Fundies.
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FORWARD AIR CORP

EDGAR
FWRD Current report (8-K) · filed 2026-10-28

Annual consolidated revenue for 2025: about USD 2.495B, using the latest reported figures. The previous period, 2024, was about USD 2.474B.

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Watchlist

Latest quarter

Revenue

673 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

-29.91%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: -201312000 USD Source
  • Revenue: 673036000 USD Source

Operating cash flow

-4.88 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 40855000 USD Source
  • Operating Cash Flow: 45738000 USD Source

Free cash flow

-8.1 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 40855000 USD Source
  • Operating Cash Flow: 45738000 USD Source
  • Capital Expenditure: 10159000 USD Source
  • Capital Expenditure: 6946000 USD Source
Cash and cash equivalents
139 million USD Source
Exact value

139448000 USD

Long-term debt including current maturities
1.69 billion USD Source
Exact value

1693340000 USD

Shares outstanding
33.7 million shares Source
Exact value

33736000 shares

Reported share-count change

10.22% · 3.13 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 30606895 shares · 2025-06-30· Source
  • 33736000 shares · 2026-06-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

2.52 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 631763000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 2495118000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 1863888000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 582046000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 673036000 USD · 2026-04-01 – 2026-06-30 Source

Net income

-286 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: -16250000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: -107796000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -79470000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -34319000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: -207300000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

70.8 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 67112000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 14398000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 44384000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 67112000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 45738000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 40855000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 45738000 USD · 2026-01-01 – 2026-03-31 Source

Capital expenditure

22.6 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Capital expenditure: 20765000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 16650000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 29116000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 20765000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 6946000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 10159000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 6946000 USD · 2026-01-01 – 2026-03-31 Source

Free cash flow

48.2 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 67112000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 14398000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 44384000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 67112000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 45738000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 40855000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 45738000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 20765000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 16650000 USD · 2025-01-01 – 2025-06-30 Source
  • Capital expenditure: 29116000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 20765000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 6946000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 10159000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 6946000 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-28.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 1 of 11 periods available· newest 2025-12-31
  • Current assets: 11 of 11 periods available· newest 2025-12-31
  • Current liabilities: 11 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 5 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 11 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +0.8%

    Prior period

    USD 2.47 billion

    –

    Current period

    USD 2.5 billion

    –

    Exact inputs and evidence

    2495118000 − 2474262000 = 20856000 USD

    2474262000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2495118000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +USD 709.17 million

    Prior period

    −USD 816.97 million

    –

    Current period

    −USD 107.8 million

    –

    Exact inputs and evidence

    -107796000 − -816969000 = 709173000 USD

    -816969000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -107796000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +USD 113.4 million

    Prior period

    −USD 69.02 million

    –

    Current period

    USD 44.38 million

    –

    Exact inputs and evidence

    44384000 − -69015000 = 113399000 USD

    -69015000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    44384000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -21.4%

    Prior period

    USD 37.06 million

    –

    Current period

    USD 29.12 million

    –

    Exact inputs and evidence

    29116000 − 37060000 = -7944000 USD

    37060000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    29116000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 2.5 billion 100% of revenue
  • Operating costs Derived USD 2.46 billion 99% of revenue
  • Operating income USD 36.42 million 1.5% of revenue
  • Tax, interest and other Derived USD 144.22 million 5.8% of revenue
  • Net income −USD 107.8 million −4.3% of revenue

