Forward Air (FWRD) Gross Margin (2009 - 2026)
Forward Air's (FWRD) quarterly Gross Margin came in at 90.45% in Q1 2026, down 50.0% YoY from 180.9% in Q1 2025, and up 4.15% on a QoQ basis from 86.85% in Q4 2025.
Forward Air (FWRD) Gross Margin (2009 - 2026) Analysis & Trends
Forward Air (FWRD) has 18 years of Gross Margin data on file, last reported at 90.45% in Q1 2026.
- Quarterly Gross Margin fell 50.0% year-over-year to 90.45% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 90.14% (up 5.0% YoY) and the FY2025 annual result came in at 90.27%, up 278.0% from the prior year.
- Gross Margin grew to 90.45% in Q1 2026, from 86.85% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 92.99% in Q2 2025 to a low of 79.15% in Q1 2024.
- A 5-year average of 88.1% and a median of 88.27% in 2022 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2023 — Gross Margin slumped 985 bps — and 2025, when it jumped 1179 bps.
- Tracing FWRD's Gross Margin over 5 years: stood at 92.53% in 2022, then fell by 11 bps to 82.69% in 2023, then grew by 7 bps to 88.1% in 2024, then dropped by 1 bps to 86.85% in 2025, then gained by 4 bps to 90.45% in 2026.
- The last three Gross Margin figures came in at 90.45% (Q1 2026), 86.85% (Q4 2025), and 90.37% (Q3 2025), per Business Quant data.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | United Parcel Service | 87.24 Bn | 82.59 Bn | 19.65 Bn | 86.04% |
| 2 | Fedex | 77.35 Bn | 64.04 Bn | 18.84 Bn | 75.35% |
| 3 | Hunt J B Transport Services | 25.86 Bn | 25.86 Bn | - | - |
| 4 | Expeditors International Of Washington | 24.43 Bn | 23.40 Bn | 1.09 Bn | 30.99% |
| 5 | C. H. Robinson Worldwide | 17.04 Bn | 16.89 Bn | 1.11 Bn | 22.41% |
| 6 | ZTO Express (Cayman) | 17.03 Bn | 12.62 Bn | 469.01 Mn | 24.36% |
| 7 | Landstar System | 6.19 Bn | 5.84 Bn | 308.86 Mn | 21.56% |
| 8 | GXO Logistics | 5.22 Bn | 4.45 Bn | 508.00 Mn | 14.76% |
| 9 | Pitney Bowes | 2.21 Bn | 1.93 Bn | 296.14 Mn | 65.59% |
| 10 | Forward Air | 577.19 Mn | 437.74 Mn | 617.46 Mn | 91.74% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 91.74% |
| Mar 31, 2026 | 90.45% |
| Dec 31, 2025 | 86.85% |
| Sep 30, 2025 | 90.37% |
| Jun 30, 2025 | 92.99% |
| Mar 31, 2025 | 90.94% |
| Dec 31, 2024 | 88.10% |
| Sep 30, 2024 | 91.53% |
| Jun 30, 2024 | 89.80% |
| Mar 31, 2024 | 79.15% |
| Dec 31, 2023 | 82.69% |
| Sep 30, 2023 | 84.56% |
| Jun 30, 2023 | 88.83% |
| Mar 31, 2023 | 87.89% |
| Dec 31, 2022 | 92.53% |
| Sep 30, 2022 | 85.65% |
| Jun 30, 2022 | 87.05% |
| Mar 31, 2022 | 88.27% |
| Dec 31, 2021 | 93.20% |
| Sep 30, 2021 | 89.78% |