What is Forward Air's earnings per share (EPS)?

Forward Air (FWRD) reported diluted earnings per share of $-3.51 for fiscal year 2025. This represents a 88.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Forward Air Financials

FWRD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Forward Air (FWRD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 18/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Forward Air has an operating margin of 1.5%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 25/100, suggesting thin profitability after operating expenses. This is up from -43.0% the prior year.

Growth

Forward Air's revenue grew a modest 0.8% year-over-year to $2.5B. This slow but positive growth earns a score of 35/100.

Leverage

Forward Air has elevated debt relative to equity (D/E of 14.89), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Forward Air's current ratio of 1.22 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.

Cash Flow

Forward Air's free cash flow margin of 0.6% results in a low score of 27/100. Capital expenditures of $29.1M absorb a large share of operating cash flow.

Returns

Forward Air generates a -95.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -405.0% the prior year.

Altman Z-Score Distress

0.90

Forward Air scores 0.90, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

4/9

Forward Air passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-0.41x

For every $1 of reported earnings, Forward Air generates $-0.41 in operating cash flow ($44.4M OCF vs -$107.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.2x

Forward Air earns $0.2 in operating income for every $1 of interest expense ($36.4M vs $180.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.5B

YoY+0.8%

5Y CAGR+14.5%

10Y CAGR+10.0%

Forward Air generated $2.5B in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.

EBITDA

$189.1M

YoY+120.6%

5Y CAGR+11.2%

10Y CAGR+4.7%

Forward Air's EBITDA was $189.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 120.6% from the prior year.

Net Income

-$107.8M

YoY+86.8%

Forward Air reported -$107.8M in net income in fiscal year 2025. This represents an increase of 86.8% from the prior year.

EPS (Diluted)

$-3.51

YoY+88.5%

Forward Air earned $-3.51 per diluted share (EPS) in fiscal year 2025. This represents an increase of 88.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$15.3M

YoY+114.4%

5Y CAGR-27.4%

10Y CAGR-10.3%

Forward Air generated $15.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 114.4% from the prior year.

Cash & Debt

$106.0M

YoY+1.0%

5Y CAGR+21.4%

10Y CAGR+12.3%

Forward Air held $106.0M in cash against $1.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.00

Forward Air paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding

31M

YoY+5.3%

5Y CAGR+2.8%

10Y CAGR+0.3%

Forward Air had 31M shares outstanding in fiscal year 2025. This represents an increase of 5.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

1.5%

YoY+44.4pp

5Y CAGR-4.4pp

10Y CAGR-7.1pp

Forward Air's operating margin was 1.5% in fiscal year 2025, reflecting core business profitability. This is up 44.4 percentage points from the prior year.

Net Margin

-4.3%

YoY+28.7pp

5Y CAGR-6.2pp

10Y CAGR-10.1pp

Forward Air's net profit margin was -4.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 28.7 percentage points from the prior year.

Return on Equity

-95.1%

YoY+309.9pp

5Y CAGR-99.4pp

10Y CAGR-106.0pp

Forward Air's ROE was -95.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 309.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

Forward Air spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$29.1M

YoY-21.4%

5Y CAGR+7.5%

10Y CAGR-3.2%

Forward Air invested $29.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.4% from the prior year.

FWRD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.5B+0.8%	$2.5B+80.5%	$1.4B-18.4%	$1.7B+21.1%	$1.4B+9.3%	$1.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	$650.7M
Gross Profit	N/A	N/A	N/A	N/A	N/A	$618.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$36.4M+103.4%	-$1.1B-1305.0%	$88.2M-64.4%	$247.6M+68.4%	$147.0M+98.9%	$73.9M
Interest Expense	$180.7M-4.5%	$189.2M+499.3%	$31.6M+514.5%	$5.1M+18.4%	$4.3M-4.9%	$4.6M
Income Tax	-$5.5M+95.6%	-$125.0M-1003.4%	$13.8M-78.1%	$63.0M+76.0%	$35.8M+115.8%	$16.6M
Net Income	-$107.8M+86.8%	-$817.0M-588.2%	$167.4M-13.4%	$193.2M+82.5%	$105.9M+346.0%	$23.7M
EPS (Diluted)	$-3.51+88.5%	$-30.63-578.6%	$6.40-10.4%	$7.14+85.5%	$3.85+358.3%	$0.84

