Forward AIR Corp cash flow statement

In fiscal 2025, Forward AIR Corp's operations generated $44.4m of cash; it spent $29.1m on capital projects, leaving free cash flow of $15.3m.

Cash flow statement

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

Forward AIR Corp: cash flow statement, 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 from operations	50	54	77	69	91	92	86	130	103	153	159	96	121	250	199	−69	44	71
Depreciation and amortisation	20	20	21	21	24	31	37	38	41	36	36	37	35	43	57	144	153	155
Stock-based pay	7	6	6	6	6	7	7	8	8	10	12	11	11	11	11	10	13	10
Capital spending	21	15	21	21	35	39	40	42	38	40	22	20	38	39	31	37	29	23
Free cash flow	29	39	56	47	55	52	45	88	65	113	137	76	82	211	168	−106	15	48
Free cash flow after stock pay	23	33	50	41	49	45	38	80	57	103	125	65	72	200	157	−116	2	38
Dividends paid	8	8	8	10	12	15	15	16	18	18	20	21	23	26	25	0	0	—
Share buybacks	0	0	26	0	0	40	20	40	49	66	56	45	49	63	94	0	0	—
Shares issued	—	—	—	—	—	—	—	—	—	—	1	1	1	1	1	1	1	—

US$ millions unless shown otherwise. Fiscal quarters.

Forward AIR Corp: cash flow statement, 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
Cash from operations	51	−23	28	−13	53	−23	46	−5
Depreciation and amortisation	26	38	37	37	38	41	39	38
Stock-based pay	3	2	3	5	3	2	4	0
Capital spending	10	7	12	5	4	8	7	3
Free cash flow	41	−30	16	−18	49	−31	39	−8
Free cash flow after stock pay	38	−33	13	−23	45	−33	35	−9
Shares issued	−0	0	—	—	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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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.