Forward Air (FWRD) Revenue & Revenue Breakdown

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Forward Air Revenue Highlights

Latest Revenue (Y)

$2.50B

Latest Revenue (Q)

$582.05M

Main Segment (Y)

Expedited Freight Segment

Main Geography (Y)

UNITED STATES

Forward Air Revenue by Period

Forward Air Revenue by Year

Date	Revenue	Change
2025-12-31	$2.50B	0.84%
2024-12-31	$2.47B	80.51%
2023-12-31	$1.37B	-18.39%
2022-12-31	$1.68B	21.08%
2021-12-31	$1.39B	9.27%
2020-12-31	$1.27B	4.48%
2019-12-31	$1.22B	-8.00%
2018-12-31	$1.32B	19.99%
2017-12-31	$1.10B	12.04%
2016-12-31	$982.53M	2.44%
2015-12-31	$959.13M	22.81%
2014-12-31	$780.96M	19.69%
2013-12-31	$652.48M	11.64%
2012-12-31	$584.45M	8.96%
2011-12-31	$536.40M	10.84%
2010-12-31	$483.94M	15.94%
2009-12-31	$417.41M	-12.02%
2008-12-31	$474.44M	20.80%
2007-12-31	$392.74M	11.33%
2006-12-31	$352.76M	9.92%
2005-12-31	$320.93M	13.73%
2004-12-31	$282.20M	16.84%
2003-12-31	$241.52M	6.83%
2002-12-31	$226.07M	-0.63%
2001-12-31	$227.50M	5.86%
2000-12-31	$214.91M	25.79%
1999-12-31	$170.84M	30.98%
1998-12-31	$130.44M	-31.49%
1997-12-31	$190.40M	21.20%
1996-12-31	$157.10M	6.08%
1995-12-31	$148.10M	9.70%
1994-12-31	$135.00M	41.66%
1993-12-31	$95.30M	-

Forward Air generated $2.50B in revenue during NA 2025, up 0.84% compared to the previous quarter, and up 196.53% compared to the same period a year ago.

Forward Air Revenue by Quarter

Date	Revenue	Change
2026-03-31	$582.05M	-7.79%
2025-12-31	$631.23M	-0.08%
2025-09-30	$631.76M	2.09%
2025-06-30	$618.84M	0.91%
2025-03-31	$613.28M	-3.09%
2024-12-31	$632.85M	-3.52%
2024-09-30	$655.94M	1.91%
2024-06-30	$643.67M	18.80%
2024-03-31	$541.81M	323.16%
2023-12-31	$128.04M	-62.45%
2023-09-30	$340.98M	2.20%
2023-06-30	$333.62M	-6.73%
2023-03-31	$357.71M	-25.66%
2022-12-31	$481.20M	-5.65%
2022-09-30	$510.02M	-1.01%
2022-06-30	$515.22M	10.33%
2022-03-31	$466.96M	1.53%
2021-12-31	$459.93M	9.60%
2021-09-30	$419.63M	-0.25%
2021-06-30	$420.67M	16.14%
2021-03-31	$362.20M	3.39%
2020-12-31	$350.34M	5.53%
2020-09-30	$332.00M	17.86%
2020-06-30	$281.68M	-7.81%
2020-03-31	$305.56M	-19.91%
2019-12-31	$381.50M	5.49%
2019-09-30	$361.66M	4.60%
2019-06-30	$345.76M	7.55%
2019-03-31	$321.47M	-9.84%
2018-12-31	$356.56M	7.60%
2018-09-30	$331.38M	0.31%
2018-06-30	$330.34M	9.17%
2018-03-31	$302.61M	-1.15%
2017-12-31	$306.12M	9.25%
2017-09-30	$280.20M	4.74%
2017-06-30	$267.52M	8.31%
2017-03-31	$246.98M	-6.73%
2016-12-31	$264.79M	6.11%
2016-09-30	$249.55M	4.57%
2016-06-30	$238.64M	3.96%
2016-03-31	$229.55M	-10.48%
2015-12-31	$256.42M	3.77%
2015-09-30	$247.09M	-1.04%
2015-06-30	$249.69M	21.26%
2015-03-31	$205.92M	-3.80%
2014-12-31	$214.06M	6.25%
2014-09-30	$201.48M	3.93%
2014-06-30	$193.85M	12.99%
2014-03-31	$171.57M	-5.25%
2013-12-31	$181.09M	6.50%
2013-09-30	$170.03M	6.40%
2013-06-30	$159.80M	12.89%
2013-03-31	$141.56M	-8.98%
2012-12-31	$155.53M	8.37%
2012-09-30	$143.51M	-3.24%
2012-06-30	$148.33M	8.20%
2012-03-31	$137.08M	-7.54%
2011-12-31	$148.26M	9.22%
2011-09-30	$135.75M	2.69%
2011-06-30	$132.19M	9.98%
2011-03-31	$120.20M	-9.83%
2010-12-31	$133.31M	9.70%
2010-09-30	$121.52M	-0.50%
2010-06-30	$122.13M	14.17%
2010-03-31	$106.98M	-9.36%
2009-12-31	$118.02M	14.49%
2009-09-30	$103.08M	3.39%
2009-06-30	$99.70M	3.19%
2009-03-31	$96.62M	-21.74%
2008-12-31	$123.45M	1.62%
2008-09-30	$121.48M	-0.06%
2008-06-30	$121.56M	12.62%
2008-03-31	$107.94M	-5.72%
2007-12-31	$114.49M	-

Forward Air generated $582.05M in revenue during Q1 2026, up -7.79% compared to the previous quarter, and up 91.97% compared to the same period a year ago.

