Forward Air Corporation (FWRD) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 542.36M | 521M | 552.49M | 474.61M | 493.37M | 472.5M | 545.08M | 558.62M | 569.43M | 347.03M | 237.73M | 215.79M | 257.79M | 304.31M | 312.97M | 315.76M | 325.25M | 282.81M | 289.26M | 297.01M |
| Cash & Short-Term Investments | 141.02M | 106M | 140.35M | 95.13M | 116.31M | 104.9M | 136.62M | 104.66M | 172.27M | 121.97M | 18.84M | 18.28M | 32.03M | 45.82M | 46.85M | 47.39M | 61.63M | 37.32M | 51.93M | 50.84M |
| Cash Only | 141.02M | 106M | 140.35M | 95.13M | 116.31M | 104.9M | 136.62M | 104.66M | 172.27M | 121.97M | 18.84M | 18.28M | 32.03M | 45.82M | 46.85M | 47.39M | 61.63M | 37.32M | 51.93M | 50.84M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 333.78M | 349.71M | 341.41M | 335.72M | 336.4M | 322.5M | 362.7M | 370.4M | 353.35M | 158.68M | 191.76M | 175.97M | 201.38M | 188.23M | 247.73M | 246.11M | 241.15M | 216.18M | 219.38M | 226.19M |
| Days Sales Outstanding | 52.84 | 50.36 | 49.3 | 49.42 | 48.35 | 49.8 | 51.41 | 51.16 | 43 | 125.9 | 49.61 | 51.46 | 49.01 | 41.68 | 44.54 | 43.03 | 44.07 | 43.56 | 48.84 | 46.46 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | 0.26 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 67.56M | 65.3M | 39.89M | 10.58M | 11.26M | 16.05M | 13.05M | 44.38M | 4.3M | 40.7M | 27.13M | 21.54M | 24.38M | 45.49M | 18.39M | 22.26M | 22.47M | 7.03M | 17.95M | 19.98M |
| Total Non-Current Assets | 2.15B | 2.22B | 2.24B | 2.29B | 2.31B | 2.33B | 2.51B | 2.51B | 3.39B | 2.63B | 952.85M | 968.79M | 968.77M | 903.76M | 873.09M | 881.39M | 841.55M | 835.01M | 781.25M | 784.83M |
| Property, Plant & Equipment | 689.36M | 710.42M | 721.39M | 740.86M | 739.85M | 736.27M | 679.92M | 652.75M | 661.97M | 369.65M | 392.97M | 405.51M | 403.21M | 377.43M | 378.21M | 383.5M | 377.4M | 367.29M | 338.84M | 335.64M |
| Fixed Asset Turnover | 0.83x | 0.88x | 0.86x | 0.84x | 0.83x | 0.89x | 0.98x | 0.98x | 1.05x | 0.34x | 0.85x | 0.83x | 0.92x | 1.27x | 1.34x | 1.35x | 1.25x | 1.30x | 1.24x | 1.29x |
| Goodwill | 522.71M | 522.71M | 522.71M | 522.71M | 522.71M | 522.71M | 716.07M | 545.38M | 1.38B | 278.71M | 356.76M | 356.76M | 356.63M | 257.99M | 288.5M | 287.6M | 265.64M | 266.75M | 254.78M | 254.99M |
| Intangible Assets | 884.02M | 906.79M | 929.89M | 952.97M | 976.12M | 999.22M | 1.03B | 1.23B | 1.26B | 134.79M | 146.71M | 151.22M | 155.73M | 115.58M | 155.16M | 160.22M | 150.64M | 154.72M | 142.2M | 145.81M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -271.2M | -177.81M | 0 | -53.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 57.43M | 83.89M | 67.71M | 70.09M | 71.79M | 71.94M | 81.42M | 79.86M | 84.25M | 1.85B | 56.4M | 55.3M | 53.2M | 152.77M | 51.23M | 50.08M | 47.88M | 46.25M | 45.43M | 48.38M |
| Total Assets | 2.7B | 2.74B | 2.79B | 2.76B | 2.8B | 2.8B | 3.06B | 3.07B | 3.96B | 2.98B | 1.19B | 1.18B | 1.23B | 1.21B | 1.19B | 1.2B | 1.17B | 1.12B | 1.07B | 1.08B |
