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Forward Air(NASDAQ) FWRD

Market Cap$467.42MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (1993)+406%
5 Year-83%
1 Year-54%
1 Month-1%
$14.62
-1.12%
-0.16Today
Forward Air last closing stock price
MetricPriceDate
Last closeUSD 14.782026-07-28
Forward Air stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week-8.82%USD 16.212026-07-21
1 month-0.61%USD 14.872026-06-26
3 month-31.29%USD 21.512026-04-29
Year to date-40.88%USD 25.002025-12-31
1 year-54.2%USD 32.272025-07-28
3 year-87.51%USD 118.332023-07-28
5 year-82.86%USD 86.232021-07-29
Since inception+405.95%USD 2.921993-11-16

Forward Air Financials at a Glance

Market Cap

$467.42MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$2.46B

Net Income (TTM)

-$91.48M

EPS (TTM)

-$2.93

P/E Ratio

-5.04

Dividend

$0.00

Beta (Volatility)

1.43 (Average)

Price

$14.62

Volume

523,025.804

Open

$14.57

Previous Close

$14.78

Daily Range

$14.21 - $14.87

52-Week Range

$7.86 - $32.00

Estimated Earnings Date

Aug 5, 2026

FWRD News

TMF-Wall-Street-Sign-Green-StockVStock.png

Forward Air vs. Old Dominion Freight Line: Which Industrials Stock Is a Better Buy in 2026?

Pamela KockJun 11, 2026
The port fuselage of a plane at dawn or dusk

Why Forward Air Stock Had Some Serious Lift Today

Eric VolkmanApr 9, 2025
1 red arrow going down

Why Forward Air Stock Dropped on Thursday

Rich SmithFeb 27, 2025
Cargo ship plying its trade on the open sea

Why Forward Air Stock Soared Today

Eric VolkmanOct 7, 2024
Truck trucker highway source Getty

Why Forward Air Stock Is Up Big Today

Lou WhitemanAug 8, 2024
Row of trucks at a truck stop Getty

Why Forward Air Stock Advanced in June

Lou WhitemanJul 2, 2024
Row of trucks at a truck stop Getty

Why Forward Air Stock Hit New Lows in May

Lou WhitemanJun 5, 2024
Truck trucker highway source Getty

Why Forward Air Stock Was Grounded Today

Lou WhitemanMay 9, 2024
Page 1

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About Forward Air

Forward Air helps businesses move heavy goods across North America and overseas. The company connects shippers with trucks, planes, and ships to keep products moving. These specialized services help manufacturers and retailers meet tight delivery deadlines.

Moving Freight by Air and Land

  • Expedited Freight: Regional and national less-than-truckload services for shipments that do not fill a whole trailer; accounts for 69% of segment revenue.
  • Omni Logistics: Global supply chain management including air and ocean shipping and customs brokerage; Ground services account for 45% of segment revenue.
  • Intermodal: Short-distance hauling of shipping containers between seaports, railheads, and warehouses.
  • Contract Logistics: Customized warehousing and value-added services for large business customers; accounts for 34% of Omni segment revenue.

Shifting Gears and Strategic Reviews

  • Completed the acquisition of Omni Logistics to expand into global supply chain management and international freight services.
  • Announced plans in early 2026 to pursue a potential sale of non-core assets, including the Intermodal segment.
  • Initiated a comprehensive review of strategic alternatives in January 2025 to explore options for the company.
  • Started negotiating a transition plan in 2026 for a major customer whose business represented 12% of revenue in the first quarter.

Specialized Logistics Without the Trucks

Forward Air uses an asset-light model that relies on outside contractors rather than owning a large fleet of vehicles. This strategy allows the company to minimize equipment costs while focusing on precision services like expedited transit for high-value cargo.

By the Numbers in 2026

  • Operating revenue fell to $582 million in Q1 2026, down 5% from $613 million in Q1 2025.
  • Operating income hit $20 million in Q1 2026, up 329% year-over-year.
  • Net loss reached $34 million in Q1 2026, which narrowed from a $51 million loss in Q1 2025.
  • Free cash flow grew to $39 million in Q1 2026, up 147% from $16 million in the previous year.
  • Long-term debt reached $1.69 billion as of March 31, 2026.

A Changing Business Model

Forward Air is evolving from a specialized trucking company into a broader global logistics provider. The company is now focused on streamlining its operations and selling non-core segments to reduce its debt levels.

AI Generated • May 12, 2026

Industry

Air Freight and Logistics

Sector

Industrials

Employees

6,062

CEO

Shawn Stewart

Website

www.forwardair.com

Headquarters

Dallas, TN 37745, US

FWRD Financials

Key Financial Metrics (TTM)

Gross Margin

10.01%

Operating Margin

2.11%

Net Income Margin

-3.71%

Return on Equity

-75.30%

Return on Capital

1.60%

Return on Assets

-3.39%

Earnings Yield

-19.84%

Dividend Yield

0.00%

Payout Ratio

0.00%

Stock Overview

Market Cap

$467.42MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

31.63M

Volume

523.03K

Avg. Volume

1.42M

Financials (TTM)

Gross Profit

$246.59M

Operating Income

$52.10M

EBITDA

$101.41M

Operating Cash Flow

$62.51M

Capital Expenditure

-$24.16M

Free Cash Flow

$38.35M

Cash & ST Invst.

$141.02M

Total Debt

$2.15B

Forward Air Performance Analysis

Forward Air annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 1,679,634,0001.0%
20232023-12-31USD 1,370,735,000-18.4%
20242024-12-31USD 2,474,262,00080.5%
20252025-12-31USD 2,495,118,0000.8%
Forward Air sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-300.9%
Q32025-09-302.1%
Q42025-12-31-0.1%
Q12026-03-31-7.8%
Forward Air annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD 7.1485.3%
20232023-12-31USD 0.43-93.9%
20242024-12-31USD -29.43N/A
20252025-12-31USD -3.51-88.1%
Forward Air sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-3075.6%
Q32025-09-30-26.8%
Q42025-12-31-75.0%
Q12026-03-31-22.0%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q1 2026YOY CHG

Revenue

$582.05M

-5.1%

Gross Profit

$20.44M

-72.9%

Gross Margin

3.51%

N/A

Market Cap

$467.42MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

$77.11K

N/A

Employees

6,062

N/A

Net Income

-$34.32M

+32.2%

EBITDA

-$43.47M

-205.2%

Quarterly Fundamentals

Name
Q1 2026YOY CHG

Total Cash

$141.02M

+21.2%

Total Debt

$2.15B

-0.1%

Accounts Receivable

$333.78M

-0.8%

Inventory

$0.00

N/A

Long Term Debt

$2.02B

-0.8%

Short Term Debt

$128.13M

+11.4%

Return on Assets

-3.39%

N/A

Return on Invested Capital

2.31%

N/A

Free Cash Flow

$38.79M

+146.9%

Operating Cash Flow

$45.74M

+65.6%

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Questions About FWRD

What is the current price of Forward Air?

Forward Air is trading at $14.55 per share.

What is the 52-week range for Forward Air?

Over the past 52 weeks, Forward Air has traded between $7.86 and $32.00.

How much debt does Forward Air have?

As of the most recent reporting period, Forward Air reported total debt of $2.15B.

How much cash does Forward Air have on hand?

Forward Air reported $141.02M in cash and cash equivalents in its most recent financial results.

What is Forward Air’s dividend yield?

Forward Air does not currently have a dividend yield.

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