For the twelve months ended Jun 30, 2026, Forward Air Corporation reported $2.52B of revenue and -$292.07M of net income.
FWRD revenue was $673.04M in fiscal Q2 2026 (ended Jun 30, 2026), up 8.8% from a year earlier and up 15.6% from the prior quarter. For the full fiscal 2025 it was $2.50B, up 0.8% from fiscal 2024. Compound annual growth was +14.5% over 5 years and +10.0% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
FWRD net income was -$207.30M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$12.58M a year earlier. For the full fiscal 2025 it was -$107.80M, compared with -$816.97M in fiscal 2024.
FWRD diluted EPS was -$6.38 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.41 a year earlier. For the full fiscal 2025 it was -$3.51, compared with -$30.63 in fiscal 2024.
FWRD free cash flow was -$8.10M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$17.96M a year earlier. For the full fiscal 2025 it was $15.27M, compared with -$106.08M in fiscal 2024. Compound annual growth was -27.4% over 5 years and -10.3% over 10 years.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.50B | $2.47B | $1.37B | $1.68B | $1.39B | $1.27B | $1.22B | $1.14B | $1.17B | $1.03B |
| Cost of revenue | - | - | - | - | - | $650.66M | $586.14M | $564.31M | $545.09M | $460.80M |
| Gross profit | - | - | - | - | - | $618.91M | $629.05M | $573.30M | $624.25M | $569.41M |
| Operating income | $36.42M | -$1.06B | $88.21M | $247.59M | $147.03M | $73.92M | $112.42M | $117.22M | $108.76M | $59.70M |
| Interest expense | $180.75M | $189.22M | $31.57M | $5.14M | $4.34M | $4.56M | $2.71M | $1.78M | $1.21M | $1.60M |
| Pre-tax income | -$147.20M | -$1.25B | $56.64M | $242.45M | $142.69M | $69.36M | $109.70M | $115.43M | $107.54M | $58.11M |
| Income tax | -$5.47M | -$124.99M | $13.84M | $63.04M | $35.81M | $16.59M | $27.38M | $26.87M | $20.28M | $30.61M |
| Net income | -$107.80M | -$816.97M | $167.35M | $193.19M | $105.86M | $23.73M | $87.10M | $92.05M | $87.25M | $27.50M |
| EPS, basic | -$3.51 | -$30.63 | $6.42 | $7.17 | $3.87 | $0.84 | $3.06 | $3.14 | $2.90 | $0.90 |
| EPS, diluted | -$3.51 | -$30.63 | $6.40 | $7.14 | $3.85 | $0.84 | $3.04 | $3.12 | $2.89 | $0.90 |
| Diluted shares | 30.7M | 27.5M | 26.0M | 26.9M | 27.3M | 27.7M | 28.3M | 29.2M | 30.0M | 30.4M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $106.00M | $105.27M | $121.97M | $45.82M | $37.32M | $40.25M | $64.75M | $25.66M | $3.89M | $8.51M |
| Receivables | $343.56M | $322.29M | $153.27M | $188.23M | $208.09M | $156.49M | $136.21M | $156.36M | $147.95M | $116.60M |
| Inventory | - | - | - | - | - | - | $2.13M | $2.24M | $1.43M | $1.31M |
| Current assets | $521.00M | $472.50M | $347.03M | $304.31M | $282.81M | $245.90M | $236.32M | $201.08M | $167.65M | $136.27M |
| Goodwill | $522.71M | $522.71M | $278.71M | $257.99M | $218.56M | $244.98M | $215.70M | $193.69M | $191.67M | $184.68M |
