FORWARD AIR CORP FWRD

Industrials SIC 4731 - Arrangement of Transportation of Freight & Cargo NAICS Transportation and Warehousing › Support Activities for Transportation › Freight Transportation Arrangement derived Nasdaq

Forward Air Corporation ("Forward", the "Company", "we", "our", or "us") is a leading asset-light provider of transportation services. We provide ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia. We also provide customized asset-light, high-touch logistics and supply chain management solutions with deep customer relationships in high-growth end markets. We offer premium services that typically require precision execution, such as expedited transit, delivery during tight time windows and special handling. We utilize an asset-light strategy to minimize our investments in equipment and facilities and to reduce our capital expenditures. Forward was founded in 1981 in Greeneville, Tennessee. In 2025, the Company changed its state of incorporation from Tennessee to Delaware and moved its headquarters from Greeneville to Dallas, Texas. Our common stock is listed on the Nasdaq Global Select Market under the symbol "FWRD".

Last close 15.30 2026-10-23
Market cap $516.8M 2026-06-30 share count
52-week range 7.86 - 31.18

Valuation FY2025 figures against the last close

P/S0.2x
P/E—
P/FCF33.9x
EV/EBITDA11.1x
Dividend yield0.0%
Diluted EPS-3.51

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States Federal
  • Foreign Operations
Revenue by geography, 2 categories over 1 years. The same figures are in the table below. FY2025 United States Federal, FY2025: 2.2B (86.8%) 87% United States Federal Foreign Operations, FY2025: 330M (13.2%) 13% Foreign Operations
Region FY2025
United States Federal $2.17B
Foreign Operations $330.0M

As the company reported it, from the “Segment Reporting - Revenues and Long-Lived Assets (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Omni Logistics
  • Expedited Freight
  • Intermodal
  • Other
Revenue by segment, 4 categories over 2 years. The same figures are in the table below. FY2025 Omni Logistics, FY2025: 1.4B (54.2%) 54% Omni Logistics Expedited Freight, FY2025: 914.7M (36.7%) 37% Expedited Freight Intermodal, FY2025: 229.3M (9.2%) 9% Intermodal Other, FY2025: 0 (0.0%) FY2024 Omni Logistics, FY2024: 1.2B (48.4%) 48% Expedited Freight, FY2024: 1B (42.2%) 42% Intermodal, FY2024: 232.3M (9.4%) 9% Other, FY2024: 164K (0.0%)
Segment FY2025FY2024
Omni Logistics $1.35B $1.20B
Expedited Freight $914.7M $1.04B
Intermodal $229.3M $232.3M
Other $0 $164.0K

