Forward Air (FWRD) Free Cash Flow (2009 - 2026)
Forward Air (FWRD) posted Free Cash Flow of -$8.1 million for Q2 2026, compared with -$17.96 million a year earlier.
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Analysis
Forward Air (FWRD) Free Cash Flow (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Free Cash Flow at Forward Air was $48.22 million, up 503.2% year-over-year; for FY2025, it was $15.27 million.
- Annual Free Cash Flow shows a five-year compound annual growth rate of -27.4% (FY2020 to FY2025).
- In prior years, Forward Air's Free Cash Flow was -$106.08 million in FY2024, $168.49 million in FY2023 (-20.1%), $210.91 million in FY2022 (+156.5%) and $82.23 million in FY2021 (+8.4%).
- Quarterly Free Cash Flow has run from a low of -$59.63 million in Q2 2024 to a high of $77.27 million in Q3 2022 over five years.
- The strongest year-over-year quarter for Free Cash Flow in the past five years was Q1 2022, with growth of 269.8%; the weakest was Q3 2023, with a decline of 75.6%.
- According to Business Quant data, Free Cash Flow for the three prior quarters was $38.79 million (Q1 2026), -$31.08 million (Q4 2025) and $48.6 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 161.62 Bn | 156.15 Bn | - | 2.20 Bn |
| 2 | Csx | 86.16 Bn | 82.37 Bn | - | 751.00 Mn |
| 3 | Canadian Pacific Kansas City | 74.78 Bn | 74.50 Bn | - | 699.79 Mn |
| 4 | United Parcel Service | 70.01 Bn | 46.94 Bn | - | 166.00 Mn |
| 5 | Norfolk Southern | 69.45 Bn | 64.09 Bn | - | 615.00 Mn |
| 6 | Fedex | 67.46 Bn | 33.40 Bn | - | 1.79 Bn |
| 7 | Delta Air Lines | 54.88 Bn | 37.06 Bn | - | 2.38 Bn |
| 8 | Old Dominion Freight Line | 36.07 Bn | 35.33 Bn | - | 195.66 Mn |
| 9 | Ryanair Holdings | 28.71 Bn | 12.72 Bn | 3.13 Bn | 551.77 Mn |
| 10 | Forward Air | 514.47 Mn | -19.58 Mn | - | -8.10 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -8.10 Mn |
| Mar 31, 2026 | 38.79 Mn |
| Dec 31, 2025 | -31.08 Mn |
| Sep 30, 2025 | 48.60 Mn |
| Jun 30, 2025 | -17.96 Mn |
| Mar 31, 2025 | 15.71 Mn |
| Dec 31, 2024 | -30.50 Mn |
| Sep 30, 2024 | 40.74 Mn |
| Jun 30, 2024 | -59.63 Mn |
| Mar 31, 2024 | -56.69 Mn |
| Dec 31, 2023 | 48.45 Mn |
| Sep 30, 2023 | 18.82 Mn |
| Jun 30, 2023 | 45.83 Mn |
| Mar 31, 2023 | 54.32 Mn |
| Dec 31, 2022 | 39.49 Mn |
| Sep 30, 2022 | 77.27 Mn |
| Jun 30, 2022 | 41.57 Mn |
| Mar 31, 2022 | 52.58 Mn |
| Dec 31, 2021 | 22.50 Mn |
| Sep 30, 2021 | 28.65 Mn |
API Access
Forward Air Free Cash Flow 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=free-cash-flow&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "free-cash-flow", "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=free-cash-flow&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();