Forward Air Corporation (FWRD) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	-$0.15	$1.53	+1120.0%	—	—	—
Q3 26	-$0.37	-$0.2	+45.9%	—	—	—
Q2 26	-$0.26	-$0.19	+26.9%	—	—	—
Q1 26	-$0.26	$0.06	+123.1%	—	—	—
Q4 25	-$0.48	-$1.13	-135.4%	—	—	—
Q3 25	-$0.12	-$2.88	-2300.0%	—	—	—
Q2 25	-$0.23	-$1.49	-547.8%	—	—	—
Q1 25	-$0.18	$17.7	+9955.6%	—	—	—
Q4 24	-$0.11	-$0.64	-481.8%	—	—	—
Q3 24	$0.98	$0.81	-17.3%	—	—	—
Q2 24	$1.11	$0.99	-10.8%	—	—	—
Q1 24	$1.28	$0.91	-28.9%	—	—	—
Q4 23	$1.31	$1.37	+4.6%	—	—	—
Q3 23	$1.94	$1.65	-14.9%	—	—	—
Q2 23	$1.9	$1.93	+1.6%	—	—	—
Q1 23	$1.78	$2.04	+14.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$3.51	—	—	$2.5B	—
FY24	—	-$29.7	—	—	$2.5B	—
FY23	—	$6.42	—	—	$1.4B	—
FY22	—	$7.17	—	—	$1.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1B	$1.2B	$1.1B	$1.2B	$1.3B	$1.4B	$1.7B	$1.4B	$2.5B	$2.5B
YoY change	+7.41%	+13.5%	-2.71%	+6.82%	+4.48%	+9.27%	+21.1%	-18.4%	+80.5%	+0.84%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1B	1.2B	1.1B	1.2B	1.3B	1.4B	1.7B	1.4B	2.5B	2.5B
Cost of revenue	815M	932.3M	904.1M	961.4M	1B	1.1B	1.2B	1B	2.1B	2.2B
Gross profit	215.2M	237M	233.5M	253.8M	229.1M	314M	491.7M	330.2M	339.7M	338.2M
Gross margin	20.9%	20.3%	20.5%	20.9%	18%	22.6%	29.3%	24.1%	13.7%	13.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	25.4M	29.6M	29.6M	38.7M	34.9M	39.4M	47.5M	50.1M	64.7M	59M
Operating expenses	113.1M	128.3M	116.3M	141.4M	155.2M	166.9M	244.1M	241.9M	374.2M	301.8M
Operating income	102.1M	108.8M	117.2M	112.4M	73.9M	147M	247.6M	88.2M	-34.5M	36.4M
Operating margin	9.91%	9.3%	10.3%	9.25%	5.82%	10.6%	14.7%	6.44%	-1.4%	1.46%
Non-operating income, net	-42.4M	-11K	-2K	-1K	-3K	—	—	—	-1B	-2.9M
Pretax income	58.1M	107.5M	115.4M	109.7M	69.4M	142.7M	242.5M	56.6M	-1.2B	-147.2M
Income tax	30.6M	20.3M	26.9M	27.4M	16.6M	35.8M	63M	13.8M	-125M	-5.5M
Net income	27.5M	87.3M	92.1M	87.1M	23.7M	105.9M	193.2M	167.4M	-1.1B	-141.7M
Net margin	2.67%	7.46%	8.09%	7.17%	1.87%	7.63%	11.5%	12.2%	-45.7%	-5.68%
EBITDA	140.4M	149.8M	153M	148.8M	111M	182M	290.1M	145.6M	110.7M	192.1M
EPS	0.91	2.9	3.14	3.06	0.84	3.87	7.17	6.42	-29.7	-3.51
Diluted EPS	0.9	2.89	3.12	3.04	0.84	3.85	7.14	6.4	-29.7	-3.51

