Forward Air (FWRD) Cash from Operations (2009 - 2026)
Forward Air's Cash from Operations came in at -$4.88 million for Q2 2026, compared with -$13.22 million a year earlier.
Powered by 
Analysis
Forward Air (FWRD) Cash from Operations (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Forward Air reported Cash from Operations of $70.84 million, up 67.4% year-over-year; for FY2025, it was $44.38 million.
- Cash from Operations carries a five-year compound annual growth rate of -14.3% (FY2020 to FY2025).
- Going back by year, Cash from Operations was -$69.02 million in FY2024, $199.21 million in FY2023 (-20.4%), $250.16 million in FY2022 (+107.4%) and $120.61 million in FY2021 (+25.5%).
- The five-year range for quarterly Cash from Operations is -$51.72 million (Q1 2024) to $83.99 million (Q3 2022).
- The fastest year-over-year change in Cash from Operations over five years came in Q1 2022 (growth of 269.5%), and the weakest in Q3 2023 (a decline of 70.6%).
- Business Quant data shows FWRD's Cash from Operations at $45.74 million (Q1 2026), -$22.73 million (Q4 2025) and $52.71 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cash from Ops. (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 161.62 Bn | 156.15 Bn | - | 3.08 Bn |
| 2 | Csx | 86.16 Bn | 82.37 Bn | - | 1.33 Bn |
| 3 | Canadian Pacific Kansas City | 74.78 Bn | 74.50 Bn | - | 1.25 Bn |
| 4 | United Parcel Service | 70.01 Bn | 46.94 Bn | - | 859.00 Mn |
| 5 | Norfolk Southern | 69.45 Bn | 64.09 Bn | - | 1.05 Bn |
| 6 | Fedex | 67.46 Bn | 33.40 Bn | - | 3.27 Bn |
| 7 | Delta Air Lines | 54.88 Bn | 37.06 Bn | - | 1.60 Bn |
| 8 | Old Dominion Freight Line | 36.07 Bn | 35.33 Bn | - | 272.70 Mn |
| 9 | Ryanair Holdings | 28.71 Bn | 12.72 Bn | 3.13 Bn | - |
| 10 | Forward Air | 514.47 Mn | -19.58 Mn | - | -4.88 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -4.88 Mn |
| Mar 31, 2026 | 45.74 Mn |
| Dec 31, 2025 | -22.73 Mn |
| Sep 30, 2025 | 52.71 Mn |
| Jun 30, 2025 | -13.22 Mn |
| Mar 31, 2025 | 27.62 Mn |
| Dec 31, 2024 | -23.25 Mn |
| Sep 30, 2024 | 51.15 Mn |
| Jun 30, 2024 | -45.21 Mn |
| Mar 31, 2024 | -51.72 Mn |
| Dec 31, 2023 | 57.09 Mn |
| Sep 30, 2023 | 24.67 Mn |
| Jun 30, 2023 | 56.62 Mn |
| Mar 31, 2023 | 60.84 Mn |
| Dec 31, 2022 | 53.35 Mn |
| Sep 30, 2022 | 83.99 Mn |
| Jun 30, 2022 | 50.33 Mn |
| Mar 31, 2022 | 62.49 Mn |
| Dec 31, 2021 | 37.86 Mn |
| Sep 30, 2021 | 43.09 Mn |
API Access
Forward Air Cash from Operations API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cash-from-operations&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cash-from-operations", "ticker": "FWRD", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cash-from-operations&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();