Forward Air Corporation (FWRD) Financial Statements (2025 and earlier)
Company Profile
| Business Address |
1915 SNAPPS FERRY ROAD GREENEVILLE, TN 37745 |
| State of Incorp. | TN |
| Fiscal Year End | December 31 |
| Industry (SIC) | 4731 - Arrangement of Transportation of Freight and Cargo (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)Annual | Quarterly
| 6/30/2025 Q2 | 3/31/2025 Q1 | 12/31/2024 Q4 | 9/30/2024 Q3 | 6/30/2024 Q2 | 3/31/2024 Q1 | 12/31/2023 Q4 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 116,311 | 104,903 | 136,616 | 84,886 | 152,042 | 121,969 | |||
| Cash and cash equivalent | 116,311 | 104,903 | 136,616 | 84,886 | 152,042 | 121,969 | |||
| Restricted cash and investments | 363 | 363 | 1,540 | 19,769 | 20,228 | 39,604 | |||
| Receivables | 336,398 | 322,496 | 362,698 | 370,403 | 353,352 | 158,675 | |||
| Other current assets | 10,895 | 15,685 | 13,053 | 44,379 | 4,299 | 1,098 | |||
| Other undisclosed current assets | 29,398 | 29,053 | 31,174 | 39,186 | 39,512 | 25,682 | |||
| Total current assets: | 493,365 | 472,500 | 545,081 | 558,623 | 569,433 | 347,028 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 44,363 | 38,015 | |||||||
| Operating lease, right-of-use asset | 408,642 | 410,084 | 355,139 | 323,821 | 334,262 | 111,552 | |||
| Intangible assets, net (including goodwill) | 1,498,834 | 1,521,928 | 1,749,423 | 1,776,079 | 2,643,608 | 413,495 | |||
| Goodwill | 522,712 | 522,712 | 716,071 | 545,380 | 1,379,180 | 278,706 | |||
| Intangible assets, net (excluding goodwill) | 976,122 | 999,216 | 1,033,352 | 1,230,699 | 1,264,428 | 134,789 | |||
| Restricted cash and investments | 1,790,500 | ||||||||
| Other noncurrent assets | 71,793 | ||||||||
| Other undisclosed noncurrent assets | 331,208 | 353,766 | 406,197 | 408,793 | 411,957 | 278,943 | |||
| Total noncurrent assets: | 2,310,477 | 2,330,141 | 2,510,759 | 2,508,693 | 3,389,827 | 2,632,505 | |||
| TOTAL ASSETS: | 2,803,842 | 2,802,641 | 3,055,840 | 3,067,316 | 3,959,260 | 2,979,533 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 255,043 | 225,528 | 292,820 | 260,886 | 249,601 | 108,378 | |||
| Accounts payable | 111,510 | 105,692 | 157,230 | 143,455 | 130,646 | 45,430 | |||
| Accrued liabilities | 143,533 | 119,836 | 135,590 | 117,431 | 118,955 | 62,948 | |||
| Debt | 17,446 | 16,930 | 16,741 | 16,875 | 28,134 | 12,645 | |||
| Other liabilities | 68,197 | 45,148 | 49,571 | 53,064 | 73,461 | 71,727 | |||
| Other undisclosed current liabilities | 97,578 | 96,440 | 89,566 | 89,188 | 93,645 | 44,344 | |||
| Total current liabilities: | 438,264 | 384,046 | 448,698 | 420,013 | 444,841 | 237,094 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 1,712,979 | 1,706,788 | 1,706,023 | 1,712,272 | 1,698,413 | 26,736 | |||
| Long-term debt, excluding current maturities | 1,678,647 | 1,675,930 | 1,673,292 | 1,677,315 | 1,664,107 | ||||
| Finance lease, liability | 34,332 | 30,858 | 32,731 | 34,957 | 34,306 | 26,736 | |||
| Liabilities, other than long-term debt | 412,298 | 412,644 | 527,788 | 557,544 | 470,298 | 207,750 | |||
| Deferred income tax liabilities | 35,177 | 38,169 | 209,522 | 271,201 | 177,806 | 42,200 | |||
| Other liabilities | 52,164 | 48,835 | 42,423 | 43,126 | 45,536 | 47,144 | |||
| Operating lease, liability | 324,957 | 325,640 | 275,843 | 243,217 | 246,956 | 71,598 | |||
| Self insurance reserve | 46,808 | ||||||||
| Other undisclosed noncurrent liabilities | 13,295 | 13,295 | 36,797 | 13,270 | 13,270 | ||||
| Total noncurrent liabilities: | 2,138,572 | 2,132,727 | 2,270,608 | 2,283,086 | 2,181,981 | 234,486 | |||
| Total liabilities: | 2,576,836 | 2,516,773 | 2,719,306 | 2,703,099 | 2,626,822 | 471,580 | |||
| Equity | |||||||||
| Equity, attributable to parent | 154,634 | 201,728 | 226,084 | 283,764 | 926,071 | 764,261 | |||
| Common stock | 304 | 298 | 287 | 277 | 265 | 257 | |||
