olivLaw · US equity research
Forward Air Corporation FWRD
Arrangement of Transportation of Freight & Cargo · SIC 4731 · Vertical: Arrangement of Transportation of Freight & Cargo (SIC 4731)
Forward Air is an asset-light transport provider combining expedited LTL freight, Omni logistics and intermodal drayage. It reported operating revenue of 2495.1 million USD in 2025 and, in the second quarter of 2026, its highest quarterly revenue in company history, while a 244 million USD goodwill impairment in the Omni segment produced an operating loss in that quarter.
At the close of 04 Nov 2026, Forward Air Corporation (FWRD) stock was 19.08 USD (+3.70% on the day), with market capitalisation 644.5 m USD, dividend yield 0.00%, beta 2.21, 52-week range 8.31–30.23 USD. Latest reported quarter (Q2 2026): revenue of 673.0 m USD (+8.8% YoY), net income of -207.3 m USD, diluted EPS -6.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 13.77 – 18.84
- above the upper band · %B 1.05 · band width 31.1%
- SMA 50 / 200
- 16.09 / 17.50
- mixed trend
- MACD (12, 26, 9)
- 0.70 / 0.30
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +26.6% | −2.0% | +28.6 pp | — |
| 3 months | +23.8% | −2.2% | +26.0 pp | — |
| 6 months | +3.9% | +4.3% | −0.3 pp | — |
| Year to date | −23.7% | +10.6% | −34.2 pp | — |
| 1 year | +5.2% | +10.5% | −5.3 pp | −52.6% |
| 3 years | −71.2% | +73.7% | −144.9 pp | −53.7% |
| 5 years | −82.0% | +61.7% | −143.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 655.9 m | 632.8 m | 613.3 m | 618.8 m | 631.8 m | 631.2 m | 582.0 m | 673.0 m |
| Operating income | 22.7 m | 75.9 m | 4.8 m | 19.5 m | 15.0 m | -2.9 m | 20.4 m | -201.3 m |
| Depreciation & amortisation | 25.9 m | 37.7 m | 37.4 m | 36.8 m | 37.7 m | 40.7 m | 38.5 m | 38.3 m |
| Interest expense | 52.8 m | 48.4 m | 45.5 m | 45.3 m | 44.8 m | 45.1 m | 43.6 m | 43.7 m |
| Pre-tax income | -32.9 m | 31.6 m | -41.6 m | -37.1 m | -23.4 m | -45.1 m | -38.4 m | -244.0 m |
| Income tax | 1.3 m | 67.0 m | 19.6 m | -16.7 m | 385.0 k | -8.7 m | 1.8 m | -174.0 k |
| Net income | -73.4 m | -36.4 m | -50.6 m | -12.6 m | -16.3 m | -28.3 m | -34.3 m | -207.3 m |
| Diluted EPS | -2.66 | -1.24 | -1.68 | -0.41 | -0.52 | -0.91 ≈ | -1.09 | -6.38 |
| Operating cash flow | — | — | 27.6 m | -13.2 m ≈ | — | — | 45.7 m | -4.9 m ≈ |
| Capex | 10.4 m ≈ | 7.3 m | 11.9 m | 4.7 m ≈ | 4.1 m ≈ | 8.4 m | 6.9 m | 3.2 m ≈ |
| Dividends paid | 0 ≈ | 0 | — | — | — | — | — | — |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.7 bn | 1.4 bn | 2.5 bn | 2.5 bn |
| Revenue YoY | −2.7% | +6.8% | +4.5% | +9.3% | +21.1% | −18.4% | +80.5% | +0.8% |
| Net income | 92.1 m | 87.1 m | 23.7 m | 105.9 m | 193.2 m | 167.4 m | -817.0 m | -107.8 m |
| Net income YoY | +5.5% | −5.4% | −72.8% | +346.0% | +82.5% | −13.4% | −588.2% | unavailable |
| Diluted EPS | 3.12 | 3.04 | 0.84 | 3.85 | 7.14 | 6.40 | -30.63 | -3.51 |
| Diluted EPS YoY | +8.0% | −2.6% | −72.4% | +358.3% | +85.5% | −10.4% | −578.6% | unavailable |
| net % | 8.1% | 7.2% | 1.9% | 7.6% | 11.5% | 12.2% | -33.0% | -4.3% |
| Free cash flow | 113.0 m | 137.0 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 106.0 m USD
- Financial debt
- 1.7 bn USD
- Net debt
- 1.6 bn USD
- Equity
- 161.7 m USD
- Total assets
- 2.7 bn USD
- Debt / equity
- 10.44x
- Current ratio
- 1.22x
- ROE
- -48.2%
- ROA
- -3.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.7 bn | 1.4 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 11 Mar 2026verified |
