Forward Air (FWRD) Gross Margin (2009 - 2026)
Forward Air (FWRD) reported Gross Margin of 90.45% for Q1 2026, down 863.0% on a YoY basis from 11.85% in Q1 2025, and up 4.15% quarter-over-quarter from 86.85% in Q4 2025.
Forward Air (FWRD) Gross Margin (2009 - 2026) Analysis & Trends
Forward Air has reported Gross Margin for 18 years, with the latest figure at 90.45% in Q1 2026.
- For the quarter ending Q1 2026, Gross Margin fell 863.0% year-over-year to 90.45%; the trailing twelve-month figure through Mar 2026 stood at 93.96% (up 190.0% YoY), and the FY2025 full-year result was 90.27%, up 278.0% from the prior year.
- Gross Margin for Q1 2026 stood at 90.45%, up from 86.85% in the prior quarter.
- The five-year high for Gross Margin was 99.2% in Q3 2025, with the low at 56.42% in Q4 2022.
- Historically, Gross Margin has averaged 89.72% across 5 years, with a median of 89.8% in 2024.
- Annual changes were most pronounced in 2022 — Gross Margin plunged 9689 bps — and 2023, when it jumped 4202 bps.
- Forward Air's Gross Margin stood at 56.42% in 2022, then jumped by 74 bps to 98.44% in 2023, then decreased by 11 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 99.2% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | United Parcel Service | 92.26 Bn | 86.49 Bn | 18.44 Bn | 86.96% |
| 2 | Fedex | 78.12 Bn | 66.43 Bn | 20.49 Bn | 85.38% |
| 3 | Hunt J B Transport Services | 26.94 Bn | 26.93 Bn | 2.88 Bn | 94.27% |
| 4 | C. H. Robinson Worldwide | 22.05 Bn | 21.89 Bn | 1.50 Bn | 37.30% |
| 5 | Expeditors International Of Washington | 21.79 Bn | 20.48 Bn | 2.84 Bn | 99.58% |
| 6 | Landstar System | 7.42 Bn | 7.01 Bn | 1.16 Bn | 98.74% |
| 7 | GXO Logistics | 5.58 Bn | 4.83 Bn | 490.00 Mn | 14.86% |
| 8 | ZTO Express (Cayman) | 2.73 Bn | -774.03 Mn | 469.01 Mn | 24.36% |
| 9 | Pitney Bowes | 2.47 Bn | 2.16 Bn | 375.39 Mn | 78.63% |
| 10 | Forward Air | 326.09 Mn | 226.34 Mn | 526.45 Mn | 90.45% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 90.45% |
| Dec 31, 2025 | 86.85% |
| Sep 30, 2025 | 99.20% |
| Jun 30, 2025 | 99.15% |
| Mar 31, 2025 | 99.08% |
| Dec 31, 2024 | 88.10% |
| Sep 30, 2024 | 91.53% |
| Jun 30, 2024 | 89.80% |
| Mar 31, 2024 | 79.15% |
| Dec 31, 2023 | 98.44% |
| Sep 30, 2023 | 98.29% |
| Jun 30, 2023 | 88.83% |
| Mar 31, 2023 | 87.89% |
| Dec 31, 2022 | 56.42% |
| Sep 30, 2022 | 85.65% |
| Jun 30, 2022 | 98.12% |
| Mar 31, 2022 | 88.27% |
| Dec 31, 2021 | 153.31% |
| Sep 30, 2021 | 89.78% |
| Jun 30, 2021 | 99.04% |