What is Forward Air Corp. Quarterly Revenue?

Forward Air Corp. Quarterly Revenue Forward Air Corp Jun-2026 Quarterly Revenue is $673 Million which is growth of 8.8% YoY.

What is Forward Air Corp. Quarterly Net Profit?

Forward Air Corp. Quarterly Net Profit Forward Air Corp Jun-2026 Quarterly Net Profit is $-207 Million which is growth of -1547.5% YoY.

What is Forward Air Corp. Annual Revenue?

Forward Air Corp. Annual Revenue Forward Air Corp Dec-2025 Annual Revenue is $2,495 Million which is growth of 0.8% YoY.

What is Forward Air Corp. Annual Net Profit?

Forward Air Corp. Annual Net Profit Forward Air Corp Dec-2025 Annual Net Profit is $-108 Million which is growth of 86.8% YoY.

What is Forward Air Corp. Total Shareholders Fund?

Forward Air Corp. Total Shareholders Fund Forward Air Corp Dec-2025 Total Shareholders Fund is $113 Million which is growth of -43.8% YoY.

What is Forward Air Corp. Total Assets?

Forward Air Corp. Total Assets Forward Air Corp Dec-2025 Total Assets is $2,719 Million which is growth of -3.0% YoY.

What is Forward Air Corp. Book Value Per Share?

Forward Air Corp. Book Value Per Share Forward Air Corp Book Value Per Share is $-3 which is growth of -169.3% YoY.

What is Forward Air Corp. ROE?

Forward Air Corp. ROE Forward Air Corp ROE is 0% which is growth of 0% YoY.

What is Forward Air Corp. Cash From Operating Activity?

Forward Air Corp. Cash From Operating Activity Forward Air Corp Dec-2025 Cash From Operating Activity is $44 Million which is growth of 164.3% YoY.

What is Forward Air Corp. Net Cash Flow?

Forward Air Corp. Net Cash Flow Forward Air Corp Dec-2025 Net Cash Flow is $-0 Million which is growth of 100.0% YoY.

Forward Air Corp.

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Forward Air Corp quarterly and annual earnings report: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

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Forecaster Analyst Estimates for Forward Air Corp share price target, revenues, EPS, net income and more

Forward Air Corp quarterly results: revenue, profit, and P&L – 13 quarter history

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POSITIVE
Quarterly Revenue Forward Air Corp Jun-2026 Quarterly Revenue is $673 Million which is growth of 8.8% YoY.
NEGATIVE
Quarterly Net Profit Forward Air Corp Jun-2026 Quarterly Net Profit is $-207 Million which is growth of -1547.5% YoY.

