Forward Air Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	2,495	2,474	1,371	1,680	1,387
Revenue Growth (YoY)	0.84%	80.51%	-18.39%	21.08%	9.27%
Cost of Revenue	2,004	1,991	983.18	1,145	1,038
Gross Profit	490.82	483.63	387.56	534.22	348.92
Selling, General & Admin	301.75	374.19	241.94	244.07	166.93
Depreciation & Amortization Expenses	152.64	143.98	57.41	42.55	34.97
Other Operating Expenses	-	1,028	-	-	-
Total Operating Expenses	454.39	1,547	299.35	286.63	201.9
Operating Income	36.42	-1,063	88.21	247.59	147.03
Interest Expense	-180.75	-189.22	-31.57	-5.14	-4.34
Other Non-Operating Income (Expense)	-2.87	2.32	-	-	-
Total Non-Operating Income (Expense)	-183.62	-186.9	-31.57	-5.14	-4.34
Pretax Income	-147.2	-1,250	56.64	242.45	142.69
Provision for Income Taxes	-5.47	-124.99	13.84	63.04	35.81
Net Income	-107.8	-816.97	167.35	193.19	105.86
Minority Interest in Earnings	-33.93	-314.26	-	-	-
Earnings From Discontinued Operations	-	-6.39	124.55	13.78	-1.02
Net Income to Common	-107.8	-816.97	167.35	193.19	105.86
Net Income Growth	-	-	-13.38%	82.50%	346.04%
Shares Outstanding (Basic)	31	28	26	27	27
Shares Outstanding (Diluted)	31	28	26	27	27
Shares Change (YoY)	11.52%	5.91%	-3.43%	-1.34%	-1.46%
EPS (Basic)	-3.51	-30.63	6.42	7.17	3.87
EPS (Diluted)	-3.51	-30.63	6.40	7.14	3.85
EPS Growth	-	-	-10.36%	85.45%	103.70%
Free Cash Flow	15.27	-106.08	168.49	210.91	82.23
Free Cash Flow Growth	-	-	-20.11%	156.48%	8.43%
Free Cash Flow Per Share	-	-3.85	6.48	7.83	3.01
Dividends Per Share	-	-	0.960	0.960	0.840
Dividend Growth	-	-	-	14.29%	12.00%
Gross Margin	19.67%	19.55%	28.27%	31.81%	25.15%
Operating Margin	1.46%	-42.96%	6.44%	14.74%	10.60%
Profit Margin	-5.68%	-45.46%	3.12%	10.68%	7.70%
FCF Margin	0.61%	-4.29%	12.29%	12.56%	5.93%
EBITDA	189.06	-918.96	145.62	290.14	181.99
EBITDA Margin	7.58%	-37.14%	10.62%	17.27%	13.12%
EBIT	36.42	-1,063	88.21	247.59	147.03
EBIT Margin	1.46%	-42.96%	6.44%	14.74%	10.60%
Effective Tax Rate	3.72%	10.00%	24.43%	26.00%	25.10%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q