FWRD

MKT CAP:$732M

Forward Air Corporation

Market Cap

$732M

Industrials·Integrated Freight & Logistics·🇺🇸 United States·NASDAQ

Industrials·Integrated·🇺🇸·NASDAQ

Stock Price

$23.36-$1.77 (-7.04%)

Apr 20, 2026

Company Details

Forward Air Corporation, together with its subsidiaries, operates as an asset-light freight and logistics company in the United States and Canada. It operates in two segments, Expedited Freight and Intermodal. The Expedited Freight segment ...

CEO

Shawn Stewart

IPO Date

Nov 16, 1993

Website

www.forwardaircorp.com

Key Metrics TTM

Revenue

$2.0B

+25.5% YoY

Net Income

$1M

EPS (Diluted)

-$0.36

Free Cash Flow

$98M

Revenue / Share

$64.98

Gross Margin

15.8%

Operating Margin

2.9%

Net Margin

0.1%

FCF Margin

4.9%

P/S

0.4x

P/E

542.8x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Mar 11, 2026

$2.5BEPS -$3.48

Q3 2025

Nov 5, 2025

$632MEPS -$0.52

Q1 2024

May 15, 2024

$542M+51.5%EPS -$2.81

Q1 2023

May 10, 2023

$358MEPS $1.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 17	$280M	$61M	$27M
Q4 17	$306M	$64M	$29M
Q1 18	$303M	$59M	$24M
Q2 18	$330M	$69M	$33M
Q3 18	$331M	$65M	$30M
Q4 18	$357M	$73M	$35M
Q1 19	$321M	$65M	$25M
Q2 19	$346M	$73M	$31M
Q3 19	$362M	$74M	$31M
Q4 19	$382M	$75M	$33M
Q4 20	$350M	$66M	$21M
Q3 22	$510M	$146M	$72M
Q4 22	$481M	$139M	$61M
Q1 23	$358M	$104M	$47M
Q1 24	$542M	$60M	-$66M
Q3 25	$632M	$15M	$15M

Valuation

Quarter	P/S	P/E
Q3 17	0.7x	11.3x
Q4 17	0.7x	8.4x
Q1 18	0.6x	8.1x
Q2 18	0.6x	7.7x
Q3 18	0.6x	7.3x
Q4 18	0.6x	7.9x
Q1 19	0.5x	7.9x
Q2 19	0.5x	8.1x
Q3 19	0.5x	8.1x
Q4 19	0.5x	8.4x
Q4 20	0.5x	11.4x
Q3 22	0.5x	7.8x
Q4 22	0.4x	6.4x
Q1 23	0.4x	5.8x
Q1 24	0.4x	10.5x
Q3 25	0.4x	542.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 17	$26M	$17M
Q4 17	$26M	$998.0K
Q1 18	$41M	$35M
Q2 18	$26M	$15M
Q3 18	$47M	$30M
Q4 18	$39M	$31M
Q1 19	$42M	$37M
Q2 19	$30M	$18M
Q3 19	$46M	$35M
Q4 19	$44M	$40M
Q4 20	$12M	$8M
Q3 22	$84M	$77M
Q4 22	$62M	$47M
Q1 23	$66M	$59M
Q1 24	-$52M	-$57M
Q3 25	$53M	$49M

Capital Expenditures

Quarter	CapEx
Q3 17	$9M
Q4 17	$25M
Q1 18	$6M
Q2 18	$11M
Q3 18	$17M
Q4 18	$8M
Q1 19	$4M
Q2 19	$13M
Q3 19	$11M
Q4 19	$4M
Q4 20	$4M
Q3 22	$7M
Q4 22	$15M
Q1 23	$7M
Q1 24	$5M
Q3 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 17	+12.3%	+12.7%
Q4 17	+15.6%	+17.2%
Q1 18	+22.5%	+24.4%
Q2 18	+23.5%	+25.1%
Q3 18	+18.3%	+19.0%
Q4 18	+16.5%	+15.9%
Q1 19	+6.2%	+6.6%
Q2 19	+4.7%	+6.0%
Q3 19	+9.1%	+9.8%
Q4 19	+7.0%	+8.4%
Q4 20	+9.0%	+11.1%
Q3 22	+47.5%	+39.1%
Q4 22	+33.1%	+26.8%
Q1 23	-6.2%	-10.9%
Q1 24	+54.7%	+84.3%
Q3 25	+23.9%	+40.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 17	$2M	0.7%
Q4 17	$2M	0.7%
Q1 18	$2M	0.7%
Q2 18	$2M	0.7%
Q3 18	$3M	0.9%
Q4 18	$3M	0.8%
Q1 19	$3M	0.9%
Q2 19	$3M	0.9%
Q3 19	$3M	0.8%
Q4 19	$3M	0.8%
Q4 20	$3M	0.9%
Q3 22	$3M	0.5%
Q4 22	$3M	0.5%
Q1 23	$3M	0.8%
Q1 24	$5M	1.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q3 17	—	$8M
Q4 17	$2M	$8M
Q1 18	—	$7M
Q2 18	—	$10M
Q3 18	—	$9M
Q4 18	$2M	$9M
Q1 19	—	$9M
Q2 19	—	$13M
Q3 19	—	$11M
Q4 19	—	$12M
Q4 20	—	$8M
Q3 22	—	$12M
Q4 22	—	$13M
Q1 23	—	$13M
Q1 24	—	$13M

Revenue Segments

Quarter	Expedited LTL	Intermodal	Pool Distribution	Truckload Expedited	Expedited Freight	Expedited Freight Segment	Intermodal Segment
Q1 19	$177M	$54M	$45M	$45M	—	—	—
Q2 19	$204M	$51M	$46M	$46M	—	—	—
Q3 19	$207M	$58M	$51M	$45M	—	—	—
Q4 20	—	$52M	—	—	$301M	—	—
Q3 22	—	—	—	—	—	$396M	$114M
Q4 22	—	—	—	—	—	$373M	$108M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$62M	$0	$62M
Q2 22	$47M	$0	$47M
Q3 22	$47M	$0	$47M
Q4 22	$46M	$0	$46M
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 17	30M	+0.5%	-1.1%
Q4 17	30M	-1.8%	-1.7%
Q1 18	29M	-0.8%	-2.7%
Q2 18	29M	-0.7%	-2.8%
Q3 18	29M	-0.6%	-3.8%
Q4 18	29M	-0.9%	-3.0%
Q1 19	29M	-0.6%	-2.8%
Q2 19	28M	-1.0%	-3.1%
Q3 19	28M	-1.0%	-3.5%
Q4 19	28M	+1.2%	-1.4%
Q4 20	26M	-8.1%	-8.8%
Q3 22	27M	+2.9%	-5.2%
Q4 22	27M	-0.7%	-4.9%
Q1 23	26M	-0.8%	-6.9%
Q1 24	26M	-0.8%	+0.5%
Q3 25	31M	+17.9%	+15.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 17	$76.0K	4K
Q4 17	$79.4K	4K
Q1 18	$78.5K	4K
Q2 18	$85.6K	4K
Q3 18	$85.9K	4K
Q4 18	$81.7K	4K
Q1 19	$73.7K	4K
Q2 19	$79.3K	4K
Q3 19	$82.9K	4K
Q4 19	$82.2K	5K
Q4 20	$92.8K	4K
Q3 22	$126.4K	4K
Q4 22	$115.8K	4K
Q1 23	$86.1K	4K
Q1 24	$135.0K	4K
Q3 25	$100.0K	6K

Revenue / Employee