| Additional paid in capital | 546,556 | 542,392 | 528,255 | 512,638 | 508,675 | 283,684 | |||
| Accumulated other comprehensive income (loss) | (2,467) | (2,732) | (824) | (1,000) | (151) | ||||
| Retained earnings (accumulated deficit) | (389,759) | (338,230) | (301,634) | (228,151) | 417,282 | 480,320 | |||
| Equity, attributable to noncontrolling interest | 72,372 | 84,140 | 110,450 | 80,453 | 406,367 | ||||
| Total equity: | 227,006 | 285,868 | 336,534 | 364,217 | 1,332,438 | 764,261 | |||
| Other undisclosed liabilities and equity | 1,743,692 | ||||||||
| TOTAL LIABILITIES AND EQUITY: | 2,803,842 | 2,802,641 | 3,055,840 | 3,067,316 | 3,959,260 | 2,979,533 | |||
Income Statement (P&L) ($ in thousands)Annual | Quarterly
| 6/30/2025 Q2 | 3/31/2025 Q1 | 12/31/2024 Q4 | 9/30/2024 Q3 | 6/30/2024 Q2 | 3/31/2024 Q1 | 12/31/2023 Q4 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 613,281 | 632,846 | 655,937 | 643,666 | 541,813 | 128,040 | ||
| Cost of revenue | (255,464) | (180,047) | (251,961) | (1,371,576) | (290,510) | (93,910) | ||
| Cost of product and service sold | (20,656) | (25,221) | (22,237) | (20,557) | (18,127) | (14,394) | ||
| Gross profit: | 357,817 | 452,799 | 403,976 | (727,910) | 251,303 | 34,130 | ||
| Operating expenses | (353,054) | (376,944) | (381,279) | (367,845) | (317,035) | (42,133) | ||
| Operating income (loss): | 4,763 | 75,855 | 22,697 | (1,095,755) | (65,732) | (8,003) | ||
| Nonoperating expense | (46,365) | (44,234) | (55,593) | (45,658) | (41,412) | (23,976) | ||
| Interest and debt expense | (45,547) | (48,427) | (52,770) | (47,265) | (40,753) | (23,976) | ||
| Loss from continuing operations before equity method investments, income taxes: | (87,149) | (16,806) | (85,666) | (1,188,678) | (147,897) | (55,955) | ||
| Other undisclosed income from continuing operations before income taxes | 45,547 | 48,427 | 52,770 | 47,265 | 40,753 | 23,976 | ||
| Income (loss) from continuing operations before income taxes: | (41,602) | 31,621 | (32,896) | (1,141,413) | (107,144) | (31,979) | ||
| Income tax expense (benefit) | (19,589) | (66,999) | (1,302) | 174,942 | 18,350 | 9,175 | ||
| Loss from continuing operations: | (61,191) | (35,378) | (34,198) | (966,471) | (88,794) | (22,804) | ||
| Loss from discontinued operations | (1,137) | (4,876) | ||||||
| Other undisclosed net loss | (374) | |||||||
| Net loss: | (61,191) | (35,752) | (35,335) | (971,347) | (88,794) | (22,804) | ||
| Net income (loss) attributable to noncontrolling interest | 10,554 | (664) | (38,073) | 325,914 | 27,082 | |||
| Other undisclosed net income attributable to parent | 124,548 | |||||||
| Net income (loss) attributable to parent: | (50,637) | (36,416) | (73,408) | (645,433) | (61,712) | 101,744 | ||
| Preferred stock dividends and other adjustments | (11,867) | |||||||
| Undistributed earnings (loss) allocated to participating securities, basic | (502) | |||||||
| Other undisclosed net loss available to common stockholders, basic | (20,165) | |||||||
| Net income (loss) available to common stockholders, diluted: | (50,637) | (56,581) | (73,408) | (645,433) | (73,579) | 101,242 | ||
Comprehensive Income ($ in thousands)Annual | Quarterly
| 6/30/2025 Q2 | 3/31/2025 Q1 | 12/31/2024 Q4 | 9/30/2024 Q3 | 6/30/2024 Q2 | 3/31/2024 Q1 | 12/31/2023 Q4 | ||
|---|---|---|---|---|---|---|---|---|
| Net loss: | (61,191) | (35,752) | (35,335) | (971,347) | (88,794) | (22,804) | ||
| Other undisclosed comprehensive income (loss) | 265 | (1,908) | 176 | (849) | (151) | |||
| Comprehensive loss: | (60,926) | (37,660) | (35,159) | (972,196) | (88,945) | (22,804) | ||
| Comprehensive income (loss), net of tax, attributable to noncontrolling interest | 10,554 | (664) | (38,073) | 325,914 | 27,082 | |||
| Comprehensive loss, net of tax, attributable to parent: | (50,372) | (38,324) | (73,232) | (646,282) | (61,863) | (22,804) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.