FWRD on Nasdaq

FORWARD AIR CORP

American Arrangement of Transportation of Freight and Cargo company. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerFWRD on Nasdaq1
  • IndustryArrangement of Transportation of Freight & Cargo1
  • HeadquartersDallas, Texas1
  • Incorporated inDE2
  • Business address3200 Olympus Boulevard, Suite 300, Dallas, Tx 750192
  • Filer categoryAccelerated filer2

Forward Air Corporation (“Forward”, the “Company”, “we”, “our”, or “us”) is a leading asset-light provider of transportation services. We provide ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia. We also provide customized asset-light, high-touch logistics and supply chain management solutions with deep customer relationships in high-growth end markets. We offer premium services that typically require precision execution, such as expedited transit, delivery during tight time windows and special handling. We utilize an asset-light strategy to minimize our investments in equipment and facilities and to reduce our capital expenditures. Forward was founded in 1981 in Greeneville, Tennessee. In 2025, the Company changed its state of incorporation from Tennessee to Delaware and moved its headquar…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

1.5%Operating margin4
-4.3%Net margin4
0.8%Revenue growth, 20254
-95.1%Return on equity4
14.89×Debt to equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Omni Logistics brought in 54% of the revenue FORWARD AIR CORP broke down this way in fiscal 2025.

  1. Omni Logistics$1.4B454%up 13% from 2024
  2. Expedited Freight$914.7M437%down 12% from 2024
  3. Intermodal$230.5M49%down 1% from 2024
Business segments by year
Business segments202320242025
Omni Logistics$1.2B$1.4B
Expedited Freight$1.1B$1.0B$914.7M
Intermodal$274.0M$232.8M$230.5M

Regions

United States brought in 87% of the revenue FORWARD AIR CORP broke down this way in fiscal 2025.

  1. United States$2.2B487%
  2. Outside the United States$330.0M413%
Regions by year
Regions2025
United States$2.2B
Outside the United States$330.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$2.5B
  • Income tax0¢$5.5M

Out of $2.5B in revenue.4 The company lost money this year.

Financial statements

Revenue56784$2.5B in 2025+105% since 2019
0$1.0B$2.0B$3.0B2019: $1.2B$1.2B20192020: $1.3B$1.3B2020+4%2021: $1.4B$1.4B2021+9%2022: $1.7B$1.7B2022+21%2023: $1.4B$1.4B2023−18%2024: $2.5B$2.5B2024+81%2025: $2.5B$2.5B2025+1%
Operating income56784$36.4M in 2025−68% since 2019
-$1.5B-$1.0B-$500.0M0$500.0M2019: $112.4M$112.4M20192020: $73.9M$73.9M2020−34%2021: $147.0M$147.0M2021+99%2022: $247.6M$247.6M2022+68%2023: $88.2M$88.2M2023−64%2024: -$1.1B-$1.1B20242025: $36.4M$36.4M2025
Net income56784-$107.8M in 2025
-$1.0B-$500.0M0$500.0M2019: $87.1M$87.1M20192020: $23.7M$23.7M2020−73%2021: $105.9M$105.9M2021+346%2022: $193.2M$193.2M2022+82%2023: $167.4M$167.4M2023−13%2024: -$817.0M-$817.0M20242025: -$107.8M-$107.8M2025−87%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Operating revenue$2.5B$2.5B$1.4B
Purchased transportation$1.2B$1.3B$586.2M
Salaries, wages, and employee benefits$535.7M$536.4M$287.6M
Operating leases$204.0M$182.2M$87.4M
Depreciation and amortization$152.6M$144.0M$57.4M
Insurance and claims$59.0M$64.7M$50.1M
Fuel expense$20.1M$21.5M$22.0M
Other operating expenses$242.8M$309.5M$191.8M
Impairment of goodwill$0$1.0B$0
Total operating expenses$2.5B$3.5B$1.3B
Income (loss) from operations$36.4M-$1.1B$88.2M
Interest expense, net-$180.7M-$189.2M-$31.6M
Foreign exchange (loss) gain-$5.9M$1.1M$0
Other income, net$3.0M$1.2M$0
Total other expense-$183.6M-$186.9M-$31.6M
Income (loss) from continuing operations before income taxes-$147.2M-$1.2B$56.6M
Income tax expense (benefit)-$5.5M-$125.0M$13.8M
Income (loss) from continuing operations-$141.7M-$1.1B$42.8M
Income (loss) from discontinued operation, net of tax$0-$6.4M$124.5M
Net (loss) attributable to noncontrolling interest-$33.9M-$314.3M$0
Net (loss) income attributable to Forward Air-$107.8M-$817.0M$167.4M
Continuing operations (in dollars per share)-$4-$30$2
Discontinued operations (in dollars per share)$0-$0$5
Net (loss) income per basic share (in dollars per share)-$3.51-$30.63$6.42
Continuing operations (in dollars per share)-$4-$30$2
Discontinued operations (in dollars per share)$0-$0$5
Net (loss) income per diluted share (in dollars per share)-$3.51-$30.63$6.40
Dividends per share (in dollars per share)$0.00$0.00$0.96
Net (loss) income-$141.7M-$1.1B$167.4M
Foreign currency translation adjustments$4.3M-$2.7M$0
Comprehensive income (loss)-$137.4M-$1.1B$167.4M
Comprehensive income (loss) attributable to noncontrolling interest-$32.9M-$314.3M$0
Comprehensive income (loss) attributable to Forward Air-$104.5M-$819.7M$167.4M

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Leadership

Who has led FORWARD AIR CORP, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (50)