Forward Air Corp., Earnings Report - Quarterly Results, standalone, All financials are in USD Million and price data in USD
Indicator	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
SR_Q Operating Rev.	673	582.1	631.2	631.8	618.8	613.3	632.9	655.9	643.7	541.8	128	413.5	402.2
CostOfRevenue_Q Cost Of Rev.	561.1	492.5	535.4	543.2	540.4	538	541	545.5	566.3	481.7	91.9	323	314.3
GrossProfit_Q Gross Profit	112	89.5	95.9	88.5	78.5	75.3	91.8	110.4	77.3	60.1	36.2	90.4	87.9
OEXPNS_Q Operating Exp. ⌄	69.3	69.1	98.7	73.5	58.9	70.5	95.1	73	80.4	125.8	44.2	74.9	57.7
AdminAndSellingExpenses_Q Admin Plus Selling Exp.	13.7	13.5	15.7	12.7	15.5	15	19.7	17.4	14.7	12.9	9.4	13.6	13.4
ResearchAndDevlopmentExpenses_Q RnD Exp.	-	-	-	-	-	-	-	-	-	-	-	-	-
OP_Q Operating Profit	42.7	20.4	-2.9	15	19.5	4.8	-3.2	37.5	-3	-65.7	-8	15.5	30.2
NetNonOperIntIncExp_Q Net Non Operations Interest Incuding Expenses ⌄	-43.7	-43.6	-45.1	-44.8	-45.3	-45.6	-48.4	-52.8	-47.3	-40.8	-24	-2.7	-2.6
Others_Q Other Interest Earned	-	-	-	-	-	-	-	-	-	-	-	-	-
IntExpNonOperating_Q Interest Exp. Non Operating	43.7	43.6	45.1	44.8	45.3	45.6	48.4	52.8	47.3	40.8	24	2.7	2.6
PBT_Q Profit Before Tax	-244	-38.4	-45.1	-23.4	-37.1	-41.6	31.6	-32.9	-1,141.4	-107.1	-32	12.8	27.6
TAX_Q Tax	-0.2	1.8	-8.7	0.4	-16.8	19.6	67	1.3	-174.9	-18.4	-9.2	3.6	7.7
NICommonStockholders_Q Net Income Common Stockholders ⌄	-207.3	-34.3	-28.3	-16.3	-12.6	-50.6	-36.4	-73.4	-645.4	-73.6	101.2	9.2	19.8
NP_Q Net Profit	-207.3	-34.3	-28.3	-16.3	-12.6	-50.6	-36.4	-73.4	-645.4	-61.7	101.7	9.3	20
NIIncludingNoncontrollingInterests_Q Net Income Including Non controlling Interests	-245.9	-40.2	-36.4	-23.8	-20.4	-61.2	-35.8	-35.3	-971.4	-88.8	101.7	9.3	20
DilutedNIAvailtoComStockholders_Q Diluted NI Avail to Com Stockholders Ann.	-207.3	-34.3	-28.3	-16.3	-12.6	-50.6	-36.4	-73.4	-645.4	-73.6	101.2	9.2	19.8
EPS_Q Basic EPS	-6.4	-1.1	-0.9	-0.5	-0.4	-1.7	-1.2	-2.7	-23.5	-2.8	3.9	0.4	0.8
AfterDilutedEPS_Q Diluted EPS After ExtraOrdinary	1.2	-1.1	-0.9	-0.5	-0.3	-1.7	-3.5	-2.1	11.2	-2.8	-0.6	0.4	0.8
SHARE_Q Number Of Shares End	32.5	31.5	31.3	31	30.4	30.2	29.2	27.9	26.8	26.2	25.7	25.7	25.9
NIContinuingDiscontinuedOper_Q Net Income Continuing Discontinued Operations	-207.3	-34.3	-28.3	-16.3	-12.6	-50.6	-36.4	-73.4	-645.4	-61.7	101.7	9.3	20
NormalizedIncome_Q Normalized Income	39.1	-35.3	-28.5	-15.8	-8.9	-49.9	-100.9	-58.4	283.6	-61.2	-22.8	9.3	20
InterestIncome_Q Interest Income	-	-	-	-	-	-	-	-	-	-	-	-	-
INT_Q Interest	43.7	43.6	45.1	44.8	45.3	45.6	48.4	52.8	47.3	40.8	24	2.7	2.6
NetInterestIncome_Q Net Interest Income	-43.7	-43.6	-45.1	-44.8	-45.3	-45.6	-48.4	-52.8	-47.3	-40.8	-24	-2.7	-2.6
EBIT_Q EBIT	-200.3	5.2	-0	21.4	8.2	3.9	80.1	19.9	-1,094.2	-66.4	-8	15.5	30.2
EBITDA_Q EBITDA	-162.1	43.7	40.7	59.2	45	41.3	117.7	45.8	-1,045.5	-34.6	5.8	31	44.7
ReconciledCostOfRevenue_Q Reconciled Cost Of Rev.	561.1	492.5	535.4	543.2	540.4	538	541	545.5	566.3	481.7	91.9	323	314.3
ReconciledDepreciation_Q Reconciled Depr.	38.3	38.5	40.7	37.8	36.8	37.4	37.7	25.9	48.6	31.8	13.8	15.5	14.5
ProfitLossFromContinuingOperations_Q Profit From Continuing Operations	-238.7	-40.2	-36.4	-23.8	-20.4	-61.2	-35.4	-34.2	-966.5	-88.8	-22.8	9.3	20
NormalizedEBITDA_Q Normalized EBITDA	82.5	42	40.5	59.7	49.7	42.2	35.6	63.3	45.6	-33.9	5.8	31	44.7

*All financials are in USD Million and price data in USD

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Forward Air Corp competitor comparison and performance snapshot within industry

Forward Air Corp annual results: revenue, profit, P&L, and margins as of Dec 2025 – 11 year history

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POSITIVE
Annual Revenue Forward Air Corp Dec-2025 Annual Revenue is $2,495 Million which is growth of 0.8% YoY.
POSITIVE
Annual Net Profit Forward Air Corp Dec-2025 Annual Net Profit is $-108 Million which is growth of 86.8% YoY.

