Forward Air (FWRD) Operating Margin (2009 - 2026)
Forward Air's (FWRD) quarterly Operating Margin came in at 3.51% in Q1 2026, up 274.0% YoY from 0.94% in Q1 2025, and up 872.95% on a QoQ basis from 0.45% in Q4 2025.
Forward Air (FWRD) Operating Margin (2009 - 2026) Analysis & Trends
Forward Air (FWRD) has 18 years of Operating Margin data on file, last reported at 3.51% in Q1 2026.
- Quarterly Operating Margin rose 274.0% year-over-year to 3.51% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 2.11% (up 4110.0% YoY) and the FY2025 annual result came in at 1.46%, up 4442.0% from the prior year.
- Operating Margin grew to 3.51% in Q1 2026, from 0.45% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 17.08% in Q2 2022 to a low of 170.24% in Q2 2024.
- A 5-year average of 4.33% and a median of 3.46% in 2024 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2024 — Operating Margin plunged 17813 bps — and 2025, when it jumped 17339 bps.
- Tracing FWRD's Operating Margin over 5 years: 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 | 87.09 Bn | 82.44 Bn | 19.65 Bn | 4.07% |
| 2 | Fedex | 77.45 Bn | 64.13 Bn | 18.84 Bn | 6.20% |
| 3 | Hunt J B Transport Services | 25.92 Bn | 25.91 Bn | - | 7.42% |
| 4 | Expeditors International Of Washington | 24.62 Bn | 23.59 Bn | 1.09 Bn | 9.98% |
| 5 | ZTO Express (Cayman) | 17.12 Bn | 12.71 Bn | 469.01 Mn | 19.16% |
| 6 | C. H. Robinson Worldwide | 16.96 Bn | 16.81 Bn | 1.11 Bn | 5.18% |
| 7 | Landstar System | 6.24 Bn | 5.90 Bn | 308.86 Mn | 4.62% |
| 8 | GXO Logistics | 5.23 Bn | 4.46 Bn | 508.00 Mn | 2.24% |
| 9 | Pitney Bowes | 2.20 Bn | 1.93 Bn | 296.14 Mn | -19.90% |
| 10 | Forward Air | 594.08 Mn | 454.63 Mn | 617.46 Mn | -29.91% |
Historic Data
Download 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% |