As the company reported it, from the “Segment Reporting - Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.50B$2.47B$1.37B$1.68B$1.39B$1.27B$1.22B$1.14B$1.17B$1.03B
Cost of revenue —————$650.7M$586.1M$564.3M$545.1M$460.8M
Gross profit —————$618.9M$629.0M$573.3M$624.3M$569.4M
Total operating expenses $2.46B$3.54B$1.28B$1.43B$1.24B$1.20B$1.10B$1.02B$1.06B$970.5M
Operating income $36.4M-$1.06B$88.2M$247.6M$147.0M$73.9M$112.4M$117.2M$108.8M$59.7M
Interest expense $180.7M$189.2M$31.6M$5.1M$4.3M$4.6M$2.7M$1.8M$1.2M$1.6M
Pre-tax income -$147.2M-$1.25B$56.6M$242.5M$142.7M$69.4M$109.7M$115.4M$107.5M$58.1M
Income tax $5.5M$125.0M$13.8M$63.0M$35.8M$16.6M$27.4M$26.9M$20.3M$30.6M
Net income -$104.0M-$820.0M$167.0M$193.0M$106.0M$23.7M$87.1M$92.1M$87.3M$27.5M
EPS, basic -3.51-30.636.427.173.870.843.063.142.900.90
EPS, diluted -3.51-30.636.407.143.850.843.043.122.890.90
Shares, diluted (wtd. avg.) 30.7M27.5M26.0M26.9M27.3M27.7M28.3M29.2M30.0M30.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $106.0M$104.9M$122.0M$45.8M$37.3M$40.3M$64.7M$25.7M$3.9M$8.5M
Receivables $343.6M$322.3M$153.3M$188.2M$208.1M$156.5M$136.2M$156.4M$147.9M$116.6M
Inventory ——————$2.1M$2.2M$1.4M$1.3M
Total current assets $521.0M$472.5M$347.0M$304.3M$282.8M$245.9M$236.3M$201.1M$167.6M$136.3M
Property, plant and equipment ———$249.1M$219.1M$189.9M$192.8M$209.9M$206.1M$200.2M
Goodwill $522.7M$522.7M$278.7M$258.0M$218.6M$245.0M$215.7M$193.7M$191.7M$184.7M
Other intangibles $906.8M$999.2M$134.8M$115.6M$154.7M$145.0M$124.9M$113.7M$111.2M$106.7M
Total assets $2.72B$2.80B$2.98B$1.21B$1.12B$1.05B$990.9M$760.2M$692.6M$644.0M
Accounts payable $121.8M$105.7M$45.4M$50.1M$44.8M$38.4M$25.4M$34.6M$30.7M$18.0M
Short-term debt ——$0$1.5M$1.5M$0$5.3M$0$0$27.7M
Total current liabilities $428.3M$384.0M$237.1M$169.4M$164.7M$171.6M$137.2M$74.7M$66.2M$77.9M
Long-term debt $1.69B$1.68B$0$106.6M$155.5M$112.4M$67.3M$47.3M$40.2M$0
Retained earnings -$447.1M-$338.2M$480.3M$436.1M$334.9M$304.1M$350.0M$342.7M$337.1M$319.3M
Total equity $113.3M$201.7M$764.3M$707.2M$593.7M$547.3M$577.2M$553.2M$532.7M$498.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $44.4M-$69.0M$199.2M$250.2M$120.6M$96.1M$145.5M$142.4M$103.4M$130.4M
Depreciation and amortisation $152.6M$144.0M$57.4M$42.6M$35.0M$37.1M$36.4M$35.8M$41.1M$38.2M
Stock-based compensation $13.4M$10.2M$11.5M$10.7M$10.5M$11.0M$11.7M$10.2M$8.1M$8.3M
Capital expenditure $29.1M$37.1M$30.7M$39.3M$38.4M$20.3M$22.0M$39.6M$38.3M$42.2M
Investing cash flow -$26.9M-$1.61B-$83.7M-$103.0M-$95.6M-$81.5M-$58.3M-$52.2M-$59.2M-$52.4M
Financing cash flow -$17.5M-$163.8M$1.79B-$138.7M-$27.9M-$39.1M-$48.1M-$68.4M-$48.8M-$102.8M
Dividends paid $0$0$25.0M$25.9M$23.0M$20.9M$20.5M$18.4M$18.1M$15.5M
Buybacks $0$0$93.8M$62.8M$49.0M$45.2M$56.2M$66.1M$49.0M$40.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-051569.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 1B Gross profit, FY2016: 569.4M Net income, FY2016: 27.5M Revenue, FY2017: 1.2B Gross profit, FY2017: 624.3M Net income, FY2017: 87.3M Revenue, FY2018: 1.1B Gross profit, FY2018: 573.3M Net income, FY2018: 92.1M Revenue, FY2019: 1.2B Gross profit, FY2019: 629M Net income, FY2019: 87.1M Revenue, FY2020: 1.3B Gross profit, FY2020: 618.9M Net income, FY2020: 23.7M Revenue, FY2021: 1.4B Net income, FY2021: 106M Revenue, FY2022: 1.7B Net income, FY2022: 193M Revenue, FY2023: 1.4B Net income, FY2023: 167M Revenue, FY2024: 2.5B Net income, FY2024: -820M Revenue, FY2025: 2.5B Net income, FY2025: -104M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.03B $1.17B $1.14B $1.22B $1.27B $1.39B $1.68B $1.37B $2.47B $2.50B
Gross profit $569.4M $624.3M $573.3M $629.0M $618.9M — — — — —
Net income $27.5M $87.3M $92.1M $87.1M $23.7M $106.0M $193.0M $167.0M -$820.0M -$104.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4731

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EXPD EXPEDITORS INTERNATIONAL OF WASHINGTON INC $25.51B 33.0x 4.4%
CHRW C. H. ROBINSON WORLDWIDE, INC. $16.50B 29.2x -8.4%
BCO BRINKS CO $4.58B 23.7x 5.0%
RLGT RADIANT LOGISTICS, INC $408.4M 24.9x 12.5%
QNME Quanome Technologies, Inc. $14.1M — -2.9%
SGLY Singularity Future Technology Ltd. $2.8M — -42.2%
FRGT Freight Technologies, Inc. $1.8M — -4.9%
PSIG PS International Group Ltd. — — -39.1%