Forward Air Corp., Earnings Report - Annual Results, standalone, All financials are in USD Million and price data in USD
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	TTM	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
SR_A Total Rev. Ann. ⌄	8.1%	14.5%		2,495.1	2,474.3	1,370.7	1,973.4	1,662.4	1,269.6	1,410.4	1,320.9	1,100.8	982.5	959.1
TotalOperatingRevenues_A Operating Rev. Ann.	8.1%	14.5%	2,518.1	2,495.1	2,474.3	1,371	1,973.4	1,662.4	1,269.6	1,410.4	1,320.9	1,100.8	982.5	959.1
CostOfRevenue_A Cost Of Rev. Ann.	14.8%	15.7%	2,132.2	2,156.9	2,134.6	1,040.6	1,426.6	1,297.1	1,040.5	1,122.5	1,054.9	864.3	767.3	768.7
GrossProfit_A Gross Profit Ann.	-14.8%	8.1%	385.9	338.2	339.7	330.2	546.8	365.3	229.1	287.9	266	236.5	215.2	190.4
OEXPNS_A Operating Exp. Ann.	2.4%	14.2%	310.6	301.8	374.2	241.9	280.8	206	155.2	169.1	144	127.8	112.8	108.7
OP_A Operating Profit Ann.	-48.5%	-13.2%	75.3	36.4	-34.5	88.2	266	159.3	73.9	118.8	122	108.7	102.4	81.8
NetNonOperIntIncExp_A Net Non Operations Interest Incuding Expenses Ann, ⌄	-	-	-177.2	-180.8	-189.2	-31.6	-5.1	-4.3	-4.6	-2.7	-1.8	-1.2	-1.6	-2.1
Others_A Other Interest Earned Ann.	-	-		-	-	-	-	-	-	-	-	-	-	-
IntExpNonOperating_A Interest Exp. Non Operating Ann.	228.5%	108.4%	177.2	180.8	189.2	31.6	5.1	4.3	4.6	2.7	1.8	1.2	1.6	2.1
OtherExpenses_A Other Exp. Ann.	-	-		-2.9	-1,026.1	-	-	-				-0	-42.4	-0.1
PBT_A PBT Ann.	-	-	-350.9	-147.2	-1,249.8	56.6	260.8	155	69.4	116.1	120.3	107.5	58.4	79.7
TAX_A Tax Ann.	-	-	-6.7	-5.5	-125	13.8	67.7	38.9	16.6	29	28.2	20.1	30.7	24.1
NICommonStockholders_A Net Income Common Stockholders Ann. ⌄	-	-	-286.2	-107.8	-817	166.5	192.1	105.1	23.4	86.2	91.2	86.6	27.5	55.2
NP_A Net Profit Ann.	-	-	-286.2	-107.8	-817	167.4	193.2	105.9	23.7	87.1	92.1	87.3	27.7	55.6
NIIncludingNoncontrollingInterests_A Net Income Including Non controlling Interests Ann.	-	-	-346.3	-141.7	-1,131.2	167.4	193.2	105.9	23.7	87.1	92.1	87.3	27.7	55.6
DilutedNIAvailtoComStockholders_A Diluted NI Avail to Com Stockholders Ann.	-	-	-286.2	-107.8	-817	166.5	192.1	105.1	23.4	86.2	91.2	86.6	27.5	55.2
EPS_A EPS Ann.	-	-		-3.5	-30.6	6.4	7.2	3.9	0.8	3.1	3.1	2.9	0.9	1.8
DilutedEPS_A Diluted EPS Ann.	-	-		-3.5	-30.6	6.4	7.1	3.9	0.8	3	3.1	2.9	0.9	1.8
SHARE_Q Number Of Shares End	5.7%	2.8%		31.3	29.2	25.7	26.5	27	27.3	27.9	28.7	29.5	30.2	30.7
TotalExpenses_A Total Exp. Ann.	12.9%	15.5%		2,458.7	2,508.8	1,282.5	1,707.4	1,503.1	1,195.7	1,291.6	1,198.9	992.1	880.1	877.4
NIContinuingDiscontinuedOper_A Net Income Continuing Discontinued Operations Ann.	-	-	-286.2	-107.8	-817	167.4	193.2	105.9	23.7	87.1	92.1	87.3	27.7	55.6
NormalizedIncome_A Normalized Income Ann.	-	-	-40.6	-102.1	114	42.8	193.2	116.1	52.8	87.1	92.1	87.3	53.1	55.6
InterestIncome_A Interest Income Ann.	-	-		-	-	-	-	-	-	-	-	-	-	-
INT_A Interest Ann.	228.5%	108.4%	177.2	180.8	189.2	31.6	5.1	4.3	4.6	2.7	1.8	1.2	1.6	2.1
EBITDA_A EBITDA Ann.	-15.9%	10.9%	-18.5	186.2	-916.6	145.6	313.4	198.9	111.1	160.9	164.2	149.7	98.2	118.9
ReconciledCostOfRevenue_A Reconciled Cost Of Rev. Ann.	14.8%	15.7%	2,132.2	2,156.9	2,134.6	1,040.6	1,426.6	1,297.1	1,040.5	1,122.5	1,054.9	864.3	767.3	768.7
ReconciledDepreciation_A Reconciled Depr. Ann.	47.7%	32.7%	155.3	152.6	144	57.4	47.4	39.6	37.1	42.1	42.2	41.1	38.2	37.2
ProfitLossFromContinuingOperations_A Profit From Continuing Operations Ann.	-	-	-339.1	-141.7	-1,124.8	42.8	193.2	116.1	52.8	87.1	92.1	87.3	27.7	55.6
NormalizedEBITDA_A Normalized EBITDA Ann.	-15.1%	11.6%	224.7	192.1	110.7	145.6	313.4	198.9	111.1	160.9	164.2	149.7	140.6	118.9

