Forward Air Corporation (FWRD)

Forward Air Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-141.15	-141.73	-1,125	42.8	179.41	106.88
Depreciation & Amortization	153.8	152.64	143.98	57.41	42.55	34.97
Stock-Based Compensation	14.01	13.43	10.19	11.5	10.66	10.5
Other Adjustments	13.65	23.57	913.44	-4.98	12.54	7.47
Change in Receivables	15	-18.01	9.55	30.56	-2.59	-42.46
Changes in Accounts Payable	9.24	46.26	-15.92	36.66	12.77	18.25
Changes in Other Operating Activities	-33.17	-31.79	-11.8	7.45	3.75	-15.35
Operating Cash Flow	82.92	44.38	-69.02	199.21	250.16	120.61
Operating Cash Flow Growth	1074.21%	-	-	-20.37%	107.42%	25.50%
Capital Expenditures	-24.16	-29.12	-37.06	-30.73	-39.25	-38.38
Sale of Property, Plant & Equipment	2.94	2.2	5.14	3.74	2.37	2.64
Payments for Business Acquisitions	-	-	-1,576	-56.7	-66.11	-59.87
Other Investing Activities	0.02	-	-0.44	258.53	-1.48	7.29
Investing Cash Flow	-21.19	-26.91	-1,609	-83.69	-102.99	-95.6
Short-Term Debt Issued	85	110	75	70	-	195
Short-Term Debt Repaid	-85	-110	-155	-178.5	-49	-150
Net Short-Term Debt Issued (Repaid)	-	0	-80	-108.5	-49	45
Long-Term Debt Issued	-	-	-	1,791	-	-
Long-Term Debt Repaid	-17.1	-17.31	-18.43	-9.5	-6.11	-2.42
Net Long-Term Debt Issued (Repaid)	-17.1	-17.31	-18.43	1,781	-6.11	-2.42
Issuance of Common Stock	0.63	0.85	0.75	0.8	0.99	4.62
Repurchase of Common Stock	-0.87	-1.07	-1.44	-98.15	-66.1	-52.1
Net Common Stock Issued (Repurchased)	-0.24	-0.23	-0.69	-97.35	-65.11	-47.49
Common Dividends Paid	-	-	-	-25	-25.87	-22.98
Other Financing Activities	-	-	-64.72	-0.13	-0.04	-7
Financing Cash Flow	-17.47	-17.53	-163.83	1,791	-138.67	-27.95
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0.15	0.79	1.01	-	-	-
Net Cash Flow	24.35	0.73	-1,840	1,906	8.51	-2.94
Free Cash Flow	58.77	15.27	-106.08	168.49	210.91	82.23
Free Cash Flow Growth	284.90%	-	-	-20.11%	156.48%	8.43%
FCF Margin	2.39%	0.61%	-4.29%	12.29%	12.56%	5.93%
Free Cash Flow Per Share	1.89	0.50	-3.85	6.48	7.83	3.01
Levered Free Cash Flow	-2.86	12.9	-836.19	1,911	157.89	147.93
Unlevered Free Cash Flow	115.9	173.07	-877.43	137.45	203.03	109.62

Updated May 11, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q