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FWRD

Forward Air Corporation

FWRD

Forward Air Corporation • NASDAQ
$22.97 ▲ 1.37% (+0.31)
Market Cap $717.71 M
52w High $36.60
52w Low $9.79
Dividend Yield 0%
P/E -5.67
Volume 243.46K
Outstanding Shares 31.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $631.763M ▲ $0 ▼ $-16.25M ▼ -2.572% ▼ $-0.52 ▼ $59.151M ▲
Q2-2025 $618.844M ▲ $95.749M ▲ $-12.583M ▲ -2.033% ▲ $-0.41 ▲ $45.019M ▲
Q1-2025 $613.281M ▼ $70.54M ▼ $-50.637M ▼ -8.257% ▼ $-1.68 ▼ $41.305M ▼
Q4-2024 $632.846M ▼ $95.054M ▲ $-36.416M ▲ -5.754% ▲ $-1.24 ▲ $117.705M ▲
Q3-2024 $655.937M $72.946M $-73.408M -11.191% $-2.63 $45.767M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $140.354M ▲ $2.794B ▲ $2.598B ▲ $139.784M ▼
Q2-2025 $95.128M ▼ $2.761B ▼ $2.545B ▼ $151.794M ▼
Q1-2025 $116.311M ▲ $2.804B ▲ $2.577B ▲ $154.634M ▼
Q4-2024 $104.903M ▼ $2.803B ▼ $2.517B ▼ $201.728M ▼
Q3-2024 $136.616M $3.056B $2.719B $226.084M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.25M ▲ $52.714M ▲ $-3.852M ▲ $-3.662M ▲ $45.047M ▲ $48.599M ▲
Q2-2025 $-20.364M ▲ $-13.217M ▼ $-3.885M ▲ $-4.618M ▲ $-21.367M ▼ $-17.961M ▼
Q1-2025 $-61.191M ▼ $27.615M ▲ $-11.239M ▲ $-5.325M ▼ $11.408M ▲ $15.709M ▲
Q4-2024 $-35.378M ▲ $-23.619M ▼ $-15.708M ▼ $5.562M ▲ $-32.89M ▼ $-30.869M ▼
Q3-2024 $-387.194M $50.017M $-9.472M $-6.437M $33.501M $39.603M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Expedited Freight Segment
Expedited Freight Segment
 $560.00M ▲$250.00M ▼$260.00M ▲$260.00M ▲
Intermodal Segment
Intermodal Segment
 $120.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Forward Air’s revenue has climbed over the past few years, especially after the Omni Logistics deal, but profitability has moved in the opposite direction. The business shifted from steady, modest profits to a very large loss most recently, with operating and net margins turning deeply negative. This suggests significant integration costs, restructuring, and possibly weaker pricing or mix, all putting pressure on earnings. Overall, the income statement shows a company in the middle of a disruptive transition: bigger in size, but currently much less profitable and more volatile than before.

Balance Sheet

Balance Sheet The balance sheet now looks much more leveraged than in prior years. Total assets have grown meaningfully, reflecting acquisitions and expansion, but this has been funded largely with debt rather than retained earnings. Debt levels have climbed sharply, while shareholders’ equity has shrunk, leaving a much thinner cushion to absorb shocks. In simple terms, the company carries a heavier financial load today, which increases sensitivity to interest costs, integration missteps, or a downturn in freight demand.

Cash Flow

Cash Flow Historically, Forward Air produced positive cash flow from its operations and had room for ongoing investment while still generating free cash. Recently that pattern flipped: operating cash flow and free cash flow both turned negative, indicating that the business is currently consuming cash rather than generating it. Capex remains relatively controlled, so the pressure seems tied more to working capital swings, one‑time costs, and weaker profitability. Sustained improvement in cash generation will be important if the company is to comfortably support its higher debt and ongoing integration efforts.

Competitive Edge

Competitive Edge Forward Air occupies a focused niche in expedited, time‑definite freight and specialized logistics rather than trying to compete head‑on with the largest global integrators on every front. Its asset‑light model, dense terminal network, strong ties to contractors, and emphasis on high-value, time-sensitive shipments give it a differentiated role in the supply chain. The Omni Logistics acquisition broadens its reach into international forwarding, customs brokerage, and more complex, door‑to‑door solutions, which can deepen customer relationships. At the same time, the company faces intense competition from larger carriers, other LTL operators, and global forwarders, and integration distractions could temporarily weaken service quality or pricing discipline.

Innovation and R&D

Innovation and R&D Innovation for Forward Air is less about lab-style R&D and more about applying technology and process improvements to logistics. The company is investing in real-time tracking, online quoting and booking, an AI chatbot for customer support, and data analytics to optimize its network and pricing. The Omni integration, “One Ground Network” initiative, and potential automation in terminals all aim to boost efficiency, reliability, and margins. The opportunity is to turn these tools into a smoother, more profitable, and stickier service offering; the risk is that execution lags or competitors move faster with their own digital platforms and automation.

Summary

Forward Air today looks like a company in the middle of a major transformation. It has grown in scale and expanded into more complex, higher-value logistics services, but this expansion has come with much higher debt, weaker earnings, and negative cash flow. The core strategic idea—an asset‑light, technology‑enabled, expedited logistics platform with international and specialized capabilities—remains attractive on paper. The big question is whether management can integrate recent acquisitions, restore healthy margins, and turn the enlarged network into reliable, sustainable cash generation before financial pressures bite too hard. Stakeholders will likely focus on signs of stabilization in profits, debt reduction or refinancing progress, and evidence that the technology and “One Ground Network” strategy are translating into better operational performance.

NEWS

November 5, 2025 · 4:01 PM UTC

Forward Air Corporation Reports Third Quarter 2025 Results

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October 16, 2025 · 4:05 PM UTC

Forward Air Corporation Announces Timing of Third Quarter 2025 Earnings Release and Conference Call

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October 6, 2025 · 1:00 PM UTC

Forward Air Raises $526,000 for Veterans at 2025 Drive for Hope Golf Tournament

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October 1, 2025 · 8:30 AM UTC

Weatherford Launches Industrial Intelligence at FWRD 2025

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September 30, 2025 · 8:30 AM UTC

Weatherford Hosts FWRD 2025 Digital Conference, Showcasing Next-Generation Energy Technologies

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