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	341M	128M	541.8M	643.7M	655.9M	632.8M	613.3M	618.8M	631.8M	631.2M	582M	673M
Cost of revenue	263.7M	91.9M	481.7M	566.3M	545.5M	541M	538M	540.4M	543.2M	535.4M	492.5M	561.1M
Gross profit	77.3M	36.2M	60.1M	77.3M	110.4M	91.8M	75.3M	78.5M	88.5M	95.9M	89.5M	111.9M
Gross margin	22.7%	28.2%	11.1%	12%	16.8%	14.5%	12.3%	12.7%	14%	15.2%	15.4%	16.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	13M	9.4M	12.9M	14.7M	17.4M	19.7M	15M	15.5M	12.7M	15.7M	13.5M	13.7M
Operating expenses	65.6M	44.2M	125.8M	80.4M	72.9M	95.1M	70.5M	58.9M	73.5M	98.7M	69.1M	69.3M
Operating income	11.7M	-8M	-65.7M	-3M	37.4M	-3.2M	4.8M	19.5M	15M	-2.9M	20.4M	42.7M
Operating margin	3.43%	-6.25%	-12.1%	-0.47%	5.71%	-0.51%	0.78%	3.15%	2.38%	-0.45%	3.51%	6.34%
Non-operating income, net	—	—	-659K	-1.1B	-17.6M	83.3M	-818K	-11.3M	6.4M	2.9M	-15.3M	-243M
Pretax income	9M	-32M	-107.1M	-1.1B	-32.9M	31.6M	-41.6M	-37.1M	-23.4M	-45.1M	-38.4M	-244M
Income tax	2.5M	-9.2M	-18.4M	-174.9M	1.3M	67M	19.6M	-16.7M	385K	-8.7M	1.8M	-174K
Net income	9.3M	101.7M	-88.8M	-971.3M	-35.3M	-35.8M	-61.2M	-20.4M	-23.8M	-36.4M	-40.2M	-245.9M
Net margin	2.72%	79.5%	-16.4%	-150.9%	-5.39%	-5.65%	-9.98%	-3.29%	-3.76%	-5.77%	-6.91%	-36.5%
EBITDA	25.9M	5.7M	-33.9M	45.6M	63.3M	35.6M	42.2M	49.7M	59.7M	40.5M	42M	82.5M
EPS	0.36	3.94	-2.81	-23.5	-2.66	-1.24	-1.68	-0.41	-0.52	-0.91	-1.09	-6.38
Diluted EPS	0.36	3.93	-2.81	-23.5	-2.66	-1.24	-1.68	-0.41	-0.52	-0.91	-1.09	-6.38

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.4B	1.7B	1.6B	2B	2.2B	3.3B	2.8B	1.6B	888.3M	—	515.8M
Enterprise value	1.5B	1.8B	1.6B	2.1B	2.4B	3.6B	3B	3.5B	2.9B	—	2.5B
Shares outstanding	30.4M	30.1M	29.3M	28.5M	28.3M	27.4M	26.9M	25.9M	27.5M	30.7M	30.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	52.4	19.8	17.5	22.9	91.5	31.3	14.6	9.73	—	—	10.2
P/S	1.4	1.48	1.41	1.64	1.71	2.39	1.68	1.19	0.36	—	0.2
P/B	2.89	3.25	2.91	3.45	3.97	5.58	4	2.13	3.11	—	-4.05
EV/EBITDA	10.4	11.8	10.7	14.1	21.4	19.8	10.5	23.7	26.5	—	8.73
EV/Sales	1.42	1.51	1.43	1.73	1.87	2.59	1.81	2.52	1.18	—	0.98
Earnings yield	1.91%	5.04%	5.72%	4.37%	1.09%	3.2%	6.84%	10.3%	—	—	9.79%
FCF yield	6.12%	3.76%	7.03%	6.88%	2.97%	2.47%	7.78%	9.25%	-12.7%	—	16.9%
PEG	—	—	—	—	—	—	—	—	—	—	0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	20.9%	20.3%	20.5%	20.9%	18%	22.6%	29.3%	24.1%	13.7%	13.6%	16.6%
Operating margin	9.91%	9.3%	10.3%	9.25%	5.82%	10.6%	14.7%	6.44%	-1.4%	1.46%	6.34%
Net margin	2.67%	7.46%	8.09%	7.17%	1.87%	7.63%	11.5%	12.2%	-45.7%	-5.68%	-11.4%
ROE	5.51%	16.4%	16.6%	15.1%	4.34%	17.8%	27.3%	21.9%	-395.7%	-87.7%	-735.7%
ROA	4.29%	12.6%	12.1%	8.79%	2.27%	9.47%	16%	5.62%	-40.4%	-5.21%	3.06%
ROIC	9.31%	15.5%	15.6%	12.2%	7.5%	12.6%	19.7%	2.58%	-1.48%	1.64%	4.07%
Return on tangible assets	46.9%	100.5%	68.3%	28.1%	8.88%	38.5%	41.9%	7.77%	469%	101.2%	-263.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.75	2.53	2.69	1.72	1.43	1.72	1.8	1.46	1.23	1.22	1.32
Quick ratio	1.73	2.51	2.66	1.71	1.43	1.72	1.8	1.46	1.23	1.22	1.32
Debt / equity	0.06	0.08	0.09	0.31	0.44	0.54	0.38	2.55	7.51	13.4	-0.17
Debt / assets	0.04	0.06	0.06	0.18	0.23	0.29	0.22	0.65	0.77	0.79	0.88
Net debt / EBITDA	0.14	0.25	0.14	0.77	1.83	1.55	0.76	12.5	18.4	10.7	8.77
Interest coverage	37.4	89.9	65.7	41.5	16.2	33.9	48.2	2.79	-5.61	0.19	-0.98
Effective tax rate	52.7%	18.9%	23.3%	25%	23.9%	25.1%	26%	24.4%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	33.9	38.8	38.8	42.7	44.9	50.7	62.3	52.9	89.8	81.2	79.7
EPS (basic)	0.91	2.9	3.14	3.06	0.84	3.87	7.17	6.42	-29.7	-3.51	-3.51
EPS (diluted)	0.9	2.89	3.12	3.04	0.84	3.85	7.14	6.4	-29.7	-3.51	-8.91
Book value per share	16.4	17.7	18.9	20.3	19.4	21.7	26.2	29.5	10.4	5.26	-3.42
FCF per share	2.9	2.16	3.85	4.81	2.28	2.99	8.16	5.81	-4.08	0.5	1.48
Cash per share	0.28	0.13	0.88	2.27	1.42	1.36	1.7	4.71	3.81	3.45	4.13
Capex per share	1.32	1.19	1.11	0.68	0.63	1.31	1.37	1.04	1.16	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.91%	3.06%	2.87%	1.59%	1.41%	2.58%	2.2%	1.97%	1.29%	—	—
Capex / operating cash flow	46%	63.9%	24.8%	13.1%	19.5%	31.3%	15.1%	13.9%	-2.94%	—	—
Payout ratio	56.5%	20.7%	20%	23.5%	87.9%	21.7%	13.4%	14.9%	0%	0%	0%
Dividend yield	1.08%	1.04%	1.15%	1.03%	0.96%	0.69%	0.92%	1.53%	0%	—	6.28%

