FORWARD AIR CORPORATION
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-107.8M | $-817.0M | $167.4M | $193.2M | $105.9M | $23.7M | $87.1M | $92.1M |
| Depreciation & Amortization | $152.6M | $144.0M | $57.4M | $42.6M | $35.0M | $37.1M | $36.4M | $35.8M |
| Depreciation | — | — | — | — | — | — | $30.9M | $33.0M |
| Amortization | $92.4M | $85.9M | $16.0M | $12.2M | $10.5M | $13.5M | $10.2M | $8.1M |
| Stock-Based Compensation | $13.4M | $10.2M | $11.5M | $10.7M | $10.5M | $11.0M | $11.7M | $10.2M |
| Net Cash from Operating Activities | $44.4M | $-69.0M | $199.2M | $250.2M | $120.6M | $96.1M | $159.0M | $152.6M |
| Investing Activities | ||||||||
| Capital Expenditures | $29.1M | $37.1M | $30.7M | $39.3M | $38.4M | $20.3M | $22.0M | $39.6M |
| Business Acquisitions | $0 | $1.58B | $56.7M | $66.1M | $59.9M | $63.7M | $39.0M | $20.0M |
| Net Cash from Investing Activities | — | — | — | — | — | — | $-63.9M | $-55.5M |
| Financing Activities | ||||||||
| Dividends Paid | $0 | $0 | $25.0M | $25.9M | $23.0M | $20.9M | $20.5M | $18.4M |
| Stock Repurchases | $0 | $0 | $93.8M | $62.8M | $49.0M | $45.2M | $56.2M | $66.1M |
| Net Cash from Financing Activities | — | — | — | — | — | — | $-56.0M | $-75.3M |
| Net Change in Cash | $730.0K | $-1.85B | $1.91B | $8.5M | $-2.9M | $-24.5M | $39.1M | $21.8M |
| Free Cash Flow | $15.3M | $-106.1M | $168.5M | $210.9M | $82.2M | $75.8M | $137.0M | $113.0M |