Forward Air Corporation (FWRD) — Financial statements
Income statement, balance sheet, and cash flow for Forward Air Corporation — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 2,495↑0.8% | 2,474↑80.5% | 1,371↓18.4% | 1,680↑21.1% | 1,387 | |
| Cost of Revenue | 1,984↓7.0% | 2,135↑105.1% | 1,041↓12.4% | 1,188↑10.7% | 1,073 | |
| Gross Profit | 511↑50.4% | 340↑2.9% | 330↓32.9% | 492↑56.6% | 314 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 0.00↓100.0% | 65↑29.0% | 50↑5.6% | 47↑20.5% | 39 | |
| Selling & Marketing Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 0.00↓100.0% | 65↑29.0% | 50↑5.6% | 47↑20.5% | 39 | |
| Other Expenses | 475↓64.5% | 1,338↑597.5% | 192↓2.4% | 197↑54.2% | 128 | |
| Operating Expenses | 475↓66.2% | 1,403↑479.7% | 242↓0.9% | 244↑46.2% | 167 | |
| Total Costs & Expenses | 2,459↓30.5% | 3,537↑175.8% | 1,283↓10.4% | 1,432↑15.5% | 1,240 | |
| Operating Results | ||||||
| Operating Income | 36↑103.4% | -1,063↓1305.0% | 88↓64.4% | 248↑68.4% | 147 | |
| Depreciation & Amortization | 153↑6.0% | 144↑150.8% | 57↑34.9% | 43↑21.7% | 35 | |
| EBITDA | 186↑120.3% | -917↓729.5% | 146↓49.8% | 290↑59.4% | 182 | |
| EBIT | 34↑103.2% | -1,061↓1302.4% | 88↓64.4% | 248↑68.4% | 147 | |
| Interest & Other Income | ||||||
| Net Interest Income | -181↑4.5% | -189↓499.3% | -32↓514.5% | -5↓18.4% | -4 | |
| Interest Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Interest Expense | 181↓4.5% | 189↑499.3% | 32↑514.5% | 5↑18.4% | 4 | |
| Non-Operating Income | 3↑223.9% | -2 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | -184↑1.8% | -187↓492.0% | -32↓514.5% | -5↓18.4% | -4 | |
| Income Before Tax | -147↑88.2% | -1,250↓2306.7% | 57↓76.6% | 242↑69.9% | 143 | |
| Income Tax Expense | -5↑95.6% | -125↓1003.4% | 14↓78.1% | 63↑76.0% | 36 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | -142↑87.4% | -1,125↓2727.9% | 43↓76.1% | 179↑67.9% | 107 | |
| Net Income from Discontinued Operations | 0.00↑100.0% | -6↓105.1% | 125↑804.0% | 14↑1450.7% | -1 | |
| Net Income | -108↑86.8% | -817↓588.2% | 167↓13.4% | 193↑82.5% | 106 | |
| Bottom-Line Net Income | -108↑86.8% | -817↓7328.5% | 11↓94.1% | 192↑82.8% | 105 | |
| EPS (Basic) | -3.48↑88.2% | -29.43↓6788.6% | 0.44↓93.9% | 7.18↑85.5% | 3.87 | |
| EPS (Diluted) | -3.48↑88.3% | -29.66↓6997.7% | 0.43↓94.0% | 7.14↑85.5% | 3.85 | |
| Weighted Average Shares | 31↑12.5% | 28↑6.3% | 26↓3.2% | 27↓1.4% | 27 | |
| Weighted Average Diluted Shares | 31↑12.5% | 28↑5.9% | 26↓3.4% | 27↓1.3% | 27 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.