Yield

6.28%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.24

ex-dividend Nov 21, 2023

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Nov 21, 2023	$0.24
Aug 16, 2023	$0.24
May 24, 2023	$0.24
Mar 1, 2023	$0.24
Nov 22, 2022	$0.24
Aug 17, 2022	$0.24

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$341M	$128M	$541.8M	$643.7M	$655.9M	$632.8M	$613.3M	$618.8M	$631.8M	$631.2M	$582M	$673M
YoY change	-33.1%	-73.4%	+51.5%	+92.9%	+92.4%	+394.3%	+13.2%	-3.86%	-3.69%	-0.26%	-5.09%	+8.76%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.5M	3.9M	25.7M	64.7M	40.3M	37.3M	45.8M	122M	104.9M	106M
Receivables	116.6M	147.9M	156.4M	136.2M	156.5M	208.1M	188.2M	153.3M	322.3M	343.6M
Inventory	1.3M	1.4M	2.2M	2.1M	—	—	—	—	—	—
Total current assets	136.3M	167.6M	201.1M	236.3M	245.9M	282.8M	304.3M	347M	472.5M	521M
Property, plant & equipment	407.8M	431.4M	455.5M	554M	247.3M	300M	244.4M	275.4M	640.5M	614.6M
Goodwill & intangibles	582.6M	605.8M	625.5M	681.1M	780M	842.9M	747.1M	827M	3B	2.9B
Total assets	641.3M	692.6M	760.2M	990.9M	1B	1.1B	1.2B	3B	2.8B	2.7B
Accounts payable	18M	30.7M	34.6M	25.4M	38.4M	44.8M	50.1M	45.4M	105.7M	121.8M
Short-term debt	28M	359K	309K	37.3M	45.5M	53.6M	51.6M	57M	113.4M	123M
Total current liabilities	77.9M	66.2M	74.7M	137.2M	171.6M	164.7M	169.4M	237.1M	384M	428.3M
Long-term debt	725K	40.6M	47.3M	141.9M	197.8M	266.4M	215.2M	1.9B	2B	2B
Total liabilities	142.2M	159.9M	207M	413.7M	500.1M	524.2M	500.8M	2.2B	2.5B	2.6B
Shareholders' equity	499.1M	532.7M	553.2M	577.2M	547.3M	593.7M	707.2M	764.3M	285.9M	161.7M
Total debt	28.7M	40.9M	47.6M	179.2M	243.2M	320.1M	266.8M	1.9B	2.1B	2.2B
Net debt	20.2M	37.1M	22M	114.5M	203M	282.8M	221M	1.8B	2B	2.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	18.8M	122M	152M	84.9M	136.6M	104.9M	116.3M	95.1M	140.4M	106M	141M	139.4M
Receivables	191.8M	153.3M	351.8M	368.9M	361M	322.3M	336.4M	335.7M	341.4M	343.6M	330.7M	369.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	237.7M	347M	569.4M	558.6M	545.1M	472.5M	493.4M	474.6M	552.5M	521M	542.4M	583.1M
Property, plant & equipment	393M	275.4M	662M	652.8M	679.9M	640.5M	739.9M	740.9M	721.4M	614.6M	689.4M	636.1M
Goodwill & intangibles	1B	827M	5.3B	3.6B	3.5B	3B	3B	3B	2.9B	2.9B	2.8B	2.3B
Total assets	1.2B	3B	4B	3.1B	3.1B	2.8B	2.8B	2.8B	2.8B	2.7B	2.7B	2.4B
Accounts payable	45.7M	45.4M	130.6M	143.5M	157.2M	105.7M	111.5M	115.1M	124.8M	121.8M	103.7M	118.7M
