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Stocks · Industrials · Arrangement of Transportation of Freight & Cargo

FORWARD AIR CORP

FWRD Clue Score35
United States Fiscal year ends December CIK 0000912728
$15.77 +0.83% Close, 12 Oct 2026
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Price $15.77 −81.21% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,030.2Operating income59.7Net income27.5EPS, diluted0.90Fiscal year 2017Revenue1,169.3 +13.5%Operating income108.8Net income87.3 +217.2%EPS, diluted2.89 +221.1%Fiscal year 2018Revenue1,137.6 −2.7%Operating income117.2Net income92.1 +5.5%EPS, diluted3.12 +8.0%Fiscal year 2019Revenue1,215.2 +6.8%Operating income112.4Net income87.1 −5.4%EPS, diluted3.04 −2.6%Fiscal year 2020Revenue1,269.6 +4.5%Operating income73.9Net income23.7 −72.8%EPS, diluted0.84 −72.4%Fiscal year 2021Revenue1,387.2 +9.3%Operating income147.0Net income105.9 +346.0%EPS, diluted3.85 +358.3%Fiscal year 2022Revenue1,679.6 +21.1%Operating income247.6Net income193.2 +82.5%EPS, diluted7.14 +85.5%Fiscal year 2023Revenue1,370.7 −18.4%Operating income88.2Net income167.4 −13.4%EPS, diluted6.40 −10.4%Fiscal year 2024Revenue2,474.3 +80.5%Operating income−1,062.9Net income−817.0 −588.2%EPS, diluted−30.63 −578.6%Fiscal year 2025Revenue2,495.1 +0.8%Operating income36.4Net income−107.8EPS, diluted−3.51
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,030.2 1,169.3 1,137.6 1,215.2 1,269.6 1,387.2 1,679.6 1,370.7 2,474.3 2,495.1
Growth +13.5% −2.7% +6.8% +4.5% +9.3% +21.1% −18.4% +80.5% +0.8%
Operating income 59.7 108.8 117.2 112.4 73.9 147.0 247.6 88.2 −1,062.9 36.4
Net income 27.5 87.3 92.1 87.1 23.7 105.9 193.2 167.4 −817.0 −107.8
Growth +217.2% +5.5% −5.4% −72.8% +346.0% +82.5% −13.4% −588.2%
EPS, diluted 0.90 2.89 3.12 3.04 0.84 3.85 7.14 6.40 −30.63 −3.51
Growth +221.1% +8.0% −2.6% −72.4% +358.3% +85.5% −10.4% −578.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin5.8%Net margin2.7%Free cash flow margin8.6%Fiscal year 2017Operating margin9.3%Net margin7.5%Free cash flow margin5.6%Fiscal year 2018Operating margin10.3%Net margin8.1%Free cash flow margin9.9%Fiscal year 2019Operating margin9.3%Net margin7.2%Free cash flow margin11.3%Fiscal year 2020Operating margin5.8%Net margin1.9%Free cash flow margin6.0%Fiscal year 2021Operating margin10.6%Net margin7.6%Free cash flow margin5.9%Fiscal year 2022Operating margin14.7%Net margin11.5%Free cash flow margin12.6%Fiscal year 2023Operating margin6.4%Net margin12.2%Free cash flow margin12.3%Fiscal year 2024Operating margin−43.0%Net margin−33.0%Free cash flow margin−4.3%Fiscal year 2025Operating margin1.5%Net margin−4.3%Free cash flow margin0.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 5.8% 9.3% 10.3% 9.3% 5.8% 10.6% 14.7% 6.4% −43.0% 1.5%
Net margin 2.7% 7.5% 8.1% 7.2% 1.9% 7.6% 11.5% 12.2% −33.0% −4.3%
Free cash flow margin 8.6% 5.6% 9.9% 11.3% 6.0% 5.9% 12.6% 12.3% −4.3% 0.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow130.4Capital expenditure−42.2Free cash flow88.2Buybacks−40.0Dividends paid−15.5Fiscal year 2017Operating cash flow103.4Capital expenditure−38.3Free cash flow65.1 −26.2%Buybacks−49.0Dividends paid−18.1Fiscal year 2018Operating cash flow152.6Capital expenditure−39.6Free cash flow113.0 +73.6%Buybacks−66.1Dividends paid−18.4Fiscal year 2019Operating cash flow159.0Capital expenditure−22.0Free cash flow137.0 +21.3%Buybacks−56.2Dividends paid−20.5Fiscal year 2020Operating cash flow96.1Capital expenditure−20.3Free cash flow75.8 −44.6%Buybacks−45.2Dividends paid−20.9Fiscal year 2021Operating cash flow120.6Capital expenditure−38.4Free cash flow82.2 +8.4%Buybacks−49.0Dividends paid−23.0Fiscal year 2022Operating cash flow250.2Capital expenditure−39.3Free cash flow210.9 +156.5%Buybacks−62.8Dividends paid−25.9Fiscal year 2023Operating cash flow199.2Capital expenditure−30.7Free cash flow168.5 −20.1%Buybacks−93.8Dividends paid−25.0Fiscal year 2024Operating cash flow−69.0Capital expenditure−37.1Free cash flow−106.1 −163.0%Buybacks0.0Dividends paid0.0Fiscal year 2025Operating cash flow44.4Capital expenditure−29.1Free cash flow15.3Buybacks0.0Dividends paid0.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 130.4 103.4 152.6 159.0 96.1 120.6 250.2 199.2 −69.0 44.4
Capital expenditure −42.2 −38.3 −39.6 −22.0 −20.3 −38.4 −39.3 −30.7 −37.1 −29.1
Free cash flow 88.2 65.1 113.0 137.0 75.8 82.2 210.9 168.5 −106.1 15.3
Growth −26.2% +73.6% +21.3% −44.6% +8.4% +156.5% −20.1% −163.0%
Buybacks −40.0 −49.0 −66.1 −56.2 −45.2 −49.0 −62.8 −93.8 0.0 0.0
Dividends paid −15.5 −18.1 −18.4 −20.5 −20.9 −23.0 −25.9 −25.0 0.0 0.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash8.5Total debt27.7Net cash (debt)−19.2Shareholders’ equity498.3Debt to equity0.06Fiscal year 2017Cash3.9Total debt40.2Net cash (debt)−36.3Shareholders’ equity532.7Debt to equity0.08Fiscal year 2018Cash25.7Total debt47.3Net cash (debt)−21.6Shareholders’ equity553.2Debt to equity0.09Fiscal year 2019Cash64.7Total debt72.7Net cash (debt)−7.9Shareholders’ equity577.2Debt to equity0.13Fiscal year 2020Cash40.3Total debt112.4Net cash (debt)−72.1Shareholders’ equity547.3Debt to equity0.21Fiscal year 2021Cash37.3Total debt157.0Net cash (debt)−119.7Shareholders’ equity593.7Debt to equity0.26Fiscal year 2022Cash45.8Total debt108.1Net cash (debt)−62.3Shareholders’ equity707.2Debt to equity0.15Fiscal year 2023Cash122.0Total debt0.0Net cash (debt)122.0Shareholders’ equity764.3Debt to equity0.00Fiscal year 2024Cash104.9Total debt1,675.9Net cash (debt)−1,571.0Shareholders’ equity201.7Debt to equity8.31Fiscal year 2025Cash106.0Total debt1,687.2Net cash (debt)−1,581.3Shareholders’ equity113.3Debt to equity14.89
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 8.5 3.9 25.7 64.7 40.3 37.3 45.8 122.0 104.9 106.0
Total debt 27.7 40.2 47.3 72.7 112.4 157.0 108.1 0.0 1,675.9 1,687.2
Net cash (debt) −19.2 −36.3 −21.6 −7.9 −72.1 −119.7 −62.3 122.0 −1,571.0 −1,581.3
Shareholders’ equity 498.3 532.7 553.2 577.2 547.3 593.7 707.2 764.3 201.7 113.3
Debt to equity 0.06 0.08 0.09 0.13 0.21 0.26 0.15 0.00 8.31 14.89

