FWRD
Forward Air Corporation
NASDAQ: FWRD · INDUSTRIALS · INTEGRATED FREIGHT & LOGISTICS
$21.06
-2.09% today
Updated 2026-04-30
Market cap
$739.63M
P/E ratio
—
P/S ratio
0.30x
EPS (TTM)
$-3.51
Dividend yield
—
52W range
$14 – $32
Volume
0.7M
Forward Air Corporation (FWRD) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $352.76M | $392.74M | $474.44M | $417.41M | $483.94M | $536.40M | $584.45M | $652.48M | $780.96M | $959.13M | $982.53M | $1.10B | $1.32B | $1.22B | $1.27B | $1.39B | $1.68B | $1.37B | $2.47B | $2.50B |
| Revenue growth (YoY) | — | +11.3% | +20.8% | -12.0% | +15.9% | +10.8% | +9.0% | +11.6% | +19.7% | +22.8% | +2.4% | +12.0% | +20.0% | -8.0% | +4.5% | +9.3% | +21.1% | -18.4% | +80.5% | +0.8% |
| Cost of revenue | $193.98M | $222.06M | $180.99M | $144.73M | $175.16M | $268.96M | $446.77M | $504.82M | $601.96M | $768.71M | $767.29M | $864.30M | $1.05B | $961.39M | $1.04B | $1.07B | $1.19B | $1.04B | $2.13B | $1.98B |
| Gross profit | $158.78M | $170.68M | $293.45M | $272.68M | $308.78M | $267.44M | $137.67M | $147.66M | $179.00M | $190.42M | $215.24M | $236.51M | $266.04M | $253.80M | $229.11M | $313.95M | $491.67M | $330.15M | $339.65M | $510.94M |
| Gross margin | 45.0% | 43.5% | 61.9% | 65.3% | 63.8% | 49.9% | 23.6% | 22.6% | 22.9% | 19.9% | 21.9% | 21.5% | 20.1% | 20.9% | 18.0% | 22.6% | 29.3% | 24.1% | 13.7% | 20.5% |
| R&D | — | — | — | — | $0.00 | $0.00 | $1.10M | $1.23M | $1.46M | $1.53M | $1.66M | $1.82M | $1.78M | $1.71M | $2.05M | $2.39M | $2.56M | — | — | — |
| SG&A | $86.38M | $96.49M | $124.60M | $118.57M | $129.11M | $130.65M | $11.31M | $12.62M | $15.74M | $21.48M | $25.39M | $29.58M | $35.18M | $38.73M | $34.91M | $39.41M | $47.48M | $50.13M | $64.68M | $58.97M |
| Operating income | $75.40M | $71.05M | $70.28M | $18.79M | $53.74M | $77.11M | $83.53M | $84.36M | $96.41M | $81.77M | $59.98M | $108.67M | $122.03M | $112.42M | $73.92M | $147.03M | $247.59M | $88.21M | $-1.06B | $36.42M |
| Operating margin | 21.4% | 18.1% | 14.8% | 4.5% | 11.1% | 14.4% | 14.3% | 12.9% | 12.3% | 8.5% | 6.1% | 9.9% | 9.2% | 9.3% | 5.8% | 10.6% | 14.7% | 6.4% | -43.0% | 1.5% |
| EBITDA | $84.33M | $83.63M | $87.26M | $38.34M | $74.28M | $98.18M | $104.57M | $108.03M | $127.83M | $118.87M | $98.19M | $149.80M | $164.21M | $148.81M | $111.05M | $181.99M | $290.14M | $145.62M | $-916.64M | $186.19M |
| EBITDA margin | 23.9% | 21.3% | 18.4% | 9.2% | 15.3% | 18.3% | 17.9% | 16.6% | 16.4% | 12.4% | 10.0% | 13.6% | 12.4% | 12.2% | 8.7% | 13.1% | 17.3% | 10.6% | -37.0% | 7.5% |
| EBIT | $75.40M | $72.80M | $70.65M | $18.62M | $53.83M | $77.18M | $83.55M | $84.45M | $96.69M | $81.71M | $59.98M | $108.75M | $122.03M | $112.42M | $73.92M | $147.03M | $247.59M | $88.21M | $-1.06B | $33.55M |
| Interest expense | $81000.00 | $491000.00 | $1.24M | $670000.00 | $730000.00 | $619000.00 | $391000.00 | $532000.00 | $610000.00 | $2.05M | $1.60M | $1.21M | $1.78M | $2.71M | $4.56M | $4.34M | $5.14M | $31.57M | $189.22M | $180.75M |
| Income tax | $29.62M | $27.39M | $26.87M | $8.24M | $21.06M | $29.37M | $30.49M | $29.45M | $34.92M | $24.09M | $30.72M | $20.13M | $28.20M | $27.38M | $16.59M | $35.81M | $63.04M | $13.84M | $-124.99M | — |
| Effective tax rate | 37.7% | 37.9% | 38.7% | 45.3% | 39.7% | 38.4% | 36.7% | 35.1% | 36.3% | 30.2% | 52.6% | 18.7% | 23.4% | 23.9% | 41.1% | 25.3% | 24.6% | 7.6% | 13.3% | 0.0% |
| Net income | $48.92M | $44.92M | $42.54M | $9.95M | $32.04M | $47.20M | $52.67M | $54.47M | $61.17M | $55.58M | $27.67M | $87.32M | $92.05M | $87.10M | $23.73M | $105.86M | $193.19M | $167.35M | $-816.97M | $-107.80M |
| Net income growth (YoY) | — | -8.2% | -5.3% | -76.6% | +222.1% | +47.3% | +11.6% | +3.4% | +12.3% | -9.1% | -50.2% | +215.6% | +5.4% | -5.4% | -72.8% | +346.0% | +82.5% | -13.4% | -588.2% | +86.8% |
| Profit margin | 13.9% | 11.4% | 9.0% | 2.4% | 6.6% | 8.8% | 9.0% | 8.3% | 7.8% | 5.8% | 2.8% | 7.9% | 7.0% | 7.2% | 1.9% | 7.6% | 11.5% | 12.2% | -33.0% | -4.3% |