15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $2.5B | -$104M | 0.0% | 1.5% | -91.8% | -3.8% | $15M | $1.7B | $106M |
| 2024 | $2.5B | -$820M | 0.0% | -43.0% | -406.5% | -29.3% | -$106M | $1.7B | $105M |
| 2023 | $1.4B | $167M | 0.0% | 6.4% | 21.9% | 5.6% | $168M | $0 | $122M |
| 2022 | $1.7B | $193M | 0.0% | 14.7% | 27.3% | 16.0% | $211M | $108M | $46M |
| 2021 | $1.4B | $106M | 0.0% | 10.6% | 17.9% | 9.5% | $82M | $157M | $37M |
| 2020 | $1.3B | $24M | 48.7% | 5.8% | 4.3% | 2.3% | $76M | $112M | $40M |
| 2019 | $1.2B | $87M | 51.8% | 9.3% | 15.1% | 8.8% | $124M | $73M | $65M |
| 2018 | — | $92M | — | — | 16.6% | 12.1% | $103M | $47M | $26M |
| 2017 | — | $87M | — | — | 16.4% | 12.6% | — | $40M | $4M |
| 2016 | — | $28M | — | — | 5.5% | 4.3% | — | $28M | $9M |
| 2015 | — | $56M | — | — | 10.9% | 7.9% | — | $83M | $33M |
| 2014 | — | $61M | — | — | 13.2% | 11.3% | — | $0 | $41M |
| 2013 | — | $54M | — | — | 12.5% | 10.8% | — | — | $127M |
| 2012 | — | $53M | — | — | 15.0% | 13.2% | — | — | $112M |
| 2011 | — | $47M | — | — | 16.5% | 13.8% | — | $0 | $59M |
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $673M | -$207M | 0.0% | -29.9% | 179.6% | -8.6% | -$8M | $1.7B | $139M |
| Mar '26 | $582M | -$34M | 0.0% | 3.5% | -42.4% | -1.3% | $39M | $1.7B | $141M |
| Dec '25 | $631M | -$28M | 0.0% | -0.5% | -25.0% | -1.0% | — | $1.7B | $106M |
| Sep '25 | $632M | -$16M | 0.0% | 2.4% | -11.6% | -0.6% | — | $1.7B | $140M |
| Jun '25 | $619M | -$13M | 0.0% | 3.2% | -8.3% | -0.5% | -$18M | $1.7B | $95M |
| Mar '25 | $613M | -$51M | 0.0% | 0.8% | -32.7% | -1.8% | $16M | $1.7B | $116M |
| Dec '24 | $633M | -$36M | 0.0% | 12.0% | -18.1% | -1.3% | — | $1.7B | $105M |
| Sep '24 | $656M | -$73M | 0.0% | 3.5% | -32.5% | -2.4% | — | $1.7B | $137M |
| Jun '24 | $644M | -$645M | 0.0% | -170.2% | -227.5% | -21.0% | — | $1.7B | $85M |
| Mar '24 | $542M | -$62M | 0.0% | -12.1% | -6.7% | -1.6% | -$57M | $1.7B | $152M |
| Dec '23 | $338M | $102M | 0.0% | 0.9% | 13.3% | 3.4% | — | $0 | $122M |
| Sep '23 | $341M | $9M | 0.0% | 3.4% | 1.4% | 0.8% | $25M | $122M | $19M |
| Jun '23 | $334M | $20M | 0.0% | 7.9% | 3.0% | 1.7% | $53M | $122M | $18M |
| Mar '23 | $358M | $36M | 0.0% | 13.2% | 5.3% | 3.0% | $59M | $153M | $32M |
| Dec '22 | $403M | $43M | 0.0% | 10.7% | 6.1% | 3.6% | — | $108M | $46M |
| Sep '22 | $433M | $52M | 0.0% | 16.5% | 7.6% | 4.4% | $77M | $108M | — |
| Jun '22 | $442M | $55M | 0.0% | 17.1% | 8.3% | 4.6% | $42M | $149M | — |
| Mar '22 | $467M | $43M | 0.0% | 12.3% | 7.0% | 3.7% | $53M | $157M | — |
| Dec '21 | $460M | $40M | 0.0% | 11.3% | 6.8% | 3.6% | — | $157M | $37M |
| Sep '21 | $420M | $24M | 0.0% | 10.1% | 4.2% | 2.2% | — | — | — |
How the market has priced FWRD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Forward Air Corp's revenue has grown 14.5% per year. These are computed facts, not advice.
As of FY2025, Forward Air Corp reported $1.7B of total debt against $106M of cash; operating income covered interest expense 0.2×.
In FY2025, gross margin was —, operating margin 1.5%, and net margin -4.2%.
As of Sep '26, Forward Air Corp traded at a price-to-earnings ratio of about 7.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.