Forward Air Corporation (FWRD)
NASDAQ: FWRD · Real-Time Price · USD
17.70
+0.07 (0.40%)
Aug 27, 2026, 4:00 PM EDT - Market closed
Forward Air Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Net Income | -286.2 | -107.8 | -816.97 | 167.35 | 193.19 | 105.86 |
Depreciation & Amortization | 155.26 | 152.64 | 143.98 | 57.41 | 39.99 | 32.57 |
Other Amortization | - | - | - | - | 2.56 | 2.39 |
Loss (Gain) From Sale of Assets | -3.65 | - | - | - | - | - |
Asset Writedown & Restructuring Costs | 263.77 | 19.77 | 1,028 | - | - | - |
Stock-Based Compensation | 9.79 | 13.43 | 10.19 | 11.5 | 10.66 | 10.5 |
Other Operating Activities | -43.55 | -30.12 | -422.83 | -129.53 | -1.24 | 8.49 |
Change in Accounts Receivable | -37.08 | -18.01 | 9.55 | 30.56 | -2.59 | -42.46 |
Change in Accounts Payable | 53.88 | 46.26 | -15.92 | 36.66 | 12.77 | 18.25 |
Change in Other Net Operating Assets | -41.38 | -31.79 | -5.41 | 25.28 | -5.18 | -15 |
Operating Cash Flow | 70.84 | 44.38 | -75.4 | 181.39 | 259.09 | 120.26 |
Operating Cash Flow Growth | 73.65% | - | - | -29.99% | 115.44% | 42.04% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Capital Expenditures | -22.63 | -29.12 | -37.06 | -30.73 | -39.25 | -38.38 |
Sale of Property, Plant & Equipment | 3.26 | 2.2 | 5.14 | 3.74 | 2.37 | 2.64 |
Cash Acquisitions | - | - | -1,576 | -56.7 | -66.11 | -59.87 |
Other Investing Activities | -0.03 | - | -0.44 | 258.53 | -1.48 | 7.29 |
Investing Cash Flow | -10.66 | -26.91 | -1,609 | 174.84 | -104.46 | -88.31 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Long-Term Debt Issued | - | 110 | 75 | 1,861 | - | 195 |
Long-Term Debt Repaid | - | -127.31 | -173.43 | -188 | -55.11 | -152.42 |
Net Debt Issued (Repaid) | -16.3 | -17.31 | -98.43 | 1,673 | -55.11 | 42.58 |
Issuance of Common Stock | 1.15 | 0.85 | 0.75 | 0.8 | 0.99 | 4.62 |
Repurchase of Common Stock | -0.88 | -1.07 | -1.44 | -98.15 | -66.1 | -52.1 |
Common Dividends Paid | - | - | - | -25 | -25.87 | -22.98 |
Other Financing Activities | - | - | -64.72 | -0.13 | -0.04 | -7 |
Financing Cash Flow | -16.04 | -17.53 | -163.83 | 1,550 | -146.12 | -34.89 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | -0.01 | 0.79 | 1.01 | - | - | - |
Net Cash Flow | 44.14 | 0.73 | -1,847 | 1,906 | 8.51 | -2.94 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Free Cash Flow | 48.22 | 15.27 | -112.46 | 150.66 | 219.84 | 81.89 |
Free Cash Flow Growth | 643.84% | - | - | -31.47% | 168.47% | 27.16% |
Free Cash Flow Margin | 1.92% | 0.61% | -4.54% | 10.99% | 13.09% | 5.90% |
Free Cash Flow Per Share | 1.53 | 0.50 | -4.08 | 5.79 | 8.16 | 3.00 |
Levered Free Cash Flow | 86.97 | 66.08 | -23.79 | 169.3 | 159.24 | 41.35 |
Unlevered Free Cash Flow | 197.71 | 179.05 | 94.47 | 189.03 | 162.45 | 44.07 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Cash Interest Paid | 166.67 | 166.67 | 164 | 11.92 | 5.36 | 4.2 |
Cash Income Tax Paid | 0.87 | 0.87 | 38.76 | 20.84 | 65.39 | 35.77 |
Change in Working Capital | -24.58 | -3.53 | -11.78 | 92.49 | 5 | -39.21 |