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$631.2M-0.1%	$631.8M+2.1%	$618.8M+0.9%	$613.3M-3.1%	$632.8M-3.5%	$655.9M+1.9%	$643.7M+18.8%	$541.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$2.9M-119.1%	$15.0M-23.1%	$19.5M+309.9%	$4.8M	N/A	$22.7M+102.1%	-$1.1B-1567.0%	-$65.7M
Interest Expense	$45.1M+0.7%	$44.8M-1.2%	$45.3M-0.5%	$45.5M	N/A	$52.8M+11.6%	$47.3M+16.0%	$40.8M
Income Tax	-$8.7M-2359.0%	$385K+102.3%	-$16.7M-185.5%	$19.6M	N/A	$1.3M+100.7%	-$174.9M-853.4%	-$18.4M
Net Income	-$28.3M-74.3%	-$16.3M-29.1%	-$12.6M+75.2%	-$50.6M-39.1%	-$36.4M+50.4%	-$73.4M+88.6%	-$645.4M-945.9%	-$61.7M
EPS (Diluted)	N/A	$-0.52-26.8%	$-0.41+75.6%	$-1.68-35.5%	$-1.24+53.4%	$-2.66+88.7%	$-23.47-735.2%	$-2.81

FWRD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.7B-3.0%	$2.8B-5.9%	$3.0B+146.6%	$1.2B+8.1%	$1.1B+6.7%	$1.0B
Current Assets	$521.0M+10.3%	$472.5M+36.2%	$347.0M+14.0%	$304.3M+7.6%	$282.8M+15.0%	$245.9M
Cash & Equivalents	$106.0M+1.0%	$104.9M-14.0%	$122.0M+166.2%	$45.8M+22.8%	$37.3M-7.3%	$40.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$343.6M+6.6%	$322.3M+110.3%	$153.3M-18.6%	$188.2M-9.5%	$208.1M+33.0%	$156.5M
Goodwill	$522.7M0.0%	$522.7M+87.5%	$278.7M+8.0%	$258.0M+18.0%	$218.6M-10.8%	$245.0M
Total Liabilities	$2.6B+0.2%	$2.6B+17.4%	$2.2B+342.3%	$500.8M-4.5%	$524.2M+4.8%	$500.1M
Current Liabilities	$428.3M+11.5%	$384.0M+62.0%	$237.1M+40.0%	$169.4M+2.9%	$164.7M-4.0%	$171.6M
Long-Term Debt	$1.7B+0.7%	$1.7B	$0-100.0%	$106.6M-31.4%	$155.5M+38.3%	$112.4M
Total Equity	$113.3M-43.8%	$201.7M-73.6%	$764.3M+8.1%	$707.2M+19.1%	$593.7M+8.5%	$547.3M
Retained Earnings	-$447.1M-32.2%	-$338.2M-170.4%	$480.3M+10.1%	$436.1M+30.2%	$334.9M+10.1%	$304.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$2.7B-2.7%	$2.8B+1.2%	$2.8B-1.5%	$2.8B0.0%	$2.8B-8.3%	$3.1B-0.4%	$3.1B-22.5%	$4.0B
Current Assets	$521.0M-5.7%	$552.5M+16.4%	$474.6M-3.8%	$493.4M+4.4%	$472.5M-13.3%	$545.1M-2.4%	$558.6M-1.9%	$569.4M
Cash & Equivalents	$106.0M-24.5%	$140.4M+47.5%	$95.1M-18.2%	$116.3M+10.9%	$104.9M-23.2%	$136.6M+60.9%	$84.9M-44.2%	$152.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$343.6M+0.6%	$341.4M+1.7%	$335.7M-0.2%	$336.4M+4.4%	$322.3M-10.7%	$361.0M-2.1%	$368.9M+4.9%	$351.8M
Goodwill	$522.7M0.0%	$522.7M0.0%	$522.7M0.0%	$522.7M0.0%	$522.7M-27.0%	$716.1M+31.3%	$545.4M-60.5%	$1.4B
Total Liabilities	$2.6B-1.8%	$2.7B+1.7%	$2.6B-1.5%	$2.6B+1.9%	$2.6B-8.1%	$2.8B+1.7%	$2.8B-8.2%	$3.0B
Current Liabilities	$428.3M-6.9%	$460.0M+16.0%	$396.7M-9.5%	$438.3M+14.1%	$384.0M-14.4%	$448.7M+6.8%	$420.0M-5.6%	$444.8M
Long-Term Debt	$1.7B+0.2%	$1.7B+0.2%	$1.7B+0.2%	$1.7B+0.2%	$1.7B+0.2%	$1.7B-0.2%	$1.7B+0.8%	$1.7B
Total Equity	$113.3M-18.9%	$139.8M-7.9%	$151.8M-1.8%	$154.6M-23.3%	$201.7M-10.8%	$226.1M-20.3%	$283.8M-69.4%	$926.1M
Retained Earnings	-$447.1M-6.8%	-$418.8M-4.1%	-$402.5M-3.3%	-$389.8M-15.2%	-$338.2M-12.1%	-$301.6M-32.2%	-$228.2M-154.7%	$417.3M

