Forward Air FWRD
$16.64 −$0.29 (-1.71%)
Market closed · Nov 6, 8:10 pm ET · Last extended-hours $17.00 +2.16%
Open$16.93
Prev close$16.93
Day range$16.61 – $18.10
Volume355.3K
Market cap$562.11M
P/E (TTM)–
Dividend yield–
Fundamentals
Latest reported quarter: Q2, ended Jun 2026
Revenue$673.04M+8.8% YoY
Operating profit$42.69M+118.7% YoY
Net profit-$245.93M-1,107.7% YoY
Diluted EPS-$6.38-1,456.1% YoY
Free cash flow-$8.10M+54.9% YoY
Operating cash flow-$4.88M
Revenue, last 8 quarters
Net profit, last 8 quarters
Diluted EPS by quarter
Free cash flow by quarter
Annual revenue
Profitability & balance sheet
Gross margin15.3%
Operating margin3.0%
Net margin-11.4%
Return on equity-1,574.1%
Return on assets-11.1%
Return on invested capital-5.2%
Current ratio1.32
Liabilities / assets105.1%
Cash & investments$139.45M
Total debt$1.99B
Net cash (debt)-$1.85B
Free cash flow / sales1.9%
Where the revenue comes from
Quarter 2026/Q2
By business line
Income statement
| Line item | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|---|
| Total Revenue as Reported | $673.04M | $582.05M | $2.50B | $631.23M | $631.76M |
| Total Operating Revenue | $673.04M | $582.05M | $2.50B | $631.23M | $631.76M |
| Cost of Revenue | $561.09M | $492.51M | $2.16B | $535.36M | $543.23M |
| Gross Profit | $111.95M | $89.53M | $338.18M | $95.87M | $88.54M |
| Operating Expense | $69.25M | $69.09M | $301.75M | $98.74M | $73.53M |
| Selling and Admin Expenses | $13.68M | $13.50M | $58.97M | $15.71M | $12.72M |
| -General & Admin Expense | $13.68M | $13.50M | $58.97M | $15.71M | $12.72M |
| Other Operating Expenses | $55.57M | $55.59M | $242.78M | $83.03M | $60.81M |
| Operating Profit | $42.69M | $20.44M | $36.42M | -$2.87M | $15.01M |
| Net Non-Operating Interest Income (Expense) | -$43.72M | -$43.59M | -$180.75M | -$45.10M | -$44.78M |
| Non-Operating Interest Expense | $43.72M | $43.59M | $180.75M | $45.10M | $44.78M |
| Other Income (Expense) | -$243.00M | -$15.26M | -$2.87M | $2.86M | $6.40M |
| Gain on Sale of Security | -$566,000.00 | $1.70M | -$5.89M | $222,000.00 | -$539,000.00 |
| Special Income (Charges) | -$244.01M | – | $0.00 | $0.00 | $0.00 |
| -Less:Impairment of Capital Assets | $244.01M | – | $0.00 | $0.00 | $0.00 |
| Other Non-Operating Income (Expenses) | $1.57M | -$16.96M | $3.02M | $2.64M | $6.94M |
| Pretax Profit | -$244.03M | -$38.41M | -$147.20M | -$45.11M | -$23.37M |
| Tax | -$174,000.00 | $1.79M | -$5.47M | -$8.70M | $385,000.00 |
| Net Profit | -$245.93M | -$40.20M | -$141.73M | -$36.41M | -$23.76M |
| Profit from Continuing Operations | -$243.86M | -$40.20M | -$141.73M | -$36.41M | -$23.76M |
| Net Income from Discontinuous Operations | -$2.08M | – | $0.00 | $0.00 | $0.00 |
| Minority Interests | -$38.63M | -$5.88M | -$33.93M | -$8.09M | -$7.51M |
| Net Income to Parent Company | -$207.30M | -$34.32M | -$107.80M | -$28.33M | -$16.25M |
| Net Income to Common Stockholders | -$207.30M | -$34.32M | -$107.80M | -$28.33M | -$16.25M |
| Basic EPS | -$6.38 | -$1.09 | -$3.51 | -$0.91 | -$0.52 |