| Cost of revenue | 650.7 m | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| Gross profit | 618.9 m ≈ | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021derived |
| Operating income | 73.9 m | 147.0 m | 247.6 m | 88.2 m | -1.1 bn | 36.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | 37.1 m | 35.0 m | 42.6 m | 57.4 m | 144.0 m | 152.6 m | SEC (XBRL)· 11 Mar 2026verified |
| EBITDA | 111.0 m ≈ | 182.0 m ≈ | 290.1 m ≈ | 145.6 m ≈ | -919.0 m ≈ | 189.1 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Interest expense | 4.6 m | 4.3 m | 5.1 m | 31.6 m | 189.2 m | 180.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Pre-tax income | 69.4 m | 142.7 m | 242.5 m | 56.6 m | -1.2 bn | -147.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Income tax | 16.6 m | 35.8 m | 63.0 m | 13.8 m | -125.0 m | -5.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Net income | 23.7 m | 105.9 m | 193.2 m | 167.4 m | -817.0 m | -107.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | 0.84 | 3.85 | 7.14 | 6.40 | -30.63 | -3.51 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 27.7 m | 27.3 m | 26.9 m | 26.0 m | 27.5 m | 30.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Dividend per share | 0.75 | 0.84 | 0.96 | 0.96 | 0.00 | 0.00 | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 40.3 m | 37.3 m | 45.8 m | 122.0 m | 104.9 m | 106.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Receivables | 156.5 m | 208.1 m | 188.2 m | 153.3 m | 322.3 m | 343.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Current assets | 245.9 m | 282.8 m | 304.3 m | 347.0 m | 472.5 m | 521.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Property, plant & equipment, net | 189.9 m | 219.1 m | 249.1 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Goodwill | 245.0 m | 218.6 m | 258.0 m | 278.7 m | 522.7 m | 522.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Intangibles (excl. goodwill) | 145.0 m | 154.7 m | 115.6 m | 134.8 m | 999.2 m | 906.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Total assets | 1.0 bn | 1.1 bn | 1.2 bn | 3.0 bn | 2.8 bn | 2.7 bn | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 38.4 m | 44.8 m | 50.1 m | 45.4 m | 105.7 m | 121.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Short-term debt | 0 | 1.5 m | 1.5 m | 0 | 16.9 m | — | SEC (XBRL)· 24 Mar 2025verified |
| Long-term debt | 112.4 m | 155.5 m | 106.6 m | 0 | 1.7 bn | 1.7 bn | SEC (XBRL)· 11 Mar 2026verified |
| Current liabilities | 171.6 m | 164.7 m | 169.4 m | 237.1 m | 384.0 m | 428.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Total liabilities | — | — | — | — | — | 2.6 bn | SEC (XBRL)· 05 Aug 2026verified |
| Equity | 547.3 m † | 593.7 m | 707.2 m | 764.3 m | 285.9 m | 161.7 m | SEC (XBRL)· 11 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 20.3 m | 38.4 m | 39.3 m | 30.7 m | 37.1 m | 29.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Dividends paid | 20.9 m | 23.0 m | 25.9 m | 25.0 m | 0 | 0 | SEC (XBRL)· 11 Mar 2026verified |
| Share repurchases | 45.2 m | 49.0 m | 62.8 m | 93.8 m | 0 | 0 | SEC (XBRL)· 11 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 644.5 m USD
