Forward Air CorporationFWRDNASDAQ

Revenue (LTM)

$2.5B

+0.8% YoY

Net Income (LTM)

$-108M

+86.8% YoY

Free Cash Flow

$15M

Revenue CAGR (5Y)

+14.5%

Marginsdeclining

FCFTurned positive

Unprofitable

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	1,387	1,680↑21.1%	1,371↓18.4%	2,474↑80.5%	2,495↑0.8%
Gross Profit	314	492↑56.6%	330↓32.9%	340↑2.9%	511↑50.4%
Operating Income	147	248↑68.4%	88↓64.4%	-1,063↓1305.0%	36↑103.4%
Net Income	106	193↑82.5%	167↓13.4%	-817↓588.2%	-108↑86.8%
EBITDA	182	290↑59.4%	146↓49.8%	-917↓729.5%	186↑120.3%
EPS Diluted	3.85	7.14↑85.5%	0.43↓94.0%	-29.66↓6997.7%	-3.48↑88.3%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	37	46↑22.8%	122↑166.2%	105↓14.0%	106↑1.0%
Total Current Assets	283	304↑7.6%	347↑14.0%	473↑36.2%	521↑10.3%
Total Assets	1,118	1,208↑8.1%	2,980↑146.6%	2,803↓5.9%	2,745↓2.1%
Total Current Liabilities	165	169↑2.9%	237↑40.0%	384↑62.0%	428↑11.5%
Total Liabilities	524	501↓4.5%	2,215↑342.3%	2,517↑13.6%	2,583↑2.6%
Total Equity	594	707↑19.1%	764↑8.1%	202↓73.6%	113↓43.8%
Total Debt	320	267↓16.6%	1,946↑629.4%	2,146↑10.3%	2,160↑0.6%
Net Debt	283	221↓21.9%	1,824↑725.4%	2,041↑11.9%	2,054↑0.6%

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	120	259↑115.4%	181↓30.0%	-75↓141.6%	44↑158.9%
Capital Expenditure	-39	-41↓4.1%	-31↑24.6%	-37↓20.6%	-29↑21.4%
Free Cash Flow	81	218↑169.1%	151↓31.0%	-112↓174.6%	15↑113.6%
Stock-Based Comp	11	11↑1.5%	11↑7.8%	10↓11.4%	13↑31.8%
Net Change in Cash	-3	9↑389.5%	1,906↑22310.7%	-1,847↓196.9%	1↑100.0%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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