*All financials are in USD Million and price data in USD

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Total Rev. Ann.

1Y CHG

0.8%

2Y CAGR

34.9%

3Y CAGR

8.1%

5Y CAGR

14.5%

7Y CAGR

9.5%

10Y CAGR

10%

Total Revenue Annual growth is lower than historical averages.

Operating Exp. Ann.

1Y CHG

-19.3%

2Y CAGR

11.7%

3Y CAGR

2.4%

5Y CAGR

14.2%

7Y CAGR

11.1%

10Y CAGR

10.8%

Operating Expenses Annual Cr is falling faster than historical averages.

Forward Air Corp balance sheet as of Dec 2025: assets, liabilities, reserves, and borrowings – 11 year history

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NEGATIVE
Total Shareholders Fund Forward Air Corp Dec-2025 Total Shareholders Fund is $113 Million which is growth of -43.8% YoY.
NEGATIVE
Total Assets Forward Air Corp Dec-2025 Total Assets is $2,719 Million which is growth of -3.0% YoY.

Forward Air Corp., Balance Sheet, standalone, All financials are in USD Million and price data in USD
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
TA_A Total Assets Ann. ⌄	31%	21%	2,718.9	2,802.6	2,979.5	1,208.1	1,117.8	1,047.4	990.9	760.2	687.7	641.3	700.2
CA_A Total Current Assets Ann.	19.6%	16.2%	521	472.5	347	304.3	282.8	245.9	236.3	201.1	162.7	136.3	173.5
CashEquivalentsShortTermInvestments_A Cash Equivalents and Short Term Investments Ann.	32.3%	21.3%	106	104.9	122	45.8	37.3	40.3	64.8	25.7	3.9	8.5	33.3
Receivables_A Change In Account Receivables Ann.	16.5%	17.4%	349.7	322.5	158.7	221	216.2	156.5	154	161.4	147.5	116.6	128
Inventories_A Inventories Ann.	-	-	-	-	-	-	-	-	2.1	2.2	1.4	1.3	1.3
OtherCurrentAssets_A Other Current Assets Ann.	43.2%	41%	37.3	15.7	1.1	12.7	7	6.7	-	-	-	-	-
TotalNonCurrentAssets_A Total Non Current Assets Ann.	34.5%	22.4%	2,197.9	2,330.1	2,632.5	903.8	835	801.5	754.6	559.1	525	505	526.7
NetPPE_A Net PPE Ann.	22%	17.8%	710.4	736.3	369.7	390.9	367.3	313.2	364.7	209.9	206.1	200.2	187.3
InvestmentsAndAdvances_A Investments & Advances Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
OtherNonCurrentAssets_A Other Non Current Assets Ann.	3.8%	-10%	58	71.9	1,849.4	51.8	46.3	98.3	41	36.5	15.9	13.5	6
TotalLiabilitiesNetMinorityInterest_A Total Liabilities Net Minority Interest Ann. ⌄	72.2%	38.6%	2,557.3	2,516.8	2,215.3	500.8	524.2	500.1	413.7	207	154.2	142.2	190.1
CL_A Total Current Liabilities Ann.	36.2%	20.1%	428.3	384.1	237.1	169.4	164.7	171.6	137.2	74.7	60.1	77.9	109
PayablesAndAccruedExpenses_A Payables & Accrued Exp.s Ann.	38.9%	26.7%	292.1	260.8	174.3	108.9	106.5	89.6	79.8	74.4	59.8	49.9	53.2
CurrentDebtCapLeaseObligation_A Current Debt Cap Lease Obligation Ann.	29.5%	22%	123	113.4	57	56.6	53.6	45.5	52	0.3	0.4	28	55.9
CurrentDeferredLiabilities_Q Current Deferred Liabilities	-	-	13.2	9.9	-	-	-	-	-	-	-	-	-
