Forward Air (FWRD) EBITDA (2009 - 2026)
Forward Air (FWRD) reported EBITDA of -$163.05 million for Q2 2026, compared with $56.33 million a year earlier.
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Analysis
Forward Air (FWRD) EBITDA (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Forward Air's EBITDA came in at -$13.48 million; for FY2025, it came in at $189.06 million.
- EBITDA has a five-year compound annual growth rate of 11.2% (FY2020 to FY2025).
- By year, EBITDA came in at -$918.96 million in FY2024, $145.62 million in FY2023 (-49.8%), $290.14 million in FY2022 (+59.4%) and $181.99 million in FY2021 (+63.9%).
- The Q2 2026 figure ranks as the lowest quarterly EBITDA since Q2 2024.
- Year over year, EBITDA gained in four of the last five quarters, with growth averaging 104.2%.
- The high point for year-over-year EBITDA in five years was Q4 2024 (growth of 451.6%); the low point was Q3 2023 (a decline of 69.1%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $58.96 million (Q1 2026), $37.86 million (Q4 2025) and $52.76 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.85 Bn | 157.37 Bn | - | 3.40 Bn |
| 2 | Csx | 86.62 Bn | 82.84 Bn | - | 1.92 Bn |
| 3 | Canadian Pacific Kansas City | 76.11 Bn | 75.83 Bn | - | 1.44 Bn |
| 4 | United Parcel Service | 70.66 Bn | 47.58 Bn | - | 1.91 Bn |
| 5 | Norfolk Southern | 70.32 Bn | 64.96 Bn | - | 1.48 Bn |
| 6 | Fedex | 68.53 Bn | 34.48 Bn | - | 2.68 Bn |
| 7 | Delta Air Lines | 55.25 Bn | 37.43 Bn | - | 2.52 Bn |
| 8 | Old Dominion Freight Line | 36.69 Bn | 35.95 Bn | - | 557.01 Mn |
| 9 | Ryanair Holdings | 28.78 Bn | 12.78 Bn | 3.13 Bn | 1.15 Bn |
| 10 | Forward Air | 515.15 Mn | -18.91 Mn | - | -163.05 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -163.05 Mn |
| Mar 31, 2026 | 58.96 Mn |
| Dec 31, 2025 | 37.86 Mn |
| Sep 30, 2025 | 52.76 Mn |
| Jun 30, 2025 | 56.33 Mn |
| Mar 31, 2025 | 42.12 Mn |
| Dec 31, 2024 | 113.51 Mn |
| Sep 30, 2024 | 48.59 Mn |
| Jun 30, 2024 | -1.05 Bn |
| Mar 31, 2024 | -33.95 Mn |
| Dec 31, 2023 | 20.58 Mn |
| Sep 30, 2023 | 25.90 Mn |
| Jun 30, 2023 | 39.57 Mn |
| Mar 31, 2023 | 59.57 Mn |
| Dec 31, 2022 | 50.59 Mn |
| Sep 30, 2022 | 83.93 Mn |
| Jun 30, 2022 | 87.14 Mn |
| Mar 31, 2022 | 68.48 Mn |
| Dec 31, 2021 | 46.60 Mn |
| Sep 30, 2021 | 51.89 Mn |
API Access
Forward Air EBITDA 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=ebitda&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda", "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=ebitda&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();