FY2025 · ended Dec 31, 2025 · Revenue $2.50B, +0.8% YoY · Filed Mar 11, 2026
Forward Air Corporation (FWRD) files with the SEC under industry code 4731, Arrangement of Transportation of Freight & Cargo. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $2.5 billion and a net loss of $107.8 million. Free cash flow was $15.3 million. As of Jun 30, 2026 it held $139.4 million in cash and investments and $2.1 billion in total debt.
Revenue (TTM)
$2.52B
-0.1% vs year-ago TTM
Net income (TTM)
$-286.19M
-65.4% vs year-ago TTM
Operating cash flow
$44.38M
+164.3% vs prior year
Free cash flow
$15.27M
+114.4% vs prior year
EPS (TTM)
$-9.07
-54.1% vs year-ago TTM
Dividend per share
$0.00
Shares outstanding
31.55M
+3.8% vs prior year
Net cash
$-1.97B
as of Jun 30, 2026
Operating margin
-6.7%
FY 2026
Company profile
- Industry
- Arrangement of Transportation of Freight & Cargo (SIC 4731)
- Listed as
- FWRD (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Dallas, TX
- SEC filer status
- Accelerated filer
- SEC CIK
- 912728
- Former names
- LANDAIR SERVICES INC (until Aug 14, 1998)
Other Arrangement of Transportation of Freight & Cargo companies
- Expeditors International Of Washington Inc EXPD
- C. H. Robinson Worldwide, Inc. CHRW
- Brinks Co BCO
- Hub Group, Inc. HUBG
- Radiant Logistics, Inc RLGT
- PS International Group Ltd. PSIG
- New Century Logistics (BVI) Ltd NCEW
- Freightos Ltd CRGO
All 20 Arrangement of Transportation of Freight & Cargo companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.5B | $1.4B | $1.7B | $1.4B |
| Operating income | $36.4M | -$1.1B | $88.2M | $247.6M | $147.0M |
| Net income | -$107.8M | -$817.0M | $167.4M | $193.2M | $105.9M |
| Diluted EPS | -$3.51 | -$30.63 | $6.40 | $7.14 | $3.85 |
| Operating cash flow | $44.4M | -$69.0M | $199.2M | $250.2M | $120.6M |
| Free cash flow | $15.3M | -$106.1M | $168.5M | $210.9M | $82.2M |
| Total assets | $2.7B | $2.8B | $3.0B | $1.2B | $1.1B |
| Stockholders' equity | $113.3M | $201.7M | $764.3M | $707.2M | $593.7M |
| Cash and investments | $106.0M | $104.9M | $122.0M | $45.8M | $37.3M |
| Total debt | $2.2B | $2.1B | $155.3M | $277.8M | $320.1M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Other events
|
Oct 28, 2026 | Oct 28, 2026 |
| 10-Q | Quarterly report | Aug 5, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations
|
Aug 5, 2026 | Aug 5, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Jul 21, 2026 | Jul 21, 2026 |
| 8-K |
Current report
Officer or director change
|
Jul 10, 2026 | Jul 10, 2026 |
| 8-K |
Current report
Shareholder vote results
|
Jun 17, 2026 | Jun 17, 2026 |
All 1008 Forward Air Corporation SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.