Forward Air (FWRD) Operating Margin (2009 - 2026)
Forward Air's Operating Margin came in at -29.91% for Q2 2026, down 33.07 percentage points from 3.15% a year earlier and down 33.42 percentage points from the prior quarter.
Powered by 
Analysis
Forward Air (FWRD) Operating Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Forward Air reported Operating Margin of -6.70%, down 11.57 percentage points year-over-year; for FY2025, it was 1.46%, up 44.42 percentage points from FY2024.
- Operating Margin carries a five-year change of -4.36 percentage points (FY2020 to FY2025).
- Going back by year, Operating Margin was -42.96% in FY2024 (-49.39 pp), 6.44% in FY2023 (-8.31 pp), 14.74% in FY2022 (+4.14 pp) and 10.60% in FY2021 (+4.78 pp).
- The Q2 2026 figure represents the lowest quarterly Operating Margin since Q2 2024.
- Year-over-year, Operating Margin increased in five of the last eight quarters, with an average year-over-year change of +19.20 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in Q2 2025 (a gain of 173.39 percentage points), and the weakest in Q2 2024 (a drop of 178.13 percentage points).
- Business Quant data shows FWRD's Operating Margin at 3.51% (Q1 2026), -0.45% (Q4 2025) and 2.38% (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.85 Bn | 157.37 Bn | - | 40.25% |
| 2 | Csx | 86.62 Bn | 82.84 Bn | - | 38.27% |
| 3 | Canadian Pacific Kansas City | 76.11 Bn | 75.83 Bn | - | 35.35% |
| 4 | United Parcel Service | 70.66 Bn | 47.58 Bn | - | 4.07% |
| 5 | Norfolk Southern | 70.32 Bn | 64.96 Bn | - | 32.44% |
| 6 | Fedex | 68.53 Bn | 34.48 Bn | - | 6.20% |
| 7 | Delta Air Lines | 55.25 Bn | 37.43 Bn | - | 9.43% |
| 8 | Old Dominion Freight Line | 36.69 Bn | 35.95 Bn | - | 29.94% |
| 9 | Ryanair Holdings | 28.78 Bn | 12.78 Bn | 3.13 Bn | 13.12% |
| 10 | Forward Air | 515.15 Mn | -18.91 Mn | - | -29.91% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -29.91% |
| Mar 31, 2026 | 3.51% |
| Dec 31, 2025 | -0.45% |
| Sep 30, 2025 | 2.38% |
| Jun 30, 2025 | 3.15% |
| Mar 31, 2025 | 0.78% |
| Dec 31, 2024 | 11.99% |
| Sep 30, 2024 | 3.46% |
| Jun 30, 2024 | -170.24% |
| Mar 31, 2024 | -12.13% |
| Dec 31, 2023 | 0.89% |
| Sep 30, 2023 | 3.43% |
| Jun 30, 2023 | 7.89% |
| Mar 31, 2023 | 13.19% |
| Dec 31, 2022 | 10.68% |
| Sep 30, 2022 | 16.54% |
| Jun 30, 2022 | 17.08% |
| Mar 31, 2022 | 14.29% |
| Dec 31, 2021 | 21.49% |
| Sep 30, 2021 | 10.12% |
API Access
Forward Air Operating Margin 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-margin&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();