Forward Air Corporation
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.50B | $2.47B | $1.37B | $1.68B | $1.39B | $1.27B | $1.22B | $1.14B |
| Cost of Revenue | — | — | — | — | — | $650.7M | $586.1M | $564.3M |
| Gross Profit | — | — | — | — | — | $618.9M | $629.0M | $573.3M |
| Gross Margin | — | — | — | — | — | 48.7% | 51.8% | 50.4% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | — | — | — | — | — | — | — | — |
| Operating Income | $36.4M | $-1.06B | $88.2M | $247.6M | $147.0M | $73.9M | $112.4M | $117.2M |
| Operating Margin | 1.5% | -43.0% | 6.4% | 14.7% | 10.6% | 5.8% | 9.3% | 10.3% |
| Interest Expense | — | — | $31.6M | $5.1M | $4.3M | $4.6M | $2.7M | $1.8M |
| Pretax Income | $-147.2M | $-1.25B | $56.6M | $242.5M | $142.7M | $69.4M | $109.7M | $115.4M |
| Income Tax Expense | $-5.5M | $-125.0M | $13.8M | $63.0M | $35.8M | $16.6M | $27.4M | $26.9M |
| Net Income | $-107.8M | $-817.0M | $167.4M | $193.2M | $105.9M | $23.7M | $87.1M | $92.1M |
| Net Margin | -4.3% | -33.0% | 12.2% | 11.5% | 7.6% | 1.9% | 7.2% | 8.1% |
| EPS (Basic) | $-3.51 | $-30.63 | $6.42 | $7.17 | $3.87 | $0.84 | $3.06 | $3.14 |
| EPS (Diluted) | $-3.51 | $-30.63 | $6.40 | $7.14 | $3.85 | $0.84 | $3.04 | $3.12 |
| Shares Outstanding (Basic) | 30.7M | 27.5M | 25.9M | 26.8M | 27.2M | 27.6M | 28.2M | 29.1M |
| Shares Outstanding (Diluted) | 30.7M | 27.5M | 26.0M | 26.9M | 27.3M | 27.7M | 28.3M | 29.2M |
| Dividends Per Share | $0.00 | $0.00 | $0.96 | $0.96 | $0.84 | $0.75 | $0.72 | $0.63 |