Forward Air (FWRD) financial statements
Forward Air reported revenue of $2.5B in fiscal 2025, up 10.3% a year over 9 years.
Net income was -$108M and the operating margin 1.5%, against 5.8% in 2016.
Free cash flow was $15M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Forward Air's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.2B | $1.1B | $1.2B | $1.3B | $1.4B | $1.7B | $1.4B | $2.5B | $2.5B |
| Cost of revenue | $461M | $545M | $564M | $586M | $651M | — | — | — | — | — |
| Gross profit | $569M | $624M | $573M | $629M | $619M | — | — | — | — | — |
| Operating income | $60M | $109M | $117M | $112M | $74M | $147M | $248M | $88M | -$1.1B | $36M |
| Interest expense | $2M | $1M | $2M | $3M | $5M | $4M | $5M | $32M | $189M | $181M |
| Pre-tax income | $58M | $108M | $115M | $110M | $69M | $143M | $242M | $57M | -$1.2B | -$147M |
| Income tax | $31M | $20M | $27M | $27M | $17M | $36M | $63M | $14M | -$125M | -$5M |
| Net income | $28M | $87M | $92M | $87M | $24M | $106M | $193M | $167M | -$817M | -$108M |
| EPS (diluted) | $0.90 | $2.89 | $3.12 | $3.04 | $0.84 | $3.85 | $7.14 | $6.40 | -$30.63 | -$3.51 |
| Diluted shares | 30M | 30M | 29M | 28M | 28M | 27M | 27M | 26M | 28M | 31M |
| Gross margin | 55.3% | 53.4% | 50.4% | 51.8% | 48.7% | — | — | — | — | — |
| Operating margin | 5.8% | 9.3% | 10.3% | 9.3% | 5.8% | 10.6% | 14.7% | 6.4% | -43.0% | 1.5% |
| Net margin | 2.7% | 7.5% | 8.1% | 7.2% | 1.9% | 7.6% | 11.5% | 12.2% | -33.0% | -4.3% |
Balance sheet
Fiscal years, from Forward Air's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $9M | $4M | $26M | $65M | $40M | $37M | $46M | $122M | $105M | $106M |
| Receivables | $117M | $148M | $156M | $136M | $156M | $208M | $188M | $153M | $322M | $344M |
| Inventory | $1M | $1M | $2M | $2M | — | — | — | — | — | — |
| Total current assets | $136M | $168M | $201M | $236M | $246M | $283M | $304M | $347M | $472M | $521M |
| Property, plant and equipment | $200M | $206M | $210M | $193M | $190M | $219M | $249M | $258M | $326M | $298M |
| Goodwill | $185M | $192M | $194M | $216M | $245M | $219M | $258M | $279M | $523M | $523M |
| Total assets | $644M | $693M | $760M | $991M | $1.0B | $1.1B | $1.2B | $3.0B | $2.8B | $2.7B |
| Total current liabilities | $78M | $66M | $75M | $137M | $172M | $165M | $169M | $237M | $384M | $428M |
| Long-term debt | $0 | $40M | $47M | $67M | $112M | $155M | $107M | $0 | $1.7B | $1.7B |
| Total liabilities | $143M | $160M | $207M | $414M | $500M | $524M | $501M | $2.2B | $2.5B | $2.6B |
| Shareholders' equity | $498M | $533M | $553M | $577M | $547M | $594M | $707M | $764M | $202M | $113M |
| Net debt | $19M | $36M | $22M | $8M | $72M | $120M | $62M | -$122M | $1.6B | $1.6B |
Cash flow
Fiscal years, from Forward Air's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $130M | $103M | $153M | $159M | $96M | $121M | $250M | $199M | -$69M | $44M |
| Capital spending | $42M | $38M | $40M | $22M | $20M | $38M | $39M | $31M | $37M | $29M |
| Free cash flow | $88M | $65M | $113M | $137M | $76M | $82M | $211M | $168M | -$106M | $15M |
| Stock-based compensation | $8M | $8M | $10M | $12M | $11M | $10M | $11M | $11M | $10M | $13M |
| Dividends paid | $16M | $18M | $18M | $20M | $21M | $23M | $26M | $25M | $0 | $0 |
| Share buybacks (net) | -$40M | -$49M | -$66M | -$56M | -$45M | -$49M | -$63M | -$94M | $0 | $0 |
| Net borrowing | $0 | $0 | — | — | — | — | — | — | — | — |
| Free cash flow margin | 8.6% | 5.6% | 9.9% | 11.3% | 6.0% | 5.9% | 12.6% | 12.3% | -4.3% | 0.6% |
| Dividends per share | $0.51 | $0.60 | $0.63 | $0.72 | $0.75 | $0.84 | $0.96 | $0.96 | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for FWRD.
Open FWRD in InvestinglyQuestions
What was Forward Air's revenue in 2025?
$2.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Forward Air generate?
$15M in fiscal 2025 (operating cash flow minus capital spending).
From Forward Air's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.