Saturday 17 October 2026 Export FWRD’s income statement to Excel — free account

Forward Air Corporation

FWRD Industrials Integrated Freight & Logistics

Forward Air Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 0.84% from fiscal 2024. In the quarter to June 2026, revenue grew 8.76%, EPS fell 1,456.1%, free cash flow grew 59.4% and total debt fell 1.01%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.

15.04 0.80 −5.05%

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Market cap: $535.1M
P/E: 0.0×
Fwd P/E: −5.5×
Dividend yield: —
F-score: 5/9
Altman Z: 0.95
Beneish M: −2.60
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 5.94

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 11.30%

Capital & Financial Ratios $m

Market Cap 535.09

Revenue 2,518.08

Net Income (346.30)

Free Cash Flow 51.48

Net Debt 1,570.70

Current Ratio 1.32

Debt/Equity (13.94)

P/E ratio 0.00

Fwd P/E (5.45)

P/S ratio 0.19

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 61.60%

Next Y EPS Growth 124.07%

Next Y revenue growth 3.56%

Next 5Y EPS Growth 84.97%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 3.17%

10-year low 10-year high

EV/Sales against its own 10 years 2.80%

10-year low 10-year high

EV/FCF against its own 10 years 84.33%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	0.96	0.24 0.24 0.24 0.24
2022	0.96	0.24 0.24 0.24 0.24
2021	0.84	0.21 0.21 0.21 0.21
2020	0.75	0.18 0.18 0.18 0.21
2019	0.72	0.18 0.18 0.18 0.18
2018	0.63	0.15 0.15 0.15 0.18
2017	0.60	0.15 0.15 0.15 0.15
2016	0.51	0.12 0.12 0.12 0.15

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	162	105	106	139
Receivables	159	322	350	376
Inventory	—	—	—	—
Other	1	16	37	42
	347	473	521	583

	2023	2024	2025	Q'26
Payables	45	106	122	119
ST’ Debt	—	—	—	—
Other	72	45	69	82
	237	384	428	442

Compound Annual Growth %

	10y	5y	3y
Sales	10.03%	14.47%	14.10%
Cash Flow	(6.37%)	(14.32%)	(43.81%)
Earnings	0.00%	0.00%	0.00%
Book Value	(10.85%)	(21.64%)	(38.86%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	582	673	—	—	—
’25	613	619	632	631	2,495
’24	542	644	656	633	2,474
’23	358	334	341	338	1,371
’22	467	515	510	187	1,680
’21	362	421	420	185	1,387
’20	306	282	332	350	1,270

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	46	(5)	—	—	—
’25	28	(13)	53	(23)	44
’24	(52)	(45)	51	(23)	(69)
’23	61	57	25	57	199
’22	62	50	84	53	250
’21	17	23	43	38	121
’20	31	29	21	16	96

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	40	(7)	—	—	—
’25	16	(17)	49	(31)	17
’24	(56)	(59)	42	(28)	(101)
’23	56	48	20	49	172
’22	53	42	78	40	213
’21	15	18	30	23	85
’20	29	18	19	13	78

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.09)	(6.38)	—	—	—
’25	(1.68)	(0.41)	(0.52)	(0.91)	(3.51)
’24	(3.39)	(23.47)	(2.66)	(1.24)	(29.66)
’23	1.37	0.76	0.36	3.93	6.40
’22	1.57	2.04	1.93	1.60	7.14
’21	0.40	1.11	0.86	1.48	3.85
’20	0.30	0.11	0.60	(0.17)	0.84

