Forward Air CorpFWRD

NasdaqIndustrialsArrangement of Transportation of Freight & Cargo
Price (close)
$14.75
Market cap
$498.3M
P/E
—
Revenue (TTM)
$2.5B
Net income
-$286.2M
Dividend yield
—
1-year total return
-46.6%
Net margin
-11.4%
Revenue growth
-0.1%
Debt / equity
—

What Forward Air Corp does.

Forward Air Corporation (“Forward”, the “Company”, “we”, “our”, or “us”) is a leading asset-light provider of transportation services. We provide ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia. We also provide customized asset-light, high-touch logistics and supply chain management solutions with deep customer relationships in high-growth end markets. We offer premium services that typically require precision execution, such as expedited transit, delivery during tight time windows and special handling. We utilize an asset-light strategy to minimize our investments in equipment and facilities and to reduce our capital expenditures. Forward was founded in 1981 in Greeneville, Tennessee. In 2025, the Company changed its state of incorporation from Tennessee to Delaware and moved its headquarters from Greeneville to Dallas, Texas. Our common stock is listed on the Nasdaq Global Select Market under the symbol “FWRD”.

On January 25, 2024 (the “ Closing Date ” ), we completed the acquisition of Omni Newco LLC (“Omni”) pursuant to the Agreement and Plan of Merger, dated as of August 10, 2023 (the “ Merger Agreement ” , and as amended by Amendment No. 1, dated as of January 22, 2024, the “Amended Merger Agreement”) (the “Omni Acquisition”). The Omni acquisition is discussed in detail within Note 3, Acquisitions to our Consolidated Financial Statements included in this Annual Report on Form 10-K.

Revenue and profit, by fiscal year.

Fiscal year202020212022202320242025
Revenue$1.3B$1.4B$1.7B$1.4B$2.5B$2.5B
Net income$23.7M$105.9M$193.2M$167.4M-$817.0M-$107.8M
Free cash flow$75.8M$82.2M$210.9M$168.5M-$106.1M$15.3M

More on FWRD.

Figures from Forward Air Corp's filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.