OtherCurrentLiabilities_A Other Current Liabilities Ann.	158.5%	13.6%	69.1	43.2	5.8	4	4.6	36.5	5.3	-	-	-	-
TotalNonCurrentLiabilities_A Total Non Current Liabilities Ann.	85.9%	45.3%	2,129	2,132.7	1,978.2	331.4	359.5	328.4	276.5	132.3	94.1	64.3	81.1
LongTermDebtAndCapitalLeaseObligation_Q LT Debt & Capital Lease Obligation	109.6%	59.4%	2,036.7	2,032.4	1,888.8	221.3	266.5	197.8	173.8	47.3	40.6	0.7	28.9
TradeandOtherPayablesNonCurrent_A Trade & Other Payables Non Current Ann.	-	-	-	13.3	-	-	-	-	-	-	-	-	-
TotalDeferredCreditsAndOtherNonCurrentLiabilities_A Total Deferred Credits & Other Non Current Liabilities Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
TotalShareHoldersFunds_A Total ShareHolders Funds Ann. ⌄	-45.7%	-27%	113.3	201.7	764.3	707.2	593.7	547.3	577.2	553.2	533.5	499.1	510.1
EQCAP_A Equity Share Capital Ann.	-45.7%	-27%	113.3	201.7	764.3	707.2	593.7	547.3	577.2	553.2	533.5	499.1	510.1
CapitalStock_A Capital Stock Ann.	0%	0%	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
RetainedEarnings_A Retained Earnings Ann.	-	-	-447.1	-338.2	480.3	436.1	334.9	304.1	350	342.7	337.9	319.3	348.9
GainsLossesNotAffectingRetainedEarnings_A Gains Losses Not Affecting Retained Earnings Ann.	-	-	0.6	-2.7	-	-	-	-	-	-	-	-	-
TotalCapitalization_A Total Capitalization Ann.	30.3%	22.2%	1,800.6	1,877.7	2,554.8	813.8	749.1	659.7	644.5	600.5	573.7	499.1	537.8
TangibleAssets_A Tangible Assets Ann.	-	-	-1,316.2	-1,320.2	350.8	246.3	172.2	157.3	228.3	240.5	230.6	207.7	176.7
WC_A Working Capital Ann.	-11.8%	4.5%	92.7	88.5	109.9	134.9	118.1	74.3	99.2	126.4	102.6	58.3	64.4
InvestedCapital_A Invested Capital Ann.	29.8%	22.2%	1,800.6	1,877.7	2,567.4	823.3	755.2	659.7	644.5	600.5	573.7	526.7	593.4
TangibleBookValue_A Tangible Book Value Ann.	-	-	-1,316.2	-1,320.2	350.8	246.3	172.2	157.3	228.3	240.5	230.6	207.7	176.7
Borrowings_A Borrowings Ann.	98.1%	54.8%	2,159.7	2,145.8	1,945.8	277.9	320.1	243.2	225.8	47.6	41	28.7	84.7
NetDebt_A Net Debt Ann.	182.4%	85.4%	1,581.3	1,571	1,681.2	70.2	124.2	72.1	2.6	21.6	36.3	19.2	50
ShareIssued_A Share Issued Ann.	5.7%	2.8%	31.3	29.8	25.7	26.5	27	27.3	27.9	28.5	29.5	30.1	30.5
SHARE_Q Number Of Shares End	5.7%	2.8%	31.3	29.2	25.7	26.5	27	27.3	27.9	28.7	29.5	30.2	30.7

*All financials are in USD Million and price data in USD

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Total Assets Ann.

1Y CHG

-3%

2Y CAGR

-4.5%

3Y CAGR

31%

5Y CAGR

21%

7Y CAGR

20%

10Y CAGR

14.5%

Total Assets Annual is falling faster than historical averages.

Total Current Liabilities Ann.

1Y CHG

11.5%

2Y CAGR

34.4%

3Y CAGR

36.2%

5Y CAGR

20.1%

7Y CAGR

28.3%

10Y CAGR

14.7%

Total Current Liabilities Annual Cr growth is lower than historical averages.

Total ShareHolders Funds Ann.