| Diluted EPS | -$6.38 | -$1.09 | -$3.51 | -$0.91 | -$0.52 |
| Dividend Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Balance sheet
| Line item | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|---|
| Total Assets | $2.41B | $2.70B | $2.72B | $2.72B | $2.79B |
| Total Current Assets | $583.12M | $542.36M | $521.00M | $521.00M | $552.49M |
| Cash and Cash Equivalents & Short-Term Investments | $139.45M | $141.02M | $106.00M | $106.00M | $140.35M |
| -Cash and Cash Equivalents | $139.45M | $141.02M | $106.00M | $106.00M | $140.35M |
| Receivables | $375.57M | $333.78M | $349.71M | $349.71M | $341.41M |
| -Accounts Receivable | $369.47M | $330.70M | $343.56M | $343.56M | $341.41M |
| -Other Receivables | $6.10M | $3.08M | $6.15M | $6.15M | – |
| Prepaid Assets | $26.47M | $29.45M | $28.05M | $28.05M | $30.83M |
| Other Current Assets | $41.63M | $38.11M | $37.25M | $37.25M | $39.89M |
| Total Non-Current Assets | $1.83B | $2.15B | $2.20B | $2.20B | $2.24B |
| Net PPE | $636.10M | $689.36M | $710.42M | $710.42M | $721.39M |
| -Gross PPE | $989.02M | $1.04B | $1.05B | $1.05B | $1.04B |
| -Accumulated Depreciation | -$352.92M | -$348.95M | -$340.02M | -$340.02M | -$317.42M |
| Goodwill and Other Intangible Assets | $1.14B | $1.41B | $1.43B | $1.43B | $1.45B |
| -Goodwill | $278.71M | $522.71M | $522.71M | $522.71M | $522.71M |
| -Other Intangible Assets | $860.92M | $884.02M | $906.79M | $906.79M | $929.89M |
| Other Non-Current Assets | $52.01M | $57.43M | $58.02M | $58.02M | $67.71M |
| Total Liabilities | $2.53B | $2.57B | $2.56B | $2.56B | $2.60B |
| Total Current Liabilities | $441.57M | $441.90M | $428.33M | $428.33M | $460.04M |
| Payables | $118.65M | $103.69M | $126.13M | $126.13M | $124.84M |
| -Accounts Payable | $118.65M | $103.69M | $121.75M | $121.75M | $124.84M |
| Current Accrued Expenses | $118.55M | $133.14M | $165.99M | $165.99M | $146.79M |
| Short-Term Debt and Capital Lease Obligation | $122.46M | $128.13M | $123.02M | $123.02M | $117.93M |
| -Current Capital Lease Obligation | $122.46M | $128.13M | $123.02M | $123.02M | $101.42M |
| Other Current Liabilities | $81.91M | $76.94M | – | – | $70.49M |
| Total Non-Current Liabilities | $2.09B | $2.13B | $2.13B | $2.13B | $2.14B |
| Long Term Debt and Capital Lease Obligation | $1.99B | $2.02B | $2.04B | $2.04B | $2.04B |
| -Long Term Debt | $1.69B | $1.69B | $1.69B | $1.69B | $1.68B |
| -Long Term Capital Lease Obligation | $294.18M | $332.00M | $349.40M | $349.40M | $354.03M |
| Non-Current Deferred Liabilities | $24.36M | $24.97M | $27.22M | $27.22M | $37.44M |
| Other Non-Current Liabilities | $80.06M | $84.48M | $65.09M | $65.09M | $62.53M |
| Total Equity | -$122.67M | $122.28M | $161.66M | $161.66M | $195.84M |
| Stockholders' Equity | -$115.43M | $81.00M | $113.34M | $113.34M | $139.78M |
| Capital Stock | $337,000.00 | $316,000.00 | $313,000.00 | $313,000.00 | $312,000.00 |
| -Common Stock | $337,000.00 | $316,000.00 | $313,000.00 | $313,000.00 | $312,000.00 |
