Forward Air annual debt-to-equity ratio
2009
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2024
2025
Forward Air Debt-to-Equity Ratio Growth & History (FWRD)
Forward Air's debt-to-equity ratio was 19.05 for fiscal 2025.
View full Forward Air company overviewForward Air annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 19.05 | 8.42 | +79.13% |
| 2024 | 2024-12-31 | 10.64 | 10.43 | +5133.94% |
| 2023 | 2023-12-31 | 0.20 | −0.19 | −48.22% |
| 2022 | 2022-12-31 | 0.39 | −0.15 | −27.20% |
| 2021 | 2021-12-31 | 0.54 | 0.09 | +21.32% |
| 2020 | 2020-12-31 | 0.44 | 0.04 | +10.74% |
| 2019 | 2019-12-31 | 0.40 | 0.32 | +366.00% |
| 2018 | 2018-12-31 | 0.09 | 0.01 | +12.03% |
| 2017 | 2017-12-31 | 0.08 | 0.02 | +33.30% |
| 2016 | 2016-12-31 | 0.06 | −0.11 | −65.23% |
| 2015 | 2015-12-31 | 0.17 | 0.16 | +4857.16% |
| 2014 | 2014-12-31 | 0.00 | 0.00 | +48510.91% |
| 2013 | 2013-12-31 | 0.00 | −0.00 | −95.83% |
| 2012 | 2012-12-31 | 0.00 | −0.00 | −94.65% |
| 2011 | 2011-12-31 | 0.00 | −0.20 | −98.47% |
| 2010 | 2010-12-31 | 0.20 | −0.04 | −14.92% |
| 2009 | 2009-12-31 | 0.24 | — | — |
Forward Air quarterly debt-to-equity ratio
Q4.09
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
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Q2.13
Q3.13
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Q1.14
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Q3.14
Q4.14
Q1.15
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Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
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Q1.19
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Q2.20
Q3.20
Q4.20
Q1.21
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Q1.22
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Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q1 2026 | 2026-03-31 | 26.55 | 12.62 | +90.68% |
| Q4 2025 | 2025-12-31 | 19.05 | 8.42 | +79.13% |
| Q3 2025 | 2025-09-30 | 15.43 | 6.19 | +67.01% |
| Q2 2025 | 2025-06-30 | 14.25 | 6.98 | +96.13% |
| Q1 2025 | 2025-03-31 | 13.92 | 11.69 | +523.74% |
| Q4 2024 | 2024-12-31 | 10.64 | 10.43 | +5133.94% |
| Q3 2024 | 2024-09-30 | 9.24 | 8.79 | +1971.97% |
| Q2 2024 | 2024-06-30 | 7.27 | 6.81 | +1495.16% |
| Q1 2024 | 2024-03-31 | 2.23 | 1.74 | +356.21% |
| Q4 2023 | 2023-12-31 | 0.20 | −0.19 | −48.22% |
| Q3 2023 | 2023-09-30 | 0.45 | 0.04 | +9.68% |
| Q2 2023 | 2023-06-30 | 0.46 | −0.03 | −5.91% |
| Q1 2023 | 2023-03-31 | 0.49 | −0.04 | −7.68% |
| Q4 2022 | 2022-12-31 | 0.39 | −0.15 | −27.20% |
| Q3 2022 | 2022-09-30 | 0.41 | −0.14 | −25.85% |
| Q2 2022 | 2022-06-30 | 0.48 | −0.08 | −14.35% |
| Q1 2022 | 2022-03-31 | 0.53 | 0.07 | +16.19% |
