Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 140,354 $ 104,903
Restricted cash and restricted cash equivalents 0 363
Accounts receivable, less allowance of $2,900 in 2025 and $3,269 in 2024 341,414 322,291
Prepaid expenses 30,830 29,053
Other current assets 39,890 15,890
Total current assets 552,488 472,500
Property and equipment, net of accumulated depreciation and amortization of $317,420 in 2025 and $292,855 in 2024 309,830 326,188
Operating lease right-of-use assets 411,562 410,084
Goodwill 522,712 522,712
Other acquired intangibles, net of accumulated amortization of $282,266 in 2025 and $212,905 in 2024 929,894 999,216
Other long term assets 67,712 71,941
Total assets 2,794,198 2,802,641
Current liabilities:    
Accounts payable 124,835 105,692
Accrued expenses 146,785 119,836
Other current liabilities 70,492 45,148
Current portion of debt and finance lease obligations 16,511 16,930
Current portion of operating lease liabilities 101,418 96,440
Total current liabilities 460,041 384,046
Finance lease obligations, less current portion 26,087 30,858
Long-term debt, less current portion 1,684,319 1,675,930
Liabilities under tax receivable agreement 14,131 13,295
Operating lease liabilities, less current portion 327,938 325,640
Other long-term liabilities 48,396 48,835
Deferred income taxes 37,444 38,169
Shareholders' equity:    
Preferred stock, value 0 0
Common stock, $0.01 par value: Authorized shares - 50,699,707; issued and outstanding shares - 31,204,897 as of September 30, 2025 and 29,761,197 as of December 30, 2024 312 298
Additional paid-in capital 556,101 542,392
Accumulated deficit (418,753) (338,230)
Accumulated other comprehensive (loss) income 2,124 (2,732)
Total Forward Air shareholders' equity 139,784 201,728
Noncontrolling interest 56,058 84,140
Total shareholders' equity 195,842 285,868
Total liabilities and shareholders' equity 2,794,198 2,802,641
Preferred Class B    
Shareholders' equity:    
Preferred stock, value $ 0 $ 0