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FWRD (Forward Air Corporation) Stock Financials & Earnings | Market Cap Arena
FWRD
Forward Air Corporation
Mkt Cap
$706M
Industrials
·
Integrated Freight & Logistics
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$2.5B
Net Income (TTM)
-$108M
EPS (TTM)
-$3.52
Free Cash Flow (TTM)
$15M
Gross Margin
20.5%
Op. Margin
1.5%
Net Margin
-4.3%
FCF Margin
0.6%
P/S Ratio (TTM)
0.3x
P/E Ratio (TTM)
—
YoY Rev Growth
+0.8%
Employees
—
Earnings Reports
▶
Q4 2025
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$358M
$104M
$47M
Q2 23
$334M
$76M
$26M
Q3 23
$341M
$77M
$15M
Q4 23
$128M
$36M
-$8M
Q1 24
$542M
$60M
-$66M
Q2 24
$644M
$77M
-$1.1B
Q3 24
$656M
$110M
$37M
Q4 24
$633M
$92M
-$3M
Q1 25
$613M
$75M
$5M
Q2 25
$619M
$115M
$20M
Q3 25
$632M
$15M
$15M
Q4 25
$631M
$305M
-$3M
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
0.4x
3.8x
Q2 23
0.4x
4.7x
Q3 23
0.5x
6.5x
Q4 23
0.6x
4.2x
Q1 24
0.5x
10.2x
Q2 24
0.4x
—
Q3 24
0.4x
—
Q4 24
0.3x
—
Q1 25
0.3x
—
Q2 25
0.3x
—
Q3 25
0.3x
—
Q4 25
0.3x
—
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
$66M
$59M
Q2 23
$64M
$53M
Q3 23
$30M
$25M
Q4 23
$22M
$15M
Q1 24
-$52M
-$57M
Q2 24
-$50M
-$65M
Q3 24
$50M
$40M
Q4 24
-$24M
-$31M
Q1 25
$28M
$16M
Q2 25
-$13M
-$18M
Q3 25
$53M
$49M
Q4 25
-$23M
-$31M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$7M
Q2 23
$10M
Q3 23
$5M
Q4 23
$7M
Q1 24
$5M
Q2 24
$14M
Q3 24
$10M
Q4 24
$7M
Q1 25
$12M
Q2 25
$5M
Q3 25
$4M
Q4 25
$8M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
-23.4%
-24.2%
Q2 23
-35.2%
-30.1%
Q3 23
-33.1%
-25.7%
Q4 23
-73.4%
-67.6%
Q1 24
+51.5%
+95.7%
Q2 24
+92.9%
+466.0%
Q3 24
+92.4%
+90.0%
Q4 24
+394.3%
+367.5%
Q1 25
+13.2%
+0.2%
Q2 25
-3.9%
-65.5%
Q3 25
-3.7%
-0.3%
Q4 25
-0.3%
-0.3%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$3M
0.8%
Q2 23
$0
0.0%
Q3 23
$3M
0.8%
Q4 23
$2M
1.7%
Q1 24
$5M
1.0%
Q2 24
$0
0.0%
Q3 24
$3M
0.4%
Q4 24
$2M
0.3%
Q1 25
$3M
0.5%
Q2 25
$5M
0.8%
Q3 25
$0
0.0%
Q4 25
$2M
0.4%
marketcaparena.com
OpEx Breakdown
G&A
Quarter
G&A
Q1 23
$13M
Q2 23
$13M
Q3 23
$13M
Q4 23
$9M
Q1 24
$13M
Q2 24
$15M
Q3 24
$17M
Q4 24
$20M
Q1 25
$15M
Q2 25
$16M
marketcaparena.com
Revenue Segments
Expedited Freight Segment
Intermodal Segment
Quarter
Expedited Freight Segment
Intermodal Segment
Q4 23
$69M
$59M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$32M
$0
$32M
Q2 23
$18M
$0
$18M
Q3 23
$19M
$0
$19M
Q4 23
$122M
$0
$122M
Q1 24
$172M
$0
$172M
Q2 24
$105M
$0
$105M
Q3 24
$137M
$0
$137M
Q4 24
$105M
$0
$105M
Q1 25
$116M
$0
$116M
Q2 25
$95M
$0
$95M
Q3 25
$140M
$0
$140M
Q4 25
$106M
$0
$106M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
26M
-0.8%
Q2 23
26M
-1.7%
Q3 23
26M
-1.0%
Q4 23
26M
-0.4%
Q1 24
26M
+2.3%
Q2 24
27M
+2.1%
Q3 24
28M
+4.2%
Q4 24
29M
+5.1%
Q1 25
30M
+2.8%
Q2 25
30M
+0.8%
Q3 25
31M
+1.8%
Q4 25
31M
+0.0%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$277K
3K
FY 15
$279K
3K
FY 16
$266K
4K
FY 17
$285K
4K
FY 18
$303K
4K
FY 19
$262K
5K
FY 20
$336K
4K
FY 21
$344K
4K
FY 22
$404K
4K
FY 23
$341K
4K
FY 24
$392K
6K
FY 25
$395K
6K
marketcaparena.com