gross profit bridgeinconsistent2020-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.
Revenue
$2.50B
Fiscal year ended 2025-12-31Operating income
$36.42M
Fiscal year ended 2025-12-31Free cash flow
Unavailable
Fiscal year ended 2025-12-31FORWARD AIR CORP (FWRD) reported revenue of $2.50B and net income of -$107.80M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from FORWARD AIR CORP’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Arrangement of Transportation of Freight & Cargo.
Income
| Metric | 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.50B | $2.47B | $1.37B | $1.68B | $1.39B | $1.27B | $1.22B | $1.14B | $1.17B | $1.03B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $650.66M | $586.14M | $564.31M | $545.09M | $460.80M |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $573.30M | $624.26M | $569.41M |
| Operating income | $36.42M | -$1.06B | $88.21M | $247.59M | $147.02M | $73.92M | $112.42M | $117.22M | $108.76M | $59.70M |
| Net income | -$107.80M | -$816.97M | $167.35M | $193.19M | $105.86M | $23.73M | $87.10M | $92.05M | $87.26M | $27.50M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 30.72M | shares 27.54M | shares 26.00M | shares 26.93M | shares 27.29M | shares 27.70M | shares 28.31M | shares 29.19M | shares 29.96M | shares 30.44M |
| Pretax income | -$147.20M | -$1.25B | $56.64M | $242.45M | $142.69M | $69.36M | $109.70M | $115.43M | $107.54M | $58.11M |
| Income tax expense | -$5.47M | -$124.99M | $13.84M | $63.04M | $35.81M | $16.59M | $27.38M | $26.87M | $20.28M | $30.60M |
| Diluted EPS | $-3.51 | $-30.63 | $6.40 | $7.14 | $3.85 | $0.84 | $3.04 | $3.12 | $2.89 | $0.90 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $106.00M | $104.90M | $121.97M | $45.82M | $37.32M | $40.25M | $64.75M | $25.66M | $3.89M | $8.51M |
| Total assets | $2.72B | $2.80B | $2.98B | $1.21B | $1.12B | $1.05B | $990.88M | $760.22M | $692.62M | $644.05M |
| Current assets | $521.00M | $472.50M | $347.03M | $304.32M | $282.81M | $245.90M | $236.32M | $201.08M | $167.65M | $136.27M |
| Total liabilities | $2.56B | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $428.32M | $384.05M | $237.09M | $169.40M | $164.69M | $171.62M | $137.16M | $74.72M | $66.15M | $77.93M |
| Total equity incl. NCI | $161.66M | $285.87M | $764.26M | $707.24M | $593.65M | $547.33M | $577.18M | $553.24M | $532.70M | $498.35M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $2.13M | $2.24M | $1.42M | $1.31M |
| Accounts receivable | $343.56M | $322.29M | $153.27M | $188.23M | $208.08M | $156.49M | $136.21M | $156.36M | $147.95M | $116.60M |
| Goodwill | $522.71M | $522.71M | $278.71M | $257.99M | $218.56M | $244.98M | $215.70M | $193.69M | $191.67M | $184.68M |
| Long-term debt | $1.69B | $1.68B | $0 | $106.59M | $155.47M | $112.40M | $67.34M | $47.28M | $40.22M | $0 |
| Accounts payable | $121.75M | $105.69M | $45.43M | $50.09M | $44.84M | $38.37M | $25.41M | $34.63M | $30.72M | $18.01M |
Cash flow
| Metric | 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $159.02M | $152.55M | $103.36M | $130.35M |
| Capital expenditures | $29.12M | $37.06M | $30.72M | $39.25M | $38.38M | $20.27M | $22.01M | $39.56M | $38.26M | $42.19M |
| Investing cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | -$63.92M | -$55.46M | -$59.19M | -$52.39M |
| Financing cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | -$56.01M | -$75.33M | -$48.80M | -$102.76M |
| Net change in cash | $730.00K | -$1.85B | $1.91B | $8.51M | -$2.94M | -$24.50M | $39.09M | $21.76M | -$4.62M | -$24.80M |
| Stock-based compensation | $13.43M | $10.19M | $11.50M | $10.66M | $10.50M | $11.03M | $11.72M | $10.19M | $8.10M | $8.33M |
| Common dividends paid | $0 | $0 | $25.00M | $25.86M | $22.98M | $20.87M | $20.49M | $18.43M | $18.05M | $15.53M |
| Common share repurchases | $0 | $0 | $93.81M | $62.77M | $48.99M | $45.25M | $56.20M | $66.13M | $48.98M | $39.98M |
| Depreciation & amortization | $152.64M | $143.98M | $57.40M | $42.55M | $34.97M | $37.12M | $36.39M | $35.83M | $41.06M | $38.21M |
Derived
| Metric | 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $65.10M | $88.16M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 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% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 5.6% | 8.6% |
| SBC / revenue | 0.5% | 0.4% | 0.8% | 0.6% | 0.8% | 0.9% | 1.0% | 0.9% | 0.7% | 0.8% |
| Current ratio | 1.22x | 1.23x | 1.46x | 1.80x | 1.72x | 1.43x | 1.72x | 2.69x | 2.53x | 1.75x |
| Revenue YoY growth | 0.8% | 80.5% | -18.4% | 21.1% | 9.3% | 4.5% | 6.8% | -2.7% | 13.5% | Unavailable |
| Net margin | -4.3% | -33.0% | 12.2% | 11.5% | 7.6% | 1.9% | 7.2% | 8.1% | 7.5% | 2.7% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 1.2% | 1.5% | 2.2% | 2.3% | 2.8% | 1.6% | 1.8% | 3.5% | 3.3% | 4.1% |
| Long-term debt / equity | 10.44x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | 24.4% | 26.0% | 25.1% | 23.9% | 25.0% | 23.3% | 18.9% | 52.7% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open FWRD in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-05View SEC filing
10-Q · Filed 2026-05-11View SEC filing
10-K · Filed 2026-03-11View SEC filing
10-Q · Filed 2025-11-05View SEC filing
10-Q · Filed 2025-08-11View SEC filing
10-Q · Filed 2025-05-07View SEC filing
Reconciliation checks needing review
2 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
gross profit bridgeinconsistent2019-12-31
Withheld: gross profit could not be reconciled with the rest of this filer’s statement.