# Forward Air Corp: financial statements, quarterly

FWRD · Nasdaq · CIK 912728 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/fwrd.md) · [Financials](/companies/fwrd/financials.md) · [Filings](/companies/fwrd/filings.md) · [Insiders](/companies/fwrd/insiders.md)

Standardized line items from XBRL company facts. Each value links to its filing; d marks a value derived from year-to-date figures. Other view: [annual](/companies/fwrd/financials.md?period=annual).

## Income statement

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [341](/filings/0001628280-25-014482.md) | [338](/filings/0001628280-25-014482.md) | [542](/filings/0001628280-25-023268.md) | [644](/filings/0001628280-25-039530.md) | [656](/filings/0001628280-25-049525.md) | [633](/filings/0001628280-25-014482.md) | [613](/filings/0001628280-26-033501.md) | [619](/filings/0001628280-26-053329.md) | [632](/filings/0001628280-25-049525.md) | [631 d](/filings/0001628280-26-016793.md) | [582](/filings/0001628280-26-033501.md) | [673](/filings/0001628280-26-053329.md) |
| Cost of revenue | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating income | $m | [11.7](/filings/0001628280-24-046661.md) | [3.0 d](/filings/0001628280-26-016793.md) | [(65.7)](/filings/0001628280-25-023268.md) | [(1,096)](/filings/0001628280-25-039530.md) | [22.7](/filings/0001628280-25-049525.md) | [75.9 d](/filings/0001628280-26-016793.md) | [4.8](/filings/0001628280-26-033501.md) | [19.5](/filings/0001628280-26-053329.md) | [15.0](/filings/0001628280-25-049525.md) | [(2.9) d](/filings/0001628280-26-016793.md) | [20.4](/filings/0001628280-26-033501.md) | [(201)](/filings/0001628280-26-053329.md) |
| Interest expense | $m | [2.7](/filings/0001628280-23-038332.md) | [24.0 d](/filings/0001628280-24-011530.md) | [40.8](/filings/0001628280-24-023579.md) | [47.3](/filings/0001628280-25-039530.md) | [52.8](/filings/0001628280-25-049525.md) | [48.4 d](/filings/0001628280-26-016793.md) | [45.5](/filings/0001628280-26-033501.md) | [45.3](/filings/0001628280-26-053329.md) | [44.8](/filings/0001628280-25-049525.md) | [45.1 d](/filings/0001628280-26-016793.md) | [43.6](/filings/0001628280-26-033501.md) | [43.7](/filings/0001628280-26-053329.md) |
| Income tax | $m | [2.5](/filings/0001628280-24-046661.md) | [(6.3) d](/filings/0001628280-26-016793.md) | [(18.4)](/filings/0001628280-25-023268.md) | [(175)](/filings/0001628280-25-039530.md) | [1.3](/filings/0001628280-25-049525.md) | [67.0 d](/filings/0001628280-26-016793.md) | [19.6](/filings/0001628280-26-033501.md) | [(16.7)](/filings/0001628280-26-053329.md) | [0.4](/filings/0001628280-25-049525.md) | [(8.7) d](/filings/0001628280-26-016793.md) | [1.8](/filings/0001628280-26-033501.md) | [(0.2)](/filings/0001628280-26-053329.md) |
| Net income | $m | [9.3](/filings/0001628280-25-014482.md) | [102](/filings/0001628280-25-014482.md) | [(61.7)](/filings/0001628280-25-023268.md) | [(645)](/filings/0001628280-25-039530.md) | [(73.4)](/filings/0001628280-25-049525.md) | [(36.4)](/filings/0001628280-25-014482.md) | [(50.6)](/filings/0001628280-26-033501.md) | [(12.6)](/filings/0001628280-26-053329.md) | [(16.3)](/filings/0001628280-25-049525.md) | [(28.3) d](/filings/0001628280-26-016793.md) | [(34.3)](/filings/0001628280-26-033501.md) | [(207)](/filings/0001628280-26-053329.md) |
| Diluted EPS | $ per share | [0.36](/filings/0001628280-25-014482.md) | [3.93](/filings/0001628280-25-014482.md) | [(2.81)](/filings/0001628280-25-023268.md) | [(23.47)](/filings/0001628280-25-039530.md) | [(2.66)](/filings/0001628280-25-049525.md) | [(1.24)](/filings/0001628280-25-014482.md) | [(1.68)](/filings/0001628280-26-033501.md) | [(0.41)](/filings/0001628280-26-053329.md) | [(0.52)](/filings/0001628280-25-049525.md) | not reported | [(1.09)](/filings/0001628280-26-033501.md) | [(6.38)](/filings/0001628280-26-053329.md) |
| Basic EPS | $ per share | [0.36](/filings/0001628280-25-014482.md) | [3.93](/filings/0001628280-25-014482.md) | [(2.81)](/filings/0001628280-25-023268.md) | [(23.47)](/filings/0001628280-25-039530.md) | [(2.66)](/filings/0001628280-25-049525.md) | [(1.24)](/filings/0001628280-25-014482.md) | [(1.68)](/filings/0001628280-26-033501.md) | [(0.41)](/filings/0001628280-26-053329.md) | [(0.52)](/filings/0001628280-25-049525.md) | not reported | [(1.09)](/filings/0001628280-26-033501.md) | [(6.38)](/filings/0001628280-26-053329.md) |

- Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
- Cost of revenue: not reported
- Operating income: us-gaap:OperatingIncomeLoss
- Interest expense: us-gaap:InterestExpense, us-gaap:InterestExpenseNonoperating
- Income tax: us-gaap:IncomeTaxExpenseBenefit
- Net income: us-gaap:NetIncomeLoss
- Diluted EPS: us-gaap:EarningsPerShareDiluted
- Basic EPS: us-gaap:EarningsPerShareBasic

## Balance sheet

| Line item | Unit | Q3 FY2023 (2023-09-30) | FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | $m | [18.8](/filings/0001628280-24-046661.md) | [122](/filings/0001628280-26-016793.md) | [152](/filings/0001628280-25-023268.md) | [84.9](/filings/0001628280-25-039530.md) | [137](/filings/0001628280-25-049525.md) | [105](/filings/0001628280-26-016793.md) | [116](/filings/0001628280-25-023268.md) | [95.1](/filings/0001628280-26-053329.md) | [140](/filings/0001628280-25-049525.md) | [106](/filings/0001628280-26-053329.md) | [141](/filings/0001628280-26-033501.md) | [139](/filings/0001628280-26-053329.md) |
| Current assets | $m | [238](/filings/0001628280-23-038332.md) | [347](/filings/0001628280-25-014482.md) | [569](/filings/0001628280-24-023579.md) | [559](/filings/0001628280-24-036365.md) | [545](/filings/0001628280-24-046661.md) | [473](/filings/0001628280-26-016793.md) | [493](/filings/0001628280-25-023268.md) | [475](/filings/0001628280-25-039530.md) | [552](/filings/0001628280-25-049525.md) | [521](/filings/0001628280-26-053329.md) | [542](/filings/0001628280-26-033501.md) | [583](/filings/0001628280-26-053329.md) |
| Total assets | $m | [1,191](/filings/0001628280-23-038332.md) | [2,980](/filings/0001628280-25-014482.md) | [3,959](/filings/0001628280-24-023579.md) | [3,067](/filings/0001628280-24-036365.md) | [3,056](/filings/0001628280-24-046661.md) | [2,803](/filings/0001628280-26-016793.md) | [2,804](/filings/0001628280-25-023268.md) | [2,761](/filings/0001628280-25-039530.md) | [2,794](/filings/0001628280-25-049525.md) | [2,719](/filings/0001628280-26-053329.md) | [2,696](/filings/0001628280-26-033501.md) | [2,411](/filings/0001628280-26-053329.md) |
| Current liabilities | $m | [190](/filings/0001628280-23-038332.md) | [237](/filings/0001628280-25-014482.md) | [445](/filings/0001628280-24-023579.md) | [420](/filings/0001628280-24-036365.md) | [449](/filings/0001628280-24-046661.md) | [384](/filings/0001628280-26-016793.md) | [438](/filings/0001628280-25-023268.md) | [397](/filings/0001628280-25-039530.md) | [460](/filings/0001628280-25-049525.md) | [428](/filings/0001628280-26-053329.md) | [442](/filings/0001628280-26-033501.md) | [442](/filings/0001628280-26-053329.md) |
| Total liabilities | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | [2,557](/filings/0001628280-26-053329.md) | not reported | [2,534](/filings/0001628280-26-053329.md) |
| Long-term debt | $m | [119](/filings/0001628280-23-038332.md) | [0.0](/filings/0001628280-25-014482.md) | [1,664](/filings/0001628280-24-023579.md) | [1,677](/filings/0001628280-24-036365.md) | [1,673](/filings/0001628280-24-046661.md) | [1,676](/filings/0001628280-26-016793.md) | [1,679](/filings/0001628280-25-023268.md) | [1,681](/filings/0001628280-25-039530.md) | [1,684](/filings/0001628280-25-049525.md) | [1,687](/filings/0001628280-26-053329.md) | [1,690](/filings/0001628280-26-033501.md) | [1,693](/filings/0001628280-26-053329.md) |
| Current portion of debt | $m | [3.2](/filings/0001628280-23-038332.md) | [0.0](/filings/0001628280-24-023579.md) | [11.3](/filings/0001628280-24-023579.md) | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Shareholders' equity | $m | [666](/filings/0001628280-24-046661.md) | [764](/filings/0001628280-25-014482.md) | [926](/filings/0001628280-24-023579.md) | [284](/filings/0001628280-24-036365.md) | [226](/filings/0001628280-24-046661.md) | [202](/filings/0001628280-26-016793.md) | [155](/filings/0001628280-25-023268.md) | [152](/filings/0001628280-25-039530.md) | [140](/filings/0001628280-25-049525.md) | [113](/filings/0001628280-26-053329.md) | [81.0](/filings/0001628280-26-033501.md) | [(115)](/filings/0001628280-26-053329.md) |

