Balance Sheet Forward Air Corporation

Equities

FWRD

US34986A1043

Air Freight & Logistics

Real-time Estimate Cboe BZX Other stock markets 19:08:36 13/04/2026 BST			5-day change	1st Jan Change
19.17 ^USD	+0.16%		+10.55%	-23.10%

03-11	Tranche Update on Forward Air Corporation's Equity Buyback Plan announced on February 7, 2019.	CI
02-23	Forward Air Corporation, Q4 2025 Earnings Call, Feb 23, 2026

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Published financial data: FORWARD AIR CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.66B	1.97B	1.37B	2.47B	2.5B
Total Revenues	1.66B	1.97B	1.37B	2.47B	2.5B
Cost of Goods Sold, Total	1.26B	1.38B	983M	1.99B	2B
Gross Profit	405M	594M	388M	484M	491M
Selling General & Admin Expenses, Total	42.19M	49.76M	50.13M	64.68M	58.97M
Depreciation & Amortization - (IS)	39.55M	47.39M	57.4M	144M	153M
Other Operating Expenses	164M	231M	134M	228M	192M
Other Operating Expenses, Total	246M	329M	242M	437M	403M
Operating Income	159M	266M	146M	46.93M	87.66M
Interest Expense, Total	-4.34M	-5.14M	-31.57M	-189M	-181M
Net Interest Expenses	-4.34M	-5.14M	-31.57M	-189M	-181M
Currency Exchange Gains (Loss)	-	-	-	1.09M	-5.89M
Other Non Operating Income (Expenses)	-	-	-	1.23M	3.02M
EBT, Excl. Unusual Items	155M	261M	114M	-140M	-95.96M
Merger & Related Restructuring Charges	-	-	-57.49M	-81.47M	-31.47M
Impairment of Goodwill	-	-	-	-1.03B	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-	-19.76M
Legal Settlements	-	-	-	-	-
Other Unusual Items	62K	294K	-	-	-
EBT, Incl. Unusual Items	155M	261M	56.64M	-1.25B	-147M
Income Tax Expense	38.87M	67.65M	13.84M	-125M	-5.47M
Earnings From Continuing Operations	116M	193M	42.8M	-1.12B	-142M
Earnings Of Discontinued Operations	-10.23M	-	125M	-6.39M	-
Net Income to Company	106M	193M	167M	-1.13B	-142M
Minority Interest	-	-	-	314M	33.93M
Net Income - (IS)	106M	193M	167M	-817M	-108M
Preferred Dividend and Other Adjustments	737K	1.07M	859K	-	-
Net Income to Common Incl Extra Items	105M	192M	166M	-817M	-108M
Net Income to Common Excl. Extra Items	115M	192M	41.94M	-811M	-108M
Per Share Items
Net EPS - Basic	3.87	7.17	6.43	-29.66	-3.51
Basic EPS - Continuing Operations	4.25	7.17	1.62	-29.43	-3.51
Basic Weighted Average Shares Outstanding	27.16M	26.78M	25.91M	27.54M	30.72M
Net EPS - Diluted	3.85	7.14	6.43	-30.63	-3.51
Diluted EPS - Continuing Operations	4.22	7.14	1.62	-30.4	-3.51
Diluted Weighted Average Shares Outstanding	27.29M	26.93M	26M	27.54M	30.72M
Normalized Basic EPS	3.57	6.08	2.75	8.23	-0.85
Normalized Diluted EPS	3.55	6.05	2.74	8.23	-0.85
Dividend Per Share	0.84	0.96	0.96	-	-
Payout Ratio	21.7	13.39	14.94	-	-
Supplemental Items
EBITDA	196M	311M	200M	188M	240M
EBITA	174M	282M	162M	133M	180M
EBIT	159M	266M	146M	46.93M	87.66M
EBITDAR	631M	849M	694M	754M	809M
Effective Tax Rate - (Ratio)	25.08	25.93	24.43	10	3.72
Current Domestic Taxes	37.45M	59.96M	22.73M	3.8M	2.02M
Current Foreign Taxes	-	-	-	4.72M	3.45M
Total Current Taxes	37.45M	59.96M	22.73M	8.52M	5.48M
Deferred Domestic Taxes	1.42M	7.69M	-8.89M	-134M	-5.04M
Deferred Foreign Taxes	-	-	-	-	-5.9M
Total Deferred Taxes	1.42M	7.69M	-8.89M	-134M	-10.95M
