Forward Air Corp. (FWRD)
Nasdaq · Arrangement Of Transportation Of Freight & Cargo · Transportation, communications and utilities · CIK 912728 · fiscal year ends in Dec
Closing price $17.88 on 29 Oct 2026; 52-week range $8.31 to $30.23.
Key figures
The last twelve months reported, with the latest price and balance sheet.
- Revenue, last twelve months
- $2.5B
- Revenue growth
- -0.1%
- Net income, last twelve months
- -$286.2M
- Earnings per share
- -$8.90
- Operating margin
- -6.7%
- Net margin
- -11.4%
- Market value
- $603.2M
- Dividend yield
- 0.0%
- Cash
- $139.4M
- Debt
- $1.7B
- Shares outstanding
- 33.7M
Financial statements
Revenue, profit and cash flow by fiscal year, each year linked to its annual report.
| Fiscal year | Year end | Revenue | Operating income | Net income | EPS | Free cash flow | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | 31 Dec 2025 | $2.5B | $36.4M | -$107.8M | -$3.51 | $15.3M | 10-K filed 11 Mar 2026 |
| FY2024 | 31 Dec 2024 | $2.5B | -$1.1B | -$817.0M | -$30.63 | -$112.5M | 10-K filed 24 Mar 2025 |
| FY2023 | 31 Dec 2023 | $1.4B | $88.2M | $167.4M | $6.40 | $150.7M | 10-K filed 15 Mar 2024 |
| FY2022 | 31 Dec 2022 | $1.7B | $247.6M | $193.2M | $7.14 | $219.8M | 10-K filed 1 Mar 2023 |
| FY2021 | 31 Dec 2021 | $1.4B | $147.0M | $105.9M | $3.85 | $81.9M | 10-K filed 1 Mar 2022 |
By quarter
| Quarter | Quarter end | Revenue | Net income | EPS |
|---|---|---|---|---|
| Q2 FY2026 | 30 Jun 2026 | $673.0M | -$207.3M | -$6.38 |
| Q1 FY2026 | 31 Mar 2026 | $582.0M | -$34.3M | -$1.09 |
| Q4 FY2025 | 31 Dec 2025 | $631.2M | -$28.3M | -$0.91 |
| Q3 FY2025 | 30 Sep 2025 | $631.8M | -$16.3M | -$0.52 |
| Q2 FY2025 | 30 Jun 2025 | $618.8M | -$12.6M | -$0.41 |
| Q1 FY2025 | 31 Mar 2025 | $613.3M | -$50.6M | -$1.68 |
| Q4 FY2024 | 31 Dec 2024 | $632.8M | -$36.4M | -$1.24 |
| Q3 FY2024 | 30 Sep 2024 | $655.9M | -$73.4M | -$2.66 |
Revenue by segment
As the company reports it in the segment note of its annual report.
By business, FY2023
| Segment | Revenue | Share |
|---|---|---|
| Expedited Freight | $1.1B | 80.0% |
| Intermodal | $274.0M | 20.0% |
By region, FY2025
| Segment | Revenue | Share |
|---|---|---|
| United States | $2.2B | 86.8% |
| Foreign Operations | $330.0M | 13.2% |
Company events
The newest 8-K filings of 281 held.
| Filed | Form | Event | Items |
|---|---|---|---|
| 28 Oct 2026 | 8-K | Other events | 8.01, 9.01 |
| 5 Aug 2026 | 8-K | Results | 2.02, 9.01 |
| 21 Jul 2026 | 8-K | Investor update | 7.01, 9.01 |
| 10 Jul 2026 | 8-K | Leadership change | 5.02, 9.01 |
| 17 Jun 2026 | 8-K | Shareholder vote | 5.07, 9.01 |
| 7 May 2026 | 8-K | Results | 2.02, 9.01 |
| 29 Apr 2026 | 8-K | Leadership change | 5.02 |
| 23 Feb 2026 | 8-K | Results | 2.02, 9.01 |
| 5 Nov 2025 | 8-K | Results | 2.02, 9.01 |
| 15 Oct 2025 | 8-K | Leadership change | 5.02 |
| 2 Sep 2025 | 8-K | Leadership change | 5.02, 9.01 |
| 11 Aug 2025 | 8-K | Results | 2.02, 9.01 |
Every filing
The newest filings with the SEC of 577 held.
| Filed | Form | Period |
|---|---|---|
| 28 Oct 2026 | 8-K | 28 Oct 2026 |
| 5 Aug 2026 | 10-Q | 30 Jun 2026 |
| 5 Aug 2026 | 8-K | 5 Aug 2026 |
| 21 Jul 2026 | 8-K | 21 Jul 2026 |
| 10 Jul 2026 | 8-K | 10 Jul 2026 |
| 25 Jun 2026 | S-8 | – |
| 17 Jun 2026 | 8-K | 17 Jun 2026 |
| 11 May 2026 | 10-Q | 31 Mar 2026 |
| 7 May 2026 | 8-K | 7 May 2026 |
| 29 Apr 2026 | 8-K | 24 Apr 2026 |
| 29 Apr 2026 | ARS | 31 Dec 2025 |
| 29 Apr 2026 | DEFA14A | – |
Insider trades
Form 4 trades by officers, directors and 10% owners, last 12 months.
| Traded | Insider | Type | Shares | Price | Value | Held after | Form 4 |
|---|---|---|---|---|---|---|---|
| 12 Nov 2025 | Cetus Capital Vi, L.P., 10% owner | Sale outside a trading plan | 10,000 | $22.38 | $223.8K | 3,116,546 | 17 Feb 2026 |
| 11 Nov 2025 | Cetus Capital Vi, L.P., 10% owner | Sale outside a trading plan | 67,163 | $21.71 | $1.5M | 3,126,546 | 17 Feb 2026 |
| 10 Nov 2025 | Cetus Capital Vi, L.P., 10% owner | Sale outside a trading plan | 90,000 | $21.55 | $1.9M | 3,223,709 | 17 Feb 2026 |
| 10 Nov 2025 | Cetus Capital Vi, L.P., 10% owner | Sale outside a trading plan | 30,000 | $22.66 | $679.8K | 3,193,709 | 17 Feb 2026 |
| 6 Nov 2025 | Cetus Capital Vi, L.P., 10% owner | Sale outside a trading plan | 74,716 | $21.85 | $1.6M | 3,313,993 | 17 Feb 2026 |
| 6 Nov 2025 | Cetus Capital Vi, L.P., 10% owner | Sale outside a trading plan | 284 | $22.39 | $6.4K | 3,313,709 | 17 Feb 2026 |
| 20 Oct 2025 | Cetus Capital Vi, L.P., 10% owner | Purchase | 215,000 | $17.89 | $3.8M | 3,378,709 | 17 Feb 2026 |
| 20 Oct 2025 | Cetus Capital Vi, L.P., 10% owner | Purchase | 10,000 | $18.86 | $188.6K | 3,388,709 | 17 Feb 2026 |
| 14 Oct 2025 | Cetus Capital Vi, L.P., 10% owner | Sale outside a trading plan | 30,000 | $21.42 | $642.6K | 3,063,709 | 17 Feb 2026 |
Large holders
Schedule 13D and 13G filings by holders of more than 5% of the voting shares.
| Filed | Holder | Schedule | Stake | Shares |
|---|---|---|---|---|
| 27 Oct 2026 | BlackRock, Inc. | 13G amended | 4.9% | 1.6M |
| 13 Aug 2026 | Barclays PLC | 13G | 7.84% | 2.5M |
| 6 Aug 2026 | FMR LLC | 13G | 6.4% | 2.0M |
| 28 Jul 2026 | FFI Fund Ltd. | 13G | 5.1% | 1.6M |
| 8 Jul 2026 | BlackRock, Inc. | 13G amended | 5.4% | 1.7M |
| 12 May 2026 | Cetus Capital VI, L.P. | 13G amended | 0.76% | 245.6K |
| 26 Mar 2026 | The Vanguard Group | 13G amended | 0% | 0 |
Short interest
Shares sold short and not yet bought back, on each FINRA settlement date.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 15 Oct 2026 | 1.8M | -14.93% | 4.65 |
| 30 Sep 2026 | 2.1M | -2.05% | 3.74 |
| 15 Sep 2026 | 2.2M | +2.61% | 4.29 |
| 31 Aug 2026 | 2.1M | +1.55% | 4.62 |
| 14 Aug 2026 | 2.1M | -9.91% | 2.99 |
| 31 Jul 2026 | 2.3M | -1.07% | 2.8 |
| 15 Jul 2026 | 2.3M | -1.13% | 3.76 |
| 30 Jun 2026 | 2.4M | -23.84% | 1.49 |
Funds that hold it
From each fund's latest Form 13F.
236 funds held it at 30 Jun 2026: 106 added and 45 trimmed in the quarter. The largest:
| Fund | Shares | Value | Change in the quarter |
|---|---|---|---|
| Clearlake Capital Group, L.P. | 3,825,000 | $51.7M | 0 |
| BlackRock, Inc. | 2,774,600 | $37.5M | -925,487 |
| FMR LLC | 2,008,264 | $27.1M | +921,615 |
| Bracebridge Capital, LLC | 1,404,913 | $19.0M | +1,404,913 |
| Vanguard Capital Management LLC | 1,169,316 | $15.8M | +142,619 |
| Private Management Group Inc. | 1,145,760 | $15.5M | -9,645 |
| CIBC World Market Inc. | 1,072,138 | $14.5M | +337,866 |
| D. E. Shaw & Co., Inc. | 1,000,105 | $13.5M | +1,000,105 |
| HRT Financial LP | 785,954 | $10.6M | +378,769 |
| Barclays PLC | 706,620 | $9.5M | +691,102 |
Peers
Companies in the same industry.
- Expeditors International of Washington Inc. (EXPD): revenue $12.0B, market value $25.8B
- C. H. Robinson Worldwide, Inc. (CHRW): revenue $17.0B, market value $14.9B
- Brinks Co. (BCO): revenue $5.5B, market value $4.2B