Forward Air Corporation (FWRD) Revenue History
Annual and quarterly revenue from 1993 to present
FWRD Revenue Over Time (1993–2025)
FWRD Revenue Growth History
27 of 32 years with positive growth- FY1993 revenue growth
- N/A
- FY1994 revenue growth
- +41.7%
- FY1995 revenue growth
- +9.7%
- FY1996 revenue growth
- +6.1%
- FY1997 revenue growth
- +21.2%
- FY1998 revenue growth
- -31.5%
- FY1999 revenue growth
- +31.0%
- FY2000 revenue growth
- +25.8%
- FY2001 revenue growth
- +5.9%
- FY2002 revenue growth
- -0.6%
- FY2003 revenue growth
- +6.8%
- FY2004 revenue growth
- +16.8%
- FY2005 revenue growth
- +13.7%
- FY2006 revenue growth
- +9.9%
- FY2007 revenue growth
- +11.3%
- FY2008 revenue growth
- +20.8%
- FY2009 revenue growth
- -12.0%
- FY2010 revenue growth
- +15.9%
- FY2011 revenue growth
- +10.8%
- FY2012 revenue growth
- +9.0%
- FY2013 revenue growth
- +11.6%
- FY2014 revenue growth
- +19.7%
- FY2015 revenue growth
- +22.8%
- FY2016 revenue growth
- +2.4%
- FY2017 revenue growth
- +12.0%
- FY2018 revenue growth
- +20.0%
- FY2019 revenue growth
- -8.0%
- FY2020 revenue growth
- +4.5%
- FY2021 revenue growth
- +9.3%
- FY2022 revenue growth
- +21.1%
- FY2023 revenue growth
- -18.4%
- FY2024 revenue growth
- +80.5%
- FY2025 revenue growth
- +0.8%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $582.0M | -5.1% |
| Q4 2025 | $631.2M | -0.3% |
| Q3 2025 | $631.8M | -3.7% |
| Q2 2025 | $618.8M | -3.9% |
| Q1 2025 | $613.3M | +13.2% |
| Q4 2024 | $632.8M | +394.3% |
| Q3 2024 | $655.9M | +92.4% |
| Q2 2024 | $643.7M | +92.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
FWRD's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
FWRD Revenue Analysis (1993–2025)
Current Revenue & Growth
As of June 22, 2026, Forward Air Corporation (FWRD) generated trailing twelve-month (TTM) revenue of $2.46 billion, reflecting moderate decline in growth of -5.1% year-over-year. The most recent quarter (Q1 2026) recorded $582.0 million in revenue, down 7.8% sequentially.
Historical Growth Trajectory
FWRD's 5-year compound annual growth rate (CAGR) stands at +14.5%, indicating consistent double-digit revenue growth. The 3-year CAGR of +14.1% is in line with the 5-year average, suggesting consistent growth. Forward Air Corporation's highest annual revenue of $2.50 billion was recorded in 2025, an all-time high.
Revenue by Segment
FWRD's revenue is primarily driven by Expedited Freight Segment (81%), and Intermodal Segment (19%). With over half of revenue concentrated in Expedited Freight Segment, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Industrials sector peers — including ARCB (-1.7% YoY), SAIA (+0.3% YoY), and ODFL (-5.5% YoY) — FWRD has underperformed the peer group in revenue growth. Compare FWRD vs ARCB →
FWRD Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| FWRDCurrent | $2.5B | -5.1% | +14.5% | 1.5% | |
 ARCB | $4.0B | -1.7% | +6.4% | 2.3% | |
 SAIA | $3.2B | +0.3% | +12.2% | 10.9% | |
 ODFL | $5.5B | -5.5% | +6.5% | 24.8% | |
 XPO | $8.2B | +3.6% | +5.7% | 8.9% | |
 TFII | $11.0B | +3.0% | +23.8% | 6.9% |
FWRD Historical Revenue Data (1993–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.50B | +0.8% | $510.9M | 20.5% | $36.4M | 1.5% |
| 2024 | $2.47B | +80.5% | $339.7M | 13.7% | $-1,062,936,000 | -43.0% |
| 2023 | $1.37B | -18.4% | $330.2M | 24.1% | $88.2M | 6.4% |
| 2022 | $1.68B | +21.1% | $491.7M | 29.3% | $247.6M | 14.7% |
| 2021 | $1.39B | +9.3% | $314.0M | 22.6% | $147.0M | 10.6% |
| 2020 | $1.27B | +4.5% | $229.1M | 18.0% | $73.9M | 5.8% |
| 2019 | $1.22B | -8.0% | $253.8M | 20.9% | $112.4M | 9.3% |
| 2018 | $1.32B | +20.0% | $266.0M | 20.1% | $122.0M | 9.2% |
| 2017 | $1.10B | +12.0% | $236.5M | 21.5% | $108.7M | 9.9% |
| 2016 | $982.5M | +2.4% | $215.2M | 21.9% | $60.0M | 6.1% |
| 2015 | $959.1M | +22.8% | $190.4M | 19.9% | $81.8M | 8.5% |
| 2014 | $781.0M | +19.7% | $179.0M | 22.9% | $96.4M | 12.3% |
| 2013 | $652.5M | +11.6% | $147.7M | 22.6% | $84.4M | 12.9% |
| 2012 | $584.4M | +9.0% | $137.7M | 23.6% | $83.5M | 14.3% |
| 2011 | $536.4M | +10.8% | $267.4M | 49.9% | $77.1M | 14.4% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
33+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
FWRD — Frequently Asked Questions
Quick answers to the most common questions about buying FWRD stock.
Is FWRD's revenue growth accelerating or slowing?
FWRD revenue is declining -5.1% year-over-year. TTM revenue fell to $2.5B, contrasting with the 5-year CAGR of +14.5%. The reversal reflects either macro headwinds or company-specific challenges.
What is FWRD's revenue history from 1993 to 2026?
Forward Air Corporation (FWRD) revenue history spans 1993 to 2026. TTM revenue as of 2026 is $2.5B, growing at -5.1% YoY. The 5-year CAGR is +14.5%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is FWRD's long-term revenue growth rate (CAGR)?
Forward Air Corporation's 5-year revenue CAGR of +14.5% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -5.1% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for FWRD.
Why does FWRD's quarterly revenue fluctuate?
FWRD quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Forward Air Corporation's revenue data from 1993 to 2026 shows full historical quarterly detail on this page.
How is FWRD's revenue distributed by segment?
FWRD reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does FWRD's revenue compare to industry peers?
Forward Air Corporation (FWRD) with TTM revenue of $2.5B and -5.1% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.