Cash

  • Operating cash flow USD 44.38 million 1.8% of revenue
  • Capital expenditure USD 29.12 million 1.2% of revenue
  • Free cash flow Derived USD 15.27 million 0.6% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 94%
  • 2017 91%
  • 2018 90%
  • 2019 91%
  • 2020 94%
  • 2021 89%
  • 2022 12%85%
  • 2023 Net income was higher than operating income, so the split is not drawn.
  • 2024 Operating loss: operating costs were 143% of revenue.
  • 2025 Net loss: net income was −4.3% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-311030210000 970507000 Derived 59703000 32198000 Derived 27505000 88165000 Derived
Source
2017 2017-01-01 – 2017-12-311169346000 1060589000 Derived 108757000 21502000 Derived 87255000 65099000 Derived
Source
2018 2018-01-01 – 2018-12-311137613000 1020397000 Derived 117216000 25165000 Derived 92051000 102838000 Derived
Source
2019 2019-01-01 – 2019-12-311215187000 1102771000 Derived 112416000 25317000 Derived 87099000 123519000 Derived
Source
2020 2020-01-01 – 2020-12-311269573000 1195649000 Derived 73924000 50191000 Derived 23733000 75837000 Derived
Source
2021 2021-01-01 – 2021-12-311387227000 1240202000 Derived 147025000 41166000 Derived 105859000 82233000 Derived
Source
2022 2022-01-01 – 2022-12-311679634000 1432043000 Derived 247591000 54400000 Derived 193191000 210907000 Derived
Source
2023 2023-01-01 – 2023-12-311370735000 1282525000 Derived 88210000 -79141000 Derived 167351000 168487000 Derived
Source
2024 2024-01-01 – 2024-12-312474262000 3537198000 Derived -1062936000 -245967000 Derived -816969000 -106075000 Derived
Source
2025 2025-01-01 – 2025-12-312495118000 2458694000 Derived 36424000 144220000 Derived -107796000 15268000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 2.5B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.7B2.0B1.3B673.7M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue1030210000
2017Revenue1169346000
2018Revenue1137613000
2019Revenue1215187000
2020Revenue1269573000
2021Revenue1387227000
2022Revenue1679634000
2023Revenue1370735000
2024Revenue2474262000
2025Revenue2495118000

Revenue growth

Change in revenue from the same financial period one year earlier.

0.8% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.88%60%31%2%-26%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year7.4%
2017Year over year13.5%
2018Year over year-2.7%
2019Year over year6.8%
2020Year over year4.5%
2021Year over year9.3%
2022Year over year21.1%
2023Year over year-18.4%
2024Year over year80.5%
2025Year over year0.8%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 1.5% 2025
Net margin -4.3% 2025
Free cash flow margin 0.6% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.19%3%-14%-31%-48%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin5.8%
2017Operating margin9.3%
2018Operating margin10.3%
2019Operating margin9.3%
2020Operating margin5.8%
2021Operating margin10.6%
2022Operating margin14.7%
2023Operating margin6.4%
2024Operating margin-43%
2025Operating margin1.5%
2016Net margin2.7%
2017Net margin7.5%
2018Net margin8.1%
2019Net margin7.2%
2020Net margin1.9%
2021Net margin7.6%
2022Net margin11.5%
2023Net margin12.2%
2024Net margin-33%
2025Net margin-4.3%
2016Free cash flow margin8.6%
2017Free cash flow margin5.6%
2018Free cash flow margin9%
2019Free cash flow margin10.2%
2020Free cash flow margin6%
2021Free cash flow margin5.9%
2022Free cash flow margin12.6%
2023Free cash flow margin12.3%
2024Free cash flow margin-4.3%
2025Free cash flow margin0.6%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 44.4M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.275.7M183.1M90.6M-2.0M-94.5M201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow130351000
2017Operating cash flow103364000
2018Operating cash flow142402000
2019Operating cash flow145526000
2020Operating cash flow96105000
2021Operating cash flow120608000
2022Operating cash flow250161000
2023Operating cash flow199212000
2024Operating cash flow-69015000
2025Operating cash flow44384000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 15.3M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.236.3M144.3M52.4M-39.5M-131.4M201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow88165000
2017Free cash flow65099000
2018Free cash flow102838000
2019Free cash flow123519000
2020Free cash flow75837000
2021Free cash flow82233000
2022Free cash flow210907000
2023Free cash flow168487000
2024Free cash flow-106075000
2025Free cash flow15268000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

94.1% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.102%76%51%25%0%2016-12-312021-12-312025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Liabilities / assetsNot reported
2017-12-31Liabilities / assetsNot reported
2018-12-31Liabilities / assetsNot reported
2019-12-31Liabilities / assetsNot reported
2020-12-31Liabilities / assetsNot reported
2021-12-31Liabilities / assetsNot reported
2022-12-31Liabilities / assetsNot reported
2023-12-31Liabilities / assetsNot reported
2024-12-31Liabilities / assetsNot reported
2025Liabilities / assets94.1%

Current assets to current liabilities

Current assets divided by current liabilities.

