Company research
FORWARD AIR CORP
CIK 912728Updated Sep 24, 2026
SecurityFWRD · NASDAQ · equity
Name history
LANDAIR SERVICES INC · through Aug 14, 1998
FWRD price & chart
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NASDAQ:FWRD on TradingView ↗In the news
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Forward Air Corporation - FWRD ↗
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Forward Air Corporation - FWRD ↗
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Forward Air Corporation - FWRD ↗
Recent filings
Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 2,718,944,000Source | 2,802,641,000Source | 2,979,533,000Source | 1,208,076,000Source |
| Property, Plant and Equipment, NetUSD | — | — | — | 249,080,000Source |
| GoodwillUSD | 522,712,000Source | 522,712,000Source | 278,706,000Source | 306,184,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | 906,791,000Source | 999,216,000Source | 134,789,000Source | 154,801,000Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 105,996,000Source | 104,903,000Source | 121,969,000Source | 45,822,000Source |
| Accounts Receivable, after Allowance for Credit Loss, CurrentUSD | 343,559,000Source | 322,291,000Source | 153,267,000Source | 221,028,000Source |
| Assets, CurrentUSD | 521,001,000Source | 472,500,000Source | 347,028,000Source | 304,315,000Source |
| Prepaid Expense and Other Assets, CurrentUSD | 28,045,000Source | 29,053,000Source | 25,682,000Source | 24,774,000Source |
| Operating Lease, Right-of-Use AssetUSD | 412,535,000Source | 410,084,000Source | 111,552,000Source | 141,865,000Source |
| Other Assets, NoncurrentUSD | 58,023,000Source | — | — | — |
| LIABILITIES AND EQUITY | ||||
| Stockholders’ equity: | ||||
| Preferred Stock, Value, IssuedUSD | 0Source | 0Source | 0Source | 0Source |
| Common Stock, Value, IssuedUSD | 313,000Source | 298,000Source | 257,000Source | 265,000Source |
| Additional Paid in CapitalUSD | 559,551,000Source | 542,392,000Source | 283,684,000Source | 270,855,000Source |
| Retained Earnings (Accumulated Deficit)USD | -447,100,000Source | -338,230,000Source | 480,320,000Source | 436,124,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | 580,000Source | -2,732,000Source | — | — |
| Stockholders' Equity Attributable to ParentUSD | 113,344,000Source | 201,728,000Source | 764,261,000Source | 707,244,000Source |
| Liabilities and EquityUSD | 2,718,944,000Source | 2,802,641,000Source | 2,979,533,000Source | 1,208,076,000Source |
| Current liabilities: | ||||
| Liabilities, CurrentUSD | 428,325,000Source | 384,046,000Source | 237,094,000Source | 169,398,000Source |
| Operating Lease, Liability, CurrentUSD | 107,026,000Source | 96,440,000Source | 44,344,000Source | 47,106,000Source |
| Accounts Payable, CurrentUSD | 121,752,000Source | 105,692,000Source | 45,430,000Source | 54,601,000Source |
| Operating Lease, Liability, NoncurrentUSD | 327,011,000Source | 325,640,000Source | 71,598,000Source | 98,865,000Source |
| Deferred Income Tax Liabilities, NetUSD | 27,221,000Source | 38,169,000Source | 42,200,000Source | 51,093,000Source |
| Other Liabilities, NoncurrentUSD | 53,540,000Source | 48,835,000Source | 47,144,000Source | 59,044,000Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 48,320,000Source | 84,140,000Source | — | — |
| Additional Financial Items | ||||
| Accrued Liabilities, CurrentUSD | 114,422,000Source | 119,836,000Source | 62,948,000Source | 54,291,000Source |
| Deferred Tax Liabilities, NetUSD | 27,221,000Source | 38,169,000Source | 42,200,000Source | 51,093,000Source |
| Long-term Debt, Current MaturitiesUSD | — | — | 0Source | 1,494,000Source |
| Long-term Debt, Excluding Current MaturitiesUSD | 1,687,248,000Source | 1,675,930,000Source | 0Source | 106,588,000Source |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | -141,725,000Source | -1,131,228,000Source | — | — |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, Depletion and AmortizationUSD | 152,638,000Source | 143,978,000Source | 57,405,000Source | 47,386,000Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | 13,429,000Source | 10,188,000Source | 11,495,000Source | 11,376,000Source |
