FORWARD AIR CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FORWARD AIR CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,030	1,169	1,138	1,215	1,270	1,387	1,680	1,371	2,474	2,495
Cost of revenue	461	545	564	586	651
Gross profit	569	624	573	629	619
Operating income	59.7	109	117	112	73.9	147	248	88.2	-1,063	36.4
Interest expense	1.6	1.21	1.78	2.71	4.56	4.34	5.14	31.6	189	181
Other non-operating income	-1.59	-1.22	-1.79	-2.71	-4.56	-4.34	-5.14	-31.6	-187	-184
Pre-tax income	58.1	108	115	110	69.4	143	242	56.6	-1,250	-147
Income tax	30.6	20.3	26.9	27.4	16.6	35.8	63	13.8	-125	-5.47
Income from continuing operations			88.6	82.3	52.8	107	179	42.8	-1,125
Net income to minority interests							0	0	-314	-33.9
Net income	27.5	87.3	92.1	87.1	23.7	106	193	167	-817	-108
EBITDA	97.9	150	153	149	111	182	290	146	-919	189
EPS, basic	0.90	2.90	3.14	3.06	0.84	3.87	7.17	6.42	-30.63	-3.51
EPS, diluted	0.90	2.89	3.12	3.04	0.84	3.85	7.14	6.40	-30.63	-3.51
Shares, basic (weighted)	30.3	29.9	29.1	28.2	27.6	27.2	26.8	25.9	27.5	30.7
Shares, diluted (weighted)	30.4	30	29.2	28.3	27.7	27.3	26.9	26	27.5	30.7
Dividend per share	0.51	0.60	0.63	0.72	0.75	0.84	0.96	0.96	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.51	3.89	25.7	64.7	40.3	37.3	45.8	122	105	106
Receivables	117	148	156	136	156	208	188	153	322	344
Inventory	1.31	1.43	2.24	2.13
Other current assets	11.2	15.8	19.1	5.95	6.74	7.03	10.6	1.1	15.7	37.3
Total current assets	136	168	201	236	246	283	304	347	473	521
Property, plant and equipment	200	206	210	193	190	219	249	258	326	298
Lease right-of-use assets			0	105	123	148	131	112	410	413
Goodwill	185	192	194	216	245	219	258	279	523	523
Intangible assets	107	111	114	125	145	155	116	135	999	907
Other non-current assets									71.9	58
Total assets	644	693	760	991	1,047	1,118	1,208	2,980	2,803	2,719
Accounts payable	18	30.7	34.6	25.4	38.4	44.8	50.1	45.4	106	122
Accrued liabilities	31.9	35.1	39.8	44.2	51.3	61.6	49.9	62.9	120	114
Deferred revenue								0	9.9	13.2
Short-term debt	27.7	0	0	5.32	0	1.5	1.49	0	16.9
Total current liabilities	77.9	66.2	74.7	137	172	165	169	237	384	428
Long-term debt	0	40.2	47.3	67.3	112	155	107	0	1,676	1,687
Lease liabilities			0	69.7	80.3	101	92.9	71.6	326	327
Other non-current liabilities	21.7	24.1	47.7	56.4	54.1	49.6	59	47.1	48.8	53.5
Total liabilities	143	160	207	414	500	524	501	2,215	2,517	2,557
Total debt	27.7	40.2	47.3	72.7	112	157	108	0	1,676	1,687
Paid-in capital	180	195	210	227	243	258	271	284	542	560
Retained earnings	319	337	343	350	304	335	436	480	-338	-447
Other comprehensive income								0	-2.73	0.58
Shareholders' equity	498	533	553	577	547	594	707	764	202	113
Minority interests								0	84.1	48.3
Total equity	498	533	553	577	547	594	707	764	286	162
Total liabilities and equity	641	693	760	991	1,047	1,118	1,208	2,980	2,803	2,719
Shares outstanding	30.1	29.5	28.5	27.9	27.3	27	26.5	25.7	29.8	31.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	27.5	87.3	92.1	87.1	23.7	106	193	167	-1,131	-142
Depreciation and amortization	38.2	41.1	35.8	36.4	37.1	35	42.6	57.4	144	153
Stock-based compensation	8.33	8.1	10.2	11.7	11	10.5	10.7	11.5	10.2	13.4
Deferred income tax	3.41	-12.3	7.59	7.09	0.77	1.42	7.69	-8.89	-134	-10.9
Change in receivables	-10.1	-33.5	-8.7	0.65	-25.7
Change in payables	-0.77	11	9.7	7.21	23.9	18.3	12.8	36.7	-15.9
Cash from operations	130	103	153	159	96.1	121	250	199	-69	44.4
Capital expenditures	-42.2	-38.3	-39.6	-22	-20.3	-38.4	-39.3	-30.7	-37.1	-29.1
Acquisitions	-11.8	-23.1	-20	-39	-63.7	-59.9	-66.1	-56.7	-1,576	0
Cash from investing	-52.4	-59.2	-55.5	-63.9	-81.5	-95.6	-103	-83.7	-1,609	-26.9
Debt issued	0	0
Stock issued	8.15	7.27	3.92	0.61	0.66	0.91	0.78	0.8	0.75	0.85
Share buybacks	-40	-49	-66.1	-56.2	-45.2	-49	-62.8	-93.8	0	0
Dividends paid	-15.5	-18.1	-18.4	-20.5	-20.9	-23	-25.9	-25	0	0
Cash from financing	-103	-48.8	-75.3	-56	-39.1	-27.9	-139	1,791	-164	-17.5
Exchange rate effect							0	0	1.01	0.79
Net change in cash	-24.8	-4.62	21.8	39.1	-24.5	-2.94	8.51	1,906	-1,847	0.73
Free cash flow	88.2	65.1	113	137	75.8	82.2	211	168	-106	15.3
Interest paid	1.77	1.19	1.78	2.71	4.58	4.2	5.36	11.9	164	167
Income taxes paid	10.6	36.1	20.9	20	13.5	35.8	65.4	20.8	38.8	0.87

