Forward Air Corporation (FWRD)

Solvency & Capital Structure

Total Debt

$2.15B

Net Debt

$2.01B

Forward Air Corporation currently has $2.15B in total debt. Net debt is $2.01B after cash offsets.

Financial Fundamentals

FWRD • Quarterly Data • 5Y View

Date	Total Debt ($B)	Cash & Inv. ($B)	Net Debt ($B)	Total Assets	Debt/Assets
2026-03-31	2.15	0.14	2.01	2.70	79.8%
2025-12-31	2.16	0.11	2.05	2.74	78.7%
2025-09-30	2.16	0.14	2.02	2.79	77.2%
2025-06-30	2.16	0.10	2.07	2.76	78.3%
2025-03-31	2.15	0.12	2.04	2.80	76.8%
2024-12-31	2.15	0.10	2.04	2.80	76.6%
2024-09-30	2.09	0.14	1.95	3.06	68.3%
2024-06-30	2.06	0.10	1.96	3.07	67.2%
2024-03-31	2.07	0.17	1.89	3.96	52.2%
2023-12-31	1.96	0.12	1.84	2.98	65.7%
2023-09-30	0.30	0.02	0.28	1.19	24.9%
2023-06-30	0.31	0.02	0.29	1.18	25.9%
2023-03-31	0.34	0.03	0.30	1.23	27.4%
2022-12-31	0.27	0.05	0.22	1.21	22.1%
2022-09-30	0.28	0.05	0.23	1.19	23.4%
2022-06-30	0.32	0.05	0.27	1.20	26.9%
2022-03-31	0.32	0.06	0.26	1.17	27.8%
2021-12-31	0.32	0.04	0.28	1.12	28.6%
2021-09-30	0.31	0.05	0.25	1.07	28.6%
2021-06-30	0.31	0.05	0.26	1.08	28.9%
2021-03-31	0.25	0.02	0.23	1.02	24.6%
2020-12-31	0.24	0.04	0.20	1.05	23.2%
2020-09-30	0.23	0.04	0.19	1.05	22.4%
2020-06-30	0.26	0.08	0.18	1.07	24.5%
2020-03-31	0.31	0.08	0.23	1.07	29.1%
2019-12-31	0.18	0.06	0.11	0.99	18.1%
2019-09-30	0.23	0.03	0.20	0.98	23.9%
2019-06-30	0.21	0.01	0.19	0.94	22.2%
2019-03-31	0.32	0.04	0.27	0.89	35.6%
2018-12-31	0.05	0.03	0.02	0.76	6.3%
2018-09-30	0.04	0.03	0.01	0.74	5.5%
2018-06-30	0.04	0.02	0.02	0.71	5.7%
2018-03-31	0.04	0.01	0.03	0.69	5.9%
2017-12-31	0.04	0.00	0.04	0.69	6.0%
2017-09-30	0.04	0.01	0.03	0.67	6.2%
2017-06-30	0.02	0.01	0.01	0.66	3.3%
2017-03-31	0.01	0.01	-0.00Net Cash	0.64	2.2%
2016-12-31	0.03	0.01	0.02	0.64	4.5%
2016-09-30	0.04	0.01	0.03	0.64	6.7%
2016-06-30	0.06	0.02	0.03	0.64	8.8%
2016-03-31	0.07	0.04	0.03	0.69	10.2%
2015-12-31	0.08	0.03	0.05	0.70	12.1%
2015-09-30	0.10	0.05	0.05	0.70	14.1%
2015-06-30	0.11	0.04	0.07	0.71	15.9%
2015-03-31	0.13	0.05	0.07	0.72	17.7%
2014-12-31	0.00	0.04	-0.04Net Cash	0.54	0.3%
2014-09-30	0.00	0.02	-0.02Net Cash	0.53	0.3%
2014-06-30	0.00	0.02	-0.02Net Cash	0.53	0.3%
2014-03-31	0.00	0.04	-0.04Net Cash	0.53	0.3%
2013-12-31	0.00	0.13	-0.13Net Cash	0.51	0.0%
2013-09-30	0.00	0.10	-0.10Net Cash	0.49	0.0%
2013-06-30	0.00	0.08	-0.08Net Cash	0.47	0.0%
2013-03-31	0.00	0.07	-0.07Net Cash	0.45	0.0%
2012-12-31	0.00	0.11	-0.11Net Cash	0.40	0.1%
2012-09-30	0.00	0.09	-0.09Net Cash	0.39	0.1%
2012-06-30	0.00	0.07	-0.07Net Cash	0.37	0.2%
2012-03-31	0.00	0.07	-0.07Net Cash	0.36	0.2%
2011-12-31	0.00	0.06	-0.06Net Cash	0.34	0.3%
