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Forward Air Corporation (FWRD) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

INDUSTRIALS · INTEGRATED FREIGHT & LOGISTICS · DATA UPDATED 2026-10-01

Forward Air Corporation (FWRD) operates in the INTEGRATED FREIGHT & LOGISTICS industry and is headquartered in Dallas, United States with about 6,062 employees. Its market capitalization is roughly $622 million. In the fiscal year ended 2025-12-31, FWRD reported $2.5B in revenue and ($108M) in net income.

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. The company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal.

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FWRD Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$2.5B	$2.5B	$2.5B	$1.4B	$1.7B	$1.4B	$1.3B	$1.2B	$1.3B	$1.2B	$983M	$959M	$781M	$652M	$584M	$536M	$484M	$417M	$474M	$393M	$353M
Gross Profit	$268M	$511M	$340M	$330M	$492M	$314M	$229M	$254M	$266M	—	$215M	$190M	$179M	$148M	$138M	$267M	$309M	$273M	$293M	$171M	$159M
Gross Margin %	10.6%	20.5%	13.7%	24.1%	29.3%	22.6%	18.1%	20.9%	20.1%	21.5%	21.9%	19.9%	22.9%	22.6%	23.6%	49.9%	63.8%	65.3%	61.9%	43.5%	45.0%
Operating Income (EBIT)	($169M)	$36M	($1.1B)	$88M	$248M	$147M	$74M	$112M	$122M	$109M	$60M	$82M	$96M	$84M	$84M	$77M	$54M	$19M	$70M	$71M	$75M
Operating Margin %	-6.7%	1.5%	-43.0%	6.4%	14.7%	10.6%	5.8%	9.2%	9.2%	9.9%	6.1%	8.5%	12.3%	12.9%	14.3%	14.4%	11.1%	4.5%	14.8%	18.1%	21.4%
Net Income	($286M)	($108M)	($817M)	$167M	$193M	$106M	$24M	$87M	$92M	$87M	$28M	$56M	$61M	$54M	$53M	$47M	$32M	$10M	$43M	$45M	$49M
Net Margin %	-11.4%	-4.3%	-33.0%	12.2%	11.5%	7.6%	1.9%	7.2%	7.0%	7.9%	2.8%	5.8%	7.8%	8.3%	9.0%	8.8%	6.6%	2.4%	9.0%	11.4%	13.9%
EBITDA	($108M)	$186M	($917M)	$146M	$290M	$182M	$111M	$149M	$164M	$150M	$98M	$119M	$128M	$108M	$105M	$98M	$74M	$38M	$87M	$84M	$84M
Earnings Per Share (EPS)	$-8.93	$-3.48	$-29.66	$6.44	$7.17	$3.88	$0.86	$3.08	$3.15	$2.89	$0.90	$1.78	$1.96	$1.77	$1.78	$1.60	$1.10	$0.34	$1.47	$1.50	$1.55
Shares Outstanding (M)	32M	31M	28M	26M	27M	27M	28M	28M	29M	30M	31M	31M	31M	31M	30M	29M	29M	29M	29M	30M	32M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWRD Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$673M	$582M	$631M	$632M	$619M	$613M	$633M	$656M
Gross Profit	$137M	$20M	$96M	$15M	$115M	$75M	$92M	$110M
Gross Margin %	20.3%	3.5%	15.2%	2.4%	18.6%	12.3%	14.5%	16.8%
Operating Income (EBIT)	($201M)	$20M	($3M)	$15M	$20M	$5M	($3M)	$37M
Operating Margin %	-29.9%	3.5%	-0.4%	2.4%	3.1%	0.8%	-0.5%	5.7%
Net Income	($207M)	($34M)	($28M)	($16M)	($13M)	($51M)	($36M)	($73M)
Net Margin %	-30.8%	-5.9%	-4.5%	-2.6%	-2.0%	-8.3%	-5.8%	-11.2%
EBITDA	($164M)	($43M)	$41M	$59M	$45M	$41M	$118M	$46M
Earnings Per Share (EPS)	$-6.38	$-1.11	$-0.91	$-0.52	$-0.41	$-1.68	$-1.24	$-2.63
Shares Outstanding (M)	32M	31M	31M	31M	30M	30M	29M	28M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWRD Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$71M	$44M	($75M)	$181M	$259M	$120M	$84M	$161M	$153M	$103M	$130M	$86M	$92M	$91M	$69M	$77M	$54M	$50M	$59M	$62M	$52M
Capital Expenditures (CapEx)	$23M	$29M	$37M	$31M	$41M	$39M	$20M	$31M	$42M	$38M	$42M	$40M	$39M	$35M	$21M	$21M	$15M	$21M	$27M	$47M	$15M
Free Cash Flow (FCF)	$48M	$15M	($112M)	$151M	$218M	$81M	$64M	$131M	$110M	$65M	$88M	$45M	$52M	$55M	$47M	$56M	$39M	$29M	$32M	$15M	$37M
FCF Margin %	1.9%	0.6%	-4.5%	11.0%	13.0%	5.9%	5.0%	10.8%	8.3%	5.9%	9.0%	4.7%	6.7%	8.5%	8.1%	10.4%	8.0%	7.0%	6.8%	3.9%	10.5%
Dividends Paid	—	$0M	$0M	$25M	$26M	$23M	$21M	$20M	$18M	$18M	$16M	$15M	$15M	$12M	$10M	$8M	$8M	$8M	$8M	$8M	$9M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWRD Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	($5M)	$46M	($23M)	$53M	($13M)	$28M	($24M)	$50M
Capital Expenditures (CapEx)	$3M	$7M	$8M	$4M	$5M	$12M	$7M	$10M
Free Cash Flow (FCF)	($8M)	$39M	($31M)	$49M	($18M)	$16M	($31M)	$40M
FCF Margin %	-1.2%	6.7%	-4.9%	7.7%	-2.9%	2.6%	-4.9%	6.0%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWRD Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$2.4B	$2.7B	$2.8B	$3.0B	$1.2B	$1.1B	$1.0B	$991M	$760M	$688M	$641M	$700M	$542M	$506M	$399M	$341M	$349M	$317M	$308M	$242M	$213M
Cash & Cash Equivalents	$139M	$106M	$105M	$122M	$46M	$37M	$40M	$65M	$26M	$4M	$9M	$33M	$41M	$127M	$112M	$59M	$75M	$42M	$22M	$5M	$8M
Total Liabilities	$2.5B	$2.6B	$2.5B	$2.2B	$501M	$524M	$500M	$414M	$207M	$154M	$142M	$190M	$78M	$70M	$48M	$54M	$93M	$92M	$91M	$70M	$28M
Total Debt (Short + Long-Term)	$1.8B	$1.8B	$1.8B	$1.8B	$158M	$219M	$158M	$105M	$48M	$41M	$29M	$84M	$2M	$0M	$0M	$1M	$51M	$53M	$56M	$32M	$1M
Total Shareholders' Equity	($115M)	$113M	$202M	$764M	$707M	$594M	$547M	$577M	$553M	$533M	$499M	$510M	$464M	$436M	$352M	$287M	$256M	$225M	$216M	$172M	$185M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive FWRD viewer.

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SERV · Serve Robotics Inc. Common Stock — $225 million
ZTO · ZTO Express (Cayman) Inc — $15 billion

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