FWRD - NASDAQ
Forward Air Corporation
$9.67
-5.2%Forward 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.
At a Glance
Live SnapshotForward Air Corporation Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.
CapEx Intensity
Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.
FCF Growth Trend
Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.
Working Capital Impact
Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.
Cash Flow Quality Insight
Capital-intensive growth: Heavy reinvestment limits current cash available but may drive future returns. Assess whether CapEx supports compelling growth opportunities with adequate ROI.
Forward Air Corporation Cash Flow Statement
FWRD • NASDAQ
| Forward Air Corporation Cash Flow Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 | Dec 2013 | Dec 2012 | Dec 2011 | Dec 2010 | Dec 2009 | Feb 2009 | Feb 2008 | Dec 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||||||||||||||
-107.8M | -1.1B | 42.8M | 193.2M | 116.1M | 52.8M | 87.1M | 92.1M | 87.3M | 27.7M | 55.6M | 61.2M | 54.5M | 52.7M | 47.2M | 32M | 9.9M | 42.5M | 44.9M | 48.9M | |
152.6M | 144M | 57.4M | 47.4M | 39.6M | 37.1M | 42.1M | 42.2M | 41.1M | 38.2M | 37.2M | 31.1M | 23.6M | 21M | 21M | 20.5M | 19.7M | 16.6M | 10.8M | 8.9M | |
-10.9M | -133.5M | -8.9M | 7.7M | 1.4M | 772K | 6.8M | 8.1M | -12.5M | 3.5M | 14.5M | -3M | 4.9M | 2M | 4.4M | 1.4M | -4.1M | 1.2M | 596K | -136K | |
13.4M | 10.2M | 11.5M | 10.7M | 10.5M | 11M | 11.9M | 10.5M | 8.1M | 8.3M | 7.5M | 6.7M | 6.2M | 6.1M | 6M | 6.3M | 6.8M | 6.3M | 3.7M | 1.3M | |
589K | 1B | -13.9M | 11.6M | 4.3M | -5.7M | 5.2M | 3.1M | 6.2M | 43.3M | -768K | 214K | -1.8M | 2.1M | 1.7M | 773K | 9.9M | 4.1M | 4.8M | -137K | |
(0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (21M) | (0.0) | |
-3.5M | -11.8M | 92.5M | -11.4M | -51.6M | -11.3M | 8.4M | -3.5M | -26.8M | 9.3M | -28.3M | -4.5M | 3.6M | -15.3M | -3.3M | -7M | 8M | -11.8M | 1.5M | -6.4M | |
44.4M | -75.4M | 181.4M | 259.1M | 120.3M | 84.7M | 161.5M | 152.6M | 103.4M | 130.4M | 85.7M | 91.7M | 90.8M | 68.6M | 77M | 54M | 50.2M | 59.1M | 62.4M | 52.5M | |
INVESTING ACTIVITIES | ||||||||||||||||||||
-29.1M | -37.1M | -30.7M | -40.7M | -39.1M | -20.3M | -30.7M | -42.3M | -38.3M | -42.2M | -40.5M | -39.5M | -35.4M | -21.4M | -21.2M | -15.1M | -20.8M | -26.7M | -47M | -15.5M | |
(2.2M) | -1.6B | -53M | -66.1M | -59.9M | -63.7M | -39M | -20M | -23.1M | -11.8M | -61.9M | -90.2M | -45.3M | (0.0) | (0.0) | (0.0) | (0.0) | -29.3M | -48.6M | (3.7M) | |
(0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | -82.3M | -212M | |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 143.4M | 229.3M | |
0.0 | 4.7M | 258.5M | 2.4M | 10.7M | 1.2M | 3.3M | 6.8M | 2.2M | 1.6M | 1.5M | 1.9M | 1.8M | 648K | 1.5M | 1.3M | 642K | -247K | -119K | -4.8M | |
