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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.
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 |
| Operating 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 |
| Selling General And Administration | - | 47.48 | 50.13 | 64.68 | 58.97 |
| Total Expenses | - | 1,432.04 | 1,282.53 | 2,508.80 | 2,458.69 |
| Operating Income | - | 247.59 | 88.21 | -34.54 | 36.42 |
| Total Operating Income As Reported | - | 247.59 | 88.21 | -1,062.94 | 36.42 |
| EBITDA | - | 290.14 | 145.62 | -916.64 | 186.19 |
| Normalized EBITDA | - | 290.14 | 145.62 | 110.66 | 192.08 |
| EBIT | - | 247.59 | 88.21 | -1,060.62 | 33.55 |
| Interest Expense | - | 5.14 | 31.57 | 189.22 | 180.75 |
| Net Interest Income | - | -5.14 | -31.57 | -189.22 | -180.75 |
| Other Non Operating Income Expenses | - | - | - | 1.23 | 3.02 |
| Other Income Expense | - | - | - | -1,026.08 | -2.87 |
| Interest Expense Non Operating | - | 5.14 | 31.57 | 189.22 | 180.75 |
| Net Non Operating Interest Income Expense | - | -5.14 | -31.57 | -189.22 | -180.75 |
| Pretax Income | - | 242.45 | 56.64 | -1,249.83 | -147.20 |
| Tax Provision | - | 63.04 | 13.84 | -124.99 | -5.47 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -102.73 | -0.22 |
| Net Income Continuous Operations | - | 179.41 | 42.80 | -1,124.84 | -141.72 |
| Net Income From Continuing And Discontinued Operation | - | 193.19 | 167.35 | -816.97 | -107.80 |
| Net Income From Continuing Operation Net Minority Interest | - | 179.41 | 42.80 | -810.58 | -107.80 |
| Net Income | - | 193.19 | 167.35 | -816.97 | -107.80 |
| Net Income Common Stockholders | - | 192.12 | 167.35 | -816.97 | -107.80 |
| Net Income Including Noncontrolling Interests | - | 193.19 | 167.35 | -1,131.23 | -141.72 |
| Normalized Income | - | 179.41 | 42.80 | 113.99 | -102.12 |
| Diluted NI Availto Com Stockholders | - | 192.12 | 167.35 | -816.97 | -107.80 |
| Basic Average Shares | - | 26.94 | 26.07 | 27.54 | 30.71 |
| Diluted Average Shares | - | 27.06 | 26.15 | 27.54 | 30.71 |
| Reconciled Depreciation | - | 42.55 | 57.40 | 143.98 | 152.64 |
| Reconciled Cost Of Revenue | - | 1,187.97 | 1,040.58 | 2,134.61 | 2,156.94 |
| Total Unusual Items | - | 0 | 0 | -1,027.30 | -5.89 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -1,027.30 | -5.89 |
| Minority Interests | - | 0 | 0 | 314.26 | 33.93 |
| Net Income Discontinuous Operations | - | 13.78 | 124.55 | -6.39 | 0 |
| Special Income Charges | - | 0 | 0 | -1,028.40 | 0 |
| Impairment Of Capital Assets | - | 0 | 0 | 1,028.40 | 0 |
| Gain On Sale Of Security | - | - | - | 1.09 | -5.89 |
| General And Administrative Expense | - | 47.48 | 50.13 | 64.68 | 58.97 |
| Insurance And Claims | - | 47.48 | 50.13 | 64.68 | 58.97 |
| Rent Expense Supplemental | - | 85.29 | 87.41 | 182.20 | 204.03 |
| Other Operating Expenses | - | 196.60 | 191.81 | 309.51 | 242.78 |
| Otherunder Preferred Stock Dividend | 0.74 | 1.07 | 0.86 | 0 | - |
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 | |