Forward Air (FWRD) Operating Margin (2009 - 2026)
Forward Air (FWRD) reported Operating Margin of 3.51% for Q1 2026, up 274.0% on a YoY basis from 0.94% in Q1 2025, and up 872.95% quarter-over-quarter from 0.45% in Q4 2025.
Forward Air (FWRD) Operating Margin (2009 - 2026) Analysis & Trends
Forward Air has reported Operating Margin for 18 years, with the latest figure at 3.51% in Q1 2026.
- For the quarter ending Q1 2026, Operating Margin rose 274.0% year-over-year to 3.51%; the trailing twelve-month figure through Mar 2026 stood at 2.11% (up 4110.0% YoY), and the FY2025 full-year result was 1.46%, up 4442.0% from the prior year.
- Operating Margin for Q1 2026 stood at 3.51%, up from 0.45% in the prior quarter.
- The five-year high for Operating Margin was 17.08% in Q2 2022, with the low at 170.24% in Q2 2024.
- Historically, Operating Margin has averaged 4.33% across 5 years, with a median of 3.46% in 2024.
- Annual changes were most pronounced in 2024 — Operating Margin plunged 17813 bps — and 2025, when it jumped 17339 bps.
- Forward Air's Operating Margin stood at 10.68% in 2022, then tumbled by 92 bps to 0.89% in 2023, then surged by 1252 bps to 11.99% in 2024, then slumped by 104 bps to 0.45% in 2025, then soared by 873 bps to 3.51% in 2026.
- The last three Operating Margin figures came in at 3.51% (Q1 2026), 0.45% (Q4 2025), and 2.38% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | United Parcel Service | 92.26 Bn | 86.49 Bn | 18.44 Bn | 5.98% |
| 2 | Fedex | 78.12 Bn | 66.43 Bn | 20.49 Bn | 5.62% |
| 3 | Hunt J B Transport Services | 26.94 Bn | 26.93 Bn | 2.88 Bn | 6.77% |
| 4 | C. H. Robinson Worldwide | 22.05 Bn | 21.89 Bn | 1.50 Bn | 4.38% |
| 5 | Expeditors International Of Washington | 21.79 Bn | 20.48 Bn | 2.84 Bn | -20.02% |
| 6 | Landstar System | 7.42 Bn | 7.01 Bn | 1.16 Bn | 4.55% |
| 7 | GXO Logistics | 5.58 Bn | 4.83 Bn | 490.00 Mn | 1.18% |
| 8 | ZTO Express (Cayman) | 2.73 Bn | -774.03 Mn | 469.01 Mn | 19.16% |
| 9 | Pitney Bowes | 2.47 Bn | 2.16 Bn | 375.39 Mn | -4.51% |
| 10 | Forward Air | 326.09 Mn | 226.34 Mn | 526.45 Mn | 3.51% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | 10.01% |