Forward Air (FWRD) Invested Capital (2009 - 2026)
Forward Air (FWRD) posted Invested Capital of $1.57 billion for Q2 2026, down 18.0% from $1.91 billion a year earlier and down 13.3% from the prior quarter.
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Analysis
Forward Air (FWRD) Invested Capital (2009 - 2026) Analysis & Trends
For FY2025, Forward Air's Invested Capital came in at $1.85 billion, down 6.6% from FY2024.
- Annual Invested Capital shows a five-year compound annual growth rate of 22.8% (FY2020 to FY2025).
- In prior years, Forward Air's Invested Capital was $1.98 billion in FY2024 (+154.7%), $776.91 million in FY2023 (-5.6%), $823.15 million in FY2022 (+9.0%) and $755.21 million in FY2021 (+14.2%).
- The Q2 2026 figure stands as the lowest quarterly Invested Capital since Q4 2023.
- On a year-over-year basis, Invested Capital has declined in each of the last six quarters, with growth averaging 28.5% over the last eight quarters.
- The strongest year-over-year quarter for Invested Capital in the past five years was Q1 2024, with growth of 256.7%; the weakest was Q1 2025, with a decline of 36.4%.
- According to Business Quant data, Invested Capital for the three prior quarters was $1.81 billion (Q1 2026), $1.85 billion (Q4 2025) and $1.9 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 161.62 Bn | 156.15 Bn | - | 51.00 Bn |
| 2 | Csx | 86.16 Bn | 82.37 Bn | - | 32.95 Bn |
| 3 | Canadian Pacific Kansas City | 74.78 Bn | 74.50 Bn | - | 52.60 Bn |
| 4 | United Parcel Service | 70.01 Bn | 46.94 Bn | - | 39.58 Bn |
| 5 | Norfolk Southern | 69.45 Bn | 64.09 Bn | - | 32.87 Bn |
| 6 | Fedex | 67.46 Bn | 33.40 Bn | - | 57.36 Bn |
| 7 | Delta Air Lines | 54.88 Bn | 37.06 Bn | - | 36.87 Bn |
| 8 | Old Dominion Freight Line | 36.07 Bn | 35.33 Bn | - | 4.57 Bn |
| 9 | Ryanair Holdings | 28.71 Bn | 12.72 Bn | 3.13 Bn | 11.09 Bn |
| 10 | Forward Air | 514.47 Mn | -19.58 Mn | - | 1.57 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.57 Bn |
| Mar 31, 2026 | 1.81 Bn |
| Dec 31, 2025 | 1.85 Bn |
| Sep 30, 2025 | 1.90 Bn |
| Jun 30, 2025 | 1.91 Bn |
| Mar 31, 2025 | 1.92 Bn |
| Dec 31, 2024 | 1.98 Bn |
| Sep 30, 2024 | 2.03 Bn |
| Jun 30, 2024 | 2.06 Bn |
| Mar 31, 2024 | 3.02 Bn |
| Dec 31, 2023 | 776.91 Mn |
| Sep 30, 2023 | 799.61 Mn |
| Jun 30, 2023 | 807.34 Mn |
| Mar 31, 2023 | 847.93 Mn |
| Dec 31, 2022 | 823.15 Mn |
| Sep 30, 2022 | 797.52 Mn |
| Jun 30, 2022 | 819.13 Mn |
| Mar 31, 2022 | 772.97 Mn |
| Dec 31, 2021 | 755.21 Mn |
| Sep 30, 2021 | 718.69 Mn |
API Access
Forward Air Invested Capital 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=invested-capital&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "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=invested-capital&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();