| -Preferred Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Additional Paid-In Capital | $575.82M | $564.63M | $559.55M | $559.55M | $556.10M |
| Retained Earnings | -$690.32M | -$482.91M | -$447.10M | -$447.10M | -$418.75M |
| Gains/Losses Not Affecting Retained Earnings | -$1.26M | -$1.03M | $580,000.00 | $580,000.00 | $2.12M |
| Minority Interests | -$7.24M | $41.28M | $48.32M | $48.32M | $56.06M |
| Restricted Cash | – | – | $0.00 | $0.00 | $0.00 |
| -Total Tax Payable | – | – | $4.38M | $4.38M | – |
| Current Deferred Liabilities | – | – | $13.18M | $13.18M | – |
| -Current Debt | – | – | – | – | $16.51M |
Cash flow
| Line item | 2026 Q2 | 2026 Q1 | 2025 ANNUAL | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$4.88M | $45.74M | $44.38M | -$22.73M | $52.71M |
| Net cash flow from continuing operations | -$4.88M | $45.74M | $44.38M | -$22.73M | $52.71M |
| Net Income from Continuing Operations | -$238.70M | -$40.20M | -$141.73M | -$36.41M | -$30.60M |
| Depreciation & Depletion & Amortization | $38.26M | $38.52M | $152.64M | $40.72M | $37.75M |
| Deferred Tax | -$604,000.00 | -$2.17M | -$10.95M | -$10.43M | $4.20M |
| Other Non-Cash Items | $321,000.00 | $3.87M | $11.50M | $493,000.00 | $8.61M |
| Change in Working Capital | -$59.76M | $41.44M | -$3.53M | -$40.18M | $33.92M |
| -Change in Receivables | -$50.43M | $13.92M | -$25.37M | -$9.21M | $472,000.00 |
| -Change in Payables and Accrued Expense | -$13.36M | $30.63M | $46.26M | -$2.17M | $38.79M |
| -Change in Other Current Assets | $4.03M | -$3.10M | -$24.42M | -$28.80M | -$5.34M |
| Net cash flow from investing | $6.65M | -$5.52M | -$26.91M | -$7.94M | -$3.85M |
| Net Cash Flow from Continuing Investing Activities | $6.65M | -$5.52M | -$26.91M | -$7.94M | -$3.85M |
| Net PPE Purchase and Sale | -$2.09M | -$5.52M | -$26.91M | -$7.94M | -$3.82M |
| Financing Cash Flow | -$3.54M | -$4.91M | -$17.53M | -$3.93M | -$3.66M |
| Net Cash Flow from Continuing Financing Activities | -$3.54M | -$4.91M | -$17.53M | -$3.93M | -$3.66M |
| Net Issuance Payments Of Debt | -$4.15M | -$4.23M | -$17.31M | -$4.32M | -$3.61M |
| Net Other Financing Charges | -$120,000.00 | -$685,000.00 | -$1.07M | -$21,000.00 | -$52,000.00 |
| Ending Cash Balance | $139.45M | $141.02M | $106.00M | $106.00M | $140.35M |
| Net Change in Cash | -$1.77M | $35.31M | -$61,000.00 | -$34.59M | $45.20M |
| Beginning Cash Balance | $141.02M | $106.00M | $105.27M | $140.35M | $95.31M |
| Effect of Exchange Rate Changes | $193,000.00 | -$284,000.00 | $791,000.00 | $234,000.00 | -$153,000.00 |
| Free Cash Flow | -$8.10M | $38.79M | $15.27M | -$31.08M | $48.60M |
| Cash Flow from Discontinued Operating Activities | – | – | $0.00 | $0.00 | – |
| Net Business Purchase and Sale | – | – | $0.00 | $0.00 | $0.00 |
| Net Common Stock Issuance | – | – | $0.00 | – | – |
| Cash Dividends Paid | – | – | $0.00 | – | – |
| Proceeds from Stock Option Exercised | – | – | $846,000.00 | $412,000.00 | $0.00 |
| Cash Flow from Discontinued Financing Activities | – | – | $0.00 | – | – |
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