Forward Air Corporation (FWRD) Balance Sheet
FWRD balance sheet, 2025
December 31, 2025 · U.S. dollars$2.74B assets = $2.58B liabilities + $161.7M equity
Both columns are drawn to the same scale: what FWRD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FWRD financial health
Descriptive bands, not a rating. Fiscal 2025.
FWRD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $641.3M2016 | $2.74B2025 | +17.5%/yr | |
| Total liabilities | $142.2M2016 | $2.58B2025 | +38.0%/yr | |
| Shareholders’ equity | $499.1M2016 | $113.3M2025 | −15.2%/yr | |
| Cash & short-term investments | $8.5M2016 | $106.0M2025 | +32.3%/yr | |
| Total debt | $28.7M2016 | $2.16B2025 | +61.6%/yr | |
| Net cash (debt) | −$20.2M2016 | −$2.05B2025 | −$2.0B | |
| Working capital | $58.3M2016 | $92.7M2025 | +$34.3M | |
| Book value per share | $16.232016 | $3.662025 | −15.3%/yr | |
| Current ratio | 1.752016 | 1.222025 | −0.53 | |
| Debt / equity | 0.062016 | 19.052025 | +19.00 | |
| Shares outstanding | 30.7M2016 | 31.0M2025 | +0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FWRD assets
FWRD liabilities and equity
FWRD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FWRD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $106.0M | $104.9M | $122.0M | $45.8M | $37.3M | $40.3M | $64.7M | $25.7M | $3.9M | $8.5M |
| Cash & equivalents | $106.0M | $104.9M | $122.0M | $45.8M | $37.3M | $40.3M | $64.7M | $25.7M | $3.9M | $8.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $349.7M | $322.5M | $158.7M | $188.2M | $216.2M | $156.5M | $136.2M | $161.4M | $152.4M | $116.6M |
| Inventory | $0 | $0 | $0 | $1 | $0 | $21.0M | $2.1M | $2.2M | $1.4M | $1.3M |
| Other current assets | $65.3M | $45.1M | $66.4M | $70.3M | $29.3M | $28.1M | $33.2M | $11.8M | $5.0M | $9.9M |
| Total current assets | $521.0M | $472.5M | $347.0M | $304.3M | $282.8M | $245.9M | $236.3M | $201.1M | $162.7M | $136.3M |
| Property, plant & equipment (net) | $710.4M | $736.3M | $369.6M | $377.4M | $367.3M | $313.2M | $297.9M | $209.9M | $206.1M | $200.2M |
| Goodwill & intangible assets | $1.43B | $1.52B | $413.5M | $373.6M | $421.5M | $390.0M | $340.6M | $312.8M | $302.9M | $291.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $83.9M | $71.9M | $1.85B | $152.8M | $46.3M | $98.3M | $116.1M | $36.5M | $15.9M | $13.5M |
| Total assets | $2.74B | $2.80B | $2.98B | $1.21B | $1.12B | $1.05B | $990.9M | $760.2M | $687.7M | $641.3M |
| Liabilities | ||||||||||
| Accounts payable | $121.8M | $105.7M | $45.4M | $50.1M | $44.8M | $38.4M | $25.4M | $34.6M | $30.7M | $18.0M |
| Short-term debt | $123.0M | $113.4M | $57.0M | $51.6M | $53.6M | $45.5M | $37.3M | $309,000 | $359,000 | $28.4M |
| Deferred revenue | $13.2M | $9.9M | $31.2M | $51.1M | $43.4M | $55.4M | $49.8M | — | $320,000 | $70,000 |
| Total current liabilities | $428.3M | $384.0M | $237.1M | $169.4M | $164.7M | $171.6M | $137.2M | $74.7M | $60.1M | $77.9M |
| Long-term debt | $1.69B | $1.68B | $1.79B | $106.6M | $155.5M | $117.4M | $72.2M | $47.3M | $40.6M | $725,000 |
| Lease obligations | $472.4M | $469.9M | $142.7M | $161.8M | $148.9M | $5.0M | $4.9M | $54,000 | $365,000 | $725,000 |
| Other long-term liabilities | $467.6M | $456.8M | $187.7M | $224.8M | $204.0M | $211.0M | $204.3M | $84.9M | $53.5M | $63.6M |
| Total liabilities | $2.58B | $2.52B | $2.22B | $500.8M | $524.2M | $500.1M | $413.7M | $207.0M | $154.2M | $142.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $313,000 | $298,000 | $257,000 | $265,000 | $270,000 | $273,000 | $279,000 | $285,000 | $295,000 | $301,000 |
| Retained earnings (deficit) | −$447.1M | −$338.2M | $480.3M | $436.1M | $334.9M | $304.1M | $350.0M | $342.7M | $337.8M | $319.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $580,000 | −$2.7M | — | — | — | $0 | −$213.7M | −$204.0M | −$193.1M | −$178.8M |
