Forward Air Corp (FWRD) financials
Forward Air revenue and earnings by year
Forward Air's revenue was $2.50 billion in the fiscal year to December 31, 2025, up 0.8% from the year before. Net income was -$108 million, -4.3% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 10.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.50 | 2.47 | 1.37 | 1.68 | 1.39 | 1.27 | 1.22 | 1.14 | 1.17 | 1.03 |
| Revenue growth | 0.8% | 80.5% | -18.4% | 21.1% | 9.3% | 4.5% | 6.8% | -2.7% | 13.5% | — |
| Gross profit | 1.03 | 1.02 | 0.68 | 0.84 | 0.64 | 0.54 | 0.55 | 0.50 | 0.54 | 0.50 |
| Gross margin | 41.1% | 41.2% | 49.3% | 49.8% | 45.9% | 42.3% | 45.1% | 43.9% | 46.5% | 48.1% |
| Operating income | 0.04 | -1.06 | 0.09 | 0.25 | 0.15 | 0.07 | 0.11 | 0.12 | 0.11 | 0.06 |
| Operating margin | 1.5% | -43.0% | 6.4% | 14.7% | 10.6% | 5.8% | 9.3% | 10.3% | 9.3% | 5.8% |
| Net income | -0.11 | -0.82 | 0.17 | 0.19 | 0.11 | 0.02 | 0.09 | 0.09 | 0.09 | 0.03 |
| Net margin | -4.3% | -33.0% | 12.2% | 11.5% | 7.6% | 1.9% | 7.2% | 8.1% | 7.5% | 2.7% |
| Diluted EPS | -$3.51 | -$30.18 | $6.42 | $7.14 | $3.85 | $0.84 | $3.05 | $3.13 | $2.90 | $0.91 |
| Free cash flow | 0.02 | -0.11 | 0.15 | 0.21 | 0.08 | 0.07 | 0.14 | 0.12 | 0.07 | 0.09 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open FWRD in Markets.
How Forward Air makes money
Revenue by segment in the quarter to March 31, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Omni Logistics | $302M | 52.6% |
| Expedited Freight | $273M | 47.4% |
See also: FWRD valuation and P/E history · FWRD returns
No forecast, no recommendation. This page describes Forward Air Corp from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.