FORWARD AIR CORP
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $2.5B | $2.5B | $1.4B | $1.7B | $1.4B |
| Operating income | $36.4M | -$1.1B | $88.2M | $247.6M | $147.0M |
| Interest expense | $180.7M | $189.2M | $31.6M | $5.1M | $4.3M |
| Pretax income | -$147.2M | -$1.2B | $56.6M | $242.5M | $142.7M |
| Income tax expense | -$5.5M | -$125.0M | $13.8M | $63.0M | $35.8M |
| Net income | -$107.8M | -$817.0M | $167.4M | $193.2M | $105.9M |
| Balance Sheet | |||||
| Cash and equivalents | $106.0M | $104.9M | $122.0M | $45.8M | $37.3M |
| Current assets | $521.0M | $472.5M | $347.0M | $304.3M | $282.8M |
| Total assets | $2.7B | $2.8B | $3.0B | $1.2B | $1.1B |
| Current liabilities | $428.3M | $384.0M | $237.1M | $169.4M | $164.7M |
| Stockholders' equity | $113.3M | $201.7M | $764.3M | $707.2M | $593.7M |
| Cash Flow Statement | |||||
| Cash from operations | $44.4M | -$69.0M | $199.2M | $250.2M | $120.6M |
| Depreciation and amortization | $152.6M | $144.0M | $57.4M | $42.6M | $35.0M |
| Stock-based compensation | $13.4M | $10.2M | $11.5M | $10.7M | $10.5M |
| Capital expenditure | $29.1M | $37.1M | $30.7M | $39.3M | $38.4M |
| Free cash flow | $15.3M | -$106.1M | $168.5M | $210.9M | $82.2M |
| Dividends paid | $0 | $0 | $25.0M | $25.9M | $23.0M |
| Share repurchases | $0 | $0 | $93.8M | $62.8M | $49.0M |
| Impairments | $0 | $1.0B | $0 | $0 | — |
Shares outstanding 31.6M · Free float 62.1%
Annual filing data through FY ended December 31, 2025; float as of July 11, 2026.