FWRD (Forward Air Corporation) Stock Financials & Earnings | Market Cap Arena

FWRD (Forward Air Corporation) Stock Financials & Earnings | Market Cap Arena

FWRDForward 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 Margin20.5%

Op. Margin1.5%

Net Margin-4.3%

FCF Margin0.6%

P/S Ratio (TTM)0.3x

P/E Ratio (TTM)—

YoY Rev Growth+0.8%

Employees—

Earnings Reports

Revenue & Profitability

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

Valuation

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	—

Operating 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

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

OpEx vs Revenue Growth (YoY)

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%

Stock-Based Compensation

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%

OpEx Breakdown

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

Revenue Segments

Quarter	Expedited Freight Segment	Intermodal Segment
Q4 23	$69M	$59M

War Chest

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

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%

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