Forward Air (FWRD) Operating Expenses (2009 - 2026)
Forward Air (FWRD) posted Operating Expenses of $874.35 million for Q2 2026, up 45.9% from $599.32 million a year earlier and up 55.7% from the prior quarter.
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Analysis
Forward Air (FWRD) Operating Expenses (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Forward Air was $2.69 billion, up 12.0% year-over-year; for FY2025, it came in at $2.46 billion, down 30.5% from FY2024.
- Annual Operating Expenses shows a five-year compound annual growth rate of 15.5% (FY2020 to FY2025).
- In prior years, Forward Air's Operating Expenses was $3.54 billion in FY2024 (+175.8%), $1.28 billion in FY2023 (-10.4%), $1.43 billion in FY2022 (+15.5%) and $1.24 billion in FY2021 (+3.7%).
- The Q2 2026 figure stands as the highest quarterly Operating Expenses since Q2 2024.
- On a year-over-year basis, Operating Expenses increased in five of the last eight quarters, with growth averaging 17.8%.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q2 2024, with growth of 466.0%; the weakest was Q2 2025, with a decline of 65.5%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $561.61 million (Q1 2026), $634.1 million (Q4 2025) and $616.76 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.85 Bn | 157.37 Bn | - | 4.10 Bn |
| 2 | Csx | 86.62 Bn | 82.84 Bn | - | 2.43 Bn |
| 3 | Canadian Pacific Kansas City | 76.11 Bn | 75.83 Bn | - | 1.95 Bn |
| 4 | United Parcel Service | 70.66 Bn | 47.58 Bn | - | 21.90 Bn |
| 5 | Norfolk Southern | 70.32 Bn | 64.96 Bn | - | 2.34 Bn |
| 6 | Fedex | 68.53 Bn | 34.48 Bn | - | 23.46 Bn |
| 7 | Delta Air Lines | 55.25 Bn | 37.43 Bn | - | 17.89 Bn |
| 8 | Old Dominion Freight Line | 36.69 Bn | 35.95 Bn | - | 1.09 Bn |
| 9 | Ryanair Holdings | 28.78 Bn | 12.78 Bn | 3.13 Bn | 4.43 Bn |
| 10 | Forward Air | 515.15 Mn | -18.91 Mn | - | 874.35 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 874.35 Mn |
| Mar 31, 2026 | 561.61 Mn |
| Dec 31, 2025 | 634.10 Mn |
| Sep 30, 2025 | 616.76 Mn |
| Jun 30, 2025 | 599.32 Mn |
| Mar 31, 2025 | 608.52 Mn |
| Dec 31, 2024 | 556.99 Mn |
| Sep 30, 2024 | 633.24 Mn |
| Jun 30, 2024 | 1.74 Bn |
| Mar 31, 2024 | 607.55 Mn |
| Dec 31, 2023 | 335.43 Mn |
| Sep 30, 2023 | 329.29 Mn |
| Jun 30, 2023 | 307.30 Mn |
| Mar 31, 2023 | 310.51 Mn |
| Dec 31, 2022 | 144.40 Mn |
| Sep 30, 2022 | 438.36 Mn |
| Jun 30, 2022 | 439.67 Mn |
| Mar 31, 2022 | 409.61 Mn |
| Dec 31, 2021 | 145.03 Mn |
| Sep 30, 2021 | 377.15 Mn |
API Access
Forward Air Operating Expenses 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=operating-expenses&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();