Forward AIR Corp balance sheet

At the end of fiscal 2025, Forward AIR Corp had total assets of $2.72bn, total liabilities of $2.56bn and shareholders' equity of $113m. It held $106m in cash against $1.69bn of debt.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Forward AIR Corp: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	42	75	59	112	127	41	33	9	4	26	65	40	37	46	122	105	106	139
Receivables	56	63	71	75	77	95	109	117	148	156	136	156	208	188	153	322	344	369
Inventory	1	1	1	1	1	1	1	1	1	2	2	—	—	—	—	—	—	—
Total current assets	107	146	140	198	220	147	173	136	168	201	236	246	283	304	347	473	521	583
Goodwill	43	43	43	43	88	144	206	185	192	194	216	245	219	258	279	523	523	279
Total assets	317	349	341	399	506	539	700	644	693	760	991	1,047	1,118	1,208	2,980	2,803	2,719	2,411
Accounts payable	10	11	12	11	16	21	23	18	31	35	25	38	45	50	45	106	122	119
Deferred revenue (current)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0	10	13	—
Total current liabilities	30	28	34	28	35	43	109	78	66	75	137	172	165	169	237	384	428	442
Short-term debt	0	0	—	—	—	0	56	28	0	0	5	0	2	1	0	—	—	—
Long-term debt	50	50	0	0	0	0	28	0	40	47	67	112	155	107	0	1,676	1,687	1,693
Total debt	53	52	1	0	0	2	85	29	41	48	78	119	162	116	13	1,693	1,687	1,693
Total liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2,557	2,534
Shareholders' equity	225	256	287	352	436	464	509	498	533	553	577	547	594	707	764	202	113	−115
Shares outstanding	29m	29m	29m	29m	31m	30m	31m	30m	29m	29m	28m	27m	27m	26m	26m	30m	31m	34m

US$ millions unless shown otherwise. Fiscal quarters.

Forward AIR Corp: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	361	322	336	336	341	344	331	369
Total current assets	545	473	493	475	552	521	542	583
Goodwill	716	523	523	523	523	523	523	279
Total assets	3,056	2,803	2,804	2,761	2,794	2,719	2,696	2,411
Accounts payable	157	106	112	115	125	122	104	119
Deferred revenue (current)	—	10	—	—	—	13	—	—
Total current liabilities	449	384	438	397	460	428	442	442
Long-term debt	1,673	1,676	1,679	1,681	1,684	1,687	1,690	1,693
Total debt	1,673	1,676	1,679	1,681	1,684	1,687	1,690	1,693
Total liabilities	—	—	—	—	—	2,557	—	2,534
Shareholders' equity	226	202	155	152	140	113	81	−115
Shares outstanding	29m	30m	30m	31m	31m	31m	32m	34m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Forward AIR Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Forward AIR Corp.