Forward Air annual free cash flow
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2025
Forward Air Free Cash Flow (FCF) History (FWRD)
Forward Air reported $15.3M in free cash flow for fiscal 2025, an increase of $121.3M from the previous fiscal year, with a free cash flow margin of 0.61%.
View full Forward Air company overviewForward Air free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $15.3M | $121.3M | — | +0.61% |
| 2024 | 2024-12-31 | −$106.1M | −$274.6M | — | −4.29% |
| 2023 | 2023-12-31 | $168.5M | −$42.4M | −20.11% | +12.29% |
| 2022 | 2022-12-31 | $210.9M | $128.7M | +156.47% | +12.56% |
| 2021 | 2021-12-31 | $82.2M | $6.4M | +8.43% | +5.93% |
| 2020 | 2020-12-31 | $75.8M | −$61.2M | −44.65% | +5.97% |
| 2019 | 2019-12-31 | $137.0M | $24.0M | +21.26% | +11.27% |
| 2018 | 2018-12-31 | $113.0M | $47.9M | +73.57% | +9.93% |
| 2017 | 2017-12-31 | $65.1M | −$23.1M | −26.16% | +5.57% |
| 2016 | 2016-12-31 | $88.2M | $42.9M | +94.94% | +8.56% |
| 2015 | 2015-12-31 | $45.2M | −$6.9M | −13.31% | +4.72% |
| 2014 | 2014-12-31 | $52.2M | −$3.2M | −5.82% | +6.68% |
| 2013 | 2013-12-31 | $55.4M | $8.2M | +17.29% | +8.49% |
| 2012 | 2012-12-31 | $47.2M | −$8.5M | −15.27% | +8.08% |
| 2011 | 2011-12-31 | $55.7M | $16.9M | +43.49% | +10.39% |
| 2010 | 2010-12-31 | $38.8M | $9.5M | +32.44% | +8.03% |
| 2009 | 2009-12-31 | $29.3M | −$3.1M | −9.42% | +7.03% |
| 2008 | 2008-12-31 | $32.4M | — | — | +6.83% |
Forward Air quarterly free cash flow
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Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | −$8.1M | $9.9M | — | −1.20% |
| Q1 2026 | 2026-03-31 | $38.8M | $23.1M | +146.94% | +6.66% |
| Q4 2025 | 2025-12-31 | −$31.1M | −$584,000 | — | −4.92% |
| Q3 2025 | 2025-09-30 | $48.6M | $7.9M | +19.29% | +7.69% |
| Q2 2025 | 2025-06-30 | −$18.0M | $41.7M | — | −2.90% |
| Q1 2025 | 2025-03-31 | $15.7M | $72.4M | — | +2.56% |
| Q4 2024 | 2024-12-31 | −$30.5M | −$62.7M | — | −4.82% |
| Q3 2024 | 2024-09-30 | $40.7M | $16.7M | +69.59% | +6.21% |
| Q2 2024 | 2024-06-30 | −$59.6M | −$112.4M | — | −9.26% |
| Q1 2024 | 2024-03-31 | −$56.7M | −$116.2M | — | −10.46% |
| Q4 2023 | 2023-12-31 | $32.2M | −$7.3M | −18.46% | +9.52% |
| Q3 2023 | 2023-09-30 | $24.0M | −$53.2M | −68.91% | +7.05% |
| Q2 2023 | 2023-06-30 | $52.8M | $11.2M | +26.99% | +15.82% |
| Q1 2023 | 2023-03-31 | $59.5M | $6.9M | +13.12% | +16.63% |
| Q4 2022 | 2022-12-31 | $39.5M | $17.0M | +75.56% | +21.07% |
| Q3 2022 | 2022-09-30 | $77.3M | $48.6M | +169.68% | +15.15% |
| Q2 2022 | 2022-06-30 | $41.6M | $24.7M | +146.44% | +8.07% |
| Q1 2022 | 2022-03-31 | $52.6M | $38.4M | +269.80% | +11.26% |
| Q4 2021 | 2021-12-31 | $22.5M | $9.1M | +67.32% | +12.18% |
| Q3 2021 | 2021-09-30 | $28.7M | $10.3M | +56.23% | +6.83% |
| Q2 2021 | 2021-06-30 | $16.9M | −$670,000 | −3.82% | +4.01% |
| Q1 2021 | 2021-03-31 | $14.2M | −$12.3M | −46.38% | +3.93% |
| Q4 2020 | 2020-12-31 | $13.4M | −$22.7M | −62.85% | +3.84% |
