FORWARD AIR CORP

For the period ended Dec 31, 2025. Filed Mar 11, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 11, 2026

FWRD$18.33+3.9%Stored close · as of Nov 10, 2026

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Contents

Consolidated Balance Sheets — December 31, 20 and

Forward Air Corporation
Consolidated Balance Sheets
(In thousands, except share data)
	December 31, 2025	December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$105,996	$104,903
Restricted cash and restricted cash equivalents	—	363
Accounts receivable, less allowance of $3,749 in 2025 and $3,269 in 2024	343,559	322,291
Other receivables	6,147	205
Prepaid expenses	28,045	29,053
Other current assets	37,254	15,685
Total current assets	521,001	472,500
Property and equipment, net of accumulated depreciation and amortization of $340,021 in 2025 and $292,855 in 2024	297,882	326,188
Operating lease right-of-use assets	412,535	410,084
Goodwill	522,712	522,712
Other acquired intangibles, net of accumulated amortization of $301,453 in 2025 and $212,905 in 2024	906,791	999,216
Other long-term assets	58,023	71,941
Total assets	$2,718,944	$2,802,641
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$121,752	$105,692
Accrued expenses	114,422	119,836
Other current liabilities	69,130	45,148
Current portion of finance lease obligations	15,995	16,930
Current portion of operating lease liabilities	107,026	96,440
Total current liabilities	428,325	384,046
Finance lease obligations, less current portion	22,387	30,858
Long-term debt	1,687,248	1,675,930
Liability under tax receivable agreement	11,548	13,295
Operating lease liabilities, less current portion	327,011	325,640
Other long-term liabilities	53,540	48,835
Deferred income taxes	27,221	38,169
Shareholders' equity:
Preferred stock, $0.01 par value: Authorized shares - 5,000,000; no shares issued or outstanding in 2025 and 2024	—	—
Series B preferred stock, $0.01 par value: Authorized shares - 15,000; issued and outstanding shares - 8,760 in 2025 and 10,088 in 2024	—	—
Common stock, $0.01 par value: Authorized shares 50,000,000; issued and outstanding shares - 31,326,561 in 2025 and 29,761,197 in 2024	313	298
Additional paid-in capital	559,551	542,392
Accumulated deficit	(447,100)	(338,230)
Accumulated other comprehensive income (loss)	580	(2,732)
Total Forward Air shareholders' equity	113,344	201,728
Noncontrolling interest	48,320	84,140
Total shareholders' equity	161,664	285,868
Total liabilities and shareholders' equity	$2,718,944	$2,802,641

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.