Filing Flows › Forward Air (FWRD) › Q3 2026 › vs Q3 2025
Forward Air (FWRD) Q3 2026 vs Q3 2025 (year over year)
Forward Air's revenue rose $42.1M (+7%) from $632M in Q3 2025 to $674M in Q3 2026. The biggest changes: Air and Ocean +$19.3M (+25%); Contract Logistics +$12.0M (+12%); Ground +$6.3M (+2%). Operating margin 6.5% against 2.4% (+4.1 pts).
Forward Air, Q3 2026: revenue $674M (+7% year over year), operating margin 6.5%, net earnings $11.4M, operating cash flow $35.3M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 6.5% | 2.4% | +4.1 pts |
| Net margin | 1.7% | -2.6% | +4.3 pts |
| Free cash flow margin | 4.9% | 7.7% | -2.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Ground | $405M | $399M | $6.3M | +2% |
| Contract Logistics | $109M | $97.5M | $12.0M | +12% |
| Air and Ocean | $96.8M | $77.5M | $19.3M | +25% |
| Intermodal | $62.3M | $57.8M | $4.5M | +8% |
| Revenue | $674M | $632M | $42.1M | +7% |
| Operating profit | $43.9M | $15.0M | $28.9M | +192% |
| Costs & expenses | $630M | $617M | $13.2M | +2% |
| Pre-tax earnings | $9.1M | −$23.4M | $32.5M | — |
| Other expense, net | $34.8M | $38.4M | −$3.6M | -9% |
| Loss borne by minority interests | $2.3M | $7.5M | −$5.2M | -70% |
| Net earnings | $11.4M | −$16.2M | $27.6M | — |
| Income tax | $15K | $385K | −$370K | -96% |
| Operating cash sources | $51.9M | $24.9M | $27.0M | +109% |
| Depreciation & amortization | $37.5M | $37.7M | −$209K | -0.6% |
| Share-based compensation | $3.0M | $3.4M | −$413K | -12% |
| Working capital & other | $16.6M | −$27.8M | $44.4M | — |
| Operating cash flow | $35.3M | $52.7M | −$17.4M | -33% |
| Free cash flow (company-reported) | $33.3M | $48.9M | −$15.6M | -32% |
| Purchases of property and equipment, net | $2.0M | $3.8M | −$1.8M | -48% |
Questions
How much did Forward Air's revenue grow year over year in Q3 2026?
Forward Air's revenue rose $42.1M (+7%) from $632M in Q3 2025 to $674M in Q3 2026.
What drove Forward Air's revenue change in Q3 2026?
Air and Ocean +$19.3M (+25%); Contract Logistics +$12.0M (+12%); Ground +$6.3M (+2%).