Forward Air Corp.
S&P 600
Cash Flow
Cash Flow Breakdown
Figures in US$OperatingInvestingFinancing
How to read this: the three bars show where cash moved each year. Operating is cash from the core business (you generally want this positive and growing). Investing is usually negative — money spent on assets or acquisitions. Financing shows money raised from, or returned to, lenders and shareholders. Bars above the line are cash in; bars below are cash out.
Operating Cash Flow vs Capex
Figures in US$Operating Cash FlowCapital Expenditure
How to read this: operating cash flow is the cash the business generated; capital expenditure is what it spent on long-term assets like plant and equipment. The gap between them is roughly free cash flow — the cash left over. A wide gap (operating well above capex) means the business funds its investment comfortably from its own earnings.
| Period | Operating Cash Flow | Investing Cash Flow | Financing Cash Flow | Capital Expenditure |
|---|---|---|---|---|
| FY2014 | $91.66M | $-127.71M | $-49.89M | $39.49M |
| FY2015 | $85.72M | $-100.92M | $7.08M | $40.50M |
| FY2016 | $130.35M | $-52.39M | $-102.76M | $42.19M |
| FY2017 | $103.36M | $-59.19M | $-48.80M | $38.27M |
| FY2018 | $152.55M | $-55.46M | $-75.33M | $39.56M |
| FY2019 | $159.02M | $-63.92M | $-56.01M | $22.01M |
| FY2020 | $96.11M | $-81.51M | $-39.09M | $20.27M |
| FY2021 | $120.61M | $-95.60M | $-27.95M | $38.38M |
| FY2022 | $250.16M | $-102.99M | $-138.67M | $39.25M |
| FY2023 | $199.21M | $-83.69M | $1.79B | $30.73M |
| FY2024 | $-69.02M | $-1.61B | $-163.83M | $37.06M |
| FY2025 | $44.38M | $-26.91M | $-17.53M | $29.12M |
Figures in USD. Educational data only.
Understanding these terms
Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.
- Operating Cash Flow
- Cash produced by the company's core operations during the period. The US equivalent of "Cash from Operating Activity".How a beginner reads it: A beginner uses this as a reality check on profit, since it reflects cash actually collected. Healthy, consistent operating cash flow underpins a company's ability to invest and repay debt.
- Investing Cash Flow
- Cash used for or generated by buying and selling long-term assets and investments. The US equivalent of "Cash from Investing Activity".How a beginner reads it: A beginner expects this to be negative for companies investing in growth. Reading it next to operating cash flow shows whether the business funds its investments from its own earnings.
- Financing Cash Flow
- Cash flows with lenders and shareholders — borrowing, repaying, issuing shares, buybacks, and dividends. The US equivalent of "Cash from Financing Activity".How a beginner reads it: A beginner reads this to understand whether the company is taking in money (borrowing/issuing) or paying it out (repaying/dividends), and how that fits the operating picture.
- Capital Expenditure
- Money spent on buying or upgrading long-lived assets like plant, equipment, and buildings. Often shortened to "capex".How a beginner reads it: A beginner reads capex against operating cash flow to see whether a company funds its investment from its own earnings. Operating cash flow minus capex is roughly free cash flow.