Forward Air financials
$15.01−1.70%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Quarter | Q2 '26 Jun 30 | Q1 '26 Mar 31 | Q4 '25 Dec 31 | Q3 '25 Sep 30 | Q2 '25 Jun 30 | Q1 '25 Mar 31 | Q4 '24 Dec 31 | Q3 '24 Sep 30 | Q2 '24 Jun 30 | Q1 '24 Mar 31 | Q4 '23 Dec 31 | Q3 '23 Sep 30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $673.0M | $582.0M | $631.2M | $631.8M | $618.8M | $613.3M | $632.8M | $655.9M | $643.7M | $541.8M | $338.4M | $341.0M |
| Gross profit | $673.0M | $582.0M | $631.2M | $631.8M | $618.8M | $613.3M | $632.8M | $655.9M | $643.7M | $541.8M | -$247.8M | $341.0M |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | −73.2% | 100.0% |
| Operating income | -$201.3M | $20.4M | -$2.9M | $15.0M | $19.5M | $4.8M | -$1.03B | $37.4M | -$1.10B | -$65.7M | $3.0M | $11.7M |
| Net income | -$207.3M | -$34.3M | -$28.3M | -$16.3M | -$12.6M | -$50.6M | -$56.6M | -$73.4M | -$629.1M | -$73.6M | $100.9M | $9.3M |
| Net margin | −30.8% | −5.9% | −4.5% | −2.6% | −2.0% | −8.3% | −8.9% | −11.2% | −97.7% | −13.6% | 29.8% | 2.7% |
| Diluted EPS | $-6.38 | $-1.09 | $-0.91 | $-0.52 | $-0.41 | $-1.68 | $-1.94 | $-2.66 | $-23.47 | $-2.81 | $3.92 | $0.36 |
| EBITDA | $81.0M | $59.0M | $37.9M | $52.8M | $56.3M | $42.1M | $34.4M | $63.3M | $45.6M | -$33.9M | $3.0M | $25.9M |
| Operating cash flow | -$4.9M | $45.7M | -$22.7M | $52.7M | -$13.2M | $27.6M | -$23.6M | $50.0M | -$50.1M | -$51.7M | $22.0M | $29.9M |
| Free cash flow | -$8.1M | $38.8M | -$31.1M | $48.6M | -$18.0M | $15.7M | -$30.9M | $39.6M | -$64.5M | -$56.7M | $13.3M | $24.6M |
| Diluted shares | 32.5M | 31.5M | 31.3M | 31.0M | 30.4M | 30.2M | 29.2M | 27.9M | 26.8M | 26.2M | 25.7M | 25.8M |
Balance sheet
| Period end | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $139.4M | $141.0M | $106.0M | $140.4M | $95.1M | $116.3M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total debt | $1.73B | $1.72B | $1.73B | $1.73B | $1.73B | $1.73B |
| Total assets | $2.41B | $2.70B | $2.72B | $2.79B | $2.76B | $2.80B |
| Total liabilities | $2.53B | $2.57B | $2.56B | $2.60B | $2.54B | $2.58B |
| Shareholders' equity | -$122.7M | $122.3M | $161.7M | $195.8M | $216.2M | $227.0M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology