Filing Flows › Forward Air (FWRD) › Q1 2026 › vs Q1 2025
Forward Air (FWRD) Q1 2026 vs Q1 2025 (year over year)
Forward Air's revenue fell $31.2M (-5%) from $613M in Q1 2025 to $582M in Q1 2026. The biggest changes: Ground −$36.3M (-9%); Contract Logistics +$24.0M (+30%); Intermodal −$10.0M (-16%).
Forward Air, Q1 2026: revenue $582M (-5% year over year), operating margin 3.5%, net loss $40.2M, operating cash flow $45.7M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 6.9% | 2.7% | +4.2 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Ground | $363M | $399M | −$36.3M | -9% |
| Contract Logistics | $104M | $80.1M | $24.0M | +30% |
| Air and Ocean | $62.3M | $71.2M | −$9.0M | -13% |
| Intermodal | $52.5M | $62.5M | −$10.0M | -16% |
| Revenue | $582M | $613M | −$31.2M | -5% |
| Net loss | $40.2M | $61.2M | −$21.0M | -34% |
| Costs & expenses | $622M | $674M | −$52.2M | -8% |
| Operating costs | $562M | $609M | −$46.9M | -8% |
| Interest & other, net | $58.8M | $46.4M | $12.5M | +27% |
| Income tax | $1.8M | $19.6M | −$17.8M | -91% |
| Operating cash sources | $85.9M | $88.8M | −$2.9M | -3% |
| Depreciation & amortization | $38.5M | $37.4M | $1.2M | +3% |
| Share-based compensation | $3.5M | $3.0M | $583K | +20% |
| Working capital & other | $43.9M | $48.5M | −$4.6M | -10% |
| Net loss absorbed | $40.2M | $61.2M | −$21.0M | -34% |
| Operating cash flow | $45.7M | $27.6M | $18.1M | +66% |
| Free cash flow (company-reported) | $40.2M | $16.4M | $23.8M | +145% |
| Purchases of property and equipment, net | $5.5M | $11.2M | −$5.7M | -51% |
Questions
How much did Forward Air's revenue grow year over year in Q1 2026?
Forward Air's revenue fell $31.2M (-5%) from $613M in Q1 2025 to $582M in Q1 2026.
What drove Forward Air's revenue change in Q1 2026?
Ground −$36.3M (-9%); Contract Logistics +$24.0M (+30%); Intermodal −$10.0M (-16%).