FORWARD AIR CORPORATION
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-207.3M | $-34.3M | $-16.3M | $-12.6M | $-50.6M | $-36.4M | $-73.4M | $-645.4M |
| Depreciation & Amortization | $38.3M | $38.5M | $37.7M | $36.8M | $37.4M | — | $25.9M | $48.6M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $22.6M | — | — | $23.1M | — | — | — | — |
| Stock-Based Compensation | — | $3.5M | — | — | $3.0M | — | — | — |
| Net Cash from Operating Activities | $-4.9M | $45.7M | $52.7M | $-13.2M | $27.6M | — | $51.2M | $-45.2M |
| Investing Activities | ||||||||
| Capital Expenditures | $3.2M | $6.9M | $4.1M | $4.7M | $11.9M | — | $10.4M | $14.4M |
| Business Acquisitions | — | — | — | — | $0 | — | — | — |
| Net Cash from Investing Activities | — | $-5.5M | — | — | $-11.2M | — | — | — |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | — | $-4.9M | — | — | $-5.3M | — | — | — |
| Net Change in Cash | — | — | — | — | $11.4M | — | — | — |
| Free Cash Flow | $-8.1M | $38.8M | $48.6M | $-18.0M | $15.7M | — | $40.7M | $-59.6M |