1Y CHG

-43.8%

2Y CAGR

-61.5%

3Y CAGR

-45.7%

5Y CAGR

-27%

7Y CAGR

-20.3%

10Y CAGR

-14%

Total ShareHolders Funds Annual is falling faster than historical averages.

Forward Air Corp ROE, ROCE, book value, and debt-to-equity ratio as of Dec 2025 – 11 year history

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NEGATIVE
Book Value Per Share Forward Air Corp Book Value Per Share is $-3 which is growth of -169.3% YoY.
NEUTRAL
ROE Forward Air Corp ROE is 0% which is growth of 0% YoY.

Forward Air Corp., Ratios, standalone, All financials are in USD Million and price data in USD
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
ROA_A RoA Ann. %	-	-	-	-28.26%	7.95%	16.52%	9.71%	2.29%	9.84%	12.59%	13.04%	4.09%	8.89%
ROE_A ROE Ann. %	-	-	-	-169.15%	22.63%	29.54%	18.43%	4.15%	15.24%	16.78%	16.78%	5.44%	11.34%
ROIC_Q ROIC %	-	-	-	0.1	6.4	4.5	4.6	-0.5	3.1	4.7	6.3	2.4	4
OPMPCT_A OPM Ann. %	-52.3%	-24.2%	1.46%	-1.40%	6.44%	13.48%	9.58%	5.82%	8.42%	9.24%	9.87%	10.42%	8.53%
NBTO_A Inventory Turnover Ratio Ann.	-	-	-	-	-	-	-	-	513.5	575.6	633	586.6	649.8
ASETTO_A Asset Turnover Ann. %	-	-	-	0.9	0.7	1.7	1.5	1.3	1.6	1.8	1.7	1.5	1.5
WCTO_A Working Capital Turnover Ann.	22.6%	9.5%	26.9	28	12.5	14.6	14.1	17.1	14.2	10.5	10.7	16.8	14.9
QuickRatio_A Quick Ratio Ann.	-	-	-	1.1	1.2	1.6	1.5	1.2	1.6	2.5	2.5	1.6	1.5
CRATIO_A Current Ratio Ann.	-	-	-	1.2	1.5	1.8	1.7	1.4	1.7	2.7	2.7	1.8	1.6
IC_A Interest Coverage Ratio Ann.	-	-	-	-5.6	2.8	51.8	36.7	16.2	43.8	68.4	89.9	37.6	39.9
LTDE_A LT Debt To Equity Ann.	-	-	-	10.1	2.5	0.3	0.5	0.4	0.3	0.1	0.1		0.1

*All financials are in USD Million and price data in USD

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Forward Air Corp cash flow: net, operating, investing, and financing flows as of Dec 2025 – 11 year history

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POSITIVE
Cash From Operating Activity Forward Air Corp Dec-2025 Cash From Operating Activity is $44 Million which is growth of 164.3% YoY.
POSITIVE
Net Cash Flow Forward Air Corp Dec-2025 Net Cash Flow is $-0 Million which is growth of 100.0% YoY.