| Q3 2020 | 2020-09-30 | $18.3M | −$17.1M | −48.29% | +5.52% |
| Q2 2020 | 2020-06-30 | $17.5M | −$192,000 | −1.08% | +6.23% |
| Q1 2020 | 2020-03-31 | $26.5M | −$10.9M | −29.17% | +8.68% |
| Q4 2019 | 2019-12-31 | $36.2M | $2.7M | +8.07% | +19.43% |
| Q3 2019 | 2019-09-30 | $35.5M | $5.3M | +17.75% | +9.81% |
| Q2 2019 | 2019-06-30 | $17.7M | $2.9M | +19.86% | +5.13% |
| Q1 2019 | 2019-03-31 | $37.4M | $2.8M | +8.22% | +11.65% |
| Q4 2018 | 2018-12-31 | $33.5M | $32.5M | +3255.61% | +19.33% |
| Q3 2018 | 2018-09-30 | $30.1M | $13.3M | +79.45% | +9.09% |
| Q2 2018 | 2018-06-30 | $14.8M | $1.9M | +14.59% | +4.48% |
| Q1 2018 | 2018-03-31 | $34.6M | $183,000 | +0.53% | +11.43% |
| Q4 2017 | 2017-12-31 | $998,000 | −$21.3M | −95.52% | +0.31% |
| Q3 2017 | 2017-09-30 | $16.8M | −$3.9M | −18.99% | +5.63% |
| Q2 2017 | 2017-06-30 | $12.9M | $2.5M | +23.97% | +4.55% |
| Q1 2017 | 2017-03-31 | $34.4M | −$344,000 | −0.99% | +13.13% |
| Q4 2016 | 2016-12-31 | $22.3M | $15.8M | +245.28% | +7.13% |
| Q3 2016 | 2016-09-30 | $20.7M | −$11.5M | −35.61% | +8.30% |
| Q2 2016 | 2016-06-30 | $10.4M | $6.0M | +138.28% | +4.36% |
| Q1 2016 | 2016-03-31 | $34.8M | $32.5M | +1458.43% | +15.14% |
| Q4 2015 | 2015-12-31 | $6.5M | −$17.7M | −73.31% | +2.52% |
| Q3 2015 | 2015-09-30 | $32.2M | $10.0M | +44.95% | +13.02% |
| Q2 2015 | 2015-06-30 | $4.4M | −$941,000 | −17.72% | +1.75% |
| Q1 2015 | 2015-03-31 | $2.2M | $1.7M | +360.74% | +1.08% |
| Q4 2014 | 2014-12-31 | $24.2M | −$4.0M | −14.19% | +11.30% |
| Q3 2014 | 2014-09-30 | $22.2M | $4.2M | +23.56% | +11.02% |
| Q2 2014 | 2014-06-30 | $5.3M | $4.5M | +536.81% | +2.74% |
| Q1 2014 | 2014-03-31 | $484,000 | −$7.9M | −94.25% | +0.28% |
| Q4 2013 | 2013-12-31 | $28.2M | $6.1M | +27.78% | +15.56% |
| Q3 2013 | 2013-09-30 | $18.0M | −$1.6M | −8.24% | +10.57% |
| Q2 2013 | 2013-06-30 | $834,000 | $89,000 | +11.95% | +0.52% |
| Q1 2013 | 2013-03-31 | $8.4M | $3.6M | +73.40% | +5.95% |
| Q4 2012 | 2012-12-31 | $22.1M | $848,000 | +4.00% | +14.18% |
| Q3 2012 | 2012-09-30 | $19.6M | $2.2M | +12.39% | +13.64% |
| Q2 2012 | 2012-06-30 | $745,000 | −$8.5M | −91.93% | +0.50% |
| Q1 2012 | 2012-03-31 | $4.9M | −$3.0M | −38.44% | +3.54% |
| Q4 2011 | 2011-12-31 | $21.2M | $8.3M | +64.70% | +14.30% |
| Q3 2011 | 2011-09-30 | $17.4M | $1.6M | +10.25% | +12.83% |
| Q2 2011 | 2011-06-30 | $9.2M | $3.8M | +70.70% | +6.98% |
| Q1 2011 | 2011-03-31 | $7.9M | $3.1M | +65.55% | +6.56% |
| Q4 2010 | 2010-12-31 | $12.9M | $7.4M | +133.71% | +9.66% |
| Q3 2010 | 2010-09-30 | $15.8M | — | — | +13.00% |
| Q2 2010 | 2010-06-30 | $5.4M | — | — | +4.43% |
| Q1 2010 | 2010-03-31 | $4.8M | — | — | +4.46% |
| Q3 2009 | 2009-09-30 | $5.5M | — | — | +5.34% |
Forward Air free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from $75.8M to $15.3M, a compound annual decline of 27.43%. Forward Air's latest reported quarter, Q2 2026, generated −$8.1M in free cash flow, an increase of $9.9M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Forward Air filings at SEC.gov ↗