All currency values in $ millions unless otherwise noted
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| Income Statement | TTM | DEC 2025 | DEC 2024 | DEC 2023 | DEC 2022 | DEC 2021 |
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Revenue | $2,518 | $2,495 | $2,474 | $1,371 | $1,680 | $1,387 |
| Other Operating Expenses | $255 | $243 | $310 | $192 | $197 | $128 |
| Total Operating Expenses | $2,687 | $2,459 | $3,537 | $1,283 | $1,432 | $1,240 |
| Operating Income | -$169 | $36 | -$1,063 | $88 | $248 | $147 |
| Non-Operating | ||||||
| Net Interest Expense | -$177 | -$181 | -$189 | -$32 | -$5 | -$4 |
| Other Non-Operating Income (Expense) | -$5 | -$3 | $2 | $0 | $0 | $0 |
| EBT (Earnings Before Tax) | -$351 | -$147 | -$1,250 | $57 | $242 | $143 |
| Income Tax Expense | -$7 | -$5 | -$125 | $14 | $63 | $36 |
| Earnings from Continuing Ops | -$314 | -$142 | -$1,125 | $43 | $179 | $107 |
| Minority Interest | -$60 | -$34 | -$314 | $0 | $0 | – |
| Net Income | ||||||
| Net Income | -$268 | -$108 | -$817 | $167 | $193 | $106 |
| Per Share Data | ||||||
| Revenue Per Share | $77.52 | $81.23 | $89.84 | $52.71 | $62.38 | $50.83 |
| EPS (Basic) | -$8.89 | -$3.51 | -$30.63 | $6.42 | $7.17 | $3.87 |
| EPS (Diluted) | -$8.89 | -$3.51 | -$30.63 | $6.40 | $7.14 | $3.85 |
| Weighted Avg Shares (Basic) | 32.5M | 30.7M | 27.5M | 25.9M | 26.8M | 27.2M |
| Weighted Avg Shares (Diluted) | 32.5M | 30.7M | 27.5M | 26.0M | 26.9M | 27.3M |
| Shares Outstanding | 32.5M | 30.7M | 27.5M | 26.0M | 26.9M | 27.3M |
| Dividends Per Share | – | $0.00 | $0.00 | $0.96 | $0.96 | $0.84 |
Forward Air (FWRD) financials: revenue, profit and margins
Forward Air (FWRD) generated about $2.5 billion in revenue and -$268 million in net income (a -10.6% net margin) over the trailing twelve months, growing at roughly 14.5% a year. Figures are from SEC filings; this is analysis, not investment advice.
Frequently asked
What is Forward Air's (FWRD) revenue?+
Forward Air generated about $2.5 billion in revenue over the trailing twelve months. Revenue has grown at roughly 14.5% a year over the past five years. Revenue is the top line, before any costs; what matters for value is how much of it survives to free cash flow. The full income statement, balance sheet and cash-flow statement are on this tab.
Is Forward Air profitable?+
Forward Air reported about -$268 million in net loss over the trailing twelve months, a net margin of roughly -10.6%. Net income is the bottom line after all costs, interest and taxes. Compare it to free cash flow on this tab, since reported profit and actual cash generated can diverge.
What are Forward Air's profit margins?+
Forward Air runs an operating margin of about -6.7%, a net margin of about -10.6%. Margins show how much of each sales dollar a company keeps at each stage. Stable or rising margins usually signal pricing power and cost discipline; falling margins are worth investigating. See the multi-year trend on this tab.
How fast is Forward Air growing?+
Forward Air's revenue has compounded at roughly 14.5% a year over the past five years. Growth only creates value when it is profitable and cash-generative, so read this rate alongside FWRD's margins and free cash flow. This is analysis from SEC filings, not investment advice.
SourceFinancial statements computed from the 10-Q filed 29 Jul 2026, covering the period ending 30 Jun 2026, as reported to the SEC. Data last refreshed 6 Aug 2026. How this is calculated.
Fiscal year ends Dec.
Peers
Arrangement of Transportation of Freight & Cargo · Pick stocks to compare with FWRD
Held by ETFs
FWRD is in 15 US ETFs. The largest of them, with FWRD's weight in each:
iShares Russell 2000 Growth ETFIWO0.03%of the fund
Schwab Fundamental U.S. Small Company ETFFNDA0.05%of the fund
Vanguard Industrials ETFVIS0.01%of the fund
Invesco RAFI US 1500 Small-Mid ETFPRFZ0.05%of the fund
Fidelity MSCI Industrials Index ETFFIDU0.00%of the fund
Spot a number that looks wrong? Check it in FWRD's SEC filings or
Download this analysis as a PDF (Pro)
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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