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Forward Air cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$8.1M in Q2 2026

Operating cash flow−$4.9M
Capital spending−$3.2M
Free cash flow−$8.1M

Analysis

In Q2 2026, Forward Air generated −$4.9M of operating cash flow and spent $3.2M on capital projects, leaving free cash flow of −$8.1M. That is $9.9M more than in Q2 2025 (−$18.0M).

Operating cash flow was −$4.9M against net income of −$246M. The largest differences: impairments +$244M, depreciation & amortization +$38.3M, payables −$13.4M.

Free cash flow

Forward Air: free cash flow by quarterForward Air: free cash flow by quarter$40.7MQ3 2024−$30.5MQ4 2024$15.7MQ1 2025−$18.0MQ2 2025$48.6MQ3 2025−$31.1MQ4 2025$38.8MQ1 2026−$8.1MQ2 2026
Operating cash flow less capital spending.
Forward Air: operating cash flow against capital spendingForward Air: operating cash flow against capital spendingOperating cash flowCapital spending$51.2M$10.4MQ3 2024−$23.2M$7.2MQ4 2024$27.6M$11.9MQ1 2025−$13.2M$4.7MQ2 2025$52.7M$4.1MQ3 2025−$22.7M$8.4MQ4 2025$45.7M$6.9MQ1 2026−$4.9M$3.2MQ2 2026
Latest (Q2 2026): Operating cash flow −$4.9M, Capital spending $3.2M.

Capital allocation, year by year

Forward Air: where the cash came from (up) and went (down), by fiscal yearForward Air: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $121MFY2021: Net borrowing $42.6MFY2021: Shares issued $4.6MFY2021: Asset sales $2.6MFY2021: Capital spending −$38.4MFY2021: Acquisitions −$59.9MFY2021: Buybacks −$49.0MFY2021: Dividends −$23.0M$170MFY2021FY2022: Operating cash flow $250MFY2022: Net borrowing −$55.1MFY2022: Shares issued $989KFY2022: Asset sales $2.4MFY2022: Capital spending −$39.3MFY2022: Acquisitions −$66.1MFY2022: Buybacks −$62.8MFY2022: Dividends −$25.9M$254MFY2022FY2023: Operating cash flow $199MFY2023: Net borrowing −$120MFY2023: Shares issued $800KFY2023: Asset sales $3.7MFY2023: Capital spending −$30.7MFY2023: Acquisitions −$56.7MFY2023: Buybacks −$93.8MFY2023: Dividends −$25.0M$204MFY2023FY2024: Operating cash flow −$69.0MFY2024: Net borrowing −$98.3MFY2024: Shares issued $753KFY2024: Asset sales $5.1MFY2024: Capital spending −$37.1MFY2024: Acquisitions −$1.6B$5.9MFY2024FY2025: Operating cash flow $44.4MFY2025: Net borrowing −$17.3MFY2025: Shares issued $846KFY2025: Asset sales $2.2MFY2025: Capital spending −$29.1M$47.4MFY2025
Over these 5 years operating cash flow totalled $545M; the largest uses were acquisitions ($1.8B) and net borrowing ($290M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$139M
Debt$1.7B
Net debt$1.6B
Due within a year$16.5M
Cash runway4.3 years

Forward Air is burning cash: its operations consume cash, a free cash flow of −$32.4M a year at the current rate against $139M of cash and investments: a runway of about 4.3 years; $16.5M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

Forward Air: sources (+) and uses (−) of cash, Q2 2026Forward Air: sources (+) and uses (−) of cash, Q2 2026Other investing$8.7MOperating cash flow−$4.9MOther financing−$3.4MCapital spending−$3.2MCash drawn (+) / kept (−)$1.6MAsset & business sales$1.1MExchange rates$193KTaxes on employees’ shares−$120K

From profit to cash

Forward Air: net income to operating cash flow, Q2 2026Forward Air: net income to operating cash flow, Q2 2026Net income−$246MDepreciation & amortization$38.3MStock-based pay$491KDeferred taxes−$604KImpairments$244MPayables−$13.4MPrepaid and other assets$4.0MOperating cash flow−$4.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$4.9M−$3.2M———$1.6M−$8.1M
Q1 2026$45.7M−$6.9M———−$35.0M$38.8M
Q4 2025−$22.7M−$8.4M———$34.4M−$31.1M
Q3 2025$52.7M−$4.1M———−$45.0M$48.6M
Q2 2025−$13.2M−$4.7M———$21.4M−$18.0M
Q1 2025$27.6M−$11.9M———−$11.4M$15.7M
Q4 2024−$23.2M−$7.2M−$11.0M−$3.0M$43K$32.9M−$30.5M
Q3 2024$51.2M−$10.4M—−$6.2M−$28K−$33.5M$40.7M

Forward Air: income statement and cash flow

Forward Air, Q2 2026: revenue $673M (+9% year over year), operating margin -29.9%. The chart follows the revenue to costs, profit and cash.

Forward Air: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.