2011-09-30	0.05	0.09	-0.04Net Cash	0.37	13.6%
2011-06-30	0.05	0.10	-0.04Net Cash	0.38	13.4%
2011-03-31	0.05	0.09	-0.03Net Cash	0.37	13.9%
2010-12-31	0.05	0.07	-0.02Net Cash	0.35	14.8%
2010-09-30	0.05	0.06	-0.01Net Cash	0.34	15.1%
2010-06-30	0.05	0.05	0.00	0.33	15.9%
2010-03-31	0.05	0.04	0.01	0.32	16.5%
2009-12-31	0.05	0.04	0.01	0.32	16.8%
2009-09-30	0.05	0.03	0.03	0.31	17.4%
2009-06-30	0.05	0.02	0.03	0.31	17.6%
2009-03-31	0.05	0.03	0.02	0.30	18.0%
2009-02-24	0.05	0.02	0.03	0.31	17.8%
2008-10-31	0.06	0.02	0.04	0.30	18.7%
2008-06-30	0.04	0.00	0.04	0.27	13.5%
2008-04-23	0.04	0.00	0.04	0.26	15.9%
2008-02-19	0.03	0.01	0.03	0.24	13.4%
2007-09-30	0.00	0.02	-0.02Net Cash	0.22	0.9%
2007-06-30	0.00	0.02	-0.02Net Cash	0.20	0.4%
2007-03-31	0.00	0.05	-0.05Net Cash	0.21	0.4%
2006-12-31	0.00	0.07	-0.07Net Cash	0.21	0.4%
2006-09-30	0.00	0.07	-0.06Net Cash	0.21	0.4%
2006-06-30	0.00	0.09	-0.09Net Cash	0.23	0.4%
2006-03-31	0.00	0.08	-0.08Net Cash	0.21	0.4%
2005-12-31	0.00	0.08	-0.08Net Cash	0.21	1.1%
2005-09-30	0.00	0.08	-0.08Net Cash	0.20	1.1%
2005-06-30	0.00	0.09	-0.09Net Cash	0.21	0.4%
2005-03-31	0.00	0.12	-0.12Net Cash	0.21	0.4%
2004-12-31	0.00	0.11	-0.11Net Cash	0.21	0.4%
2004-09-30	0.00	0.10	-0.10Net Cash	0.20	0.5%
2004-06-30	0.00	0.10	-0.10Net Cash	0.19	0.5%
2004-03-31	0.00	0.09	-0.09Net Cash	0.18	0.5%
2003-12-31	0.00	0.09	-0.09Net Cash	0.18	0.5%
2003-09-30	0.00	0.08	-0.08Net Cash	0.17	0.6%
2003-06-30	0.00	0.07	-0.07Net Cash	0.16	0.7%
2003-03-31	0.00	0.06	-0.06Net Cash	0.15	0.8%
2002-12-31	0.00	0.05	-0.05Net Cash	0.15	1.0%
2002-09-30	0.00	0.06	-0.05Net Cash	0.15	3.2%
2002-06-30	0.00	0.05	-0.05Net Cash	0.15	3.4%
2002-03-31	0.01	0.05	-0.04Net Cash	0.14	3.6%
2001-12-31	0.01	0.03	-0.02Net Cash	0.14	3.9%
2001-09-30	0.01	0.04	-0.03Net Cash	0.13	4.3%
2001-06-30	0.01	0.03	-0.02Net Cash	0.12	4.7%
2001-03-31	0.01	0.02	-0.02Net Cash	0.12	5.0%
2000-12-31	0.01	0.02	-0.01Net Cash	0.12	7.1%
2000-09-30	0.00	0.02	-0.01Net Cash	0.10	4.1%
2000-06-30	0.00	0.01	-0.01Net Cash	0.09	4.8%
2000-03-31	0.00	0.01	-0.01Net Cash	0.08	5.6%
1999-12-31	0.01	0.01	0.00	0.08	7.6%
1999-09-30	0.00	0.01	-0.00Net Cash	0.07	6.8%
1999-06-30	0.01	0.01	-0.00Net Cash	0.07	7.7%
1999-03-31	0.02	0.00	0.02	0.06	35.3%
1998-12-31	0.03	0.00	0.02	0.06	44.6%
1998-09-30	0.03	0.00	0.03	0.05	55.3%
1998-06-30	0.01	0.00	0.01	0.14	7.5%
1998-03-31	0.04	0.00	0.04	0.12	31.9%
1997-12-31	0.04	0.00	0.04	0.12	31.6%
1997-09-30	0.03	0.00	0.03	0.11	29.5%
1997-06-30	0.03	0.00	0.03	0.10	33.3%
1997-03-31	0.04	0.00	0.04	0.10	38.1%
1996-12-31	0.04	0.00	0.04	0.10	36.9%
1996-09-30	0.04	0.00	0.04	0.10	40.7%
1996-06-30	0.04	0.00	0.04	0.10	42.2%