- Cash and equivalents: us-gaap:CashAndCashEquivalentsAtCarryingValue
- Current assets: us-gaap:AssetsCurrent
- Total assets: us-gaap:Assets
- Current liabilities: us-gaap:LiabilitiesCurrent
- Total liabilities: us-gaap:Liabilities
- Long-term debt: us-gaap:LongTermDebtNoncurrent
- Current portion of debt: us-gaap:LongTermDebtCurrent
- Shareholders' equity: us-gaap:StockholdersEquity

## Cash flow

| Line item | Unit | Q3 FY2023 (2023-09-30) | Q4 FY2023 (2023-12-31) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating cash flow | $m | [29.9 d](/filings/0001628280-23-038332.md) | [39.8 d](/filings/0001628280-26-016793.md) | [(51.7)](/filings/0001628280-25-023268.md) | [(45.2) d](/filings/0001628280-25-039530.md) | [51.2 d](/filings/0001628280-25-049525.md) | [(23.2) d](/filings/0001628280-26-016793.md) | [27.6](/filings/0001628280-26-033501.md) | [(13.2) d](/filings/0001628280-26-053329.md) | [52.7 d](/filings/0001628280-25-049525.md) | [(22.7) d](/filings/0001628280-26-016793.md) | [45.7](/filings/0001628280-26-033501.md) | [(4.9) d](/filings/0001628280-26-053329.md) |
| Capital expenditure | $m | [5.8](/filings/0001628280-23-038332.md) | [8.6 d](/filings/0001628280-26-016793.md) | [5.0](/filings/0001628280-25-023268.md) | [14.4 d](/filings/0001628280-25-039530.md) | [10.4 d](/filings/0001628280-25-049525.md) | [7.3 d](/filings/0001628280-26-016793.md) | [11.9](/filings/0001628280-26-033501.md) | [4.7 d](/filings/0001628280-26-053329.md) | [4.1 d](/filings/0001628280-25-049525.md) | [8.4 d](/filings/0001628280-26-016793.md) | [6.9](/filings/0001628280-26-033501.md) | [3.2 d](/filings/0001628280-26-053329.md) |
| Dividends paid | $m | [6.2 d](/filings/0001628280-24-046661.md) | [6.2 d](/filings/0001628280-26-016793.md) | [0.0](/filings/0001628280-24-023579.md) | [0.0 d](/filings/0001628280-24-036365.md) | [0.0 d](/filings/0001628280-24-046661.md) | [0.0 d](/filings/0001628280-26-016793.md) | not reported | not reported | not reported | not reported | not reported | not reported |
| Share repurchases | $m | [14.0 d](/filings/0001628280-24-046661.md) | [0.0 d](/filings/0001628280-26-016793.md) | [0.0](/filings/0001628280-24-023579.md) | [0.0 d](/filings/0001628280-24-036365.md) | [0.0 d](/filings/0001628280-24-046661.md) | [0.0 d](/filings/0001628280-26-016793.md) | not reported | not reported | not reported | not reported | not reported | not reported |

- Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
- Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
- Dividends paid: us-gaap:PaymentsOfDividends
- Share repurchases: us-gaap:PaymentsForRepurchaseOfCommonStock

## Shares

| Line item | Unit | Q3 FY2022 (2022-09-30) | Q1 FY2023 (2023-03-31) | Q2 FY2023 (2023-06-30) | Q3 FY2023 (2023-09-30) | Q1 FY2024 (2024-03-31) | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Diluted shares (weighted) | millions of shares | [26.9](/filings/0001628280-23-038332.md) | [26.5](/filings/0001628280-24-023579.md) | [26.0](/filings/0001628280-24-036365.md) | [25.8](/filings/0001628280-24-046661.md) | [26.2](/filings/0001628280-25-023268.md) | [26.8](/filings/0001628280-25-039530.md) | [27.9](/filings/0001628280-25-049525.md) | [30.2](/filings/0001628280-26-033501.md) | [30.4](/filings/0001628280-26-053329.md) | [31.0](/filings/0001628280-25-049525.md) | [31.5](/filings/0001628280-26-033501.md) | [32.5](/filings/0001628280-26-053329.md) |

- Diluted shares (weighted): us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding

Shares outstanding: 33,780,862 at 2026-07-29, from the cover of the [10-Q filed 2026-08-05](/filings/0001628280-26-053329.md) (dei:EntityCommonStockSharesOutstanding).

Source: SEC EDGAR, XBRL company facts. Last ingested by Listed: Oct 24, 2026, 15:28 ET. No prices; not investment advice.