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -11.4% | 44 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 14.1% | 100 (on a fixed band) | 27% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.0x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 1.3x | 43 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet17/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial44/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FORWARD AIR CORPORATION (FWRD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth 0.8%; net margin -11.4%; ROE -1,574.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 14.1%
What contradicts it
- Interest coverage: -1.0x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Arrangement of Transportation of Freight & Cargo (SIC 4731) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EXPDExpeditors International Of Washington, Inc. | 26.6 bn | 29.7 | 42.6% | 7.6% | +4.4% | +39% / +70% |
| CHRWC.h. Robinson Worldwide, Inc. | 15.5 bn | 24.0 | 38.9% | 3.7% | −8.4% | −16% / +63% |
| BCOBrink’s Co | 4.7 bn | 26.1 | 64.0% | 3.3% | +5.0% | +1% / +43% |
| FWRDForward Air Corporation | 644.5 m | — | -1,574.1% | -11.4% | +0.8% | +5% / −71% |
| RLGTRadiant Logistics, Inc. | 450.2 m | 24.6 | 8.0% | 2.0% | +3.5% | +54% / +60% |
| NCEWNew Century Logistics (bvi) Limited | 422.8 m | — | -185.6% | -24.2% | −15.5% | +311% / unavailable |
| PSIGPS International Group Ltd. | 80.1 m | — | -440.7% | -28.6% | −39.0% | +28% / unavailable |
| CRGOFreightos Ltd | 32.8 m | — | -35.8% | -59.5% | +23.9% | −79% / −79% |
| VNTGVantage Corp | 14.3 m | — | -31.1% | -7.4% | −4.4% | −50% / unavailable |
| QNMEQuanome Technologies, Inc. | 13.4 m | — | -192.5% | -162.1% | +111.8% | −55% / unavailable |
| SLGBSmart Logistics Global Limited | 9.5 m | — | -13.4% | -2.9% | unavailable | −87% / unavailable |
| ELOGEastern International Ltd. | 9.2 m | — | -8.6% | -454.0% | −24.4% | −65% / unavailable |
| JYDJayud Global Logistics Limited | 9.0 m | — | -36.8% | -5.9% | +8.7% | −65% / −99% |
| SGLYSingularity Future Technology Ltd. | 2.6 m | — | -55.6% | -347.5% | −6.6% | −95% / −99% |
| FRGTFreight Technologies, Inc. | 1.6 m | — | -338.3% | -60.5% | −4.9% | −95% / −100% |
| GVHGlobavend Holdings Limited | 1.4 m | 0.6 | 9.0% | 2.9% | +42.5% | −76% / −100% |
| HUBGHub Group, Inc. | — | 0.1 | 6.3% | 2.8% | −6.1% | −30% / −29% |
1- and 3-year price returns: for FWRD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Forward Air is an asset-light transport provider combining expedited LTL freight, Omni logistics and intermodal drayage. It reported operating revenue of 2495.1 million USD in 2025 and, in the second quarter of 2026, its highest quarterly revenue in company history, while a 244 million USD goodwill impairment in the Omni segment produced an operating loss in that quarter.
SWOT
Strengths
- The asset-light model reduces investment in equipment and facilities, and the company says it operates an extensive national terminal network.
- The Expedited Freight segment reached in the second quarter of 2026 its best operating result in about two and a half years.
- Liquidity remains solid, and management says the Omni integration has exceeded initial expectations on cost synergies.
Weaknesses
- The company carries high fixed costs tied to its terminal networks, so a drop in volumes quickly affects margins.
- Customers are concentrated and contracts can be cancelled on short notice, which makes revenue less predictable.
- It depends on capacity from independent contractors, and retaining and recruiting them can be difficult.
Opportunities
- If the freight market keeps improving, higher volumes could support better margins in the Expedited Freight and Intermodal segments.
