-49.44%	-9.18%	10.73%	-0.56%	11.25%	45.45%	223.53%	-76.87%	-2%	-3.23%	11.51%	32.38%	32.91%	21.54%	10.17%	-15.71%	37.25%	45.71%	12.9%	106.67%	-11.76%
EPS (Basic)	-	-3.48	-29.43	0.44	7.18	3.87	0.85	3.06	3.17	2.90	0.91	1.80	1.99	1.81	1.82	1.62	1.11	0.34	1.48	1.52	1.57	1.41	1.07	0.81	0.67	0.61	0.74	0.53	0.37	0.32	0.15
Diluted Shares Outstanding	32.48M	30.97M	27.54M	26M	26.93M	27.29M	27.7M	28.31M	29.19M	30.21M	30.74M	31.22M	31.13M	30.76M	29.54M	29.43M	29.11M	28.99M	29.02M	29.96M	31.52M	32.31M	32.78M	32.68M	33.26M	33.51M	33.49M	31.66M	28.74M	27.73M	26.76M
Basic Shares Outstanding	32.48M	30.97M	27.54M	25.91M	26.78M	27.16M	27.63M	28.2M	29.08M	30.11M	30.41M	30.88M	30.6M	30.14M	28.97M	29.05M	28.98M	28.93M	28.81M	29.61M	31.09M	31.85M	32.17M	31.87M	32.26M	32.42M	31.68M	30.07M	27.69M	27.04M	26.76M
Dividend Payout Ratio	-	-	-	14.94%	13.39%	21.7%	87.93%	23.53%	20.02%	20.67%	56.12%	26.67%	24.19%	22.29%	18.89%	17.36%	25.35%	81.53%	19.01%	18.49%	17.77%	17.07%	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityStrained

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Persistent net losses and margin volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Decelerates After Acquisition Spike

Forward Air's revenue growth has decelerated sharply from over 90% year-over-year in mid-2024 to just 8.8% in 2026Q2, suggesting the inorganic boost from the Omni Logistics acquisition is now fully lapped and underlying organic growth is modest.

The 92.4% and 92.9% revenue growth in 2024Q3 and 2024Q2, respectively, clearly reflects the consolidation of Omni Logistics. Subsequent quarters show a rapid normalization, with growth turning negative in several periods before a modest positive print in the latest quarter. This trajectory indicates the company is now reliant on organic volume and pricing in a challenging freight market, making the sustainability of top-line expansion a key concern.

Gross Margin Volatility Signals Pricing Pressure

Gross margin has been highly erratic, swinging from a low of 2.4% in 2025Q3 to 20.3% in 2026Q2, which appears to reflect inconsistent pricing power and an inability to fully offset volatile cost structures in the current freight environment.

The wide dispersion in gross margin, from single digits to over 20%, suggests the business lacks stable pricing power and is highly sensitive to shifts in freight rates and cost inputs. Compared to peers like Old Dominion (32.2%) and Saia (16.0%), Forward Air's margin profile is structurally weaker and more cyclical, indicating it may be competing more on price or operating in lower-margin service segments.

Operating Leverage Fails to Materialize

Despite a 20.3% gross margin in 2026Q2, the company reported an operating loss of $201.3 million, indicating severe operating deleveraging where overhead costs are overwhelming gross profit generation.

The disconnect between a relatively healthy gross profit of $136.5 million and a massive operating loss suggests that SG&A and other overhead costs are not scaling down with revenue or are burdened by significant non-recurring items. This pattern, where operating income is far worse than gross profit, points to a fundamentally broken cost structure or major integration/impairment charges that are masking the core operational profitability.

Net Losses Persist Despite Positive Gross Profit

Forward Air has reported a net loss in every single quarter over the past two and a half years, with the most recent loss of $207.3 million in 2026Q2, indicating that non-operating items or significant below-the-line charges are consistently eroding any operational earnings.

The persistent gap between operating income (which was positive in some quarters) and net income suggests material non-operating expenses, likely including interest on acquisition debt, tax adjustments, or other one-time charges. The negative EPS trend, even in quarters with positive revenue growth, severely undermines the quality of the income statement and makes valuation based on earnings metrics unreliable.

2024Q2 Marks a Catastrophic Operational Inflection

The second quarter of 2024 represents a severe negative inflection point, with an operating loss of $1.1 billion and a net loss of $645.4 million, likely driven by massive acquisition-related costs or impairments that have permanently altered the company's capital structure.

This quarter's results are an extreme outlier, with an operating margin of -170.2%, dwarfing any other period. The event appears to be a major write-down or integration charge associated with the Omni Logistics deal. The lasting impact is a balance sheet likely burdened with higher debt and a P&L that continues to show residual losses, making a return to consistent profitability a multi-year challenge.

Structural Profitability Remains Unproven

The core bear case is that Forward Air's income statement shows no evidence of sustainable, positive earnings power, with net losses persisting even as revenue grows and gross margins occasionally recover.

Short-sellers would focus on the fact that the company has not generated a single quarter of positive net income in the provided data, despite periods of revenue growth and gross profit. The volatility in margins and the massive 2024Q2 loss suggest deep structural issues, possibly related to integration, cost control, or competitive positioning, that have not been resolved. Until the company demonstrates several consecutive quarters of positive net income and stable operating margins, the risk of further capital raises or balance sheet stress remains elevated.

FWRD — Frequently Asked Questions

Quick answers to the most common questions about buying FWRD stock.

What was Forward Air Corporation's (FWRD) revenue in 2025?

For fiscal year 2025, Forward Air Corporation (FWRD) reported total revenue of $2.50B. This represents a 1488.3% increase compared to $157.1M in 1996.

Is Forward Air Corporation (FWRD) profitable?

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

What is Forward Air Corporation's operating profit margin?

Forward Air Corporation (FWRD) reported an operating income of $36.4M, resulting in an operating profit margin of 1.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Forward Air Corporation's gross profit and gross margin?

Forward Air Corporation (FWRD) generated $510.9M in gross profit for the year, representing a gross profit margin of 20.5%. This demonstrates the company's core pricing power and production efficiency.