Forward Air financials
$15.01−1.70%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.50B | $2.47B | $1.37B | $1.68B | $1.39B | $1.27B | $1.22B | $1.14B | $1.17B | $1.03B |
| Gross profit | $2.50B | $2.47B | $1.37B | $949.2M | $1.39B | $1.27B | $1.22B | $573.3M | $624.3M | $569.4M |
| Gross margin | 100.0% | 100.0% | 100.0% | 56.5% | 100.0% | 100.0% | 100.0% | 50.4% | 53.4% | 55.3% |
| Operating income | $36.4M | -$1.06B | $88.2M | $247.6M | $147.0M | $73.9M | $112.4M | $117.2M | $108.8M | $59.7M |
| Net income | -$107.8M | -$837.1M | $42.8M | $192.1M | $105.1M | $23.3M | $86.2M | $91.2M | $86.6M | $27.3M |
| Net margin | −4.3% | −33.8% | 3.1% | 11.4% | 7.6% | 1.8% | 7.1% | 8.0% | 7.4% | 2.6% |
| Diluted EPS | $-3.51 | $-30.40 | $1.64 | $7.14 | $3.85 | $0.84 | $3.04 | $3.12 | $2.89 | $0.90 |
| EBITDA | $189.1M | $109.4M | $145.6M | $290.1M | $182.0M | $111.0M | $148.8M | $153.0M | $149.8M | $140.4M |
| Operating cash flow | $44.4M | -$75.4M | $199.2M | $259.1M | $120.3M | $84.7M | $159.0M | $152.6M | $103.4M | $130.4M |
| Free cash flow | $15.3M | -$112.5M | $168.5M | $219.8M | $81.9M | $64.4M | $137.0M | $113.0M | $65.1M | $88.2M |
| Diluted shares | 30.7M | 27.5M | 26.0M | 26.9M | 27.3M | 27.7M | 28.3M | 29.2M | 30.0M | 30.4M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $106.0M | $104.9M | $122.0M | $45.8M | $37.3M | $40.3M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $1.73B | $1.72B | $1.83B | $131.6M | $171.1M | $119.2M |
| Total assets | $2.72B | $2.80B | $2.98B | $1.21B | $1.12B | $1.05B |
| Total liabilities | $2.56B | $2.52B | $2.22B | $500.8M | $524.2M | $500.1M |
| Shareholders' equity | $161.7M | $285.9M | $764.3M | $707.2M | $593.7M | $547.3M |
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