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

	Older periods	Sep '25	Dec '25	Mar '26	Jun '26
P/E ratio Full definition →	+8 more quarters Free account	0.00	0.00	0.00	0.00
P/S ratio Full definition →		0.32	0.31	0.21	0.17
P/FCF ratio Full definition →		39.15	43.95	12.74	8.52
P/Operating CF Full definition →		15.06	(33.79)	11.50	(89.87)
P/B ratio Full definition →		4.05	4.75	4.30	0.00
Price to Tangible BV Full definition →		0.00	0.00	0.00	0.00
EV/Sales Full definition →		0.95	0.96	0.86	0.80
EV/EBITDA Full definition →		12.82	12.63	10.25	8.79
EV/Operating CF Full definition →		54.27	53.81	33.77	28.60
EV/FCF Full definition →		117.36	136.68	51.11	39.36
Quick Ratio Full definition →		1.05	1.06	1.07	1.17
Current Ratio Full definition →		1.20	1.22	1.23	1.32
Net Debt/EBITDA Full definition →		30.07	42.36	26.59	19.40
Debt/Assets Full definition →		61.80%	62.88%	63.40%	70.94%
Debt/Equity Full definition →		8.82	10.58	13.98	(13.94)
Asset Turnover Full definition →		0.85	0.90	0.90	0.97
Operating CF/Net income Full definition →		(3.24)	0.80	(1.33)	0.02
Capex/Depreciation Full definition →		(0.10)	(0.19)	(0.14)	(0.01)
Interest Coverage Full definition →		0.34	(0.06)	0.47	(4.60)
Research and Development Expense of Revenue Full definition →		0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →		22.89%	20.92%	22.18%	21.35%
Intangible Assets out of Total Assets Full definition →		0.52	0.53	0.52	0.47
Share Based Compensation of Revenue Full definition →		0.54%	0.38%	0.61%	0.07%
Graham Net Nets Full definition →		(2.58)	(2.65)	(3.86)	(4.44)
Graham Number Full definition →		0.00	0.00	0.00	27.50
Earnings Yield Full definition →		(15.02%)	(14.08%)	(17.53%)	(65.88%)
Free Cash Flow Yield Full definition →		2.55%	2.28%	7.85%	11.73%
Revenue per Share Full definition →		20.40	20.55	18.49	20.72
Operating CF per Share Full definition →		1.70	(0.74)	1.45	(0.15)
Capex per Share Full definition →		(0.12)	(0.26)	(0.18)	(0.06)
Free Cash Flow per Share Full definition →		1.58	(1.00)	1.28	(0.21)
Cash per Share Full definition →		4.53	3.45	4.48	4.29
Shareholders Equity per Share Full definition →		6.32	5.26	3.88	(3.78)
Interest Debt per Share Full definition →		0.00	0.00	0.00	0.00
Book value per Share Full definition →		6.32	5.26	3.88	(3.78)
Free Cash Flow Full definition →		48.89	(30.66)	40.22	(6.97)
Working Capital Full definition →		92.45	92.68	100.46	141.55
Capital Expenditures Full definition →		(3.82)	(7.94)	(5.52)	(2.09)
Net Current Asset Value Full definition →		(2,045.87)	(2,036.28)	(2,031.25)	(1,950.39)
EV/EBIT Full definition →		20.68	65.56	40.51	0.00
Capex to Sales Full definition →		0.01	0.01	0.01	0.00
Price to Operating Income Full definition →		6.90	21.08	10.09	0.00
Other line items
Average Receivables Full definition →		352.06	336.10	335.09	355.64
Average Payables Full definition →		141.03	113.72	107.60	116.89
Average Assets Full definition →		2,925.02	2,760.79	2,749.86	2,586.04
Average Common Equity Full definition →		266.19	223.77	174.64	46.79

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