Forward Air (FWRD) Operating Expenses (2009 - 2026)
Forward Air's (FWRD) quarterly Operating Expenses came in at $561.6 million in Q1 2026, up 84.58% YoY from $304.3 million in Q1 2025, and down 11.43% on a QoQ basis from $634.1 million in Q4 2025.
Forward Air (FWRD) Operating Expenses (2009 - 2026) Analysis & Trends
Forward Air (FWRD) has 18 years of Operating Expenses data on file, last reported at $561.6 million in Q1 2026.
- Quarterly Operating Expenses rose 84.58% year-over-year to $561.6 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $2.1 billion (up 549.64% YoY) and the FY2025 annual result came in at $2.5 billion, up 96.61% from the prior year.
- Operating Expenses eased to $561.6 million in Q1 2026, from $634.1 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $738.4 million in Q4 2022 to a low of -$1.7 billion in Q4 2024.
- A 5-year average of $285.9 million and a median of $329.3 million in 2023 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2022 — Operating Expenses surged 1128.16% — and 2024, when it sank 1250.4%.
- Tracing FWRD's Operating Expenses over 5 years: stood at $738.4 million in 2022, then plunged by 79.64% to $150.4 million in 2023, then slumped by 1250.4% to -$1.7 billion in 2024, then surged by 136.66% to $634.1 million in 2025, then decreased by 11.43% to $561.6 million in 2026.
- The last three Operating Expenses figures came in at $561.6 million (Q1 2026), $634.1 million (Q4 2025), and $616.8 million (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | United Parcel Service | 87.24 Bn | 82.59 Bn | 19.65 Bn | 21.90 Bn |
| 2 | Fedex | 77.35 Bn | 64.04 Bn | 18.84 Bn | 23.46 Bn |
| 3 | Hunt J B Transport Services | 25.86 Bn | 25.86 Bn | - | 3.24 Bn |
| 4 | Expeditors International Of Washington | 24.43 Bn | 23.40 Bn | 1.09 Bn | 3.15 Bn |
| 5 | C. H. Robinson Worldwide | 17.04 Bn | 16.89 Bn | 1.11 Bn | 4.68 Bn |
| 6 | ZTO Express (Cayman) | 17.03 Bn | 12.62 Bn | 469.01 Mn | -100.02 Mn |
| 7 | Landstar System | 6.19 Bn | 5.84 Bn | 308.86 Mn | 1.37 Bn |
| 8 | GXO Logistics | 5.22 Bn | 4.45 Bn | 508.00 Mn | 389.00 Mn |
| 9 | Pitney Bowes | 2.21 Bn | 1.93 Bn | 296.14 Mn | 386.01 Mn |
| 10 | Forward Air | 577.19 Mn | 437.74 Mn | 617.46 Mn | 874.35 Mn |
Historic Data
Download 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 | 303.30 Mn |
| Mar 31, 2025 | 304.26 Mn |
| Dec 31, 2024 | -1.73 Bn |
| Sep 30, 2024 | 633.24 Mn |
| Jun 30, 2024 | 321.59 Mn |
| Mar 31, 2024 | 607.55 Mn |
| Dec 31, 2023 | 150.35 Mn |
| Sep 30, 2023 | 329.29 Mn |
| Jun 30, 2023 | 141.97 Mn |
| Mar 31, 2023 | 145.17 Mn |
| Dec 31, 2022 | 738.40 Mn |
| Sep 30, 2022 | 438.36 Mn |
| Jun 30, 2022 | 439.67 Mn |
| Mar 31, 2022 | 224.83 Mn |
| Dec 31, 2021 | 60.12 Mn |
| Sep 30, 2021 | 205.47 Mn |