| Total assets | $2.72B | $2.80B | $2.98B | $1.21B | $1.12B | $1.05B | $990.88M | $760.22M | $692.62M | $644.05M |
| Current liabilities | $428.32M | $384.05M | $237.09M | $169.40M | $164.69M | $171.62M | $137.16M | $74.72M | $66.15M | $77.93M |
| Short-term debt | - | - | $0 | $1.49M | $1.50M | $0 | $5.32M | $0 | $0 | $27.66M |
| Long-term debt | $1.69B | $1.68B | $0 | $106.59M | $155.47M | $112.40M | $67.34M | $47.28M | $40.22M | $0 |
| Total debt | $1.69B | $1.68B | $0 | $108.08M | $156.97M | $112.40M | $72.66M | $47.28M | $40.22M | $27.66M |
| Total liabilities | $2.56B | $2.52B | $2.22B | $500.83M | $524.17M | - | - | - | - | - |
| Shareholders' equity | $113.34M | $285.87M | $764.26M | $707.24M | $593.65M | $547.33M | $577.18M | $553.24M | $532.70M | $498.35M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $44.38M | -$69.02M | $199.21M | $250.16M | $120.61M | $96.11M | $145.53M | $142.40M | $103.36M | $130.35M |
| Capital expenditures | $29.12M | $37.06M | $30.73M | $39.25M | $38.38M | $20.27M | $22.01M | $39.56M | $38.27M | $42.19M |
| Free cash flow | $15.27M | -$106.08M | $168.49M | $210.91M | $82.23M | $75.84M | $123.52M | $102.84M | $65.10M | $88.17M |
| Investing cash flow | -$26.91M | -$1.61B | -$83.69M | -$102.99M | -$95.60M | -$81.51M | -$58.35M | -$52.23M | -$59.19M | -$52.39M |
| Financing cash flow | -$17.53M | -$163.83M | $1.79B | -$138.67M | -$27.95M | -$39.09M | -$48.09M | -$68.41M | -$48.80M | -$102.76M |
| Dividends paid | $0 | $0 | $25.00M | $25.86M | $22.98M | $20.87M | $20.49M | $18.43M | $18.05M | $15.53M |
| Share repurchases | $0 | $0 | $93.81M | $62.77M | $48.99M | $45.25M | $56.20M | $66.13M | $48.98M | $39.98M |
| Stock-based compensation | $13.43M | $10.19M | $11.49M | $10.66M | $10.50M | $11.03M | $11.71M | $10.19M | $8.10M | $8.33M |
| Depreciation and amortization | $152.64M | $143.98M | $57.41M | $42.55M | $34.97M | $37.13M | $36.39M | $35.83M | $41.05M | $38.21M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 0.8% | 80.5% | -18.4% | 21.1% | 9.3% | 4.5% | 6.8% | -2.7% | 13.5% | 7.4% |
| Net income growth, YoY | - | - | -13.4% | 82.5% | 346.0% | -72.8% | -5.4% | 5.5% | 217.2% | -50.5% |
| EPS growth, YoY | - | - | -10.4% | 85.5% | 358.3% | -72.4% | -2.6% | 8.0% | 221.1% | -49.4% |
| Gross margin | - | - | - | - | - | 48.7% | 51.8% | 50.4% | 53.4% | 55.3% |
| Operating margin | 1.5% | -43.0% | 6.4% | 14.7% | 10.6% | 5.8% | 9.3% | 10.3% | 9.3% | 5.8% |
| Net margin | -4.3% | -33.0% | 12.2% | 11.5% | 7.6% | 1.9% | 7.2% | 8.1% | 7.5% | 2.7% |
| Free cash flow margin | 0.6% | -4.3% | 12.3% | 12.6% | 5.9% | 6.0% | 10.2% | 9.0% | 5.6% | 8.6% |
| Return on equity | -95.1% | -285.8% | 21.9% | 27.3% | 17.8% | 4.3% | 15.1% | 16.6% | 16.4% | 5.5% |
| Return on assets | -4.0% | -29.1% | 5.6% | 16.0% | 9.5% | 2.3% | 8.8% | 12.1% | 12.6% | 4.3% |
