FORWARD AIR CORP FWRD
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".
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -30.63 | 6.42 | 7.17 | 3.87 | 0.84 | 3.06 | 3.14 | 2.90 | 0.90 |
| EPS, diluted | -3.51 | -30.63 | 6.40 | 7.14 | 3.85 | 0.84 | 3.04 | 3.12 | 2.89 | 0.90 |
| Shares, diluted (wtd. avg.) | $30.7M | $27.5M | $26.0M | $26.9M | $27.3M | $27.7M | $28.3M | $29.2M | $30.0M | $30.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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