-26.9M | -1.6B | (174.8M) | -104.5M | -88.3M | -82.7M | -66.4M | -55.5M | -59.2M | -52.4M | -100.9M | -127.7M | -78.9M | -20.7M | -19.7M | -13.9M | -20.2M | -56.2M | -34.1M | (794K) | |
FINANCING ACTIVITIES | ||||||||||||||||||||
846K | 753K | -93.8M | -62.8M | -49M | -45.2M | -51.5M | -66.1M | -49M | -40M | -20M | -40M | -354K | 0.0 | -26.1M | 1.2M | 237K | 255K | -54.9M | -37.1M | |
-17.3M | -98.4M | 1.7B | -55.1M | 42.6M | 43.6M | 0.0 | 6.7M | 12.2M | -55.8M | 23.6M | -9.7M | -20.4M | -551K | -50.6M | -895K | -1.5M | 18.4M | 29.5M | -1.5M | |
(0.0) | (0.0) | -25M | -25.9M | -23M | -20.9M | -20.5M | -18.4M | -18.1M | -15.5M | -14.8M | -14.8M | -12.1M | -9.9M | -8.2M | -8.1M | -8.1M | -8.1M | -8.3M | -8.7M | |
(846K) | (753K) | -93.8M | -62.8M | -49M | -45.2M | -56.2M | -66.1M | -49M | -40M | -20M | -40M | -354K | (259K) | -26.1M | (0.0) | (0.0) | (0.0) | -55.1M | -41.7M | |
-1.1M | -66.2M | -3.7M | -2.4M | -5.5M | -3.9M | 16M | 2.5M | 6M | 8.5M | 18.2M | 14.6M | 36.1M | 16M | 747K | 194K | -611K | 3.7M | 2M | 2M | |
-17.5M | -163.8M | 1.6B | -146.1M | -34.9M | -26.5M | -56M | -75.3M | -48.8M | -102.8M | 7.1M | -49.9M | 3.3M | 5.5M | -73M | -7.6M | -10M | 14.3M | -31.6M | -45.4M | |
CASH FLOW SUMMARY | ||||||||||||||||||||
791K | 1M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
730K | -1.8B | 1.9B | 8.5M | -2.9M | -24.5M | 39.1M | 21.8M | -4.6M | -24.8M | -8.1M | -85.9M | 15.2M | 53.4M | -15.7M | 32.5M | 19.9M | 17.2M | -3.3M | 7.9M | |
105.3M | 2B | 45.8M | 37.3M | 40.3M | 64.7M | 25.7M | 3.9M | 8.5M | 33.3M | 41.4M | 127.4M | 112.2M | 58.8M | 74.5M | 42M | 22.1M | 4.9M | 8.2M | 332K | |
106M | 105.3M | 2B | 45.8M | 37.3M | 40.3M | 64.7M | 25.7M | 3.9M | 8.5M | 33.3M | 41.4M | 127.4M | 112.2M | 58.8M | 74.5M | 42M | 22.1M | 4.9M | 8.2M | |
15.3M | -112.5M | 150.7M | 218.4M | 81.2M | 64.4M | 130.8M | 110.3M | 65.1M | 88.2M | 45.2M | 52.2M | 55.4M | 47.2M | 55.7M | 38.8M | 29.3M | 32.4M | 15.4M | 37M |
SEC Filings
FWRD - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
10-Q 10-Q 2026 Q1 Q1 | May 11, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 07, 2026 | May 07, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 29, 2026 | April 24, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | April 29, 2026 | June 17, 2026 | 2026 | |
10-K 10-K 2025 FY FY | March 11, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | February 23, 2026 | February 23, 2026 | 2026 | |
8-K 8-K 2025 N/A | November 05, 2025 | November 05, 2025 | 2025 | |
10-Q 10-Q 2025 Q3 Q3 | November 05, 2025 | September 30, 2025 | 2025 | |
8-K 8-K 2025 N/A | October 15, 2025 | October 10, 2025 | 2025 | |
8-K 8-K 2025 N/A | September 02, 2025 | August 29, 2025 | 2025 |
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