FWRD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$44.4M+164.3%	-$69.0M-134.6%	$199.2M-20.4%	$250.2M+107.4%	$120.6M+25.5%	$96.1M
Capital Expenditures	$29.1M-21.4%	$37.1M+20.6%	$30.7M-21.7%	$39.3M+2.3%	$38.4M+89.3%	$20.3M
Free Cash Flow	$15.3M+114.4%	-$106.1M-163.0%	$168.5M-20.1%	$210.9M+156.5%	$82.2M+8.4%	$75.8M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$0	$0-100.0%	$25.0M-3.4%	$25.9M+12.6%	$23.0M+10.1%	$20.9M
Share Buybacks	$0	$0-100.0%	$93.8M+49.4%	$62.8M+28.1%	$49.0M+8.3%	$45.2M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$22.7M-143.1%	$52.7M+498.8%	-$13.2M-147.9%	$27.6M+218.8%	-$23.2M-145.4%	$51.2M+213.2%	-$45.2M+12.6%	-$51.7M
Capital Expenditures	$8.4M+102.9%	$4.1M-13.3%	$4.7M-60.2%	$11.9M+64.2%	$7.3M-30.4%	$10.4M-27.8%	$14.4M+190.3%	$5.0M
Free Cash Flow	-$31.1M-163.9%	$48.6M+370.6%	-$18.0M-214.3%	$15.7M+151.5%	-$30.5M-174.9%	$40.7M+168.3%	-$59.6M-5.2%	-$56.7M
Investing Cash Flow	N/A	-$3.9M+0.8%	-$3.9M+65.4%	-$11.2M	N/A	-$9.5M+32.1%	-$14.0M+99.1%	-$1.6B
Financing Cash Flow	N/A	-$3.7M+20.7%	-$4.6M+13.3%	-$5.3M	N/A	-$6.4M-52.1%	-$4.2M+97.3%	-$158.7M
Dividends Paid	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0	$0	$0