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	36.00	45.86	51.00	53.16	39.59	70.93	84.04	60.09	11.21	9.79	Analyst estimates 2026–2028 Powerpack
	High	50.72	59.98	72.81	72.09	78.95	123.36	125.71	121.38	64.33	35.47
People
People	Employees	4,688	4,898	5,369	5,480	3,774	4,327	4,427	4,251	6,319	6,062
	Revenue/emp, $m	0.22	0.24	0.21	0.22	0.34	0.32	0.38	0.32	0.39	0.41
Income, $m
Income, $m	Revenue	1,030	1,169	1,138	1,215	1,270	1,387	1,680	1,371	2,474	2,495
	Gross margin, %	53.99	51.97	48.97	50.30	47.79	50.84	54.91	55.63	48.59	49.32
	EBT	58	108	115	110	69	143	242	57	(1,250)	(147)
	EBT margin, %	5.64	9.20	10.15	9.03	5.46	10.29	14.43	4.13	(50.51)	(5.90)
	Net income	28	87	89	82	53	107	179	43	(1,125)	(142)
	Depreciation	81	41	36	36	37	35	43	57	1,172	153
Per share, $
Per share, $	Revenue	34.02	39.15	39.13	43.10	45.95	51.09	62.71	52.90	89.84	81.23
	Earnings	0.91	2.90	3.14	3.06	0.84	3.87	7.17	6.42	(29.66)	(3.51)
	Cash flow	4.30	3.46	4.90	5.16	3.48	4.44	9.34	7.69	(2.51)	1.44
	Capex	(1.33)	(1.20)	(1.12)	(0.69)	(0.65)	(1.32)	(1.38)	(1.04)	(1.16)	(0.88)
	Free cash flow	2.98	2.26	3.78	4.48	2.83	3.13	7.96	6.65	(3.67)	0.57
	Book value	16.48	17.84	19.03	20.47	19.81	21.86	26.41	29.49	10.38	5.26
	Shares, m	30	30	29	28	28	27	27	26	28	31
Valuation, ×
Valuation, ×	P/E	53.22	19.85	17.47	22.86	91.48	31.29	14.60	9.68	0.00	0.00
	P/S	1.42	1.48	1.40	1.62	1.67	2.37	1.67	1.18	0.36	0.31
	P/B	2.94	3.24	2.88	3.42	3.88	5.54	3.96	2.11	3.11	4.75
	EV/Sales	1.44	1.53	1.42	1.67	1.77	2.50	1.75	2.39	1.01	0.96
	EV/FCF	16.50	26.50	14.72	16.10	28.69	40.88	13.77	19.05	(24.83)	136.68
Cash, $m
Cash, $m	Operating cash flow	130	103	142	146	96	121	250	199	(69)	44
	Capex	(40)	(36)	(33)	(19)	(18)	(36)	(37)	(27)	(32)	(27)
	Free cash flow	90	68	110	126	78	85	213	172	(101)	17
Balance, $m
Balance, $m	Working capital	58	101	126	99	74	118	135	110	88	93
	Total debt	28	41	47	72	117	165	122	1,817	1,707	1,710
	Net debt	20	37	22	8	77	128	76	1,656	1,602	1,604
	Shareholders’ equity	499	533	553	577	547	594	707	764	286	162
Returns, %
Returns, %	ROA	4.07	12.98	12.67	9.95	2.33	9.78	16.52	7.99	(28.26)	(3.90)
	ROIC	7.19	11.94	12.74	12.02	7.40	12.74	19.74	2.28	(35.20)	1.29
	ROE	5.41	16.78	16.95	15.41	4.22	18.56	29.54	22.75	(155.59)	(48.17)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PBI Pitney Bowes Inc.	$2.4B	13.6×	11.1×	−2.25% (below 0%: shrinking)	+117.65% (above 0%: growing)	+37.11% (above 0%: growing)	53.66%	23.66%	Compare
HUBG Hub Group, Inc.	$1.7B	15.1×	23.7×	−5.31% (below 0%: shrinking)	+23.08% (above 0%: growing)	−37.43% (below 0%: shrinking)	26.84%	4.22%	Compare
CYRX CryoPort, Inc.	$864.6M	— (loss-making)	— (loss-making)	+7.74% (above 0%: growing)	n/m	+35.91% (above 0%: growing)	46.61%	(20.50%)	Compare
FWRD Forward Air Corporation	$535.1M	— (loss-making)	— (loss-making)	+8.76% (above 0%: growing)	n/m	+59.37% (above 0%: growing)	49.11%	(29.91%)
RLGT Radiant Logistics, Inc.	$426.1M	22.5×	27.6×	+18.52% (above 0%: growing)	+60.00% (above 0%: growing)	−662.14% (below 0%: shrinking)	25.55%	3.26%	Compare
PAL Proficient Auto Logistics, Inc.	$88.7M	— (loss-making)	— (loss-making)	−5.32% (below 0%: shrinking)	n/m	−124.95% (below 0%: shrinking)	100.00%	(2.96%)	Compare
FLX BingEx Limited	$80.2M	— (loss-making)	7.1×	−3.11% (below 0%: shrinking)	n/m	—	10.16%	0.77%	Compare
PSIG PS International Group Ltd.	$65.4M	— (loss-making)	—	—	n/m	+36.15% (above 0%: growing)	—	—	Compare
NCEW New Century Logistics (BVI) Limited	$55.1M	—	—	—	—	−150.21% (below 0%: shrinking)	—	—	Compare
Median of peers	$257.4M	15.1×	17.4×	−2.68%	+60.00%	−37.43%	36.73%	2.01%

All 31 Integrated Freight & Logistics stocks →

Forward Air Corporation (FWRD) key facts

Strength: Forward Air Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 0.84% from fiscal 2024.
Forward Air Corporation (FWRD) is an Integrated Freight & Logistics company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, FWRD traded at $15.04, a market capitalization of $535.1 million.
Return on equity was −48.2% and debt-to-equity -13.94.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.95 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.