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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.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 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 | 2025 |
|---|---|
| Total Revenue | 2,495.12 |
| Operating Revenue | 2,495.12 |
| Cost Of Revenue | 2,156.94 |
| Gross Profit | 338.18 |
| Operating Expense | 301.75 |
| Selling General And Administration | 58.97 |
| Total Expenses | 2,458.69 |
| Operating Income | 36.42 |
| Total Operating Income As Reported | 36.42 |
| EBITDA | 186.19 |
| Normalized EBITDA | 192.08 |
| EBIT | 33.55 |
| Interest Expense | 180.75 |
| Net Interest Income | -180.75 |
| Other Non Operating Income Expenses | 3.02 |
| Other Income Expense | -2.87 |
| Interest Expense Non Operating | 180.75 |
| Net Non Operating Interest Income Expense | -180.75 |
| Pretax Income | -147.20 |
| Tax Provision | -5.47 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | -0.22 |
| Net Income Continuous Operations | -141.72 |
| Net Income From Continuing And Discontinued Operation | -107.80 |
| Net Income From Continuing Operation Net Minority Interest | -107.80 |
| Net Income | -107.80 |
| Net Income Common Stockholders | -107.80 |
| Net Income Including Noncontrolling Interests | -141.72 |
| Normalized Income | -102.12 |
| Diluted NI Availto Com Stockholders | -107.80 |
| Basic Average Shares | 30.71 |
| Diluted Average Shares | 30.71 |
| Reconciled Depreciation | 152.64 |
| Reconciled Cost Of Revenue | 2,156.94 |
| Total Unusual Items | -5.89 |
| Total Unusual Items Excluding Goodwill | -5.89 |
| Minority Interests | 33.93 |
| Net Income Discontinuous Operations | 0 |
| Special Income Charges | 0 |
| Impairment Of Capital Assets | 0 |
| Gain On Sale Of Security | -5.89 |
| General And Administrative Expense | 58.97 |
| Insurance And Claims | 58.97 |
| Rent Expense Supplemental | 204.03 |
| Other Operating Expenses | 242.78 |
| Otherunder Preferred Stock Dividend | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Forward Air Corporationthis co. | FWRD | $327M | -3.04 | 2.89 | -95.1% | 12.79 |
| Wabash National Corporation | WNC | $326M | 1.54 | 0.89 | 57.6% | 2.07 |
| SBC Medical Group Holdings Incorporated | SBC | $314M | 6.16 | 1.26 | 20.5% | 2.38 |
| Public Policy Holding Company, Inc. | PPHC | $306M | -7.83 | 4.08 | -52.1% | -18.14 |
| Omega Flex, Inc. | OFLX |
| - |
| - |
| - |
| - |
| - |
| - |
| $304M |
| 20.51 |
| 3.61 |
| 17.6% |
| 13.97 |
| AerSale Corporation | ASLE | $300M | 34.99 | 0.71 | 2.0% | 12.35 |
| CompX International Inc. | CIX | $298M | 15.30 | 2.15 | 14.1% | 9.29 |
| NL Industries, Inc. | NL | $296M | -7.83 | 0.83 | -10.5% | -3.96 |
| AIRO Group Holdings, Inc. | AIRO | $295M | -71.79 | 0.40 | -0.6% | 8.94 |
| Peer Median | - | 3.85 | 1.08 | 8.0% | 5.66 | |