Normalized Net Income	96.81M	163M	71.33M	227M	-26.05M
Interest on Long-Term Debt	301K	564K	1.4M	3.38M	2.85M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	2.39M	-	-	-	3.57M
Net Rental Expense, Total	435M	539M	494M	567M	569M
Imputed Operating Lease Interest Expense	53.61M	74.04M	113M	419M	382M
Imputed Operating Lease Depreciation	381M	464M	381M	147M	187M
Stock-Based Comp., COGS (Total)	9.11M	9.9M	10.09M	9.12M	11.6M
Stock-Based Comp., Other (Total)	1.8M	1.47M	1.4M	1.07M	1.91M
Total Stock-Based Compensation	10.91M	11.38M	11.5M	10.19M	13.52M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	37.32M	45.82M	122M	105M	106M
Total Cash And Short Term Investments	37.32M	45.82M	122M	105M	106M
Accounts Receivable, Total	208M	221M	153M	322M	344M
Other Receivables	8.1M	-	5.41M	205K	6.15M
Total Receivables	216M	221M	159M	322M	350M
Inventory	-	-	-	-	-
Prepaid Expenses	22.28M	24.77M	25.68M	29.05M	28.04M
Restricted Cash	-	-	39.6M	363K	-
Other Current Assets, Total	7.03M	12.69M	1.1M	15.68M	37.25M
Total Current Assets	283M	304M	347M	472M	521M
Gross Property Plant And Equipment	568M	612M	620M	982M	1.05B
Accumulated Depreciation	-201M	-221M	-250M	-259M	-340M
Net Property Plant And Equipment	367M	391M	370M	722M	710M
Goodwill	267M	306M	279M	523M	523M
Other Intangibles, Total	155M	155M	135M	1.01B	907M
Other Long-Term Assets, Total	46.25M	51.83M	1.85B	71.94M	58.02M
Total Assets	1.12B	1.21B	2.98B	2.8B	2.72B
Liabilities
Accounts Payable, Total	44.84M	54.6M	45.43M	106M	122M
Accrued Expenses, Total	50.54M	43.76M	87.01M	119M	109M
Current Portion of Long-Term Debt	1.5M	1.49M	-	-	-
Current Portion of Leases	52.12M	55.06M	56.99M	113M	123M
Current Income Taxes Payable	-	-	31.19M	5.95M	4.38M
Unearned Revenue Current, Total	-	-	-	9.9M	13.18M
Other Current Liabilities	15.7M	14.48M	16.48M	29.76M	56.87M
Total Current Liabilities	165M	169M	237M	384M	428M
Long-Term Debt	155M	107M	1.79B	1.68B	1.69B
Long-Term Leases	111M	115M	98.33M	356M	349M
Deferred Tax Liability Non Current	43.41M	51.09M	42.2M	38.17M	27.22M
Other Non Current Liabilities	49.62M	59.04M	47.14M	62.13M	65.09M
Total Liabilities	524M	501M	2.22B	2.52B	2.56B
Common Stock, Total	270K	265K	257K	298K	313K
Additional Paid In Capital	258M	271M	284M	542M	560M
Retained Earnings	335M	436M	480M	-338M	-447M
Comprehensive Income and Other	-	-	-	-2.73M	580K
Total Common Equity	594M	707M	764M	202M	113M
Minority Interest	-	-	-	84.14M	48.32M
Total Equity	594M	707M	764M	286M	162M
Total Liabilities And Equity	1.12B	1.21B	2.98B	2.8B	2.72B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	26.94M	26.34M	26.37M	30.4M	31.55M
ECS Total Common Shares Outstanding	26.97M	26.46M	25.67M	29.76M	31.33M
Book Value / Share	22.01	26.73	29.77	6.78	3.62
Tangible Book Value	172M	246M	351M	-1.33B	-1.32B
Tangible Book Value Per Share	6.38	9.31	13.66	-44.83	-42.01
Total Debt	320M	278M	1.95B	2.15B	2.16B
Net Debt	283M	232M	1.82B	2.04B	2.05B
Debt Equivalent Oper. Leases	3.48B	4.31B	3.95B	4.53B	4.55B
Minority Interest, Total (Incl. Fin. Div)	-	-	-	84.14M	48.32M
Account Code - Inventory Valuation	5	5	5	3	3
Land - (BS)	26.48M	26.48M	26.48M	26.52M	26.52M
Buildings, Total	67.27M	94.28M	94.28M	95.8M	95.86M