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1,030.2 1,169.3 1,137.6 1,215.2 1,269.6 1,387.2 1,679.6 1,370.7 2,474.3 2,495.1
Growth +13.5% −2.7% +6.8% +4.5% +9.3% +21.1% −18.4% +80.5% +0.8%
460.8 545.1 564.3 586.1 650.7 n/a n/a n/a n/a n/a
59.7 108.8 117.2 112.4 73.9 147.0 247.6 88.2 −1,062.9 36.4
Growth +82.2% +7.8% −4.1% −34.2% +98.9% +68.4% −64.4% −1,305.0%
58.1 107.5 115.4 109.7 69.4 142.7 242.5 56.6 −1,249.8 −147.2
30.6 20.3 26.9 27.4 16.6 35.8 63.0 13.8 −125.0 −5.5
27.5 87.3 92.1 87.1 23.7 105.9 193.2 167.4 −817.0 −107.8
Growth +217.2% +5.5% −5.4% −72.8% +346.0% +82.5% −13.4% −588.2%
Per share
0.90 2.90 3.14 3.06 0.84 3.87 7.17 6.42 −30.63 −3.51
0.90 2.89 3.12 3.04 0.84 3.85 7.14 6.40 −30.63 −3.51
Growth +221.1% +8.0% −2.6% −72.4% +358.3% +85.5% −10.4% −578.6%
30.3 29.9 29.1 28.2 27.6 27.2 26.8 25.9 27.5 30.7
30.4 30.0 29.2 28.3 27.7 27.3 26.9 26.0 27.5 30.7
Growth −1.6% −2.6% −3.0% −2.2% −1.5% −1.3% −3.4% +5.9% +11.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 14.5% a year over five years.
  • The diluted share count rose 10.9% in five years, which is dilution.
  • Operating margin is down 4.4 points on five years ago, at 1.5%.
  • A net loss in 2 of 10 years on file.