Filing Flows › Industrials › Forward Air (FWRD)
Forward Air (FWRD) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 5, 2026 · Forward Air (FWRD) Q2 2026 earnings results →
Q2 2026 Revenue up 9% year over year to $673M · 37¢ of every $1 of revenue lost · operating margin -29.9%
Forward Air made $673M in Q2 2026 (+9% Y/Y): Ground $409M, Contract Logistics $112M, Air and Ocean $93.4M. Operating margin -29.9%, net loss $246M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $673.0M in Q2 2026, up 9% year over year and up 16% from the previous quarter. Ground was the largest line at 61% of revenue. Ground added $21.6M year over year (up 6%), 40% of the total change.
Operating costs exceeded revenue by $201.3M, an operating margin of -29.9%. Total costs grew 46% against revenue growth of 9%. The quarter ended with a net loss of $245.9M, wider than the previous quarter's $40.2M loss. Minority interests bore $38.6M of it: to shareholders the quarter was a loss of $207.3M.
Operating cash flow was −$4.9M. Non-cash charges added back $38.3M of depreciation and amortization and $491K of share-based compensation. Working capital and other items added $202.3M. Capital expenditures of $3.2M exceeded it, leaving free cash flow of −$8.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 5, 2026 | $673M | +9% | -29.9% | −$246M | −$4.9M |
| Q1 2026 | 10-Q | May 11, 2026 | $582M | -5% | 3.5% | −$40.2M | $45.7M |
| Q4 2025 | 10-K | Mar 11, 2026 | $631M | -0.3% | -0.5% | −$36.4M | −$22.7M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $632M | -4% | 2.4% | −$23.8M | $52.7M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $619M | -4% | 3.2% | −$20.4M | −$13.2M |
| Q1 2025 | 10-Q | May 7, 2025 | $613M | +13% | 0.8% | −$61.2M | $27.6M |
| Q4 2024 | 10-K | Mar 24, 2025 | $633M | +87% | 12.0% | −$35.8M | −$23.2M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Forward Air
Forward Air Corporation (“Forward”, the “Company”, “we”, “our”, or “us”) is a leading asset-light provider of transportation services. We provide ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia. We also provide customized asset-light, high-touch logistics and supply chain management solutions with deep customer relationships in high-growth end markets. We offer premium services that typically require precision execution, such as expedited transit, delivery during tight time windows and special handling. We utilize an asset-light strategy to minimize our investments in equipment and facilities and to reduce our capital expenditures. Forward was founded in 1981 in Greeneville, Tennessee.
In its own words, from its 10-K, filed Mar 11, 2026.
Forward Air against its Arrangement of Transportation of Freight & Cargo peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +18%. Operating margin: -29.9% against the peers' median 4.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FWRD Forward Air | Q2 2026 | $673M | +9% | -29.9% |
| CHRW C. H. Robinson Worldwide | Q3 2026 | $5.4B | +30% | 5.1% |
| EXPD Expeditors International of Washington | Q3 2026 | $4.1B | +42% | 10.8% |
| BCO Brinks | Q3 2026 | $1.4B | +3% | 9.5% |
| HUBG Hub Group | Q3 2025 | $934M | -5% | 4.2% |
| RLGT Radiant Logistics | Q4 FY26 | $261M | +18% | 3.3% |
| SGLY Singularity Future Technology | Q4 FY26 | $834K | +76% | -59.7% |
| QNME Quanome Technologies | Q4 FY26 | $742K | -64% | -915.5% |
Source: Forward Air 10-Q on SEC EDGAR · CIK 912728 · Arrangement of Transportation of Freight & Cargo
13F: who owns FWRD and who is buying
More on FWRD
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results