Machinery, Total	259M	288M	321M	364M	370M
Full Time Employees	4.04K	4.16K	4.01K	6.32K	6.06K
Part Time Employees	292	272	237	267	294
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	1.73M	1.53M	2.21M	3.27M	3.75M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	106M	193M	167M	-817M	-108M
Depreciation & Amortization - CF	22.83M	28.84M	38.46M	54.73M	60.21M
Amortization of Goodwill and Intangible Assets - (CF)	14.33M	15.99M	16.04M	85.87M	92.42M
Depreciation & Amortization, Total	37.16M	44.83M	54.5M	141M	153M
Amortization of Deferred Charges, Total - (CF)	2.39M	2.56M	2.91M	3.38M	-
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	1.03B	19.76M
Stock-Based Compensation (CF)	10.91M	11.38M	11.5M	10.19M	13.43M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Net Cash From Discontinued Operations	-4.64M	-	-17.82M	-6.39M	-
Other Operating Activities, Total	20.18M	18.54M	-130M	-423M	-30.12M
Change In Accounts Receivable	-52.68M	-19.13M	30.56M	9.55M	-18M
Change In Accounts Payable	17.18M	12.57M	36.66M	-15.92M	46.26M
Change In Income Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-16.1M	-4.85M	25.28M	-5.41M	-31.79M
Cash from Operations	120M	259M	181M	-75.4M	44.38M
Capital Expenditure	-39.11M	-40.73M	-30.72M	-37.06M	-29.12M
Sale of Property, Plant, and Equipment	2.64M	2.37M	3.74M	5.14M	2.2M
Cash Acquisitions	-59.87M	-66.1M	-56.7M	-1.58B	-
Other Investing Activities, Total	8.02M	-	259M	-444K	-
Cash from Investing	-88.31M	-104M	175M	-1.61B	-26.91M
Long-Term Debt Issued, Total	195M	-	1.86B	75M	110M
Total Debt Issued	195M	-	1.86B	75M	110M
Long-Term Debt Repaid, Total	-152M	-55.05M	-188M	-173M	-127M
Total Debt Repaid	-152M	-55.05M	-188M	-173M	-127M
Issuance of Common Stock	4.62M	989K	800K	753K	846K
Repurchase of Common Stock	-52.1M	-66.1M	-98.15M	-1.44M	-1.07M
Common Dividends Paid	-22.98M	-25.86M	-25M	-	-
Common & Preferred Stock Dividends Paid	-22.98M	-25.86M	-25M	-	-
Other Financing Activities, Total	-7M	-91K	-129K	-64.72M	-
Cash from Financing	-34.89M	-146M	1.55B	-164M	-17.53M
Foreign Exchange Rate Adjustments	-	-	-	1.01M	791K
Net Change in Cash	-2.94M	8.51M	1.91B	-1.85B	730K
Supplemental Items
Cash Interest Paid	4.2M	5.36M	11.92M	164M	167M
Cash Income Tax Paid (Refund)	35.77M	65.39M	20.84M	38.76M	872K
Levered Free Cash Flow	53.25M	170M	205M	-23.79M	66.08M
Unlevered Free Cash Flow	55.96M	173M	225M	94.47M	179M
Change In Net Working Capital	54.92M	11.23M	-95.72M	51.97M	12.78M
Net Debt Issued / Repaid	42.58M	-55.05M	1.67B	-98.42M	-17.3M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	9.19	14.28	4.35	1.01	1.98
Return on Total Capital	11.68	17.49	4.94	1.14	2.31
Return On Equity %	20.35	29.7	5.82	-214.23	-63.34
Return on Common Equity	20.22	29.54	5.7	-167.82	-68.43
Margin Analysis
Gross Profit Margin %	24.35	30.11	28.27	19.55	19.67
SG&A Margin	2.54	2.52	3.66	2.61	2.36
EBITDA Margin %	11.81	15.73	14.6	7.58	9.63
EBITA Margin %	10.44	14.27	11.8	5.37	7.22
EBIT Margin %	9.58	13.46	10.63	1.9	3.51
Income From Continuing Operations Margin %	6.98	9.79	3.12	-45.46	-5.68
Net Income Margin %	6.37	9.79	12.21	-33.02	-4.32
Net Avail. For Common Margin %	6.94	9.74	3.06	-32.76	-4.32
