Forward Air annual operating margin
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2025
Forward Air Operating Margin Growth & History (FWRD)
Forward Air's operating margin was 1.46% for fiscal 2025.
View full Forward Air company overviewForward Air annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 1.46% | +44.42 pp |
| 2024 | 2024-12-31 | −42.96% | −49.39 pp |
| 2023 | 2023-12-31 | 6.44% | −8.31 pp |
| 2022 | 2022-12-31 | 14.74% | +4.14 pp |
| 2021 | 2021-12-31 | 10.60% | +4.78 pp |
| 2020 | 2020-12-31 | 5.82% | −3.43 pp |
| 2019 | 2019-12-31 | 9.25% | −1.05 pp |
| 2018 | 2018-12-31 | 10.30% | +1.00 pp |
| 2017 | 2017-12-31 | 9.30% | +3.51 pp |
| 2016 | 2016-12-31 | 5.80% | −2.73 pp |
| 2015 | 2015-12-31 | 8.53% | −3.82 pp |
| 2014 | 2014-12-31 | 12.34% | −0.58 pp |
| 2013 | 2013-12-31 | 12.93% | −1.36 pp |
| 2012 | 2012-12-31 | 14.29% | −0.08 pp |
| 2011 | 2011-12-31 | 14.38% | +3.27 pp |
| 2010 | 2010-12-31 | 11.10% | +6.66 pp |
| 2009 | 2009-12-31 | 4.44% | −10.37 pp |
| 2008 | 2008-12-31 | 14.81% | — |
Forward Air quarterly operating margin
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Q3.09
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Q3.11
Q4.11
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Q1.20
Q2.20
Q3.20
Q4.20
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Q2.21
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Q2.22
Q3.22
Q4.22
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Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | −29.91% | −33.07 pp |
| Q1 2026 | 2026-03-31 | 3.51% | +2.74 pp |
| Q4 2025 | 2025-12-31 | −0.45% | −12.44 pp |
| Q3 2025 | 2025-09-30 | 2.38% | −1.08 pp |
| Q2 2025 | 2025-06-30 | 3.15% | +173.39 pp |
| Q1 2025 | 2025-03-31 | 0.78% | +12.91 pp |
| Q4 2024 | 2024-12-31 | 11.99% | +11.10 pp |
| Q3 2024 | 2024-09-30 | 3.46% | +0.03 pp |
| Q2 2024 | 2024-06-30 | −170.24% | −178.13 pp |
| Q1 2024 | 2024-03-31 | −12.13% | −25.33 pp |
| Q4 2023 | 2023-12-31 | 0.89% | −22.07 pp |
| Q3 2023 | 2023-09-30 | 3.43% | −10.62 pp |
| Q2 2023 | 2023-06-30 | 7.89% | −6.77 pp |
| Q1 2023 | 2023-03-31 | 13.19% | +0.91 pp |
| Q4 2022 | 2022-12-31 | 22.96% | +1.47 pp |
| Q3 2022 | 2022-09-30 | 14.05% | +3.93 pp |
| Q2 2022 | 2022-06-30 | 14.66% | +4.65 pp |
| Q1 2022 | 2022-03-31 | 12.28% | +6.01 pp |
| Q4 2021 | 2021-12-31 | 21.49% | +15.57 pp |
| Q3 2021 | 2021-09-30 | 10.12% | +3.04 pp |
| Q2 2021 | 2021-06-30 | 10.01% | +5.07 pp |
| Q1 2021 | 2021-03-31 | 6.27% | +1.11 pp |
| Q4 2020 | 2020-12-31 | 5.92% | −9.88 pp |
| Q3 2020 | 2020-09-30 | 7.08% | −0.99 pp |
| Q2 2020 | 2020-06-30 | 4.94% | −3.47 pp |
| Q1 2020 | 2020-03-31 | 5.16% | −2.53 pp |
| Q4 2019 | 2019-12-31 | 15.80% | −1.65 pp |
| Q3 2019 | 2019-09-30 | 8.07% | −0.95 pp |
| Q2 2019 | 2019-06-30 | 8.41% | −1.54 pp |
| Q1 2019 | 2019-03-31 | 7.69% | −0.31 pp |
| Q4 2018 | 2018-12-31 | 17.45% | +8.88 pp |
| Q3 2018 | 2018-09-30 | 9.02% | −0.09 pp |
| Q2 2018 | 2018-06-30 | 9.95% | −0.62 pp |
| Q1 2018 | 2018-03-31 | 8.01% | −1.05 pp |
| Q4 2017 | 2017-12-31 | 8.56% | −0.38 pp |
| Q3 2017 | 2017-09-30 | 9.11% | −0.79 pp |
| Q2 2017 | 2017-06-30 | 10.57% | +16.58 pp |
| Q1 2017 | 2017-03-31 | 9.06% | −0.26 pp |
| Q4 2016 | 2016-12-31 | 8.94% | −2.37 pp |
| Q3 2016 | 2016-09-30 | 9.90% | −0.06 pp |
| Q2 2016 | 2016-06-30 | −6.01% | −13.99 pp |
| Q1 2016 | 2016-03-31 | 9.32% | +5.32 pp |
| Q4 2015 | 2015-12-31 | 11.32% | −0.66 pp |
| Q3 2015 | 2015-09-30 | 9.96% | −3.40 pp |
| Q2 2015 | 2015-06-30 | 7.97% | −6.26 pp |
| Q1 2015 | 2015-03-31 | 4.01% | −5.48 pp |
| Q4 2014 | 2014-12-31 | 11.98% | −0.84 pp |
| Q3 2014 | 2014-09-30 | 13.35% | −0.09 pp |
| Q2 2014 | 2014-06-30 | 14.24% | +0.15 pp |
| Q1 2014 | 2014-03-31 | 9.48% | −1.67 pp |
| Q4 2013 | 2013-12-31 | 12.81% | −2.64 pp |
| Q3 2013 | 2013-09-30 | 13.44% | −0.23 pp |
| Q2 2013 | 2013-06-30 | 14.08% | −1.48 pp |
| Q1 2013 | 2013-03-31 | 11.15% | −1.09 pp |
| Q4 2012 | 2012-12-31 | 15.45% | −0.48 pp |
| Q3 2012 | 2012-09-30 | 13.68% | −1.29 pp |
| Q2 2012 | 2012-06-30 | 15.56% | +0.53 pp |
| Q1 2012 | 2012-03-31 | 12.25% | +1.19 pp |
| Q4 2011 | 2011-12-31 | 15.94% | +1.93 pp |
| Q3 2011 | 2011-09-30 | 14.97% | +2.21 pp |
| Q2 2011 | 2011-06-30 | 15.04% | +3.98 pp |
| Q1 2011 | 2011-03-31 | 11.05% | +5.39 pp |
| Q4 2010 | 2010-12-31 | 14.01% | +7.54 pp |
| Q3 2010 | 2010-09-30 | 12.76% | +7.87 pp |
| Q2 2010 | 2010-06-30 | 11.06% | — |
| Q1 2010 | 2010-03-31 | 5.66% | — |
| Q3 2009 | 2009-09-30 | 6.47% | — |
| Q2 2009 | 2009-06-30 | 4.89% | — |
Forward Air operating margin trends
Over the last five reported fiscal years, Forward Air's operating margin decreased from 5.82% to 1.46%, a change of −4.36 percentage points. The latest reported quarter, Q2 2026, shows −29.91%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Forward Air filings at SEC.gov ↗