What is Forward Air's net margin?

Forward Air (FWRD) reported net margin of -3.7% in Q1 2026.

How has Forward Air's net margin changed year-over-year?

Forward Air's net margin increased by 88.3% year-over-year, from -31.7% to -3.7%.

What is the long-term trend for Forward Air's net margin?

Over 5 years (2020 to 2025), Forward Air's net margin has grown at a 18.2% compound annual growth rate (CAGR), from 1.9% to -4.3%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

Forward Air FWRD Net margin

Net margin at other companies

Old Dominion Freight LineODFL

18.5%-1.6pp

C.H. Robinson WorldwideCHRW

3.7%+0.8pp

FedExFDX

4.7%0.0pp

United Parcel Service, Inc.UPS

5.9%-0.5pp

XPO

XPOXPO

4.2%-0.7pp

RXORXO

-1.8%-0.8pp

Other financials

Income statement

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Revenue$582.0M-5.1%

Operating income$20.4M+329%

Net income-$34.3M+32.2%

EPS (diluted)-$1.09+35.1%

Balance sheet

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Cash & equivalents$141.0M+20.9%

Total debt$2.2B-0.1%

Total equity$81.0M-47.6%

Total assets$2.7B-3.9%

Cash flow

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Operating cash flow$45.7M+65.6%

CapEx$6.9M-41.7%

Free cash flow$38.8M+147%

Valuation

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Market cap$451.92M-33.0%

Enterprise value$2.46B-9.2%

P/S0.2×-0.1×

Profitability

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Gross margin48.7%—

Operating margin2.2%+1.1pp

FCF margin0.6%+0.3pp

Returns & leverage

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Return on equity-77.6%-25.2pp

Debt / equity26.5×+12.6×

Current ratio1.2×+0.1×

Where this comes from

Calculated from Forward Air’s reported figures.

net income/total revenue=-3.7%

Based on trailing twelve months.

The official record: Forward Air’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Forward Air's net margin?: Forward Air (FWRD) reported net margin of -3.7% in Q1 2026.
How has Forward Air's net margin changed year-over-year?: Forward Air's net margin increased by 88.3% year-over-year, from -31.7% to -3.7%.
What is the long-term trend for Forward Air's net margin?: Over 5 years (2020 to 2025), Forward Air's net margin has grown at a 18.2% compound annual growth rate (CAGR), from 1.9% to -4.3%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.