| Current ratio | 1.22 | 1.23 | 1.46 | 1.80 | 1.72 | 1.43 | 1.72 | 2.69 | 2.53 | 1.75 |
| Debt to equity | 14.89 | 5.86 | 0.00 | 0.15 | 0.26 | 0.21 | 0.13 | 0.09 | 0.08 | 0.06 |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $673.04M | $582.05M | $631.23M | $631.76M | $618.84M | $613.28M | $632.85M | $655.94M | $643.67M | $541.81M | $338.43M | $340.98M |
| Operating income | -$201.31M | $20.44M | -$2.87M | $15.01M | $19.52M | $4.76M | $75.86M | $22.70M | -$1.10B | -$65.73M | $3.00M | $11.69M |
| Interest expense | $43.72M | $43.59M | $45.10M | $44.77M | $45.33M | $45.55M | $48.43M | $52.77M | $47.27M | $40.75M | $23.98M | $2.65M |
| Pre-tax income | -$244.03M | -$38.41M | -$45.11M | -$23.37M | -$37.11M | -$41.60M | $31.62M | -$32.90M | -$1.14B | -$107.14M | -$20.98M | $9.03M |
| Income tax | -$174.0K | $1.79M | -$8.70M | $385.0K | -$16.75M | $19.59M | $67.00M | $1.30M | -$174.94M | -$18.35M | -$6.25M | $2.54M |
| Net income | -$207.30M | -$40.20M | -$28.33M | -$16.25M | -$12.58M | -$61.19M | -$36.42M | -$73.41M | -$971.35M | -$88.79M | $101.74M | $9.29M |
| EPS, basic | -$6.38 | -$1.09 | -$0.90 | -$0.52 | -$0.41 | -$1.68 | -$1.24 | -$2.66 | -$23.47 | -$2.81 | $3.93 | $0.36 |
| EPS, diluted | -$6.38 | -$1.09 | -$0.90 | -$0.52 | -$0.41 | -$1.68 | -$1.24 | -$2.66 | -$23.47 | -$2.81 | $3.93 | $0.36 |
| Diluted shares | 32.5M | 31.5M | - | 31.0M | 30.4M | 30.2M | - | 27.9M | 26.8M | 26.2M | - | 25.8M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $139.45M | $141.02M | $106.00M | $140.35M | $95.13M | $116.67M | $105.27M | $136.62M | $84.89M | $152.04M | $121.97M | $18.84M |
| Receivables | $369.47M | $330.70M | $343.56M | $341.41M | $335.72M | $336.40M | $322.29M | $361.00M | $368.93M | $351.81M | $153.27M | $191.76M |
| Current assets | $583.12M | $542.36M | $521.00M | $552.49M | $474.61M | $493.37M | $472.50M | $545.08M | $558.62M | $569.43M | $347.03M | $237.73M |
| Goodwill | $278.71M | $522.71M | $522.71M | $522.71M | $522.71M | $522.71M | $522.71M | $716.07M | $545.38M | $1.38B | $278.71M | $356.76M |
| Total assets | $2.41B | $2.70B | $2.72B | $2.79B | $2.76B | $2.80B | $2.80B | $3.06B | $3.07B | $3.96B | $2.98B | $1.19B |
| Current liabilities | $441.57M | $441.90M | $428.32M | $460.04M | $396.69M | $438.26M | $384.05M | $448.70M | $420.01M | $444.84M | $237.09M | $190.44M |
| Short-term debt | - | - | - | - | - | - | - | - | - | $11.25M | $0 | $3.19M |
| Long-term debt | $1.69B | $1.69B | $1.69B | $1.68B | $1.68B | $1.68B | $1.68B | $1.67B | $1.68B | $1.66B | $0 | $118.86M |
| Total debt | $1.69B | $1.69B | $1.69B | $1.68B | $1.68B | $1.68B | $1.68B | $1.67B | $1.68B | $1.68B | $0 | $122.05M |
| Total liabilities | $2.53B | $2.57B | $2.56B | $2.60B | $2.54B | $2.58B | $2.52B | $2.72B | $2.71B | $2.63B | $2.22B | - |