1.22× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.91×2.18×1.45×0.73×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities1.75×
2017Current assets / current liabilities2.53×
2018Current assets / current liabilities2.69×
2019Current assets / current liabilities1.72×
2020Current assets / current liabilities1.43×
2021Current assets / current liabilities1.72×
2022Current assets / current liabilities1.8×
2023Current assets / current liabilities1.46×
2024Current assets / current liabilities1.23×
2025Current assets / current liabilities1.22×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 27.51 million
Exact value

Exact value: 27505000 USD

2016-01-01 – 2016-12-31: 27505000 USD Inspect Net Income Open source
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USD 130.35 million
Exact value

Exact value: 130351000 USD

2016-01-01 – 2016-12-31: 130351000 USD Inspect Operating Cash Flow Open source
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USD 42.19 million
Exact value

Exact value: 42186000 USD

2016-01-01 – 2016-12-31: 42186000 USD Inspect Capital Expenditure Open source
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USD 88.17 million
Calculation and evidence

130351000 − 42186000 USD

Exact free cash flow: 88165000 USD

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2017 2017-01-01 – 2017-12-31
USD 87.26 million
Exact value

Exact value: 87255000 USD

2017-01-01 – 2017-12-31: 87255000 USD Inspect Net Income Open source
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USD 103.36 million
Exact value

Exact value: 103364000 USD

2017-01-01 – 2017-12-31: 103364000 USD Inspect Operating Cash Flow Open source
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USD 38.27 million
Exact value

Exact value: 38265000 USD

2017-01-01 – 2017-12-31: 38265000 USD Inspect Capital Expenditure Open source
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USD 65.1 million
Calculation and evidence

103364000 − 38265000 USD

Exact free cash flow: 65099000 USD

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2018 2018-01-01 – 2018-12-31
USD 92.05 million
Exact value

Exact value: 92051000 USD

2018-01-01 – 2018-12-31: 92051000 USD Inspect Net Income Open source
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USD 142.4 million
Exact value

Exact value: 142402000 USD

2018-01-01 – 2018-12-31: 142402000 USD Inspect Operating Cash Flow Open source
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USD 39.56 million
Exact value

Exact value: 39564000 USD

2018-01-01 – 2018-12-31: 39564000 USD Inspect Capital Expenditure Open source
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USD 102.84 million
Calculation and evidence

142402000 − 39564000 USD

Exact free cash flow: 102838000 USD

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2019 2019-01-01 – 2019-12-31
USD 87.1 million
Exact value

Exact value: 87099000 USD

2019-01-01 – 2019-12-31: 87099000 USD Inspect Net Income Open source
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USD 145.53 million
Exact value

Exact value: 145526000 USD

2019-01-01 – 2019-12-31: 145526000 USD Inspect Operating Cash Flow Open source
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USD 22.01 million
Exact value

Exact value: 22007000 USD

2019-01-01 – 2019-12-31: 22007000 USD Inspect Capital Expenditure Open source
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USD 123.52 million
Calculation and evidence

145526000 − 22007000 USD

Exact free cash flow: 123519000 USD

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2020 2020-01-01 – 2020-12-31
USD 23.73 million
Exact value

Exact value: 23733000 USD

2020-01-01 – 2020-12-31: 23733000 USD Inspect Net Income Open source
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USD 96.11 million
Exact value

Exact value: 96105000 USD

2020-01-01 – 2020-12-31: 96105000 USD Inspect Operating Cash Flow Open source
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USD 20.27 million
Exact value

