Forward Air (FWRD) Operating Income (2009 - 2026)
Forward Air (FWRD) posted Operating Income of -$201.31 million for Q2 2026, compared with $19.52 million a year earlier.
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Analysis
Forward Air (FWRD) Operating Income (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Income at Forward Air was -$168.73 million; for FY2025, it came in at $36.42 million.
- Annual Operating Income shows a five-year compound annual growth rate of -13.2% (FY2020 to FY2025).
- In prior years, Forward Air's Operating Income was -$1.06 billion in FY2024, $88.21 million in FY2023 (-64.4%), $247.59 million in FY2022 (+68.4%) and $147.03 million in FY2021 (+98.9%).
- The Q2 2026 figure stands as the lowest quarterly Operating Income since Q2 2024.
- The strongest year-over-year quarter for Operating Income in the past five years was Q1 2026, with growth of 329.2%; the weakest was Q4 2023, with a decline of 93.0%.
- According to Business Quant data, Operating Income for the three prior quarters was $20.44 million (Q1 2026), -$2.87 million (Q4 2025) and $15.01 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Op. Inc (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.83 Bn | 157.35 Bn | - | 2.76 Bn |
| 2 | Csx | 86.94 Bn | 83.15 Bn | - | 1.51 Bn |
| 3 | Canadian Pacific Kansas City | 76.07 Bn | 75.78 Bn | - | 1.06 Bn |
| 4 | United Parcel Service | 70.39 Bn | 47.31 Bn | - | 930.00 Mn |
| 5 | Norfolk Southern | 70.35 Bn | 64.99 Bn | - | 1.12 Bn |
| 6 | Fedex | 68.01 Bn | 33.95 Bn | - | 1.55 Bn |
| 7 | Delta Air Lines | 55.83 Bn | 38.01 Bn | - | 1.86 Bn |
| 8 | Old Dominion Freight Line | 36.82 Bn | 36.08 Bn | - | 465.30 Mn |
| 9 | Ryanair Holdings | 28.96 Bn | 12.97 Bn | 3.13 Bn | 668.82 Mn |
| 10 | Forward Air | 506.38 Mn | -27.68 Mn | - | -201.31 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -201.31 Mn |
| Mar 31, 2026 | 20.44 Mn |
| Dec 31, 2025 | -2.87 Mn |
| Sep 30, 2025 | 15.01 Mn |
| Jun 30, 2025 | 19.52 Mn |
| Mar 31, 2025 | 4.76 Mn |
| Dec 31, 2024 | 75.86 Mn |
| Sep 30, 2024 | 22.70 Mn |
| Jun 30, 2024 | -1.10 Bn |
| Mar 31, 2024 | -65.73 Mn |
| Dec 31, 2023 | 3.00 Mn |
| Sep 30, 2023 | 11.69 Mn |
| Jun 30, 2023 | 26.33 Mn |
| Mar 31, 2023 | 47.20 Mn |
| Dec 31, 2022 | 43.03 Mn |
| Sep 30, 2022 | 71.67 Mn |
| Jun 30, 2022 | 75.55 Mn |
| Mar 31, 2022 | 57.35 Mn |
| Dec 31, 2021 | 39.70 Mn |
| Sep 30, 2021 | 42.48 Mn |
API Access
Forward Air Operating Income 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-income&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-income", "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-income&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();