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-6.7%	Operating income / revenue.
EBITDA margin	-0.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.9%	Pre-tax income / revenue.
Net margin	-11.4%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.8%	Cash from operations / revenue.
Return on assets (ROA)	-11.9%	Net income / average total assets.
Return on invested capital (ROIC)	-9.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	6.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-47.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-13.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-13.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	-43.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-14.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-58.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-27.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-43.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-45.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-27.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.32x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Debt / assets	70.2%	Total debt / total assets.
Liabilities / assets	105.1%	Total liabilities / total assets.
Net debt	$1.55B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-0.95x	Operating income / interest expense.
Working capital	$141.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	47.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.26B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.04x	Revenue / average total assets.
Fixed asset turnover	9.17x	Revenue / average property, plant and equipment.
Receivables turnover	6.82x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Capex / operating cash flow	31.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$8.81	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$77.52	Revenue / diluted weighted shares.
FCF per share	$1.48	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.18	Cash from operations / diluted weighted shares.
Book value per share	-$3.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$37.20	Tangible book value / shares outstanding.
Cash per share	$4.13	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$496.2M	Share price x shares outstanding.
Enterprise value	$2.05B	Market cap + total debt - cash - short-term investments.
P/S	0.20x	Market cap / revenue.
P/FCF	10.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.01x	Market cap / cash from operations, when positive.
EV/Sales	0.81x	Enterprise value / revenue.
EV/FCF	42.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.7%	Free cash flow / market cap.
Earnings yield	-57.7%	Net income / market cap (the inverse of P/E).

What was FORWARD AIR CORP's revenue in fiscal 2025?

FORWARD AIR CORP reported revenue of $2.50B for fiscal 2025, 0.8% higher than the year before.

Was FORWARD AIR CORP profitable in fiscal 2025?

No. It reported a net loss of $107.8M.

How much free cash flow did FORWARD AIR CORP generate in fiscal 2025?

Cash from operations of $44.4M minus capital expenditures of $29.1M left free cash flow of $15.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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