Short-term debt	66.6M	57M	121.8M	106.1M	106.3M	113.4M	115M	117.9M	117.9M	123M	128.1M	122.5M
Total current liabilities	190.4M	237.1M	444.8M	420M	448.7M	384M	438.3M	396.7M	460M	428.3M	441.9M	441.6M
Long-term debt	230.2M	1.9B	1.9B	2B	2B	2B	2B	2B	2B	2B	2B	2B
Total liabilities	524.9M	2.2B	2.6B	2.7B	2.7B	2.5B	2.6B	2.5B	2.6B	2.6B	2.6B	2.5B
Shareholders' equity	665.7M	764.3M	1.3B	364.2M	336.5M	285.9M	227M	216.2M	195.8M	161.7M	122.3M	-122.7M
Total debt	296.8M	1.9B	2.1B	2.1B	2.1B	2.1B	2.2B	2.2B	2.2B	2.2B	2.2B	2.1B
Net debt	277.9M	1.8B	1.9B	2B	2B	2B	2B	2.1B	2B	2.1B	2B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	27.5M	87.3M	88.6M	82.3M	52.8M	106.9M	179.4M	42.8M	-1.1B	-141.7M
Depreciation & amortization	38.2M	41.1M	35.8M	36.4M	37.1M	35M	42.6M	57.4M	144M	152.6M
Stock-based compensation	8.3M	8.1M	10.2M	11.7M	11M	10.5M	10.7M	11.5M	10.2M	13.4M
Change in working capital	10.1M	-68.2M	-10M	9.1M	-11.3M	-39.2M	5M	92.5M	4.1M	-49.8M
Operating cash flow	87.6M	56.1M	131.6M	148.1M	91.4M	114.3M	243.7M	194.1M	-1.1B	44.4M
Capital expenditure	-40.3M	-35.8M	-32.6M	-19.3M	-17.9M	-35.7M	-36.9M	-27M	-31.9M	—
Investing cash flow	-52.4M	-59.2M	-52.2M	-58.3M	-81.5M	-95.6M	-103M	-83.7M	-1.6B	0
Dividends paid	-15.5M	-18.1M	-18.4M	-20.5M	-20.9M	-23M	-25.9M	-25M	0	0
Share repurchases	-40M	-49M	-66.1M	-56.2M	-45.2M	-49M	-62.8M	-93.8M	0	0
Financing cash flow	-111.3M	-56.5M	-65.8M	-32.8M	21M	162.4M	-139.7M	1.8B	-164.6M	-18.4M
Net change in cash	-76.2M	-59.6M	13.5M	57M	30.9M	181.1M	1.1M	1.9B	-2.9B	26M
Free cash flow	88.2M	65.1M	113M	137M	64.4M	81.9M	219.8M	150.7M	-112.5M	15.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	-30.6M	-36.4M	-40.2M	-238.7M
Depreciation & amortization	—	—	—	—	—	—	—	—	37.7M	40.7M	38.5M	38.3M
Stock-based compensation	—	—	—	—	—	—	—	—	3.4M	2.4M	3.5M	491K
Change in working capital	—	—	—	—	—	—	—	—	33.9M	-38M	10.8M	-46.4M
Operating cash flow	—	—	—	—	—	—	—	—	52.7M	-22.7M	45.7M	-4.9M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	0	0	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	4.5M	2B	-74.2M	-35K	-211K	8.3M	-894K	-107K	-3.7M	-29.3M	-4.9M	-4.3M
Net change in cash	4.5M	2B	-74.2M	-35K	-211K	8.3M	-894K	-107K	49.1M	-52.1M	40.8M	-9.2M
Free cash flow	—	—	—	—	—	—	—	—	48.6M	-31.1M	38.8M	-8.1M

Date	Ratio
Apr 4, 2005	3:2
Jan 31, 2000	3:2
Mar 22, 1999	2:1

Forward Air Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history