Normalized Net Income Margin	5.82	8.25	5.2	9.17	-1.04
Levered Free Cash Flow Margin	3.2	8.6	14.97	-0.96	2.65
Unlevered Free Cash Flow Margin	3.37	8.76	16.41	3.82	7.18
Asset Turnover
Asset Turnover	1.54	1.7	0.65	0.86	0.9
Fixed Assets Turnover	4.89	5.21	3.67	4.56	3.45
Receivables Turnover (Average Receivables)	9.12	9.2	8.03	10.41	7.49
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	1.72	1.8	1.46	1.23	1.22
Quick Ratio	1.54	1.58	1.18	1.11	1.06
Operating Cash Flow to Current Liabilities	0.73	1.53	0.77	-0.2	0.1
Days Sales Outstanding (Average Receivables)	40.02	39.68	45.47	35.17	48.7
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	12.08	13.16	17.73	13.89	20.71
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	53.91	39.29	254.6	750.63	1.34K
Total Debt / Total Capital	35.03	28.21	71.8	88.24	93.04
LT Debt/Equity	44.88	31.29	247.15	710.97	1.26K
Long-Term Debt / Total Capital	29.16	22.46	69.7	83.58	87.74
Total Liabilities / Total Assets	46.89	41.46	74.35	89.8	94.05
EBIT / Interest Expense	36.71	51.71	4.61	0.25	0.48
EBITDA / Interest Expense	145.56	165.25	21.98	3.99	4.47
(EBITDA - Capex) / Interest Expense	136.55	157.32	21	3.79	4.31
Total Debt / EBITDA	0.51	0.33	2.8	2.84	2.67
Net Debt / EBITDA	0.45	0.27	2.63	2.71	2.54
Total Debt / (EBITDA - Capex)	0.54	0.34	2.93	2.99	2.77
Net Debt / (EBITDA - Capex)	0.48	0.29	2.75	2.85	2.63
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	30.94	18.71	-18.39	80.51	0.84
Gross Profit, 1 Yr. Growth %	52.07	46.76	-27.45	24.79	1.49
EBITDA, 1 Yr. Growth %	71.93	58.06	-30.39	-6.33	25.87
EBITA, 1 Yr. Growth %	87.34	62.23	-37.75	-17.89	35.61
EBIT, 1 Yr. Growth %	101.16	66.79	-41.15	-67.79	86.8
Earnings From Cont. Operations, 1 Yr. Growth %	120.01	66.41	-76.14	-2.73K	-87.4
Net Income, 1 Yr. Growth %	346.04	82.5	-13.38	-588.18	-86.81
Normalized Net Income, 1 Yr. Growth %	107.65	68.14	-52.93	217.93	-111.48
Diluted EPS Before Extra, 1 Yr. Growth %	123.28	69.19	-75.59	-1.98K	-88.45
Accounts Receivable, 1 Yr. Growth %	32.97	6.22	-18.57	110.28	6.6
Inventory, 1 Yr. Growth %	-	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	17.27	6.44	-2.06	99.4	-3.51
Total Assets, 1 Yr. Growth %	6.72	8.07	146.63	-5.94	-2.99
Tangible Book Value, 1 Yr. Growth %	9.45	43.02	5.12	-488.48	-0.31
Common Equity, 1 Yr. Growth %	8.46	19.13	8.06	-73.6	-43.81
Cash From Operations, 1 Yr. Growth %	42.04	115.44	-29.99	-141.57	-158.86
Capital Expenditures, 1 Yr. Growth %	92.96	4.14	-21.73	20.62	-21.44
Levered Free Cash Flow, 1 Yr. Growth %	-20.19	218.37	28.88	-111.59	-377.77
Unlevered Free Cash Flow, 1 Yr. Growth %	-19.56	208.69	38.48	-58.01	89.53
Dividend Per Share, 1 Yr. Growth %	12	14.29	0	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	16.96	24.67	-0.6	21.37	34.92
Gross Profit, 2 Yr. CAGR %	18.12	49.39	5.39	-4.85	12.54
EBITDA, 2 Yr. CAGR %	15.56	68.78	5.58	-19.25	28.46
EBITA, 2 Yr. CAGR %	19	79.51	1.32	-28.5	31.43
EBIT, 2 Yr. CAGR %	19.03	89.58	-0.45	-56.46	-0.31
Earnings From Cont. Operations, 2 Yr. CAGR %	18.75	91.34	-36.72	150.39	81.96
Net Income, 2 Yr. CAGR %	10.24	185.31	25.73	105.64	-19.74
Normalized Net Income, 2 Yr. CAGR %	18.85	93.81	-10.57	22.33	-14.22