| Deferred Income Tax Expense (Benefit)USD | -10,948,000Source | -133,510,000Source | -8,893,000Source | 7,686,000Source |
| Cash flows from investing activities: | ||||
| Payments to Acquire Businesses, Net of Cash AcquiredUSD | 0Source | 1,576,219,000Source | 56,703,000Source | 66,105,000Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | 0Source | 444,000Source | — | — |
| Payments to Acquire Property, Plant, and EquipmentUSD | 29,116,000Source | 37,060,000Source | 30,725,000Source | 40,729,000Source |
| Cash flows from financing activities: | ||||
| Payment, Tax Withholding, Share-based Payment ArrangementUSD | 1,074,000Source | 1,442,000Source | 4,340,000Source | 3,330,000Source |
| Payments for Repurchase of Common StockUSD | 0Source | 0Source | 93,811,000Source | 62,771,000Source |
| Dividends paid | — | — | — | — |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | 730,000Source | -1,846,807,000Source | 1,906,251,000Source | 8,506,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 105,996,000Source | 105,266,000Source | 1,952,073,000Source | 45,822,000Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 166,665,000Source | 163,999,000Source | 11,923,000Source | 5,355,000Source |
| Income Taxes Paid, NetUSD | 872,000Source | — | — | — |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 791,000Source | 1,013,000Source | — | — |
| Additional Financial Items | ||||
| Share-based Payment Arrangement, ExpenseUSD | 11,605,000Source | 9,120,000Source | 10,594,000Source | 9,902,000Source |
| Amortization of Intangible AssetsUSD | 92,425,000Source | 85,873,000Source | 16,039,000Source | 15,988,000Source |
| Capitalized Computer Software, AmortizationUSD | — | 3,377,000Source | 2,909,000Source | 2,558,000Source |
| Fair Value, Option, Changes in Fair Value, Gain (Loss)USD | — | 0Source | 0Source | 294,000Source |
| Foreign Currency Transaction Gain (Loss), before TaxUSD | -5,892,000Source | 1,093,000Source | — | — |
| GoodwillUSD | 522,712,000Source | 522,712,000Source | 278,706,000Source | 306,184,000Source |
| Goodwill, Impairment LossUSD | 0Source | 1,028,397,000Source | — | — |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentUSD | — | -1,124,841,000Source | 42,803,000Source | 193,191,000Source |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | -141,725,000Source | — | — | — |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | 0Source | — | — | — |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to ParentUSD | — | -6,387,000Source | 124,548,000Source | 0Source |
| Income Tax Expense (Benefit)USD | -5,472,000Source | -124,991,000Source | 13,836,000Source | 67,647,000Source |
| InterestExpenseNonoperatingUSD | 180,747,000Source | 189,215,000Source | — | — |
| Net Income (Loss) Attributable to ParentUSD | -107,796,000Source | -816,969,000Source | 167,351,000Source | 193,191,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | -33,929,000Source | -314,259,000Source | — | — |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | -837,134,000Source | — | — |
| Nonoperating Income (Expense)USD | -183,621,000Source | -186,896,000Source | -31,571,000Source | -5,138,000Source |
| Operating Costs and ExpensesUSD | 1,244,471,000Source | 1,250,570,000Source | 586,195,000Source | 906,549,000Source |
| Operating Lease, ExpenseUSD | 204,029,000Source | 182,197,000Source | 87,413,000Source | 97,094,000Source |
| Other Nonoperating Income (Expense)USD | 3,018,000Source | 1,226,000Source | — | 0Source |
| Proceeds from Issuance of Common StockUSD | 846,000Source | 753,000Source | 800,000Source | 783,000Source |
| Proceeds from Stock Options ExercisedUSD | — | 0Source | 0Source | 206,000Source |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueUSD | 2,495,118,000Source | 2,474,262,000Source | 1,370,735,000Source | 1,973,403,000Source |
| Operating Income (Loss)USD | 36,424,000Source | -1,062,936,000Source | 88,210,000Source | 265,976,000Source |