Forward Air Revenue Breakdown

Forward Air Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Dec 25	Dec 24	Dec 23	Dec 22	Dec 21
Intermodal Segment	$230.53M	$232.83M	$273.93M	$419.70M	$289.17M
Expedited Freight Segment	$1.01B	$1.12B	$1.10B	$1.55B	$1.37B

Forward Air's latest annual revenue breakdown by segment (product or service), as of Dec 25: Expedited Freight Segment (81.45%), and Intermodal Segment (18.55%).

Quarterly Revenue by Product

Product/Service	Mar 26	Dec 25	Sep 25	Jun 25	Mar 25	Dec 24	Sep 24	Mar 24	Dec 23	Sep 23	Jun 23	Mar 23	Dec 22	Sep 22	Jun 22	Mar 22	Dec 21	Sep 21	Jun 21	Mar 21
Intermodal	$52.45M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contract Logistics	$104.17M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Expedited Freight Segment	-	$246.93M	$258.55M	$257.70M	$249.38M	$557.16M	$284.71M	$273.30M	$68.68M	$351.35M	$338.00M	$338.93M	$372.81M	$395.63M	$408.86M	$376.59M	$376.79M	$341.56M	$351.74M	$304.19M
Intermodal Segment	-	$50.56M	$58.33M	$59.15M	$62.49M	$119.34M	$57.27M	$56.22M	$59.40M	$62.13M	$64.22M	$88.16M	$108.44M	$114.42M	$106.41M	$90.44M	$83.39M	$78.16M	$69.12M	$58.50M
Corporate Segment	-	-	-	$-142.00K	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Forward Air's latest quarterly revenue breakdown by segment (product or service), as of Mar 26: Contract Logistics (66.51%), and Intermodal (33.49%).

Forward Air Revenue Breakdown by Country

Annual Revenue by Country

Country	Dec 25
Non-US	$330.04M
UNITED STATES	$2.17B

Forward Air's latest annual revenue breakdown by geography, as of Dec 25: UNITED STATES (86.77%), and Non-US (13.23%).

Forward Air Peer Comparison by Revenue

Ticker	Company	Last Year Revenue	Last Quarter Revenue
VSTS	Vestis	$2.73B	$659.44M
FWRD	Forward Air	$2.50B	$582.05M
CODI	Compass Diversified	$1.87B	$472.56M
NX	Quanex Building Products	$1.84B	$409.09M
SNCY	Sun Country Airlines	$1.13B	$338.37M
HTLD	Heartland Express	$805.71M	$176.26M
FIP	FTAI Infrastructure	$502.52M	$188.36M
ASPN	Aspen Aerogels	$271.10M	$37.88M
CYRX	Cryoport	$176.18M	$47.80M
TE	T1 Energy	$168.46M	$241.00K
EH	EHang	$117.43M	$61.73M

FWRD Revenue FAQ

What is Forward Air’s yearly revenue?

Forward Air's yearly revenue for 2025 was $2.5B, representing an increase of 0.84% compared to 2024. The company's yearly revenue for 2024 was $2.47B, representing an increase of 80.51% compared to 2023. FWRD's yearly revenue for 2023 was $1.37B, representing a decrease of -18.39% compared to 2022.

What is Forward Air’s quarterly revenue?

Forward Air's quarterly revenue for Q1 2026 was $582.05M, a -7.79% decrease from the previous quarter (Q4 2025), and a -5.09% decrease year-over-year (Q1 2025). The company's quarterly revenue for Q4 2025 was $631.23M, a -0.08% decrease from the previous quarter (Q3 2025), and a -0.26% decrease year-over-year (Q4 2024). FWRD's quarterly revenue for Q3 2025 was $631.76M, a 2.09% increase from the previous quarter (Q2 2025), and a -3.69% decrease year-over-year (Q3 2024).

What is Forward Air’s revenue growth rate?

Forward Air's revenue growth rate for the last 3 years (2023-2025) was 82.03%, and for the last 5 years (2021-2025) was 79.86%.

What are Forward Air’s revenue streams?

Forward Air's revenue streams in c 25 are Intermodal Segment, and Expedited Freight Segment. Intermodal Segment generated $230.53M in revenue, accounting 18.55% of the company's total revenue, down -0.99% year-over-year. Expedited Freight Segment generated $1.01B in revenue, accounting 81.45% of the company's total revenue, down -9.20% year-over-year.

What is Forward Air’s main source of revenue?

For the fiscal year ending Dec 25, the largest source of revenue of Forward Air was Expedited Freight Segment. This segment made a revenue of $1.01B, representing 81.45% of the company's total revenue.