Forward Air (FWRD) Tax Rate (2009 - 2024)
Forward Air's Tax Rate was 0.07% in Q2 2026, down 45.06 percentage points from 45.13% a year earlier but up 4.74 percentage points from the prior quarter.
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Analysis
Forward Air (FWRD) Tax Rate (2009 - 2024) Analysis & Trends
On a trailing twelve-month basis, Forward Air's Tax Rate was 1.91% through Jun 30, 2026, up 90.84 percentage points year-over-year; for FY2025, it came in at 3.72%, down 6.28 percentage points from FY2024.
- Tax Rate has now declined for three consecutive years, with a five-year change of -20.21 percentage points (FY2020 to FY2025).
- In earlier years, Tax Rate was 10.00% in FY2024 (-14.43 pp), 24.43% in FY2023 (-1.57 pp), 26.00% in FY2022 (+0.91 pp) and 25.10% in FY2021 (+1.17 pp).
- Quarterly Tax Rate has moved between -47.09% (Q1 2025) and 211.88% (Q4 2024) over five years.
- Compared with a year earlier, Tax Rate was higher in four of the last eight quarters, with an average year-over-year change of -9.67 percentage points.
- The best year-over-year quarter for Tax Rate over five years was Q4 2024 (a gain of 182.06 percentage points); the worst was Q4 2025 (a drop of 192.60 percentage points).
- Per Business Quant data, FWRD's Tax Rate in the three quarters before Q2 2026 was -4.67% (Q1 2026), 19.28% (Q4 2025) and -1.65% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Tax Rate (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 162.83 Bn | 157.35 Bn | - | 22.00% |
| 2 | Csx | 86.94 Bn | 83.15 Bn | - | 24.09% |
| 3 | Canadian Pacific Kansas City | 76.07 Bn | 75.78 Bn | - | 24.65% |
| 4 | United Parcel Service | 70.39 Bn | 47.31 Bn | - | 20.63% |
| 5 | Norfolk Southern | 70.35 Bn | 64.99 Bn | - | 23.46% |
| 6 | Fedex | 68.01 Bn | 33.95 Bn | - | 24.21% |
| 7 | Delta Air Lines | 55.83 Bn | 38.01 Bn | - | 20.16% |
| 8 | Old Dominion Freight Line | 36.82 Bn | 36.08 Bn | - | 25.00% |
| 9 | Ryanair Holdings | 28.96 Bn | 12.97 Bn | 3.13 Bn | - |
| 10 | Forward Air | 506.38 Mn | -27.68 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2024 | 211.88% |
| Sep 30, 2023 | 28.13% |
| Jun 30, 2023 | 27.86% |
| Mar 31, 2023 | 24.39% |
| Dec 31, 2022 | 29.58% |
| Sep 30, 2022 | 25.65% |
| Jun 30, 2022 | 25.45% |
| Mar 31, 2022 | 24.54% |
| Dec 31, 2021 | 25.34% |
| Sep 30, 2021 | 26.50% |
| Jun 30, 2021 | 24.81% |
| Mar 31, 2021 | 22.47% |
| Dec 31, 2020 | 22.46% |
| Sep 30, 2020 | 23.48% |
| Jun 30, 2020 | 27.45% |
| Mar 31, 2020 | 23.49% |
| Dec 31, 2019 | 24.70% |
| Sep 30, 2019 | 25.93% |
| Jun 30, 2019 | 25.43% |
| Mar 31, 2019 | 23.81% |
API Access
Forward Air Tax Rate 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=tax-rate&ticker=FWRD&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "tax-rate", "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=tax-rate&ticker=FWRD&period=max&api_key=YOUR_API_KEY");
const data = await res.json();