FORWARD AIR CORP

Listed Company

FWRDCIK 0000912728NasdaqAcceleratedArrangement Of Transportation Of Freight & CargoDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.50B

Net Income

$-107.80M

Total Assets

$2.72B

Equity

$113.34M

Shares Out

31.55M

Op. Cash Flow

$44.38M

Business

FORWARD AIR CORP is an asset-light provider of transportation and logistics services specializing in precision, time-sensitive freight movements. It offers expedited less-than-truckload (LTL), truckload, intermodal drayage, freight brokerage, fulfillment, customs brokerage, warehousing, and value-added supply chain services. Its operations are organized into three reportable segments: Expedited Freight, Omni Logistics, and Intermodal, each focused on expedited LTL and truckload, global multimodal logistics and fulfillment, and first-/last-mile container drayage and CFS services, respectively. The company serves customers across North and South America, Europe and Asia through national networks, carrier partnerships and third-party providers.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating revenue	2,495	2,474	1,371	1,680	1,387
Purchased transportation	1,244	1,251	586	730	665
Salaries, wages, and employee benefits	536	536	288	303	288
Operating leases	204	182	87	85	68
Depreciation and amortization	153	144	57	43	35
Insurance and claims	59	65	50	47	39
Fuel expense	20	21	22	27	16
Other operating expenses	243	310	192	197	128
Impairment of goodwill	0	1,028	0	0	—
Total operating expenses	2,459	3,537	1,283	1,432	1,240
Income (loss) from operations	36	−1,063	88	248	147
Interest expense, net	−181	−189	−32	−5	—
Foreign exchange (loss) gain	−6	1	0	0	—
Other income, net	3	1	0	0	0
Total other expense	−184	−187	−32	−5	−4
Income (loss) from continuing operations before income taxes	−147	−1,250	57	242	143
Income tax expense (benefit)	−5	−125	14	63	36
Income (loss) from continuing operations	−142	−1,125	43	—	—
Income (loss) from discontinued operation, net of tax	0	−6	125	—	—
Net (loss) income	−142	−1,131	167	193	—
Net (loss) attributable to noncontrolling interest	−34	−314	0	0	—
Net (loss) income attributable to Forward Air	−108	−817	167	193	106
Continuing operations (in dollars per share)	−3.51	−30.4	1.64	6.66	3.91
Discontinued operations (in dollars per share)	0	−0.23	4.78	0.51	−0.04
Net (loss) income per basic share (in dollars per share)	−3.51	−30.63	6.42	7.17	3.87
Continuing operations (in dollars per share)	−3.51	−30.4	1.64	6.63	3.89
Discontinued operations (in dollars per share)	0	−0.23	4.77	0.51	−0.04
Net (loss) income per diluted share (in dollars per share)	−3.51	−30.63	6.4	7.14	3.85
Dividends per share (in dollars per share)	0	0	0.96	0.96	0.84
Foreign currency translation adjustments	4	−3	0	0	—
Comprehensive income (loss)	−137	−1,134	167	193	—
Comprehensive income (loss) attributable to noncontrolling interest	−33	−314	0	0	—
Comprehensive income (loss) attributable to Forward Air	−104	−820	167	193	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	106	105	122	46	37
Restricted cash and restricted cash equivalents	0	363,000	40	—	—
Accounts receivable, less allowance of $3,749 in 2025 and $3,269 in 2024	344	322	153	188	208
Other receivables	6	205,000	5	0	8
Prepaid expenses	28	29	26	25	22
Other current assets	37	16	1	11	7
Total current assets	521	473	347	304	283
Property and equipment, net of accumulated depreciation and amortization of $340,021 in 2025 and $292,855 in 2024	298	326	258	246	—
Operating lease right-of-use assets	413	410	112	131	148
Goodwill	523	523	279	258	219
Other acquired intangibles, net of accumulated amortization of $301,453 in 2025 and $212,905 in 2024	907	999	135	116	155
Other long-term assets	58	72	—	—	—
Total assets	2,719	2,803	2,980	1,208	1,118
Accounts payable	122	106	45	50	45
Accrued expenses	114	120	63	50	62
Other current liabilities	69	45	72	4	5
Current portion of finance lease obligations	16	17	—	—	—
Current portion of operating lease liabilities	107	96	44	42	48
Total current liabilities	428	384	237	169	165
Finance lease obligations, less current portion	22	31	27	16	10
Long-term debt	1,687	1,676	0	107	155
Liability under tax receivable agreement	12	13	—	—	—
Operating lease liabilities, less current portion	327	326	72	93	101
Other long-term liabilities	54	49	47	59	50
Deferred income taxes	27	38	42	51	43
Preferred stock, value	0	0	0	0	0
Common stock, $0.01 par value: Authorized shares 50,000,000; issued and outstanding shares - 31,326,561 in 2025 and 29,761,197 in 2024	313,000	298,000	257,000	265,000	270,000
Additional paid-in capital	560	542	284	271	258
Accumulated deficit	−447	−338	480	436	335
Accumulated other comprehensive income (loss)	580,000	−3	0	—	—
Total Forward Air shareholders' equity	113	202	764	707	594
Noncontrolling interest	48	84	0	—	—
Total shareholders' equity	162	286	764	707	594
Total liabilities and shareholders' equity	2,719	2,803	2,980	1,208	1,118

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	13	10	11	11	11
Provision for revenue adjustments	3	4	5	6	6
Deferred income tax benefit	−11	−134	−9	8	1
Impairment of abandoned software project costs	20	0	0	—	—
Other	12	15	−1	−1	207,000
Accounts receivable	−18	10	31	−3	−42
Other receivables	−7	10	−5	8	−8
Other current and noncurrent assets	−24	−15	31	−13	−7
Accounts payable, accrued expenses and other liabilities	46	−16	37	—	—
Net cash provided by (used in) operating activities of continuing operations	44	−69	199	250	121
Proceeds from sale of property and equipment	2	5	4	2	3
Purchases of property and equipment	−29	−37	−31	−39	−38
Purchase of businesses, net of cash acquired	0	−1,576	−57	−66	−60
Other	0	−444,000	0	0	—
Net cash used in investing activities of continuing operations	−27	−1,609	−84	−103	−96
Repayments of finance lease obligations	−17	−18	−10	−6	−2
Proceeds from credit facility	110	75	70	0	195
Payments on credit facility	−110	−155	−179	−49	−150
Proceeds from long-term debt held in escrow	0	0	1,791	0	0
Payment of debt issuance costs	0	−52	0	0	−482,000
Payment of earn-out liability	0	−12	0	−91,000	−7
Payments of dividends to shareholders	0	0	−25	−26	−23
Repurchases and retirement of common stock	0	0	−94	−63	−49
Proceeds from common stock issued under employee stock purchase plan	846,000	753,000	800,000	783,000	911,000
Payment of minimum tax withholdings on share-based awards	−1	−1	−4	−3	−3
Contributions from subsidiary held for sale	0	0	241	8	7
Net cash provided by (used in) financing activities of continuing operations	−18	−164	1,791	−139	−28
Effect of exchange rate changes on cash	791,000	1	0	0	—
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents from continuing operations	730,000	−1,840	1,906	9	—
Net cash used in operating activities of discontinued operations	0	−6	−18	9	−347,000
Net cash provided by investing activities of discontinued operations	0	0	259	−1	7
Net cash used in financing activities of discontinued operations	0	0	−241	−7	−7
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents	730,000	−1,847	1,906	9	−3
Equipment acquired under finance leases	12	12	25	14	7

Filings

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