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Forward Air FWRD Total debt

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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 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

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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.

Plus components not separately reported this period.

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 total debt?
Forward Air (FWRD) reported total debt of $2.15B in Q1 2026.
How has Forward Air's total debt changed year-over-year?
Forward Air's total debt decreased by 0.1% year-over-year, from $2.15B to $2.15B.
What is the long-term trend for Forward Air's total debt?
Over 5 years (2020 to 2025), Forward Air's total debt has grown at a 54.7% compound annual growth rate (CAGR), from $245.45M to $2.18B.
What does total debt mean?
Total debt represents the aggregate sum of all interest-bearing financial obligations, including short-term borrowings, the current portion of long-term debt, and long-term debt instruments. It also encompasses capitalized lease liabilities and other debt-like financing arrangements that require fixed repayment schedules. This metric serves as a comprehensive indicator of a company's total financial leverage and its reliance on external capital providers.