FORWARD AIR CORP
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
FWRD$17.65+6.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Shareholders’ Equity –
| Forward Air Corporation | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Shareholders' Equity | |||||||||||
| (unaudited and in thousands) | |||||||||||
| Common Stock · Preferred Stock - Class B Amount · Preferred Stock - Class C Amount · Additional Paid-inCapital · Accumulated Other Comprehensive (Loss) Income · Accumulated Deficit · Non-controlling Interest · Total Shareholders'Equity | |||||||||||
| Shares · Amount · Shares · Amount · Shares · Amount | |||||||||||
| Balance at December 31, 2024 | 29,761 | $298 | 10 | $— | — | $— | $542,392 | $(2,732) | $(338,230) | $84,140 | $285,868 |
| Net loss | — | — | — | — | — | — | — | — | (50,637) | (10,554) | (61,191) |
| Foreign currency translation adjustments | — | — | — | — | — | — | — | 265 | — | — | 265 |
| Issuance of share-based awards | 97 | — | — | — | — | — | — | — | — | — | — |
| Payment of minimum tax withholdings on share-based awards | (30) | — | — | — | — | — | — | — | (894) | — | (894) |
| Series B - Conversions | 585 | 6 | (1) | — | — | — | 1,208 | — | — | (1,214) | — |
| Share-based compensation expense | — | — | — | — | — | — | 2,958 | — | — | — | 2,958 |
| Balance at March 31, 2025 | 30,413 | $304 | 9 | $— | — | $— | $546,558 | $(2,467) | $(389,761) | $72,372 | $227,006 |
| Net loss | — | — | — | — | — | — | — | — | (12,583) | (7,781) | (20,364) |
| Foreign currency translation adjustments | — | — | — | — | — | — | — | 4,561 | — | — | 4,561 |
| Issuance of share-based awards | 99 | — | — | — | — | — | — | — | — | — | — |
| Payment of minimum tax withholdings on share-based awards | (2) | — | — | — | — | — | — | — | (107) | — | (107) |
| Series B - Conversions | 80 | 1 | — | — | — | — | 143 | — | — | (144) | — |
| Common stock issued under employee stock purchase plan | 17 | 1 | — | — | — | — | 433 | — | — | — | 434 |
| Share-based compensation expense | — | — | — | — | — | — | 4,711 | — | — | — | 4,711 |
| Balance at June 30, 2025 | 30,607 | $306 | 9 | $— | — | $— | $551,845 | $2,094 | $(402,451) | $64,447 | $216,241 |
| Net income | — | — | — | — | — | — | — | — | (16,250) | (7,507) | (23,757) |
| Foreign currency translation adjustments | — | — | — | — | — | — | — | 30 | — | — | 30 |
| Issuance of share-based awards | 49 | — | — | — | — | — | — | — | — | — | — |
| Payment of minimum tax withholdings on share-based awards | (5) | — | — | — | — | — | — | — | (52) | — | (52) |
| Series B - Conversions | 554 | 6 | (1) | — | — | — | 876 | — | — | (882) | — |
| Share-based compensation expense | — | — | — | — | — | — | 3,380 | — | — | — | 3,380 |
| Balance at September 30, 2025 | 31,205 | $312 | 8 | $— | — | $— | $556,101 | $2,124 | $(418,753) | $56,058 | $195,842 |
| Common Stock · Preferred Stock - Class B Amount · Preferred Stock - Class C Amount · Additional Paid-inCapital · Accumulated Other Comprehensive Loss · Retained (Deficit) Earnings · Non-controlling Interest · Total Shareholders'Equity | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount · Shares · Amount | ||||||||||||||||||||
| Balance at December 31, 2023 | 25,671 | $257 | — | $— | — | $— | $283,684 | $— | $480,320 | $— | $764,261 | |||||||||
| Net loss | — | — | — | — | — | — | — | — | (61,712) | (27,082) | (88,794) | |||||||||
| Foreign currency translation adjustments | — | — | — | — | — | — | — | (151) | — | — | (151) | |||||||||
| Shares issued - acquisition | 700 | 7 | 4 | — | 1 | — | 223,425 | — | — | 433,449 | 656,881 | |||||||||
| Share-based compensation expense | — | — | — | — | — | — | 1,567 | — | — | — | 1,567 | |||||||||
| Payment of minimum tax withholdings on share-based awards | (33) | — | — | — | — | — | — | — | (1,326) | — | (1,326) | |||||||||
| Issuance of share-based awards | 100 | 1 | — | — | — | — | (1) | — | — | — | — | |||||||||
| Balance at March 31, 2024 | 26,438 | $265 | 4 | $— | 1 | $— | $508,675 | $(151) | $417,282 | $406,367 | $1,332,438 | |||||||||
| Net loss | — | — | — | — | — | — | — | — | (645,433) | (325,914) | (971,347) | |||||||||
| Foreign currency translation adjustments | — | — | — | — | — | — | — | (849) | — | — | (849) | |||||||||
| Common stock issued under employee stock purchase plan | 21 | — | — | — | — | — | 355 | — | — | — | 355 | |||||||||
| Conversion of preferred C series | 1,210 | 12 | 8 | — | (1) | — | (12) | — | — | — | — | |||||||||
| Share-based compensation expense | — | — | — | — | — | — | 3,620 | — | — | — | 3,620 | |||||||||
| Issuance of share-based awards | 30 | — | — | — | — | — | — | — | — | — | — | |||||||||
| Balance at June 30, 2024 | 27,699 | $277 | 12 | $— | — | $— | $512,638 | $(1,000) | $(228,151) | $80,453 | $362,217 | |||||||||
| Net loss | — | $— | — | $— | — | $— | $— | $— | $(73,408) | $38,073 | $(35,335) | |||||||||
| Foreign currency translation adjustment | — | — | — | — | — | — | — | 176 | — | — | 176 | |||||||||
| Series B - Share Conversions | 967 | 10 | (1) | — | — | — | 8,066 | — | — | (8,076) | — | |||||||||
| Share-based compensation expense | — | — | — | — | — | — | 2,901 | — | — | — | 2,901 | |||||||||
| Payment of minimum tax withholdings on share-based awards | (1) | — | — | — | — | — | — | — | (75) | — | (75) | |||||||||
| Tax receivable agreement liability | — | — | — | — | — | — | 4,650 | — | — | — | 4,650 | |||||||||
| Issuance of share-based awards | 24 | — | $— | — | $— | $— | $— | $— | $— | $— | ||||||||||
| Balance at September 30, 2024 | 28,689 | $287 | 11 | $— | — | $— | $528,255 | $(824) | $(301,634) | $110,450 | $336,534 | |||||||||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.