Exact value: 20268000 USD

2020-01-01 – 2020-12-31: 20268000 USD Inspect Capital Expenditure Open source
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USD 75.84 million
Calculation and evidence

96105000 − 20268000 USD

Exact free cash flow: 75837000 USD

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2021 2021-01-01 – 2021-12-31
USD 105.86 million
Exact value

Exact value: 105859000 USD

2021-01-01 – 2021-12-31: 105859000 USD Inspect Net Income Open source
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USD 120.61 million
Exact value

Exact value: 120608000 USD

2021-01-01 – 2021-12-31: 120608000 USD Inspect Operating Cash Flow Open source
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USD 38.38 million
Exact value

Exact value: 38375000 USD

2021-01-01 – 2021-12-31: 38375000 USD Inspect Capital Expenditure Open source
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USD 82.23 million
Calculation and evidence

120608000 − 38375000 USD

Exact free cash flow: 82233000 USD

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2022 2022-01-01 – 2022-12-31
USD 193.19 million
Exact value

Exact value: 193191000 USD

2022-01-01 – 2022-12-31: 193191000 USD Inspect Net Income Open source
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USD 250.16 million
Exact value

Exact value: 250161000 USD

2022-01-01 – 2022-12-31: 250161000 USD Inspect Operating Cash Flow Open source
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USD 39.25 million
Exact value

Exact value: 39254000 USD

2022-01-01 – 2022-12-31: 39254000 USD Inspect Capital Expenditure Open source
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USD 210.91 million
Calculation and evidence

250161000 − 39254000 USD

Exact free cash flow: 210907000 USD

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2023 2023-01-01 – 2023-12-31
USD 167.35 million
Exact value

Exact value: 167351000 USD

2023-01-01 – 2023-12-31: 167351000 USD Inspect Net Income Open source
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USD 199.21 million
Exact value

Exact value: 199212000 USD

2023-01-01 – 2023-12-31: 199212000 USD Inspect Operating Cash Flow Open source
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USD 30.73 million
Exact value

Exact value: 30725000 USD

2023-01-01 – 2023-12-31: 30725000 USD Inspect Capital Expenditure Open source
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USD 168.49 million
Calculation and evidence

199212000 − 30725000 USD

Exact free cash flow: 168487000 USD

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2024 2024-01-01 – 2024-12-31
−USD 816.97 million
Exact value

Exact value: -816969000 USD

2024-01-01 – 2024-12-31: -816969000 USD Inspect Net Income Open source
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−USD 69.02 million
Exact value

Exact value: -69015000 USD

2024-01-01 – 2024-12-31: -69015000 USD Inspect Operating Cash Flow Open source
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USD 37.06 million
Exact value

Exact value: 37060000 USD

2024-01-01 – 2024-12-31: 37060000 USD Inspect Capital Expenditure Open source
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−USD 106.08 million
Calculation and evidence

-69015000 − 37060000 USD

Exact free cash flow: -106075000 USD

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2025 2025-01-01 – 2025-12-31
−USD 107.8 million
Exact value

Exact value: -107796000 USD

2025-01-01 – 2025-12-31: -107796000 USD Inspect Net Income Open source
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USD 44.38 million
Exact value

Exact value: 44384000 USD

2025-01-01 – 2025-12-31: 44384000 USD Inspect Operating Cash Flow Open source
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USD 29.12 million
Exact value

Exact value: 29116000 USD

2025-01-01 – 2025-12-31: 29116000 USD Inspect Capital Expenditure Open source
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USD 15.27 million
Calculation and evidence

44384000 − 29116000 USD

Exact free cash flow: 15268000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

226 filings · 10,322 latest values · 10,322 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000912728, 912728, FWRD, edgar:912728

Also known as FORWARD AIR CORP, FORWARD AIR CORP , FORWARD AIR CORPORATION, Forward Air Corp, Forward Air Corporation, LANDAIR SERVICES INC