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Forward Air Corporation(FWRD)Earnings, Financials & Key Ratios
FWRD•NASDAQ
$13.10
Price updated Jul 7, 2026
SectorIndustrialsIndustryFreight & LogisticsSub-IndustryAsset-Based Parcel, Express and LTL Carriers
AboutForward 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 provides expedited regional, inter-regional, and national less-than-truckload services; local pick-up and delivery services; and other services, which include final mile, truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. This segment also offers expedited truckload brokerage, dedicated fleet, and high security and temperature-controlled logistics services. The Intermodal segment provides intermodal container drayage services; and contract, and container freight station warehouse and handling services. It serves freight forwarders, third-party logistics companies, integrated air cargo carriers and passenger, passenger and cargo airlines, steamship lines, and retailers. Forward Air Corporation was founded in 1981 and is headquartered in Greeneville, Tennessee.Show more
- Revenue$2.5B+0.8%
- EBITDA$189M+120.6%
- Net Income-$108M+86.8%
- EPS (Diluted)-3.48+88.3%
- Gross Margin20.48%+49.2%
- EBITDA Margin7.58%+120.4%
- Operating Margin1.46%+103.4%
- Net Margin-4.32%+86.9%
- ROE-48.17%+69.0%
FWRD Price & Volume
Forward Air Corporation (FWRD) stock price & volume — 10-year historical chart
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Integration Headwinds Threaten Forward Air Equity Stability
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Decelerating
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Excessive leverage and integration
Key Thesis Takeaways
- Forward Air faces a precarious fundamental outlook as it struggles to integrate its expanded logistics model while navigating a soft freight environment.
- The company's transition to a direct-to-shipper strategy appears to be alienating its legacy customer base, contributing to a 5.1% year-over-year revenue decline in 2026Q1.
- With a debt-to-equity ratio of 17.59 and persistent net losses, the firm faces significant solvency risks that warrant extreme caution from investors.
Verdict Logic
the company's precarious capital structure, highlighted by a debt-to-equity ratio of 17.59 and consistent net losses, suggests that the risk of further equity impairment remains elevated.
FWRD Growth Metrics
Forward Air Corporation (FWRD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years10.03%
5 Years14.47%
3 Years14.1%
TTM-3.22%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM88.65%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM90.04%
Return on Capital
10 Years7.63%
5 Years1.19%
3 Years-11.66%
Last Year1.54%
FWRD Recent Earnings
Forward Air Corporation (FWRD) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/12 qtrs (8%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$1.09-211.4%
$0.35
Rev
$582M-6.2%
$620M
Q1 2026
Feb 23, 2026Metric
Actual
Est
EPS
$0.28-5.7%
$0.27
Rev
$631M+0.3%
$630M
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$0.52-300.0%
$0.13
Rev
$632M+0.3%
$630M
Q3 2025
Aug 11, 2025Metric
Actual
Est
EPS
$0.41-141.2%
$0.17
Rev
$619M-3.0%
$638M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $1.09vs $0.35-211.4% | $582Mvs $620M-6.2% |
| Q1 2026 | Feb 23, 2026 | $0.28vs $0.27-5.7% | $631Mvs $630M+0.3% |
| Q4 2025 | Nov 5, 2025 | $0.52vs $0.13-300.0% | $632Mvs $630M+0.3% |
| Q3 2025 | Aug 11, 2025 | $0.41vs $0.17-141.2% | $619Mvs $638M-3.0% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Forward Air Corporation (FWRD)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $13.10 | $414.29M | -3.76 | 0.84% | -4.32% | -48.17% | — | |
| $145.15 | $3.24B | 55.40 | -4.04% | 1.38% | 4.3% | — | |
| $416.00 | $11.09B | 43.70 | 0.79% | 7.84% | 10.04% | — | |
| $215.51 | $44.82B | 44.62 | -5.48% | 18.46% | 23.42% | — | |
| $202.79 | $23.81B | 76.81 | 1.05% | 4.19% | 19.04% | — | |
| $141.66 | $11.64B | 27.24 | 31.1% | 3.78% | 12.27% | — |
Compare FWRD vs Peers
Forward Air Corporation (FWRD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FWRD SEC Filings & Documents
Forward Air Corporation (FWRD) SEC filings — annual & quarterly reports (10-K, 10-Q)
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FWRD Frequently Asked Questions
Forward Air Corporation (FWRD) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Forward Air Corporation's revenue?
Forward Air Corporation (FWRD) reported $2.46B in revenue for fiscal year 2025. This represents a 1468% increase from $157.1M in 1996.
How fast is Forward Air Corporation growing?
Forward Air Corporation (FWRD) grew revenue by 0.8% over the past year. Growth has been modest.
Is FWRD profitable?
Forward Air Corporation (FWRD) reported a net loss of $91.5M for fiscal year 2025.
Dividend & Returns
What is FWRD's return on equity?
Forward Air Corporation (FWRD) has a return on equity (ROE) of -48.2%. Negative ROE indicates the company is unprofitable.
What is Forward Air Corporation's free cash flow?
Forward Air Corporation (FWRD) generated $38.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.