| Minority interest | $48.3M | $84.1M | $0 | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $113.3M | $201.7M | $764.3M | $707.2M | $593.7M | $547.3M | $577.2M | $553.2M | $533.5M | $499.1M |
| Key figures | ||||||||||
| Total debt | $2.16B | $2.15B | $1.95B | $266.8M | $320.1M | $243.2M | $179.2M | $47.7M | $41.3M | $28.7M |
| Net cash (debt) | −$2.05B | −$2.04B | −$1.82B | −$221.0M | −$282.8M | −$203.0M | −$114.5M | −$22.0M | −$37.4M | −$20.2M |
| Working capital | $92.7M | $88.5M | $109.9M | $134.9M | $118.1M | $74.3M | $99.2M | $126.4M | $102.6M | $58.3M |
| Tangible book value | −$1.32B | −$1.32B | $350.8M | $333.7M | $172.2M | $157.3M | $236.6M | $240.5M | $230.6M | $207.7M |
| Book value per share | $3.66 | $7.32 | $29.39 | $26.27 | $21.75 | $19.76 | $20.39 | $18.95 | $17.66 | $16.23 |
| Shares outstanding | 31.0M | 27.5M | 26.0M | 26.9M | 27.3M | 27.7M | 28.3M | 29.2M | 30.2M | 30.7M |
| Current ratio | 1.22 | 1.23 | 1.46 | 1.80 | 1.72 | 1.43 | 1.72 | 2.69 | 2.71 | 1.75 |
| Quick ratio | 1.06 | 1.11 | 1.18 | 1.38 | 1.54 | 1.15 | 1.47 | 2.50 | 2.60 | 1.61 |
| Debt / equity | 19.05 | 10.64 | 2.55 | 0.38 | 0.54 | 0.44 | 0.31 | 0.09 | 0.08 | 0.06 |
| Equity / assets | 4.1% | 7.2% | 25.7% | 58.5% | 53.1% | 52.3% | 58.2% | 72.8% | 77.6% | 77.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $139.4M | $141.0M | $106.0M | $140.4M | $95.1M | $116.3M | $104.9M | $136.6M | $104.7M | $172.3M | $122.0M | $18.8M |
| Cash & equivalents | $139.4M | $141.0M | $106.0M | $140.4M | $95.1M | $116.3M | $104.9M | $136.6M | $104.7M | $172.3M | $122.0M | $18.8M |
| Receivables | $375.6M | $333.8M | $349.7M | $341.4M | $335.7M | $336.4M | $322.5M | $362.7M | $370.4M | $353.4M | $158.7M | $191.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.5M | $0 | $1 | $0 | $1 |
| Other current assets | $68.1M | $67.6M | $65.3M | $70.7M | $43.8M | $40.7M | $45.1M | $44.2M | $83.6M | $43.8M | $66.4M | $27.1M |
| Total current assets | $583.1M | $542.4M | $521.0M | $552.5M | $474.6M | $493.4M | $472.5M | $545.1M | $558.6M | $569.4M | $347.0M | $237.7M |
| Property, plant & equipment (net) | $636.1M | $689.4M | $710.4M | $721.4M | $740.9M | $739.9M | $736.3M | $679.9M | $652.8M | $662.0M | $369.6M | $393.0M |
| Goodwill & intangible assets | $1.14B | $1.41B | $1.43B | $1.45B | $1.48B | $1.50B | $1.52B | $1.75B | $1.78B | $2.64B | $413.5M | $503.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $52.0M | $57.4M | $83.9M | $67.7M | $70.1M | $71.8M | $71.9M | $81.4M | $79.9M | $84.3M | $1.85B | $56.4M |
| Total assets | $2.41B | $2.70B | $2.74B | $2.79B | $2.76B | $2.80B | $2.80B | $3.06B | $3.07B | $3.96B | $2.98B | $1.19B |
| Liabilities | ||||||||||||
| Accounts payable | $118.7M | $103.7M | $121.8M | $124.8M | $115.1M | $111.5M | $105.7M | $157.2M | $143.5M | $130.6M | $45.4M | $45.7M |
| Short-term debt | $122.5M | $128.1M | $123.0M | $117.9M | $117.9M | $115.0M | $113.4M | $106.3M | $106.1M | $121.8M | $69.6M | $66.6M |
| Deferred revenue | — | — | $13.2M | — | — | $9.9M | $9.9M | — | — | $31.2M | $31.2M | $56.6M |
| Total current liabilities | $441.6M | $441.9M | $428.3M | $460.0M | $396.7M | $438.3M | $384.0M | $448.7M | $420.0M | $444.8M | $237.1M | $190.4M |
| Long-term debt | $1.69B | $1.69B | $1.69B | $1.68B | $1.68B | $1.68B | $1.68B | $1.67B | $1.68B | $1.66B | $1.79B | $118.9M |
| Lease obligations | $416.6M | $460.1M | $472.4M | $455.4M | $464.5M | $456.9M | $469.9M | $398.1M | $367.4M | $374.9M | $142.7M | $162.8M |
| Other long-term liabilities | $398.6M | $441.5M | $467.6M | $454.0M | $466.8M | $459.9M | $456.8M | $597.3M | $605.8M | $517.9M | $187.7M | $215.6M |