| Q4 2021 | 2021-12-31 | 0.54 | 0.09 | +21.32% |
| Q3 2021 | 2021-09-30 | 0.55 | 0.13 | +29.99% |
| Q2 2021 | 2021-06-30 | 0.57 | 0.10 | +22.60% |
| Q1 2021 | 2021-03-31 | 0.46 | −0.09 | −16.41% |
| Q4 2020 | 2020-12-31 | 0.44 | 0.04 | +10.74% |
| Q3 2020 | 2020-09-30 | 0.42 | 0.12 | +41.86% |
| Q2 2020 | 2020-06-30 | 0.46 | 0.08 | +22.24% |
| Q1 2020 | 2020-03-31 | 0.55 | 0.22 | +66.81% |
| Q4 2019 | 2019-12-31 | 0.40 | 0.32 | +366.00% |
| Q3 2019 | 2019-09-30 | 0.30 | 0.30 | +34955.42% |
| Q2 2019 | 2019-06-30 | 0.38 | 0.38 | +36068.35% |
| Q1 2019 | 2019-03-31 | 0.33 | 0.33 | +26436.14% |
| Q4 2018 | 2018-12-31 | 0.09 | 0.01 | +12.03% |
| Q3 2018 | 2018-09-30 | 0.00 | −0.00 | −54.15% |
| Q2 2018 | 2018-06-30 | 0.00 | −0.00 | −51.62% |
| Q1 2018 | 2018-03-31 | 0.00 | −0.00 | −41.67% |
| Q4 2017 | 2017-12-31 | 0.08 | 0.02 | +33.30% |
| Q3 2017 | 2017-09-30 | 0.00 | −0.00 | −24.84% |
| Q2 2017 | 2017-06-30 | 0.00 | −0.00 | −19.29% |
| Q1 2017 | 2017-03-31 | 0.00 | −0.00 | −18.50% |
| Q4 2016 | 2016-12-31 | 0.06 | −0.11 | −65.23% |
| Q3 2016 | 2016-09-30 | 0.00 | −0.00 | −24.80% |
| Q2 2016 | 2016-06-30 | 0.00 | −0.00 | −27.94% |
| Q1 2016 | 2016-03-31 | 0.00 | −0.00 | −39.03% |
| Q4 2015 | 2015-12-31 | 0.17 | 0.16 | +4857.16% |
| Q3 2015 | 2015-09-30 | 0.00 | −0.00 | −12.08% |
| Q2 2015 | 2015-06-30 | 0.00 | −0.00 | −4.25% |
| Q1 2015 | 2015-03-31 | 0.00 | 0.00 | +30.57% |
| Q4 2014 | 2014-12-31 | 0.00 | 0.00 | +48510.91% |
| Q3 2014 | 2014-09-30 | 0.00 | 0.00 | +38832.04% |
| Q2 2014 | 2014-06-30 | 0.00 | 0.00 | +6693.39% |
| Q1 2014 | 2014-03-31 | 0.00 | 0.00 | +3249.72% |
| Q4 2013 | 2013-12-31 | 0.00 | −0.00 | −95.83% |
| Q3 2013 | 2013-09-30 | 0.00 | −0.00 | −96.34% |
| Q2 2013 | 2013-06-30 | 0.00 | −0.00 | −86.94% |
| Q1 2013 | 2013-03-31 | 0.00 | −0.00 | −87.00% |
| Q4 2012 | 2012-12-31 | 0.00 | −0.00 | −94.65% |
| Q3 2012 | 2012-09-30 | 0.00 | −0.19 | −99.86% |
| Q2 2012 | 2012-06-30 | 0.00 | −0.18 | −99.76% |
| Q1 2012 | 2012-03-31 | 0.00 | −0.19 | −99.60% |
| Q4 2011 | 2011-12-31 | 0.00 | −0.20 | −98.47% |
| Q3 2011 | 2011-09-30 | 0.19 | −0.02 | −10.85% |
| Q2 2011 | 2011-06-30 | 0.18 | −0.04 | −18.68% |
| Q1 2011 | 2011-03-31 | 0.19 | — | — |
| Q4 2010 | 2010-12-31 | 0.20 | −0.04 | −14.92% |
| Q3 2010 | 2010-09-30 | 0.21 | — | — |
| Q2 2010 | 2010-06-30 | 0.22 | — | — |
| Q4 2009 | 2009-12-31 | 0.24 | — | — |
Forward Air debt-to-equity ratio trends
Over the last five fiscal years, Forward Air's debt-to-equity ratio increased from 0.44 to 19.05, a change of 18.61. The latest reported quarter, Q1 2026, shows 26.55.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Forward Air source filings ↗