Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.03B | $1.17B | $1.14B | $1.22B | $1.27B | $1.39B | $1.68B | $1.37B | $2.47B | $2.50B |
| Revenue growth | — | 13.5% | -2.7% | 6.8% | 4.5% | 9.3% | 21.1% | -18.4% | 80.5% | 0.8% |
| Operating income | $59.7M | $109M | $117M | $112M | $73.9M | $147M | $248M | $88.2M | -$1.06B | $36.4M |
| Operating margin | 5.8% | 9.3% | 10.3% | 9.3% | 5.8% | 10.6% | 14.7% | 6.4% | -43.0% | 1.5% |
| Net income | $27.5M | $87.3M | $92.1M | $87.1M | $23.7M | $106M | $193M | $167M | -$817M | -$108M |
| Net margin | 2.7% | 7.5% | 8.1% | 7.2% | 1.9% | 7.6% | 11.5% | 12.2% | -33.0% | -4.3% |
| EPS (diluted) | $0.90 | $2.89 | $3.12 | $3.04 | $0.84 | $3.85 | $7.14 | $6.40 | -$30.63 | -$3.51 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $130M | $103M | $142M | $146M | $96.1M | $121M | $250M | $199M | -$69.0M | $44.4M |
| Capital expenditures | $42.2M | $38.3M | $39.6M | $22.0M | $20.3M | $38.4M | $39.3M | $30.7M | $37.1M | $29.1M |
| Free cash flow | $88.2M | $65.1M | $103M | $124M | $75.8M | $82.2M | $211M | $168M | -$106M | $15.3M |
| Share buybacks | $40.0M | $49.0M | $66.1M | $56.2M | $45.2M | $49.0M | $62.8M | $93.8M | $0.00 | $0.00 |
| Dividends paid | $15.5M | $18.1M | $18.4M | $20.5M | $20.9M | $23.0M | $25.9M | $25.0M | $0.00 | $0.00 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $8.51M | $3.89M | $25.7M | $64.7M | $40.3M | $37.3M | $45.8M | $122M | $105M | $106M |
| Total assets | $644M | $693M | $760M | $991M | $1.05B | $1.12B | $1.21B | $2.98B | $2.80B | $2.72B |
| Long-term debt | $0.00 | $40.2M | $47.3M | $67.3M | $112M | $155M | $107M | $0.00 | $1.68B | $1.69B |
| Shareholders' equity | $498M | $533M | $553M | $577M | $547M | $594M | $707M | $764M | $202M | $113M |
| Retained earnings | $319M | $337M | $343M | $350M | $304M | $335M | $436M | $480M | -$338M | -$447M |
| Shares (wtd avg diluted) | 30.4M | 30.0M | 29.2M | 28.3M | 27.7M | 27.3M | 26.9M | 26.0M | 27.5M | 30.7M |
Every figure is extracted from FORWARD AIR CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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