| Asset Turnover | 0.21x | 0.23x | 0.23x | 0.22x | 0.22x | 0.22x | 0.21x | 0.18x | 0.16x | 0.06x | 0.29x | 0.28x | 0.29x | 0.40x | 0.43x | 0.44x | 0.41x | 0.42x | 0.39x | 0.40x |
| Asset Growth % | -3.85% | -2.06% | -8.56% | -9.98% | -29.18% | -5.94% | 156.67% | 158.94% | 222.79% | 146.63% | 0.38% | -1.05% | 5.12% | 8.07% | 10.79% | 10.66% | 14.85% | 6.72% | 2.13% | 0.87% |
| Total Current Liabilities | 441.9M | 428.32M | 460.04M | 396.69M | 438.26M | 384.05M | 448.7M | 420.01M | 444.84M | 237.09M | 190.44M | 169.23M | 165.77M | 169.4M | 179.56M | 167.46M | 187.94M | 164.69M | 158.47M | 169.27M |
| Accounts Payable | 103.69M | 121.75M | 124.83M | 115.12M | 111.51M | 105.69M | 157.23M | 143.46M | 130.65M | 45.43M | 45.7M | 37.09M | 42.99M | 50.09M | 50.67M | 42.06M | 54.43M | 44.84M | 42.88M | 43.66M |
| Days Payables Outstanding | 18.06 | 21.19 | 17.9 | 20.48 | 18.17 | 22.36 | 25.35 | 22.02 | 16.63 | 45.63 | 14.44 | 14.16 | 16.5 | 13.52 | 11.72 | 11.89 | 12.74 | 11.61 | 12.28 | 11.5 |
| Short-Term Debt | 128.13M | 0 | 117.93M | 16.88M | 17.45M | 0 | 16.74M | 16.88M | 28.13M | 12.64M | 3.19M | 13.96M | 11.62M | 9.31M | 1.49M | 1.5M | 6.07M | 6.09M | 1.84M | 1.87M |
| Deferred Revenue (Current) | 0 | 13.18M | 0 | 0 | 0 | 9.9M | 0 | 0 | 0 | 0 | 56.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 210.08M | 0 | 217.28M | 48.07M | 68.2M | 0 | 185.16M | 53.06M | 73.46M | -12.64M | -34.93M | 12.11M | 6.21M | 16.51M | 4.41M | 4.04M | 12.48M | 4.61M | 4.16M | 6.81M |
| Current Ratio | 1.23x | 1.22x | 1.20x | 1.20x | 1.13x | 1.23x | 1.21x | 1.33x | 1.28x | 1.46x | 1.25x | 1.28x | 1.56x | 1.80x | 1.74x | 1.89x | 1.73x | 1.72x | 1.83x | 1.75x |
| Quick Ratio | 1.23x | 1.22x | 1.20x | 1.20x | 1.13x | 1.23x | 1.21x | 1.33x | 1.28x | 1.46x | 1.25x | 1.28x | 1.56x | 1.80x | 1.74x | 1.89x | 1.73x | 1.72x | 1.83x | 1.75x |
| Cash Conversion Cycle | - | - | - | - | - | - | 26.32 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.13B | 2.15B | 2.14B | 2.15B | 2.14B | 2.13B | 2.27B | 2.28B | 2.18B | 1.98B | 334.44M | 341.74M | 375.16M | 331.43M | 323.8M | 365.33M | 367.09M | 359.48M | 356.51M | 362.22M |
| Long-Term Debt | 1.69B | 1.69B | 1.68B | 1.68B | 1.68B | 1.68B | 1.67B | 1.68B | 1.66B | 1.79B | 118.86M | 119.77M | 150.68M | 106.59M | 106.93M | 147.28M | 155.13M | 155.47M | 161.31M | 161.73M |
| Capital Lease Obligations | 332M | 349.4M | 354.02M | 363.51M | 359.29M | 356.5M | 308.57M | 278.17M | 281.26M | 98.33M | 111.33M | 120.26M | 121.03M | 108.61M | 114.02M | 117.31M | 114.54M | 110.98M | 97.18M | 103.28M |
| Deferred Tax Liabilities | 24.97M | 53.08M | 37.44M | 33.45M | 35.18M | 38.17M | 209.52M | 271.2M | 177.81M | 42.2M | 53.29M | 53.27M | 52.95M | 51.09M | 45.37M | 45.37M | 45.05M | 43.41M | 40.66M | 41.47M |
| Other Non-Current Liabilities | 84.48M | 65.09M | 62.53M | 69.88M | 65.46M | 62.13M | 79.22M | 56.4M | 58.81M | 47.14M | 50.97M | 48.44M | 50.51M | 65.14M | 57.48M | 55.37M | 52.38M | 49.62M | 57.35M | 55.74M |