Former names

  • LANDAIR SERVICES INCFeb 9, 1995 to Aug 14, 19982

Timeline

  1. May 1, 2024New chief executive Shawn Stewart becomes CEO13
  2. Feb 14, 2006New chief executive Bruce A. Campbell becomes CEO14

Filings

409 filings to the SEC since October 2021: 9 annual reports, 15 quarterly reports, 85 major events, 199 insider forms, 30 large holders, 71 other. The latest 20:

  1. Aug 13, 2026SCHEDULE 13G EDGAR
  2. Aug 6, 2026SCHEDULE 13G EDGAR
  3. Aug 5, 202610-Q EDGAR
  4. Aug 5, 20268-K EDGAR
  5. Jul 28, 2026SCHEDULE 13G EDGAR
  6. Jul 21, 20268-K EDGAR
  7. Jul 10, 20268-K EDGAR
  8. Jul 8, 2026SCHEDULE 13G/A EDGAR
  9. Jun 29, 20263 EDGAR
  10. Jun 29, 20263 EDGAR
  11. Jun 29, 20263 EDGAR
  12. Jun 29, 20263 EDGAR
  13. Jun 29, 20263 EDGAR
  14. Jun 29, 20263 EDGAR
  15. Jun 25, 2026S-8 EDGAR
  16. Jun 22, 20264 EDGAR
  17. Jun 22, 20264 EDGAR
  18. Jun 22, 20264 EDGAR
  19. Jun 17, 20268-K EDGAR
  20. May 12, 2026SCHEDULE 13G/A EDGAR

The 409 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

30 open-market trades by officers, directors and large owners since October 2021: 20 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 12, 2025Cetus Capital VI, L.P.10% ownerSale10,000$22.38$223.8KForm 4
Nov 11, 2025Cetus Capital VI, L.P.10% ownerSale67,163$21.71$1.5MForm 4
Nov 10, 2025Cetus Capital VI, L.P.10% ownerSale120,000$21.83$2.6MForm 4
Nov 6, 2025Cetus Capital VI, L.P.10% ownerSale75,000$21.85$1.6MForm 4
Oct 20, 2025Cetus Capital VI, L.P.10% ownerBuy225,000$17.93$4.0MForm 4
Oct 14, 2025Cetus Capital VI, L.P.10% ownerSale30,000$21.42$642.6KForm 4
Aug 25, 2023MITCHIN KYLE RChief People OfficerBuy1,093$68.63$75.0KForm 4
Aug 25, 2023RUBLE CHRIS CChief Operating OfficerBuy1,433$69.77$100.0KForm 4
Aug 22, 2023Ronning Nancee LChief Commercial OfficerBuy315$64.65$20.4KForm 4
Aug 18, 2023POLIT JAVIERDirectorBuy1,000$64.59$64.6KForm 4
Aug 18, 2023LYNCH GEORGE MDirectorBuy500$63.28$31.6KForm 4
Aug 18, 2023Carlock CraigDirectorBuy1,600$64.84$103.7KForm 4
Aug 18, 2023Mayes George S JRDirectorBuy500$64.00$32.0KForm 4
Aug 18, 2023Campbell C RobertDirectorBuy5,000$64.33$321.6KForm 4
Aug 18, 2023MITCHIN KYLE RChief People OfficerBuy398$64.12$25.5KForm 4
Aug 17, 2023ALLEN RONALD WDirectorBuy2,000$64.06$128.1KForm 4
Aug 17, 2023Nayak ChitraDirectorBuy1,600$63.76$102.0KForm 4
Aug 17, 2023Schmitt ThomasPresident & CEOBuy16,050$62.70$1.0MForm 4
Aug 17, 2023Tucker Laurie AnneDirectorBuy4,000$61.23$244.9KForm 4
Aug 17, 2023Hance Michael LCLO and SecretaryBuy411$60.66$24.9KForm 4

All 30 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Clearlake Capital Group, L.P.3,825,000$51.7M9.8%No change
BlackRock, Inc.2,774,600$37.5M0.0%−925,487
Fmr LLC2,008,264$27.1M0.0%+921,615
Bracebridge Capital, LLC1,404,913$19.0M4.1%New
Vanguard Capital Management LLC1,169,316$15.8M0.0%+142,619
Private Management Group Inc1,145,760$15.5M0.4%−9,645
Cibc World Market Inc.1,072,138$14.5M0.0%+337,866
D. E. Shaw & Co., Inc.1,000,105$13.5M0.0%New
Barclays PLC706,620$9.5M0.0%+691,102
Deutsche Bank Ag\613,841$8.3M0.0%+354,530
Bnp Paribas Financial Markets596,864$8.1M0.0%+116,668
Geode Capital Management, LLC581,416$7.9M0.0%+29,856
State Street Corp579,828$7.8M0.0%−473,531
Qube Research & Technologies Ltd565,049$7.6M0.0%New
Jane Street Group, LLC492,458$6.7M0.0%−348
Morgan Stanley464,489$6.3M0.0%+46,960
Charles Schwab Investment Management Inc425,287$5.7M0.0%−72,402
Millennium Management LLC422,193$5.7M0.0%+319,099
Timucuan Asset Management Inc/fl398,551$5.4M0.2%New
Diameter Capital Partners LP350,000$4.7M0.6%New
Tudor Investment Corp Et Al343,130$4.6M0.0%+295,964
Jump Financial, LLC312,046$4.2M0.0%+115,246
Dimensional Fund Advisors LP300,403$4.1M0.0%−18,455
Jpmorgan Chase & Co274,517$4.0M0.0%+130,310
Mill Road Capital Management LLC292,250$3.9M1.9%+65,500

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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