FWRD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	48.8%
Operating Margin	1.5%+44.4pp	-43.0%-49.4pp	6.4%-8.3pp	14.7%+4.1pp	10.6%+4.8pp	5.8%
Net Margin	-4.3%+28.7pp	-33.0%-45.2pp	12.2%+0.7pp	11.5%+3.9pp	7.6%+5.8pp	1.9%
Return on Equity	-95.1%+309.9pp	-405.0%-426.9pp	21.9%-5.4pp	27.3%+9.5pp	17.8%+13.5pp	4.3%
Return on Assets	-4.0%+25.2pp	-29.1%-34.8pp	5.6%-10.4pp	16.0%+6.5pp	9.5%+7.2pp	2.3%
Current Ratio	1.22-0.0	1.23-0.2	1.46-0.3	1.80+0.1	1.72+0.3	1.43
Debt-to-Equity	14.89+6.6	8.31+8.3	0.00-0.2	0.15-0.1	0.26+0.1	0.21
FCF Margin	0.6%+4.9pp	-4.3%-16.6pp	12.3%-0.3pp	12.6%+6.6pp	5.9%-0.0pp	6.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-0.4%-2.8pp	2.4%-0.8pp	3.1%+2.4pp	0.8%	N/A	3.5%+173.7pp	-170.2%-158.1pp	-12.1%
Net Margin	-4.5%-1.9pp	-2.6%-0.5pp	-2.0%+6.2pp	-8.3%-2.5pp	-5.8%+5.4pp	-11.2%+89.1pp	-100.3%-88.9pp	-11.4%
Return on Equity	-25.0%-13.4pp	-11.6%-3.3pp	-8.3%+24.5pp	-32.8%-14.7pp	-18.1%+14.4pp	-32.5%+195.0pp	-227.5%-220.8pp	-6.7%
Return on Assets	-1.0%-0.5pp	-0.6%-0.1pp	-0.5%+1.4pp	-1.8%-0.5pp	-1.3%+1.1pp	-2.4%+18.6pp	-21.0%-19.5pp	-1.6%
Current Ratio	1.22+0.0	1.200.0	1.20+0.1	1.13-0.1	1.23+0.0	1.21-0.1	1.33+0.0	1.28
Debt-to-Equity	14.89+2.8	12.05+1.0	11.08+0.2	10.86+2.5	8.31+0.9	7.40+1.5	5.91+4.1	1.80
FCF Margin	-4.9%-12.6pp	7.7%+10.6pp	-2.9%-5.5pp	2.6%+7.4pp	-4.8%-11.0pp	6.2%+15.5pp	-9.3%+1.2pp	-10.5%

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Frequently Asked Questions

What is Forward Air's annual revenue?

Forward Air (FWRD) reported $2.5B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Forward Air's revenue growing?

Forward Air (FWRD) revenue grew by 0.8% year-over-year, from $2.5B to $2.5B in fiscal year 2025.

Is Forward Air profitable?

No, Forward Air (FWRD) reported a net income of -$107.8M in fiscal year 2025, with a net profit margin of -4.3%.

What is Forward Air's EBITDA?

Forward Air (FWRD) had EBITDA of $189.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Forward Air have?

As of fiscal year 2025, Forward Air (FWRD) had $106.0M in cash and equivalents against $1.7B in long-term debt.

What is Forward Air's operating margin?

Forward Air (FWRD) had an operating margin of 1.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Forward Air's net profit margin?

Forward Air (FWRD) had a net profit margin of -4.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Forward Air's return on equity (ROE)?

Forward Air (FWRD) has a return on equity of -95.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Forward Air's free cash flow?

Forward Air (FWRD) generated $15.3M in free cash flow during fiscal year 2025. This represents a 114.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Forward Air's operating cash flow?

Forward Air (FWRD) generated $44.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Forward Air's total assets?

Forward Air (FWRD) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Forward Air's capital expenditures?

Forward Air (FWRD) invested $29.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Forward Air have outstanding?

Forward Air (FWRD) had 31M shares outstanding as of fiscal year 2025.

What is Forward Air's current ratio?

Forward Air (FWRD) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.

What is Forward Air's debt-to-equity ratio?

Forward Air (FWRD) had a debt-to-equity ratio of 14.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Forward Air's return on assets (ROA)?

Forward Air (FWRD) had a return on assets of -4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Forward Air's Altman Z-Score?

Forward Air (FWRD) has an Altman Z-Score of 0.90, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Forward Air's Piotroski F-Score?

Forward Air (FWRD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Forward Air's earnings high quality?

Forward Air (FWRD) has an earnings quality ratio of -0.41x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Forward Air cover its interest payments?

Forward Air (FWRD) has an interest coverage ratio of 0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Forward Air?

Forward Air (FWRD) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.