Forward Air (FWRD) Invested Capital (2009 - 2025)

Forward Air (FWRD) has 17 years of Invested Capital data on file, last reported at $38.4 million in Q4 2025.

• Quarterly Invested Capital fell 19.68% year-over-year to $38.4 million in Q4 2025, while the trailing twelve-month figure through Mar 2026 was $71.8 million (down 56.04% YoY) and the FY2025 annual result came in at $38.4 million, down 19.68% from the prior year.
• Invested Capital advanced to $38.4 million in Q4 2025, from $16.5 million in the prior quarter.
• In the past five years, Invested Capital ranged from a high of $51.2 million in Q1 2024 to a low of $1.8 million in Q3 2021.
• A 5-year average of $25.6 million and a median of $20.2 million in 2022 frame the typical range for Invested Capital.
• Annual changes were most pronounced in 2022 — Invested Capital jumped 852.25% — and 2025, when it sank 66.21%.
• Tracing FWRD's Invested Capital over 5 years: stood at $14.3 million in 2021, then surged by 60.4% to $23.0 million in 2022, then surged by 69.56% to $38.9 million in 2023, then advanced by 22.77% to $47.8 million in 2024, then slipped by 19.68% to $38.4 million in 2025.
• The last three Invested Capital figures came in at $38.4 million (Q4 2025), $16.5 million (Q3 2025), and $16.9 million (Q2 2025), per Business Quant data.