| Shareholders' equity | -$115.43M | $122.28M | $113.34M | $139.78M | $216.24M | $227.01M | $285.87M | $336.53M | $362.22M | $1.33B | $764.26M | $665.70M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.88M | $45.74M | -$22.73M | $52.71M | -$13.22M | $27.61M | -$23.25M | $51.15M | -$45.20M | -$51.72M | $57.09M | $24.67M |
| Capital expenditures | $3.21M | $6.95M | $8.35M | $4.12M | $4.74M | $11.91M | $7.25M | $10.41M | $14.43M | $4.97M | $8.64M | $5.84M |
| Free cash flow | -$8.10M | $38.79M | -$31.08M | $48.60M | -$17.96M | $15.71M | -$30.50M | $40.74M | -$59.63M | -$56.69M | $48.45M | $18.82M |
| Investing cash flow | $6.65M | -$5.52M | -$7.94M | -$3.85M | -$3.88M | -$11.24M | -$15.71M | -$9.47M | -$13.95M | -$1.57B | -$8.18M | -$5.14M |
| Financing cash flow | -$3.54M | -$4.91M | -$3.93M | -$3.66M | -$4.62M | -$5.33M | $5.56M | -$6.44M | -$4.23M | -$158.73M | $1.88B | -$18.96M |
| Dividends paid | - | - | - | - | - | - | $0 | $0 | $0 | $0 | $6.20M | $6.20M |
| Share repurchases | - | - | - | - | - | - | $0 | $0 | $0 | $0 | $0 | $14.02M |
| Stock-based compensation | $491.0K | $3.54M | $2.38M | $3.38M | $4.71M | $2.96M | $2.10M | $2.90M | $3.62M | $1.57M | $2.92M | $2.77M |
| Depreciation and amortization | $38.26M | $38.52M | $40.72M | $37.75M | $36.81M | $37.36M | $37.66M | $25.89M | $48.64M | $31.79M | $17.58M | $14.21M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 8.8% | -5.1% | -0.3% | -3.7% | -3.9% | 13.2% | 87.0% | 92.4% | 92.9% | 51.5% | -16.0% | -21.3% |
| Net income growth, YoY | - | - | - | - | - | - | - | - | - | - | 136.9% | -82.2% |
| EPS growth, YoY | - | - | - | - | - | - | - | - | - | - | 145.6% | -81.3% |
| Operating margin | -29.9% | 3.5% | -0.5% | 2.4% | 3.2% | 0.8% | 12.0% | 3.5% | -170.2% | -12.1% | 0.9% | 3.4% |
| Net margin | -30.8% | -6.9% | -4.5% | -2.6% | -2.0% | -10.0% | -5.8% | -11.2% | -150.9% | -16.4% | 30.1% | 2.7% |
| Free cash flow margin | -1.2% | 6.7% | -4.9% | 7.7% | -2.9% | 2.6% | -4.8% | 6.2% | -9.3% | -10.5% | 14.3% | 5.5% |
| Current ratio | 1.32 | 1.23 | 1.22 | 1.20 | 1.20 | 1.13 | 1.23 | 1.21 | 1.33 | 1.28 | 1.46 | 1.25 |
| Debt to equity | - | 13.82 | 14.89 | 12.05 | 7.78 | 7.39 | 5.86 | 4.97 | 4.63 | 1.26 | 0.00 | 0.18 |
Source: XBRL data Forward Air Corporation files with the SEC, latest filing dated Aug 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| FWRD | $2.52B | -0.1% | -$292.07M | -11.6% | $562.1M |
| EXPD | $13.25B | +18.6% | $1.04B | 7.9% | $23.83B |
| CHRW | $18.22B | +10.4% | $668.81M | 3.7% | $14.53B |
| BCO | $5.52B | +7.3% | $164.70M | 3.0% | $4.54B |
| HUBG | $3.73B | -5.8% | $104.97M | 2.8% | $1.48B |
| RLGT | $934.36M | +3.5% | $18.79M | 2.0% | $417.6M |
| PSIG | $53.15M | -39.0% | -$15.21M | -28.6% | $78.1M |
| NCEW | $44.08M | -15.5% | -$10.67M | -24.2% | $52.8M |
| CRGO | $29.46M | +23.9% | -$17.52M | -59.5% | $34.2M |