MARKETS / NASDAQ / FWRD

NASDAQ · ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO · MID CAP

Forward AIR Corp. FWRD

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$2.5B

▲ 0.8% YoY

Net income

$-107.8M

Free cash flow

$15.3M

In brief

What this company does

Forward Air Corporation provides ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia. As of December 31, 2025, it had 6,062 full-time employees, which includes 1,994 freight handlers, and an additional 294 part-time employees, the majority of which were freight handlers. Its services are classified into three reportable segments: Expedited Freight, Omni Logistics, and Intermodal. The Expedited Freight segment operates a comprehensive network in the continental United States that provides expedited regional, inter-regional and national LTL services, offers customers local pick-up and delivery and other services including truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling services, and during the year ended December 31, 2025 it accounted for approximately 40% of the company's consolidated revenue. The Omni Logistics segment operates an asset-light logistics and supply chain management business, delivering domestic and international freight forwarding, fulfillment services, customs brokerage, distribution and value-added services for time-sensitive freight to United States-based customers operating both domestically and internationally, and during the year ended December 31, 2025 it accounted for approximately 50% of the company's consolidated revenue. The Intermodal segment provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads in the United States, also offers dedicated contract and Container Freight Station warehouse and handling services, operates primarily in the Midwest and Southeast with a smaller operational presence in the Southwest, Mid-Atlantic and West Coast, and during the year ended December 31, 2025 it accounted for approximately 10% of the company's consolidated revenue. Forward was founded in 1981 in Greeneville, Tennessee, and in 2025 the Company changed its state of incorporation from Tennessee to Delaware and moved its headquarters from Greeneville to Dallas, Texas.

Written from the business description in FORWARD AIR CORP's annual report to the U.S. Securities and Exchange Commission, filed 11 March 2026. Every sentence was checked against that document before publication.

Growth

USD 2.5B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 2.5 · Net income -0.1

Compound annual growth

Revenue

+14.1%

+14.5%

+10.0%

+11.6%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +14.5% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−6 cents

lost on every revenue dollar

Operating margin Net margin

FY2025 · Operating 1.5% · Net -5.7%

ROE

FY2025 · ROE -68.4%

Gross margin—

Operating margin1.5%

Net margin-5.7%

Return on assets-5.1%

EBITDAUSD 189.1M

Each USD of equity lost 68 cents this year.

Cash & shareholders

—

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 15.3

Net buybacks $M Dividends $M

FY2025 · Dividends 0.0 · Net buybacks -0.8

Dividends paid—

Net buybacksUSD -846,000.00

Share of profit-0.0%

Consecutive raises—

Total assetsUSD 2.7B

EquityUSD 113.3M

CashUSD 106.0M

Gross debtUSD 1.7B

Net debtUSD 1.6B

Current ratio1.22×

Net debt stands at 1395% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	2.5	2.5	1.4	1.7	1.4	1.3	1.2	1.1	1.2	1.0	1.0	0.8	0.7	0.6	0.5	0.5	0.4	0.5
Operating income $B	0.0	−1.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
EBITDA $B	0.2	−0.9	0.1	0.3	0.2	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1
Income tax $B	−0.0	−0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	−0.1	−0.8	0.2	0.2	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Free cash flow $B	0.0	−0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.0	0.1	0.0	0.0	0.0
EPS, diluted $	−3.51	−30.63	6.40	7.14	3.85	0.84	3.04	3.12	2.89	0.90	1.78	1.96	1.77	1.78	1.60	1.10	0.34	1.47
Dividend / sh $	0.00	0.00	0.96	0.96	0.84	0.75	0.72	0.63	0.60	0.51	0.48	0.48	0.40	0.34	0.28	0.28	0.28	0.28
Payout %	−0	−0	15	13	22	88	24	20	21	56	27	24	22	19	17	25	83	19
ROE %	−68.4	−169.1	22.7	29.7	18.6	4.2	15.4	17.0	16.9	5.5	11.4	13.6	13.8	16.5	17.4	13.3	4.4	19.7
Shares out B	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	·	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures · 1 divergences in 70 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 20 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures1 divergent

ActivityArrangement of Transportation of Freight & Cargo

Listed onNASDAQ

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2008