Forward Air Corp., Cash Flow, standalone, All financials are in USD Million and price data in USD
Indicator	CAGR 3 Yrs	CAGR 5 Yrs	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
CFO_A Cash from Operating Act. Ann. ⌄	-44.5%	-14.3%	44.4	-69	199.2	259.1	124.9	96.1	159	152.6	103.4	130.4	85.7
ProfitLossFromContinuingOperations_A Profit From Continuing Operations Ann.	-	-	-141.7	-1,124.8	42.8	193.2	116.1	52.8	87.1	92.1	87.3	27.7	55.6
DepreciationAmortizationDepletion_A Depreciation Amortization Depletion Ann.	47.7%	32.7%	152.6	144	57.4	47.4	39.6	37.1	42.1	42.2	41.1	38.2	37.2
DepreciationAndAmortization_A Depreciation And Amortization Ann.	47.7%	32.7%	152.6	144	57.4	47.4	39.6	37.1	42.1	42.2	41.1	38.2	37.2
DeferredTax_A Deferred Tax Ann.	-	-	-11	-133.5	-8.9	7.7	1.4	0.8	6.8	8.1	-12.5	3.5	14.5
DeferredIncomeTax_A Deferred Income Tax Ann.	-	-	-11	-133.5	-8.9	7.7	1.4	0.8	6.8	8.1	-12.5	3.5	14.5
EmployeesStockOptions_A ESOPs Ann.	5.5%	4%	13.4	10.2	11.5	11.4	10.9	11	11.9	10.6	8.1	8.3	7.5
OtherNonCashItems_A Other Non Cash Items Ann.	-	63%	11.5	14.9	-1.2	-0.5	0.6	1	-0	-0.5	-	-	-
ChangeInWorkingCapital_A Change In Working Capital Ann.	-	-	-3.5	-11.8	92.5	-11.4	-51.6	-11.3	6	-3.5	-26.8	9.3	-28.3
ChangeInReceivables_A Change In Receivables Ann.	-	-	-25.4	19.2	25.2	-11	-60.8	-25.7	2.1	-12.2	-	-9.7	5.4
ChangeInInventory_A Change In Inventory Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
ChangePayablesAccruedExpense_A Change Payables Accrued Expense Ann.	54.3%	14.1%	46.3	-15.9	36.7	12.6	17.2	23.9	8.7	12.5	9	-1.4	-17.5
ChangeInOtherCurrentAssets_A Change In Other Current Assets Ann.	-	-	-24.4	-15.1	30.7	-12.9	-	-	-	-	-31.3	-	-
ChangeInOtherCurrentLiabilities_A Change In Other Current Liabilities Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
ChangeInOtherWorkingCapital_A Change In Other Working Capital Ann.	-	-	-	-	-	-	-	-	1.3	-1.3	-3.2	20.2	-14.8
CFI_A Cash from Investing Act. Ann. ⌄	-	-	-26.9	-1,608.6	-83.7	-104.5	-96.3	-81.5	-63.9	-55.5	-59.2	-52.4	-100.9
NetPPEPurchaseAndSale_A Net PPE Purchase & Sale Ann.	-	-	-26.9	-31.9	-27	-38.4	-36.5	-17.9	-24.9	-35.2	-35.8	-40.3	-38.8
PurchaseOfPPE_A Purchase Of PPE Ann.	-	-	-29.1	-37.1	-30.7	-40.7	-39.1	-20.3	-28.2	-42.3	-38.3	-42.2	-40.5
NetBusinessPurchaseAndSale_A Net Business Purchase & Sale Ann.	-	-		-1,576.2	-56.7	-66.1	-59.9	-63.7	-39	-20	-23.1	-11.8	-61.9
PurchaseOfBusiness_A Purchase Of Business Ann.	-	-		-1,576.2	-56.7	-66.1	-59.9	-63.7	-39	-20	-23.1	-11.8	-61.9
PurchaseOfInvestment_A Purchase Of Investment Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
SaleOfInvestment_A Sale Of Investment Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
NetOtherInvestingChanges_A Net Other Investing Changes Ann.	-	-	-	-0.4	-	-	-	-	-	-0.2	-0.2	-0.3	-0.3
CFA_A Cash from Financing Act. Ann. ⌄	-	-	-17.5	-163.8	1,790.7	-146.1	-31.5	-39.1	-56	-75.3	-48.8	-102.8	7.1
NetIssuancePaymentsOfDebt_A Net Issuance Payments Of Debt Ann.	-	-	-17.3	-98.4	1,672.5	-55.1	42.6	43.6	19.1	6.7	12.2	-55.8	23.7
NetLongTermDebtIssuance_A Net Long Term Debt Issuance Ann.	-	-	-17.3	-98.4	1,672.5	-55.1	-152.4	-21.5	-1	-0.3	-42.8	-55.8	23.7
NetShortTermDebtIssuance_A Net ST Debt Issuance Ann.	-	-		-80	-	-	195	65	20	7	55	-	-
NetCommonStockIssuance_A Net Common Stock Issuance Ann.	-	-			-93.8	-62.8	-49	-45.3	-56.2	-66.1	-49	-40	-20
CommonStockIssuance_A Common Stock Issuance Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
CommonStockPayments_A Common Stock Payments Ann.	-	-			-93.8	-62.8	-49	-45.3	-56.2	-66.1	-49	-40	-20
dividend_1Y_actual Dividend 1year	-	-			1	1	0.8	0.8	0.7	0.6	0.6	0.5	0.5
DividendPerShare_A Dividend Per Share Ann.	-	-			-25	-25.9	-23	-20.9	-20.5	-18.4	-18.1	-15.5	-14.8
NetOtherFinancingCharges_A Net Other Financing Charges Ann.	-	-	-1.1	-66.2	236.2	-3.4	-6.7	-21.4	-3	-1.9	-1.7	-0.1	3.5
CashAndCashEquivalentEndOfYear_A Cash Plus Cash Eqv. End Of Year Ann.	32.3%	21.3%	106	105.3	1,952.1	45.8	37.3	40.3	64.8	25.7	3.9	8.5	33.3
NetIncDecInCashAndCashEquivalents_A Net Increase In Cash Plus Cash Eqv.s Ann.	-	-	-0.1	-1,847.8	1,906.3	8.5	-2.9	-24.5	39.1	21.8	-4.6	-24.8	-8.1
CashAndCashEquivalentBeginOfYear_A Cash Plus Cash Eqv. Begin Of Year Ann.	41.3%	10.2%	105.3	1,952.1	45.8	37.3	40.3	64.8	25.7	3.9	8.5	33.3	41.4
IncomeTaxPaidSupplementalData_A Income Tax Paid Supplemental Data Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
InterestPaidSupplementalData_A Interest Paid Supplemental Data Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
CapitalExpenditure_A Capex Ann.	-	-	-29.1	-37.1	-30.7	-40.7	-39.1	-20.3	-28.2	-42.3	-38.3	-42.2	-40.5
IssuanceOfCapitalStock_A Issuance Of Capital Stock Ann.	-	-	-	-	-	-	-	-	-	-	-	-	-
IssuanceOfDebt_A Issuance Of Debt Ann.	-	11.1%	110	75	1,860.5		195	65	20	7	55		125
RepaymentOfDebt_A Repayment Of Debt Ann.	-	-	-127.3	-173.4	-188	-55.1	-152.4	-21.5	-1	-0.3	-42.8	-55.8	-101.4
RepurchaseOfCapitalStock_A Repurchase Of Capital Stock Ann.	-	-			-93.8	-62.8	-49	-45.3	-56.2	-66.1	-49	-40	-20
FreeCashFlow_A Free Cash Flow Ann.	-58.8%	-25%	15.3	-112.5	150.7	218.4	81.2	64.4	130.8	110.3	65.1	88.2	45.2