| Other Nonoperating Income (Expense)USD | 3,018,000Source | 1,226,000Source | — | 0Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | -147,197,000Source | -1,249,832,000Source | 56,639,000Source | 260,838,000Source |
| Income Tax Expense (Benefit)USD | -5,472,000Source | -124,991,000Source | 13,836,000Source | 67,647,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | -33,929,000Source | -314,259,000Source | — | — |
| Net Income (Loss) Attributable to ParentUSD | -107,796,000Source | -816,969,000Source | 167,351,000Source | 193,191,000Source |
| Earnings Per Share, BasicUSD per share | -3.51Source | -30.63Source | 6.42Source | 7.17Source |
| Earnings Per Share, DilutedUSD per share | -3.51Source | -30.63Source | 6.4Source | 7.14Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 30,718,000Source | 27,540,000Source | 25,913,000Source | 26,783,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 30,718,000Source | 27,540,000Source | 26,003,000Source | 26,926,000Source |
| Interest Expense (non-operating)USD | 180,747,000Source | 189,215,000Source | — | — |
| Additional Financial Items | ||||
| Amortization of Intangible AssetsUSD | 92,425,000Source | 85,873,000Source | 16,039,000Source | 15,988,000Source |
| Capitalized Computer Software, AmortizationUSD | — | 3,377,000Source | 2,909,000Source | 2,558,000Source |
| Common Stock, Dividends, Per Share, DeclaredUSD per share | 0Source | 0Source | 0.96Source | 0.96Source |
| Costs and ExpensesUSD | 2,458,694,000Source | 3,537,198,000Source | 1,282,525,000Source | 1,707,427,000Source |
| Current Income Tax Expense (Benefit)USD | 5,476,000Source | 8,519,000Source | 22,729,000Source | 59,961,000Source |
| Fair Value, Option, Changes in Fair Value, Gain (Loss)USD | — | 0Source | 0Source | 294,000Source |
| Foreign Currency Transaction Gain (Loss), before TaxUSD | -5,892,000Source | 1,093,000Source | — | — |
| Fuel CostsUSD | 20,122,000Source | 21,460,000Source | 22,004,000Source | 27,583,000Source |
| Goodwill, Impairment LossUSD | 0Source | 1,028,397,000Source | — | — |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentUSD | — | -1,124,841,000Source | 42,803,000Source | 193,191,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, DomesticUSD | -143,575,000Source | — | — | — |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | -141,725,000Source | — | — | — |
| Income (Loss) from Continuing Operations, Per Basic ShareUSD per share | -3.51Source | -30.4Source | 1.64Source | 7.17Source |
| Income (Loss) from Continuing Operations, Per Diluted ShareUSD per share | -3.51Source | -30.4Source | 1.64Source | 7.14Source |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestUSD | 0Source | — | — | — |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to ParentUSD | — | -6,387,000Source | 124,548,000Source | 0Source |
| Interest ExpenseUSD | — | — | 31,571,000Source | — |
| Interest Income (Expense), NetUSD | — | — | — | -5,138,000Source |
| Labor and Related ExpenseUSD | 535,681,000Source | 536,406,000Source | 287,566,000Source | 347,970,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | -837,134,000Source | — | — |
| Net Income (Loss) from Continuing Operations Available to Common Shareholders, BasicUSD | -107,796,000Source | -837,134,000Source | 42,583,000Source | 192,121,000Source |
| Nonoperating Income (Expense)USD | -183,621,000Source | -186,896,000Source | -31,571,000Source | -5,138,000Source |
| Operating Costs and ExpensesUSD | 1,244,471,000Source | 1,250,570,000Source | 586,195,000Source | 906,549,000Source |
| Operating Insurance and Claims Costs, ProductionUSD | 58,970,000Source | 64,682,000Source | 50,133,000Source | 49,759,000Source |
| Operating Lease, ExpenseUSD | 204,029,000Source | 182,197,000Source | 87,413,000Source | 97,094,000Source |
| Other Cost and Expense, OperatingUSD | 242,783,000Source | 309,508,000Source | 191,809,000Source | 231,086,000Source |
| Other ExpensesUSD | — | — | 0Source | 0Source |
| Undistributed Earnings (Loss) Allocated to Participating Securities, BasicUSD | 0Source | 0Source | 859,000Source | 1,070,000Source |