FWRD Stock - Forward Air Corporation
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $2.47B | $1.37B | $1.68B | $1.39B | $1.27B |
| Gross Profit | $339.65M | $330.15M | $491.67M | $313.95M | $229.11M |
| Gross Margin | 13.7% | 24.1% | 29.3% | 22.6% | 18.0% |
| Operating Income | $-1,062,936,000 | $88.21M | $247.59M | $147.03M | $73.92M |
| Net Income | $-816,969,000 | $167.35M | $193.19M | $105.86M | $23.73M |
| Net Margin | -33.0% | 12.2% | 11.5% | 7.6% | 1.9% |
| EPS | $-29.43 | $0.44 | $7.18 | $3.87 | $0.85 |
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.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| June 26th 2025 | Stifel | Upgrade | Buy | $29 |
| May 28th 2024 | Wolfe Research | Upgrade | Peer Perform | - |
| January 10th 2024 | Wolfe Research | Downgrade | Underperform | - |
| August 29th 2023 | Jefferies | Upgrade | Buy | $85← $110 |
| August 28th 2023 | Wolfe Research | Upgrade | Peer Perform | - |
| August 15th 2023 | Robert W. Baird | Downgrade | Neutral | $80← $130 |
| August 11th 2023 | Stifel | Downgrade | Hold | $103← $127 |
| August 11th 2023 | Wolfe Research | Downgrade | Underperform | $80 |
| August 11th 2023 | Raymond James | Downgrade | Market Perform | - |
| July 19th 2023 | Robert W. Baird | Upgrade | Outperform | $130← $106 |
| January 4th 2023 | Jefferies | Downgrade | Hold | $110 |
| October 25th 2022 | Jefferies | Initiation | Buy | $120 |
| July 20th 2022 | The Benchmark Company | Initiation | Hold | - |
| April 29th 2022 | Stifel | Upgrade | Buy | $136← $122 |
Earnings History & Surprises
FWRDEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | May 5, 2026 | — | — | — | — |
Q1 2026 | Feb 25, 2026 | $-0.26 | — | — | — |
Q4 2025 | Nov 5, 2025 | $-0.13 | $-0.52 | -300.0% | ✗ MISS |
Q3 2025 | Aug 11, 2025 | $-0.17 | $-0.41 | -141.2% | ✗ MISS |
Q2 2025 | May 7, 2025 | $-0.47 | $-1.59 | -238.3% | ✗ MISS |
Q1 2025 | Feb 26, 2025 | $-0.12 | $0.01 | +108.3% | ✓ BEAT |
Q4 2024 | Nov 4, 2024 | $-0.05 | $-1.71 | -3320.0% | ✗ MISS |
Q3 2024 | Aug 7, 2024 | $-0.07 | $-23.29 | -33171.4% | ✗ MISS |
Q2 2024 | May 8, 2024 | $-0.15 | $-0.64 | -326.7% | ✗ MISS |
Q1 2024 | Feb 28, 2024 | $0.97 | $0.81 | -16.5% | ✗ MISS |
Q4 2023 | Oct 30, 2023 | $1.10 | $0.99 | -10.0% | ✗ MISS |
Q3 2023 | Aug 2, 2023 | $1.28 | $0.91 | -28.9% | ✗ MISS |
Q2 2023 | May 1, 2023 | $1.31 | $1.37 | +4.6% | ✓ BEAT |
Q1 2023 | Feb 8, 2023 | $1.94 | $1.65 | -14.9% | ✗ MISS |
Q4 2022 | Oct 26, 2022 | $1.90 | $1.93 | +1.6% | ✓ BEAT |
Q3 2022 | Jul 27, 2022 | $1.78 | $2.04 | +14.6% | ✓ BEAT |
Q2 2022 | Apr 27, 2022 | $1.27 | $1.57 | +23.6% | ✓ BEAT |
Q1 2022 | Feb 9, 2022 | $1.31 | $1.40 | +6.9% | ✓ BEAT |
Q4 2021 | Oct 27, 2021 | $1.05 | $1.14 | +8.6% | ✓ BEAT |
Q3 2021 | Jul 29, 2021 | $0.97 | $1.11 | +14.4% | ✓ BEAT |
Latest News
Forward Air shares are trading higher. The company reported Q3 financial results.
📈 PositiveForward Air Q3 EPS $(0.52) Misses $(0.25) Estimate, Sales $631.763M Miss $639.998M Estimate
📉 NegativeForward Air falls on report that auction process has slowed
📉 NegativeForward Air shares are trading lower after Axios reported the company's auction has slowed, with no PE deal imminent.
📉 Negative'Scoop: No PE deal imminent for Forward Air'- Axios
➖ NeutralStifel Maintains Buy on Forward Air, Lowers Price Target to $30
➖ NeutralForward Air gains on report of private equity bids
📈 PositiveForward Air attracts takeover interest from buyout firms - Reuters
➖ NeutralFrequently Asked Questions about FWRD
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