*All financials are in USD Million and price data in USD

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Cash from Operating Act. Ann.

2Y CAGR

-52.8%

3Y CAGR

-44.5%

5Y CAGR

-14.3%

7Y CAGR

-16.2%

10Y CAGR

-6.4%

Cash from Operating Activity Annual growth is higher than historical averages.

Forecaster
Quarterly
Competitors/Peers
Annual
Balance Sheet
Ratios
Cash Flow

53.53% Fall from 52W High

Forward Air Corp quarterly and annual earnings report: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

Forward Air Corp - Forecaster

Forecaster Analyst Estimates for Forward Air Corp share price target, revenues, EPS, net income and more

Forward Air Corp - Earnings Report - Quarterly Results

Forward Air Corp quarterly results: revenue, profit, and P&L – 13 quarter history

Quarterly Revenue Forward Air Corp Jun-2026 Quarterly Revenue is $673 Million which is growth of 8.8% YoY.

Quarterly Net Profit Forward Air Corp Jun-2026 Quarterly Net Profit is $-207 Million which is growth of -1547.5% YoY.

Forward Air Corp - Competitors/Peers

Forward Air Corp competitor comparison and performance snapshot within industry

Forward Air Corp - Earnings Report - Annual Results

Forward Air Corp annual results: revenue, profit, P&L, and margins as of Dec 2025 – 11 year history

Annual Revenue Forward Air Corp Dec-2025 Annual Revenue is $2,495 Million which is growth of 0.8% YoY.

Annual Net Profit Forward Air Corp Dec-2025 Annual Net Profit is $-108 Million which is growth of 86.8% YoY.

Forward Air Corp - Balance Sheet

Forward Air Corp balance sheet as of Dec 2025: assets, liabilities, reserves, and borrowings – 11 year history

Total Shareholders Fund Forward Air Corp Dec-2025 Total Shareholders Fund is $113 Million which is growth of -43.8% YoY.

Total Assets Forward Air Corp Dec-2025 Total Assets is $2,719 Million which is growth of -3.0% YoY.

Forward Air Corp - Ratios

Forward Air Corp ROE, ROCE, book value, and debt-to-equity ratio as of Dec 2025 – 11 year history

Book Value Per Share Forward Air Corp Book Value Per Share is $-3 which is growth of -169.3% YoY.

ROE Forward Air Corp ROE is 0% which is growth of 0% YoY.

Forward Air Corp - Cash Flow

Forward Air Corp cash flow: net, operating, investing, and financing flows as of Dec 2025 – 11 year history

Cash From Operating Activity Forward Air Corp Dec-2025 Cash From Operating Activity is $44 Million which is growth of 164.3% YoY.

Net Cash Flow Forward Air Corp Dec-2025 Net Cash Flow is $-0 Million which is growth of 100.0% YoY.