| Total Liabilities | 2.57B | 2.58B | 2.6B | 2.54B | 2.58B | 2.52B | 2.72B | 2.7B | 2.63B | 2.22B | 524.88M | 510.96M | 540.93M | 500.83M | 503.36M | 532.79M | 555.03M | 524.17M | 514.97M | 531.49M |
| Total Debt | 2.15B | 2.16B | 2.16B | 2.16B | 2.15B | 2.15B | 2.09B | 2.06B | 2.07B | 1.96B | 296.75M | 306.79M | 335.47M | 266.78M | 277.46M | 321.59M | 324.23M | 320.07M | 306.34M | 312.92M |
| Net Debt | 2.01B | 2.05B | 2.02B | 2.07B | 2.04B | 2.04B | 1.95B | 1.96B | 1.89B | 1.84B | 277.91M | 288.51M | 303.44M | 220.96M | 230.61M | 274.21M | 262.6M | 282.75M | 254.41M | 262.07M |
| Debt / Equity | 17.59x | 13.36x | 11.01x | 10.00x | 9.48x | 7.51x | 6.20x | 5.66x | 1.55x | 2.56x | 0.45x | 0.46x | 0.49x | 0.38x | 0.41x | 0.48x | 0.53x | 0.54x | 0.55x | 0.57x |
| Debt / EBITDA | 36.47x | 57.05x | 40.87x | 38.40x | 51.11x | 62.30x | 32.97x | - | - | 340.72x | 9.99x | 7.75x | 5.63x | 3.61x | 3.31x | 3.69x | 4.73x | 5.04x | 5.90x | 6.07x |
| Net Debt / EBITDA | 34.08x | 54.25x | 38.21x | 36.71x | 48.35x | 59.25x | 30.81x | - | - | 319.50x | 9.36x | 7.29x | 5.09x | 2.99x | 2.75x | 3.15x | 3.83x | 4.46x | 4.90x | 5.09x |
| Interest Coverage | 0.47x | -0.00x | 0.48x | 0.18x | 0.09x | 1.65x | 0.38x | -23.15x | -1.63x | -0.33x | 4.40x | 10.18x | 20.04x | 37.98x | 46.42x | 63.32x | 73.15x | 59.27x | 43.65x | 31.84x |
| Total Equity | 122.28M | 161.66M | 195.84M | 216.24M | 227.01M | 285.87M | 336.53M | 364.22M | 1.33B | 764.26M | 665.7M | 673.61M | 685.63M | 707.24M | 682.7M | 664.35M | 611.77M | 593.65M | 555.54M | 550.35M |
| Equity Growth % | -46.14% | -43.45% | -41.81% | -40.63% | -82.96% | -62.6% | -49.45% | -45.93% | 94.34% | 8.06% | -2.49% | 1.39% | 12.07% | 19.13% | 22.89% | 20.71% | 12.31% | 8.46% | 0.6% | -2.82% |
| Book Value per Share | 3.95 | 5.22 | 6.32 | 7.11 | 7.52 | 9.73 | 12.04 | 13.59 | 50.74 | 29.77 | 25.83 | 25.87 | 25.89 | 26.49 | 25.38 | 24.62 | 22.57 | 21.86 | 20.47 | 20.07 |
| Total Shareholders' Equity | 81M | 113.34M | 139.78M | 151.79M | 154.63M | 201.73M | 226.08M | 283.76M | 926.07M | 764.26M | 665.7M | 673.61M | 685.63M | 707.24M | 682.7M | 664.35M | 611.77M | 593.65M | 555.54M | 550.35M |
| Common Stock | 316K | 313K | 312K | 306K | 304K | 298K | 287K | 277K | 265K | 257K | 257K | 258K | 261K | 265K | 266K | 269K | 269K | 270K | 270K | 271K |
| Retained Earnings | -482.91M | -447.1M | -418.75M | -402.45M | -389.76M | -338.23M | -301.63M | -228.15M | 417.28M | 480.32M | 384.8M | 395.76M | 411.37M | 436.12M | 414.62M | 398.95M | 350.06M | 334.91M | 300.19M | 297.61M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.03M | 580K | 2.12M | 2.09M | -2.47M | -2.73M | -824K | -1M | -151K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 41.27M | 48.32M | 56.06M | 64.45M | 72.37M | 84.14M | 110.45M | 80.45M | 406.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |