FORWARD AIR CORP

For the period ended Mar 31, 2026. Filed May 11, 2026.

About 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.

Mar 31, 2026 · Filed May 11, 2026

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

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Contents

Condensed Consolidated Balance Sheets – March, 202 and December 31,

Forward Air Corporation
Condensed Consolidated Balance Sheets
(unaudited and in thousands, except share and per share amounts)
	March 31, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$141,022	$105,996
Accounts receivable, less allowance of $4,609 in 2026 and $3,749 in 2025	330,699	343,559
Other receivables	3,077	6,147
Prepaid expenses	29,453	28,045
Other current assets	38,105	37,254
Total current assets	542,356	521,001
Property and equipment, net of accumulated depreciation and amortization of $348,946 in 2026 and $340,021in 2025	286,652	297,882
Operating lease right-of-use assets	402,712	412,535
Goodwill	522,712	522,712
Other acquired intangibles, net of accumulated amortization of $324,223 in 2026 and $301,453 in 2025	884,021	906,791
Other long-term assets	57,426	58,023
Total assets	$2,695,879	$2,718,944
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$103,693	$121,752
Accrued expenses	133,142	114,422
Other current liabilities	76,937	69,130
Current portion of finance lease obligations	15,317	15,995
Current portion of operating lease liabilities	112,808	107,026
Total current liabilities	441,897	428,325
Finance lease obligations, less current portion	18,851	22,387
Long-term debt	1,690,253	1,687,248
Liabilities under tax receivable agreement	28,255	11,548
Operating lease liabilities, less current portion	313,153	327,011
Other long-term liabilities	56,221	53,540
Deferred income taxes	24,973	27,221
Shareholders' equity:
Preferred stock, $0.01 par value: Authorized shares - 5,000,000; no shares issued or outstanding as of March 31, 2026 and as of December 31, 2025	—	—
Series B preferred stock, $0.01 par value: Authorized shares - 15,000; issued and outstanding shares - 8,627 as of March 31, 2026 and 8,760 as of December 31, 2025	—	—
Common stock, $0.01 par value: Authorized shares - 50,000,000; issued and outstanding shares - 31,598,268 as of March 31, 2026 and 31,326,561 as of December 31, 2025	316	313
Additional paid-in capital	564,626	559,551
Accumulated deficit	(482,911)	(447,100)
Accumulated other comprehensive (loss) income	(1,030)	580
Total Forward Air shareholders' equity	81,001	113,344
Noncontrolling interest	41,275	48,320
Total shareholders' equity	122,276	161,664
Total liabilities and shareholders' equity	$2,695,879	$2,718,944

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.