FWRD: the balance sheet

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For the year ending 2025-12-31, FWRD has $2,718,944K in assets. $105,996K in cash and cash equivalents.

Balance Sheets	2025-12-31
Cash and cash equivalents	105,996
Restricted cash and restricted cash equivalents	0
Accounts receivable, less allowance of 3,749 in 2025 and 3,269 in 2024	343,559
Other receivables	6,147
Prepaid expenses	28,045
Other current assets	37,254
Total current assets	521,001
Property and equipment, net of accumulated depreciation and amortization of 340,021 in 2025 and 292,855 in 2024	297,882
Operating lease right-of-use assets	412,535
Goodwill	522,712
Other acquired intangibles, net of accumulated amortization of 301,453 in 2025 and 212,905 in 2024	906,791
Other long-term assets	58,023
Total assets	2,718,944

Accounts payable	121,752
Accrued expenses	114,422
Other current liabilities	69,130
Current portion of finance lease obligations	15,995
Current portion of operating lease liabilities	107,026
Total current liabilities	428,325
Finance lease obligations, less current portion	22,387
Long-term debt	1,687,248
Liability under tax receivable agreement	11,548
Operating lease liabilities, less current portion	327,011
Other long-term liabilities	53,540
Deferred income taxes	27,221
Preferred stock, value	0
Common stock, 0.01 par value authorized shares 50,000,000 issued and outstanding shares - 31,326,561 in 2025 and 29,761,197 in 2024	313
Additional paid-in capital	559,551
Accumulated deficit	-447,100
Accumulated other comprehensive income (loss)	580
Total forward air shareholders' equity	113,344
Noncontrolling interest	48,320
Total shareholders' equity	161,664
Total liabilities and shareholders' equity	2,718,944

Unit: Thousand (K) dollars (except for numbers of shares and EPS).