What is Forward Air's operating income?

Forward Air (FWRD) reported operating income of $20.44M in Q1 2026.

How has Forward Air's operating income changed year-over-year?

Forward Air's operating income increased by 329.2% year-over-year, from $4.76M to $20.44M.

What is the long-term trend for Forward Air's operating income?

Over 4 years (2021 to 2025), Forward Air's operating income has grown at a -28.1% compound annual growth rate (CAGR), from $147.03M to $39.29M.

What does operating income mean?

Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

Forward Air FWRD Operating Income

Operating Income at other companies

Old Dominion Freight LineODFL

$317.34M-6.1%

C.H. Robinson WorldwideCHRW

$175.69M-0.7%

FedExFDX

$1.55B-13.5%

United Parcel Service, Inc.UPS

$1.27B-23.9%

XPO

XPOXPO

$174M+15.2%

RXORXO

-$28M+6.7%

Segments

By segment

See full

Expedited Freight Segment$20.05M+28.2%

Intermodal Segment$1.22M-77.9%

Omni Logistics$730K-78.4%

Other financials

Income statement

See full

Revenue$582.0M-5.1%

Net income-$34.3M+32.2%

EPS (diluted)-$1.09+35.1%

Balance sheet

See full

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

See full

Operating cash flow$45.7M+65.6%

CapEx$6.9M-41.7%

Free cash flow$38.8M+147%

Valuation

See full

Market cap$451.92M-33.0%

Enterprise value$2.46B-9.2%

P/S0.2×-0.1×

Profitability

See full

Gross margin48.7%—

Operating margin2.2%+1.1pp

Net margin-3.7%-1.7pp

FCF margin0.6%+0.3pp

Returns & leverage

See full

Return on equity-77.6%-25.2pp

Debt / equity26.5×+12.6×

Current ratio1.2×+0.1×

Where this comes from

Reported directly by Forward Air in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

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 operating income?: Forward Air (FWRD) reported operating income of $20.44M in Q1 2026.
How has Forward Air's operating income changed year-over-year?: Forward Air's operating income increased by 329.2% year-over-year, from $4.76M to $20.44M.
What is the long-term trend for Forward Air's operating income?: Over 4 years (2021 to 2025), Forward Air's operating income has grown at a -28.1% compound annual growth rate (CAGR), from $147.03M to $39.29M.
What does operating income mean?: Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.