Diluted EPS Before Extra, 2 Yr. CAGR %	21.26	94.36	-35.49	114.13	47.64
Accounts Receivable, 2 Yr. CAGR %	23.6	18.84	-14.18	30.85	49.72
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	11.03	11.72	0.32	38.35	40.03
Total Assets, 2 Yr. CAGR %	6.21	7.4	63.26	52.31	-4.47
Tangible Book Value, 2 Yr. CAGR %	-14.7	25.12	42.73	99.95	95.77
Common Equity, 2 Yr. CAGR %	1.42	13.67	13.46	-46.59	-61.49
Cash From Operations, 2 Yr. CAGR %	-13.03	74.93	22.81	-46.05	-50.53
Capital Expenditures, 2 Yr. CAGR %	33.31	41.76	-10.52	-2.83	-2.65
Levered Free Cash Flow, 2 Yr. CAGR %	-34.45	63.51	122.77	-61.35	-37.52
Unlevered Free Cash Flow, 2 Yr. CAGR %	-33.26	61.47	125.94	-23.74	-2.68
Dividend Per Share, 2 Yr. CAGR %	8.01	13.14	6.9	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	13.48	17.54	2.59	21.27	14.1
Gross Profit, 3 Yr. CAGR %	14.56	26.98	13.33	11.5	-2.78
EBITDA, 3 Yr. CAGR %	9.2	28.29	22.47	1.45	-5.81
EBITA, 3 Yr. CAGR %	11.6	31.96	22.77	-5.54	-11.5
EBIT, 3 Yr. CAGR %	10.9	33.22	25.38	-31.66	-29.26
Earnings From Cont. Operations, 3 Yr. CAGR %	9.44	32.89	-6.74	119.15	-7.56
Net Income, 3 Yr. CAGR %	4.77	30.41	91.76	97.62	-17.67
Normalized Net Income, 3 Yr. CAGR %	10.45	33.43	18.06	36.49	-44.4
Diluted EPS Before Extra, 3 Yr. CAGR %	12.05	35.5	-5.04	98.45	-19.1
Accounts Receivable, 3 Yr. CAGR %	9.99	17.51	-0.69	15.7	22.21
Inventory, 3 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	20.5	9.48	5.68	25.29	23.47
Total Assets, 3 Yr. CAGR %	13.71	6.83	41.69	35.85	31.05
Tangible Book Value, 3 Yr. CAGR %	-10.54	1.34	30.64	97.88	58
Common Equity, 3 Yr. CAGR %	2.38	7.01	11.77	-30.22	-45.68
Cash From Operations, 3 Yr. CAGR %	-7.62	17.68	28.91	-14.41	-44.46
Capital Expenditures, 3 Yr. CAGR %	-0.38	22.78	14.88	-1.16	-9.48
Levered Free Cash Flow, 3 Yr. CAGR %	-10.89	11.03	47.89	-16.83	-25.41
Unlevered Free Cash Flow, 3 Yr. CAGR %	-9.85	11.22	50.27	28.94	3.3
Dividend Per Share, 3 Yr. CAGR %	10.06	10.06	8.58	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.04	11.03	3.8	15.28	14.47
Gross Profit, 5 Yr. CAGR %	9.82	16.4	7.55	10.76	13.01
EBITDA, 5 Yr. CAGR %	7.16	15.78	5.83	4.98	17.13
EBITA, 5 Yr. CAGR %	9.05	18.56	5.31	1.62	15.55
EBIT, 5 Yr. CAGR %	9.22	19.28	4.53	-16.03	3.47
Earnings From Cont. Operations, 5 Yr. CAGR %	33.38	17.23	-13.53	68.7	21.85
Net Income, 5 Yr. CAGR %	30.94	17.23	12.7	56.47	35.35
Normalized Net Income, 5 Yr. CAGR %	8.96	19.08	-0.15	27.04	-9.69
Diluted EPS Before Extra, 5 Yr. CAGR %	36.21	19.83	-11.61	60.32	13.18
Accounts Receivable, 5 Yr. CAGR %	12.28	8.36	-0.4	18.8	17.03
Inventory, 5 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	12.9	13.66	11.98	19.38	17.8
Total Assets, 5 Yr. CAGR %	11.75	11.77	31.41	23.11	21.02
Tangible Book Value, 5 Yr. CAGR %	-3.69	1.39	7.84	41.33	52.94
Common Equity, 5 Yr. CAGR %	3.53	5.83	6.68	-18.96	-27.02
Cash From Operations, 5 Yr. CAGR %	-1.6	20.18	3.52	-13.86	-12.12
Capital Expenditures, 5 Yr. CAGR %	-1.5	1.26	-4.93	10.99	7.51
Levered Free Cash Flow, 5 Yr. CAGR %	-6.99	23.61	22.21	-28.12	0.82
Unlevered Free Cash Flow, 5 Yr. CAGR %	-6.31	23.76	24.11	-5.54	21.98
Dividend Per Share, 5 Yr. CAGR %	10.49	9.86	8.79	-	-