Forward Air (FWRD) Shares Outstanding (Diluted) (2009 - 2026)
Forward Air's Shares Outstanding (Diluted) came in at 32.48 million for Q2 2026, up 6.7% from 30.43 million a year earlier and up 3.2% from the prior quarter.
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Analysis
Forward Air (FWRD) Shares Outstanding (Diluted) (2009 - 2026) Analysis & Trends
For FY2025, Forward Air's Shares Outstanding (Diluted) was 30.72 million, up 11.5% from FY2024.
- Shares Outstanding (Diluted) carries a five-year compound annual growth rate of 2.1% (FY2020 to FY2025).
- Going back by year, Shares Outstanding (Diluted) was 27.54 million in FY2024 (+5.9%), 26 million in FY2023 (-3.4%), 26.93 million in FY2022 (-1.3%) and 27.29 million in FY2021 (-1.5%).
- The Q2 2026 figure represents the highest quarterly Shares Outstanding (Diluted) in data going back to Q2 2009.
- Year-over-year, Shares Outstanding (Diluted) has increased for nine consecutive quarters, with growth averaging 9.6% over the last eight quarters.
- The fastest year-over-year change in Shares Outstanding (Diluted) over five years came in Q1 2025 (growth of 15.2%), and the weakest in Q3 2023 (a decline of 4.2%).
- Business Quant data shows FWRD's Shares Outstanding (Diluted) at 31.48 million (Q1 2026), 30.72 million (Q4 2025) and 30.97 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Shares Outstanding (Dil.) (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 161.62 Bn | 156.15 Bn | - | 594.00 Mn |
| 2 | Csx | 86.16 Bn | 82.37 Bn | - | 1.86 Bn |
| 3 | Canadian Pacific Kansas City | 74.78 Bn | 74.50 Bn | - | 887.10 Mn |
| 4 | United Parcel Service | 70.01 Bn | 46.94 Bn | - | 851.00 Mn |
| 5 | Norfolk Southern | 69.45 Bn | 64.09 Bn | - | 225.00 Mn |
| 6 | Fedex | 67.46 Bn | 33.40 Bn | - | 239.00 Mn |
| 7 | Delta Air Lines | 54.88 Bn | 37.06 Bn | - | 658.00 Mn |
| 8 | Old Dominion Freight Line | 36.07 Bn | 35.33 Bn | - | 208.72 Mn |
| 9 | Ryanair Holdings | 28.71 Bn | 12.72 Bn | 3.13 Bn | 532.20 Mn |
| 10 | Forward Air | 514.47 Mn | -19.58 Mn | - | 32.48 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 32.48 Mn |
| Mar 31, 2026 | 31.48 Mn |
| Dec 31, 2025 | 30.72 Mn |
| Sep 30, 2025 | 30.97 Mn |
| Jun 30, 2025 | 30.43 Mn |
| Mar 31, 2025 | 30.19 Mn |
| Dec 31, 2024 | 27.54 Mn |
| Sep 30, 2024 | 27.94 Mn |
| Jun 30, 2024 | 26.80 Mn |
| Mar 31, 2024 | 26.22 Mn |
| Dec 31, 2023 | 26.00 Mn |
| Sep 30, 2023 | 25.77 Mn |
| Jun 30, 2023 | 26.04 Mn |
| Mar 31, 2023 | 26.48 Mn |
| Dec 31, 2022 | 26.93 Mn |
| Sep 30, 2022 | 26.90 Mn |
| Jun 30, 2022 | 26.99 Mn |
| Mar 31, 2022 | 27.10 Mn |
| Dec 31, 2021 | 27.29 Mn |
| Sep 30, 2021 | 27.14 Mn |
API Access
Forward Air Shares Outstanding (Diluted) 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=shares-outstanding-diluted&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "shares-outstanding-diluted", "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=shares-outstanding-diluted&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();