What is Forward Air's net debt?

Forward Air (FWRD) reported net debt of $2.01B in Q1 2026.

How has Forward Air's net debt changed year-over-year?

Forward Air's net debt decreased by 1.3% year-over-year, from $2.04B to $2.01B.

What is the long-term trend for Forward Air's net debt?

Over 5 years (2020 to 2025), Forward Air's net debt has grown at a 56.5% compound annual growth rate (CAGR), from $220.2M to $2.07B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Forward Air FWRD Net debt

Discontinued — last reported Q1 '26

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Other financials

Income statement

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Revenue$582.0M-5.1%

Operating income$20.4M+329%

Net income-$34.3M+32.2%

EPS (diluted)-$1.09+35.1%

Balance sheet

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Cash & equivalents$141.0M+20.9%

Total debt$2.2B-0.1%

Total equity$81.0M-47.6%

Total assets$2.7B-3.9%

Cash flow

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Operating cash flow$45.7M+65.6%

CapEx$6.9M-41.7%

Free cash flow$38.8M+147%

Valuation

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Market cap$451.92M-33.0%

Enterprise value$2.46B-9.2%

P/S0.2×-0.1×

Profitability

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Gross margin48.7%—

Operating margin2.2%+1.1pp

Net margin-3.7%-1.7pp

FCF margin0.6%+0.3pp

Returns & leverage

See full

Return on equity-77.6%-25.2pp

Debt / equity26.5×+12.6×

Current ratio1.2×+0.1×

Where this comes from

Calculated from Forward Air’s reported figures.

$2.2Btotal debt−$141.0Mcash and equivalents=$2.01B

The official record: Forward Air’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Forward Air's net debt?: Forward Air (FWRD) reported net debt of $2.01B in Q1 2026.
How has Forward Air's net debt changed year-over-year?: Forward Air's net debt decreased by 1.3% year-over-year, from $2.04B to $2.01B.
What is the long-term trend for Forward Air's net debt?: Over 5 years (2020 to 2025), Forward Air's net debt has grown at a 56.5% compound annual growth rate (CAGR), from $220.2M to $2.07B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.