Forward Air Corporation

Industrials · Integrated Freight & Logistics

15.10$ +3.8% vs. previous close Closing price · As of: Sep 22, 2026

Statements

Income Statement

Forward Air Corporation (FWRD) by the numbers: income statement, balance sheet and cash flow, by year or by quarter. In the most recent period (2025), "Revenue" came in at 2,495 million USD. Tick rows to compare them in a chart.

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Amounts Change % Common size % Per share

Last 12 Full history

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All figures in millions of USD.

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Income Statement FWRD
Line item	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	157	190	130	171	215	228	226	242	282	321	353	393	474	417	484	536	584	652	781	959	983	1,101	1,321	1,215	1,270	1,387	1,680	1,371	2,474	2,495
Cost of Revenue	94	108	79	101	125	136	136	140	159	176	194	222	181	145	175	269	447	505	602	769	767	864	1,055	961	1,040	1,073	1,188	1,041	2,135	1,984
Gross Profit	63	82	52	70	90	91	91	102	123	144	159	171	293	273	309	267	138	148	179	190	215	237	266	254	229	314	492	330	340	511
Research & Development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.0	0.0	1.1	1.2	1.5	1.5	1.7	1.8	1.8	1.7	2.1	2.4	2.6	–	–	–
Selling, General & Administrative	60	73	36	42	55	66	58	65	73	78	86	96	125	119	129	131	11	13	16	21	25	30	35	39	35	39	47	50	65	59
Total Operating Expenses	156	183	117	146	181	203	197	206	234	259	283	329	207	173	186	190	54	63	83	109	113	128	144	141	155	167	244	242	1,403	475
Operating Income	9.3	17	16	26	37	32	33	40	54	67	75	71	70	19	54	77	84	84	96	82	60	109	122	112	74	147	248	88	-1,063	36
Interest Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.1	0.1	0.0	0.1	0.5	1.2	0.7	0.7	0.6	0.4	0.5	0.6	2.0	1.6	1.2	1.8	2.7	4.6	4.3	5.1	32	189	181
Pre-Tax Income	6.4	14	15	26	38	32	34	41	55	71	79	72	69	18	53	77	83	84	96	80	58	107	120	110	69	143	242	57	-1,250	-147
Income Tax Expense	2.5	5.5	5.7	10.0	15	12	13	15	20	26	30	27	27	8.2	21	29	30	29	35	24	31	20	28	27	17	36	63	14	-125	-5.5
Net Income	4.0	8.6	10	16	23	20	22	26	34	45	49	45	43	9.9	32	47	53	54	61	56	28	87	92	87	24	106	193	167	-817	-108
EBITDA	-7.1	-4.7	-56	-72	-85	40	0.1	47	-93	-105	84	84	87	38	74	98	105	108	128	119	98	150	164	149	111	182	290	146	-917	186

Data as of: September 22, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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Income Statement

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