Forward Air Corporation (FWRD) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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FWRD Revenue Growth
Revenue Breakdown (FY 2025)
FWRD's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
FWRD Revenue Analysis (2014–2025)
As of May 8, 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.
Looking at the longer-term picture, FWRD's 5-year compound annual growth rate (CAGR) stands at +14.5%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $2.50 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows FWRD's business is primarily driven by Expedited Freight Segment (81%), and Intermodal Segment (19%). With over half of revenue concentrated in Expedited Freight Segment, the company maintains significant focus in this area while developing other growth vectors.
When 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 terms of 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 (2014–2025)
| 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% |
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Start ComparisonFWRD — Frequently Asked Questions
Quick answers to the most common questions about buying FWRD stock.
Is FWRD's revenue growth accelerating or slowing?
FWRD revenue declined -5.1% year-over-year, contrasting with the 5-year CAGR of +14.5%. TTM revenue fell to $2.5B. This reverses the prior growth trend.
What is FWRD's long-term revenue growth rate?
Forward Air Corporation's 5-year revenue CAGR of +14.5% reflects the variable expansion pattern. Current YoY growth of -5.1% is below this long-term average.
How is FWRD's revenue distributed by segment?
FWRD reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.