# Forward Air Corporation (FWRD)

**Exchange:** NASDAQ  
**Sector:** Industrials  
**Market cap:** $376M  
**Price:** $12.25 (+5.33%)

> Forward Air Corporation is an integrated freight and logistics company headquartered in Greeneville, Tennessee. Founded in 1981, it specializes in providing asset-light expedited transportation solutions across North America and internationally, including the United States, Mexico, Europe, Asia, and Canada. The company operates through three main segments: Expedited Freight, offering less-than-truckload regional and national expedited services along with warehousing and customs brokerage; Omni Logistics, which provides global air and ocean freight forwarding, warehousing, and supply chain solutions; and Intermodal, focusing on container drayage and related warehouse handling services. Forward Air serves a diverse customer base comprising freight forwarders, third-party logistics providers, integrated air cargo carriers, airlines, steamship lines, and retailers. It is known for its single-source capability to deliver a broad menu of ground transportation and logistics services with high reliability, speed, and precision, supporting the air freight and expedited LTL markets with guaranteed and time-definite delivery options.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $2.50B | — | $36M | -$108M | $-3.51 |
| 2024 | $2.47B | — | -$1.06B | -$817M | $-30.63 |
| 2023 | $1.37B | — | $88M | $167M | $6.40 |
| 2022 | $1.68B | — | $248M | $193M | $7.14 |
| 2021 | $1.39B | — | $147M | $106M | $3.85 |
| 2020 | $1.27B | $619M | $74M | $24M | $0.84 |
| 2019 | $1.22B | $629M | $112M | $87M | $3.04 |
| 2018 | $1.14B | $573M | $117M | $92M | $3.12 |
| 2017 | $1.17B | $624M | $109M | $87M | $2.89 |
| 2016 | $1.03B | $569M | $60M | $28M | $0.90 |
| 2015 | $959M | — | $82M | $56M | $1.78 |
| 2014 | $781M | — | $96M | $61M | $1.96 |
| 2013 | $652M | — | $84M | $54M | $1.77 |
| 2012 | $584M | — | $84M | $53M | $1.78 |
| 2011 | $536M | — | $77M | $47M | $1.60 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $2.72B | $2.61B | $113M | $106M | $1.69B |
| 2024 | $2.80B | $2.60B | $202M | $105M | $1.68B |
| 2023 | $2.98B | $2.22B | $764M | $122M | — |
| 2022 | $1.21B | $501M | $707M | $46M | $108M |
| 2021 | $1.12B | $524M | $594M | $37M | $157M |
| 2020 | $1.05B | $500M | $547M | $40M | $112M |
| 2019 | $991M | $414M | $577M | $65M | $67M |
| 2018 | $760M | $207M | $553M | $26M | $47M |
| 2017 | $693M | $160M | $533M | $4M | $40M |
| 2016 | $644M | $146M | $498M | $9M | — |
| 2015 | $700M | $190M | $509M | $33M | $28M |
| 2014 | $539M | $76M | $464M | $41M | — |
| 2013 | $506M | $70M | $436M | $127M | — |
| 2012 | $399M | $48M | $352M | $112M | — |
| 2011 | $341M | $54M | $287M | $59M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2019 | $159M | $22M | $137M |
| 2018 | $153M | $40M | $113M |
| 2017 | $103M | $38M | $65M |
| 2016 | $130M | $42M | $88M |
| 2015 | $86M | $40M | $45M |
| 2014 | $92M | $39M | $52M |
| 2013 | $91M | $35M | $55M |
| 2012 | $69M | $21M | $47M |
| 2011 | $77M | $21M | $56M |
| 2010 | $54M | $15M | $39M |
| 2009 | $50M | $21M | $29M |
| 2008 | $59M | $27M | $32M |

Source: [CompaniesByCap](https://companiesbycap.com/company/FWRD)