| Total liabilities | $2.53B | $2.57B | $2.58B | $2.60B | $2.54B | $2.58B | $2.52B | $2.72B | $2.70B | $2.63B | $2.22B | $524.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $337,000 | $316,000 | $313,000 | $312,000 | $306,000 | $304,000 | $298,000 | $287,000 | $277,000 | $265,000 | $257,000 | $257,000 |
| Retained earnings (deficit) | −$690.3M | −$482.9M | −$447.1M | −$418.8M | −$402.5M | −$389.8M | −$338.2M | −$301.6M | −$228.2M | $417.3M | $480.3M | $384.8M |
| Accumulated other comprehensive income | −$1.3M | −$1.0M | $580,000 | $2.1M | $2.1M | −$2.5M | −$2.7M | −$824,000 | −$1.0M | −$151,000 | — | $0 |
| Minority interest | −$7.2M | $41.3M | $48.3M | $56.1M | $64.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$115.4M | $81.0M | $113.3M | $139.8M | $151.8M | $154.6M | $201.7M | $226.1M | $283.8M | $926.1M | $764.3M | $665.7M |
| Key figures | ||||||||||||
| Total debt | $2.11B | $2.15B | $2.16B | $2.16B | $2.16B | $2.15B | $2.15B | $2.09B | $2.06B | $2.07B | $1.96B | $296.8M |
| Net cash (debt) | −$1.97B | −$2.01B | −$2.05B | −$2.02B | −$2.07B | −$2.04B | −$2.04B | −$1.95B | −$1.96B | −$1.89B | −$1.84B | −$277.9M |
| Working capital | $141.5M | $100.5M | $92.7M | $92.4M | $77.9M | $55.1M | $88.5M | $96.4M | $138.6M | $124.6M | $109.9M | $47.3M |
| Tangible book value | −$1.26B | −$1.33B | −$1.32B | −$1.31B | −$1.32B | −$1.34B | −$1.32B | −$1.52B | −$1.49B | −$1.72B | $350.8M | $162.2M |
| Book value per share | −$3.55 | $2.62 | $3.66 | $4.51 | $4.99 | $5.12 | $6.87 | $8.09 | $10.59 | $35.26 | $29.77 | $25.83 |
| Shares outstanding | 32.5M | 31.0M | 31.0M | 31.0M | 30.4M | 30.2M | 29.4M | 27.9M | 26.8M | 26.3M | 25.7M | 25.8M |
| Current ratio | 1.32 | 1.23 | 1.22 | 1.20 | 1.20 | 1.13 | 1.23 | 1.21 | 1.33 | 1.28 | 1.46 | 1.25 |
| Quick ratio | 1.17 | 1.07 | 1.06 | 1.05 | 1.09 | 1.03 | 1.11 | 1.11 | 1.13 | 1.18 | 1.18 | 1.11 |
| Debt / equity | — | 26.55 | 19.05 | 15.43 | 14.25 | 13.92 | 10.64 | 9.24 | 7.27 | 2.23 | 2.56 | 0.45 |
| Equity / assets | −4.8% | 3.0% | 4.1% | 5.0% | 5.5% | 5.5% | 7.2% | 7.4% | 9.3% | 23.4% | 25.7% | 55.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 11, 2026); data from EODHD.
FWRD financial position
At the end of fiscal 2025 (December 31, 2025), Forward Air had total assets of $2.7 billion (down 2.1% from a year earlier), total liabilities of $2.6 billion and shareholders' equity of $113.3 million. It held $106.0 million in cash and short-term investments against $2.2 billion of debt, net debt of $2.1 billion. Its current ratio was 1.22. In the latest quarter (ended June 30, 2026) total assets were $2.4 billion and equity -$115.4 million.
Related: FWRD income statement, FWRD cash flow statement, FWRD key metrics. See the FWRD stock overview for the latest quote and news.
FWRD balance sheet FAQ
What are Forward Air's total assets?
Forward Air reported total assets of $2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.8 billion a year earlier.
How much debt does Forward Air have?
Forward Air had $2.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 19.05.
How much cash does Forward Air have?
Forward Air held $106.0 million in cash and short-term investments at the end of fiscal 2025; with $2.2 billion of debt that is net debt of $2.1 billion.
What is Forward Air's book value?
Forward Air's shareholders' equity (book value) was $113.3 million at the end of fiscal 2025, or $3.66 per share.
What is Forward Air's current ratio?
Forward Air had current assets of $521.0 million and current liabilities of $428.3 million, a current ratio of 1.22 (it can cover its short-term obligations).
How much goodwill does Forward Air have?
Forward Air carried $1.4 billion of goodwill and intangible assets, 52.1% of total assets, at the end of fiscal 2025.