Forward Air (FWRD) Free Cash Flow (2009 - 2026)
Forward Air's (FWRD) quarterly Free Cash Flow came in at $38.8 million in Q1 2026, up 146.94% YoY from $15.7 million in Q1 2025, and up 224.82% on a QoQ basis from -$31.1 million in Q4 2025.
Forward Air (FWRD) Free Cash Flow (2009 - 2026) Analysis & Trends
Forward Air (FWRD) has 18 years of Free Cash Flow data on file, last reported at $38.8 million in Q1 2026.
- Quarterly Free Cash Flow rose 146.94% year-over-year to $38.8 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $38.4 million (up 213.88% YoY) and the FY2025 annual result came in at $15.3 million, up 114.39% from the prior year.
- Free Cash Flow improved to $38.8 million in Q1 2026, from -$31.1 million in the prior quarter.
- In the past five years, Free Cash Flow ranged from a high of $77.3 million in Q3 2022 to a low of -$59.6 million in Q2 2024.
- A 5-year average of $19.2 million and a median of $39.5 million in 2022 frame the typical range for Free Cash Flow.
- Annual changes were most pronounced in 2022 — Free Cash Flow surged 269.8% — and 2024, when it tumbled 230.12%.
- Tracing FWRD's Free Cash Flow over 5 years: stood at $39.5 million in 2022, then gained by 22.67% to $48.4 million in 2023, then tumbled by 162.95% to -$30.5 million in 2024, then slipped by 1.92% to -$31.1 million in 2025, then soared by 224.82% to $38.8 million in 2026.
- The last three Free Cash Flow figures came in at $38.8 million (Q1 2026), -$31.1 million (Q4 2025), and $48.6 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Free Cash Flow (Qtr) |
|---|---|---|---|---|---|
| 1 | United Parcel Service | 86.89 Bn | 82.23 Bn | 19.65 Bn | 166.00 Mn |
| 2 | Fedex | 77.23 Bn | 63.91 Bn | 18.84 Bn | 1.79 Bn |
| 3 | Hunt J B Transport Services | 25.91 Bn | 25.90 Bn | - | 253.32 Mn |
| 4 | Expeditors International Of Washington | 24.62 Bn | 23.58 Bn | 1.09 Bn | 166.65 Mn |
| 5 | ZTO Express (Cayman) | 17.03 Bn | 12.62 Bn | 469.01 Mn | 402.66 Mn |
| 6 | C. H. Robinson Worldwide | 16.77 Bn | 16.62 Bn | 1.11 Bn | 22.64 Mn |
| 7 | Landstar System | 6.33 Bn | 5.98 Bn | 308.86 Mn | -53.30 Mn |
| 8 | GXO Logistics | 5.25 Bn | 4.48 Bn | 508.00 Mn | 11.00 Mn |
| 9 | Pitney Bowes | 2.24 Bn | 1.96 Bn | 296.14 Mn | 134.43 Mn |
| 10 | Forward Air | 588.72 Mn | 449.27 Mn | 617.46 Mn | -8.10 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | -8.10 Mn |
| Jun 30, 2026 | -8.10 Mn |
| Mar 31, 2026 | 38.79 Mn |
| Mar 31, 2026 | 38.79 Mn |
| Dec 31, 2025 | -31.08 Mn |
| Dec 31, 2025 | -31.08 Mn |
| Sep 30, 2025 | 48.60 Mn |
| Sep 30, 2025 | 48.60 Mn |
| Jun 30, 2025 | -17.96 Mn |
| Jun 30, 2025 | -17.96 Mn |
| Mar 31, 2025 | 15.71 Mn |
| Mar 31, 2025 | 15.71 Mn |
| Dec 31, 2024 | -30.50 Mn |
| Dec 31, 2024 | -30.50 Mn |
| Sep 30, 2024 | 40.74 Mn |
| Sep 30, 2024 | 40.74 Mn |
| Jun 30, 2024 | -59.63 Mn |
| Jun 30, 2024 | -59.63 Mn |
| Mar 31, 2024 | -56.69 Mn |
| Mar 31, 2024 | -56.69 Mn |