Filing Flows › Forward Air (FWRD) › Q1 2026
Forward Air (FWRD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Forward Air (FWRD) reported revenue of $582M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -8% from the quarter before. Operating margin was 3.5%, net loss $40.2M (6.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $582M | -8% | -5% |
| Operating profit | $20.4M | — | +329% |
| Net earnings | −$40.2M | — | — |
| Operating cash flow | $45.7M | — | +66% |
| Free cash flow | $40.2M | — | +145% |
What changed
Revenue was $582.0M in Q1 2026, down 5% year over year and down 8% from the previous quarter. Ground was the largest line at 62% of revenue. Ground lost $36.3M year over year (down 9%), 116% of the total change.
Operating profit was $20.4M, a 3.5% margin (up 2.7 points year over year). Total costs fell 8% while revenue fell 5%. The quarter ended with a net loss of $40.2M, wider than the previous quarter's $36.4M loss. Minority interests bore $5.9M of it: to shareholders the quarter was a loss of $34.3M. Net interest and other expense of $58.8M was the main reason.
Operating cash flow was $45.7M (up 66% year over year). Non-cash charges added back $38.5M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $43.9M. After purchases of property and equipment, net ($5.5M), free cash flow as the company reports it was $40.2M.
Questions
What was Forward Air's revenue in the first quarter 2026?
Forward Air (FWRD) reported revenue of $582M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -8% from the quarter before.
Was Forward Air profitable in the first quarter 2026?
Operating profit was $20.4M (3.5% of revenue) and net loss $40.2M.
Source: Forward Air 10-Q on SEC EDGAR.