Loading…
Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States, Mexico, Europe, Asia, and Canada. The company operates through three segments: Expedited Freight, Omni Logistics, and Intermodal. Its Expedited Freight segment provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Omni Logistics segment offers full suite of global logistics services, such as air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, value-added services, time-definite transportation services, and other supply chain solutions. Its Intermodal segment provides intermodal container drayage services; and contract and container freight station warehouse and handling services. The company serves freight forwarders, third-party logistics companies, integrated air cargo carriers and passenger, passenger and cargo airlines, steamship lines, and retailers. Forward Air Corporation was incorporated in 1981 and is headquartered in Dallas, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.5B | $186M | $-108M | $15M | -95.1% | 0.8% | -86.8% |
| 2024 | $2.5B | $-917M | $-817M | $-112M | -405.0% | 80.5% | -588.2% |
| 2023 | $1.4B | $146M | $167M | $151M | 21.9% | -18.4% | -13.4% |
| 2022 | $1.7B | $290M | $193M | $220M | 27.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,679.63 | 1,370.74 | 2,474.26 | 2,495.12 |
| Cost Of Revenue | - | 1,187.97 | 1,040.58 | 2,134.61 | 2,156.94 |
| Gross Profit | - | 491.66 | 330.15 | 339.65 | 338.18 |
| Operating Expense | - | 244.07 | 241.94 | 374.19 | 301.75 |
| Operating Income | - | 247.59 | 88.21 | -34.54 | 36.42 |
| EBITDA | - | 290.14 | 145.62 | -916.64 | 186.19 |
| EBIT | - | 247.59 | 88.21 | -1,060.62 | 33.55 |
| Pretax Income | - | 242.45 | 56.64 | -1,249.83 | -147.20 |
| Tax Provision | - | 63.04 | 13.84 | -124.99 | -5.47 |
| Net Income | - | 193.19 | 167.35 | -816.97 | -107.80 |
| Net Income Common Stockholders | - | 192.12 | 167.35 | -816.97 | -107.80 |
| Total Expenses | - | 1,432.04 | 1,282.53 | 2,508.80 | 2,458.69 |
| Interest Expense | - | 5.14 | 31.57 | 189.22 | 180.75 |
| Selling General And Administration | - | 47.48 | 50.13 | 64.68 | 58.97 |
| Normalized EBITDA | - | 290.14 | 145.62 | 110.66 | 192.08 |
| Normalized Income | - | 179.41 | 42.80 | 113.99 | -102.12 |
| Market Cap | 739.63 | 739.63 | 739.63 | 739.63 | 739.63 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Forward Air Corporationthis co. | FWRD | - | -6.86 | 6.53 | -95.1% | 15.00 |
| The Eastern Company | EML | $134M | 22.70 | 1.08 | 5.7% | 9.14 |
| DMC Global Inc. | BOOM | $129M | - | 0.53 | -4.2% | 9.35 |
| Byrna Technologies Inc. | BYRN | $128M | 15.72 | 1.93 | 14.7% | 9.07 |
| JELD-WEN Holding, Inc. | JELD | $123M | - |
| - |
| - |
| - |
| - |
| - |
| - |
| 1.33 |
| -673.6% |
| 29.19 |
| Forrester Research, Inc. | FORR | $121M | - | 0.95 | -94.3% | 3.10 |
| Arq, Inc. | ARQ | $96M | - | 0.57 | -31.3% | 34.71 |
| Mobile Infrastructure Corporation | BEEP | $80M | - | 0.55 | -13.5% | 26.61 |
| Southland Holdings, Inc. | SLND | $60M | - | -0.42 | 231.3% | -1.74 |
| Peer Median | - | 19.21 | 0.76 | -8.8% | 9.25 | |