Forward Air (FWRD) EBITDA Margin (2009 - 2026)
Forward Air (FWRD) reported EBITDA Margin of -24.23% for Q2 2026, down 33.33 percentage points from 9.10% a year earlier and down 34.36 percentage points from the prior quarter.
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Analysis
Forward Air (FWRD) EBITDA Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Forward Air's EBITDA Margin came in at -0.54%, down 10.87 percentage points year-over-year; for FY2025, it was 7.58%, up 44.72 percentage points from FY2024.
- EBITDA Margin has a five-year change of -1.17 percentage points (FY2020 to FY2025).
- By year, EBITDA Margin came in at -37.14% in FY2024 (-47.76 pp), 10.62% in FY2023 (-6.65 pp), 17.27% in FY2022 (+4.16 pp) and 13.12% in FY2021 (+4.37 pp).
- The Q2 2026 figure ranks as the lowest quarterly EBITDA Margin since Q2 2024.
- Year over year, EBITDA Margin gained in five of the last eight quarters, with an average year-over-year change of +19.44 percentage points.
- The high point for year-over-year EBITDA Margin in five years was Q2 2025 (a gain of 171.78 percentage points); the low point was Q2 2024 (a drop of 174.54 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 10.13% (Q1 2026), 6.00% (Q4 2025) and 8.35% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.85 Bn | 157.37 Bn | - | 49.55% |
| 2 | Csx | 86.62 Bn | 82.84 Bn | - | 48.72% |
| 3 | Canadian Pacific Kansas City | 76.11 Bn | 75.83 Bn | - | 47.81% |
| 4 | United Parcel Service | 70.66 Bn | 47.58 Bn | - | 8.36% |
| 5 | Norfolk Southern | 70.32 Bn | 64.96 Bn | - | 42.77% |
| 6 | Fedex | 68.53 Bn | 34.48 Bn | - | 10.71% |
| 7 | Delta Air Lines | 55.25 Bn | 37.43 Bn | - | 12.75% |
| 8 | Old Dominion Freight Line | 36.69 Bn | 35.95 Bn | - | 35.84% |
| 9 | Ryanair Holdings | 28.78 Bn | 12.78 Bn | 3.13 Bn | 22.64% |
| 10 | Forward Air | 515.15 Mn | -18.91 Mn | - | -24.23% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -24.23% |
| Mar 31, 2026 | 10.13% |
| Dec 31, 2025 | 6.00% |
| Sep 30, 2025 | 8.35% |
| Jun 30, 2025 | 9.10% |
| Mar 31, 2025 | 6.87% |
| Dec 31, 2024 | 17.94% |
| Sep 30, 2024 | 7.41% |
| Jun 30, 2024 | -162.68% |
| Mar 31, 2024 | -6.27% |
| Dec 31, 2023 | 6.08% |
| Sep 30, 2023 | 7.60% |
| Jun 30, 2023 | 11.86% |
| Mar 31, 2023 | 16.65% |
| Dec 31, 2022 | 12.55% |
| Sep 30, 2022 | 19.38% |
| Jun 30, 2022 | 19.71% |
| Mar 31, 2022 | 17.07% |
| Dec 31, 2021 | 25.23% |
| Sep 30, 2021 | 12.37% |
API Access
Forward Air EBITDA Margin 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-margin&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "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-margin&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();