Forward Air Corporation (FWRD)
Pretax margin
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | -1,111,064 | -1,249,829 | -1,302,426 | -1,256,692 | -87,656 | 67,642 | 148,416 | 205,699 | 252,425 | 260,838 | 252,140 | 223,522 | 189,971 | 154,963 | 123,380 | 104,083 | 75,998 | 65,288 | 77,827 | 85,550 |
| Revenue (ttm) | US$ in thousands | 2,565,295 | 2,474,262 | 2,179,844 | 1,937,272 | 1,695,788 | 1,581,041 | 1,723,813 | 1,820,471 | 1,933,508 | 1,973,403 | 1,952,132 | 1,861,734 | 1,767,186 | 1,662,427 | 1,552,839 | 1,465,211 | 1,326,218 | 1,306,525 | 1,337,688 | 1,367,354 |
| Pretax margin | -43.31% | -50.51% | -59.75% | -64.87% | -5.17% | 4.28% | 8.61% | 11.30% | 13.06% | 13.22% | 12.92% | 12.01% | 10.75% | 9.32% | 7.95% | 7.10% | 5.73% | 5.00% | 5.82% | 6.26% |
March 31, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-1,111,064K ÷ $2,565,295K
= -43.31%
Forward Air Corporation's pretax margin has exhibited significant fluctuation over the periods indicated. Starting at 6.26% in June 2020, the pretax margin decreased to 5.00% by December 2020. However, there was a subsequent improvement, with the pretax margin reaching 13.22% by December 2022. This marked the peak performance period for the company in terms of pretax margin.
Subsequently, there was a notable decline in pretax margin, dropping to -5.17% by March 2024 and falling even further to -64.87% by June 2024, indicating a period of significant financial losses. This negative trend continued through the end of March 2025, with the pretax margin standing at -43.31%.
Such a drastic decline in the pretax margin could signal challenges for Forward Air Corporation in generating profits before accounting for taxes. It would be important to closely examine the underlying factors contributing to this decline to ascertain the root causes and implement corrective measures to improve profitability in the future.
Peer comparison
Mar 31, 2025