- The integrated offer of forwarding, contract logistics and ground transport could attract customers who already buy other company services.
- The ongoing strategic review could lead to a transaction that adds value for shareholders.
Threats
- Tariffs and trade tensions could reduce import volumes and weigh on demand for the Intermodal segment.
- Fuel price swings can affect margins if surcharges do not fully offset increases.
- Fragmented competition and low barriers to entry can put pressure on rates and margins.
Risks
- Goodwill impairment in the Omni segmenthigh
In the second quarter of 2026 the company recorded a non-cash goodwill impairment tied to Omni, which produced an operating loss in that quarter. If segment performance does not improve, further impairments could occur.
- Customer concentrationhigh
A significant share of revenue comes from a few large customers, and losing an important customer could materially affect results.
- Trade and tariff uncertaintymedium
US tariff policies and responses from other countries could reduce transport volumes, and the final outcome remains unclear.
- Labor and capacity costsmedium
A shortage of drivers or terminal staff could raise costs, and outside capacity could become more expensive.
- Strategic process and leadership changeslow
The review of strategic alternatives has no set timetable and does not guarantee a transaction. Leadership changes could affect strategy and execution.
Investment thesis
What would need to be true (bull case)
- If the freight market keeps improving, record second-quarter results could show that the strategy is starting to pay off across several segments.
- Omni integration and cost synergies could support better margins, especially if the combined services attract new customers.
- The strategic review could produce a transaction that captures value from the company's assets.
What would break the thesis
- The goodwill impairment in the Omni segment suggests the acquisition value may be lower than previously estimated, and operating losses could continue.
- Tariffs and trade uncertainty could reduce volumes, particularly in the Intermodal segment.
- If large customers cut volumes, revenue could fall quickly because of the fixed-cost structure.
What to watch
- Volume and revenue trends in the Expedited Freight segmentQ3 2026
- Omni Logistics results after the impairment and integration progressQ3 2026
- Outcome of the strategic review and any transaction announcement2026
- Effects of tariffs on intermodal and import volumesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Forward Air Corporation, headquartered in Dallas, Texas, is an asset-light provider of transport and logistics services across the Americas, Europe and Asia. It offers premium services such as expedited transit, delivery in tight time windows and special handling. Its asset-light strategy aims to minimize investments in equipment and facilities and reduce capital expenditures. The shares are listed on Nasdaq under the symbol FWRD.
The acquisition of Omni Newco LLC, completed on January 25, 2024, significantly extended the company into global logistics, air and ocean forwarding and contract logistics. In January 2025 the board announced a comprehensive review of strategic alternatives, which could include a sale, merger or other transaction, with no timetable set.
The company moved from Greeneville, Tennessee to Dallas, Texas and changed its state of incorporation to Delaware in 2025. Integration of Omni continues, and management says it has exceeded initial expectations on cost synergies, although uncertainties about fully integrating systems remain.
Segments
Expedited Freight
Expedited Freight provides expedited regional, inter-regional and national LTL services in the United States and also offers truckload services. It accounted for approximately 40% of consolidated revenue in 2025, and in the second quarter of 2026 segment revenue rose to 319062 thousand USD, its best operating result in about two and a half years.
Omni Logistics
Omni Logistics provides global air and ocean forwarding, contract logistics and ground transport for corporate customers in technology, retail and e-commerce. It generated approximately 50% of consolidated revenue in 2025, but in the second quarter of 2026 it was hit by a goodwill impairment, while demand for contract logistics and air and ocean services grew.
Intermodal
Intermodal provides high-value intermodal container drayage between seaports or railheads and final destinations, plus CFS warehousing services. It accounted for approximately 10% of consolidated revenue in 2025, and management says recent strategic rate increases could support a margin recovery.
Market context
The US freight transport market is fragmented with low barriers to entry, and demand depends directly on the economic cycle and import volumes. The Cass Freight Index declined through 2025 compared with 2024, but in the second quarter of 2026 management describes a market that is gradually improving.
US tariffs, particularly on imports from China and Canada, have increased uncertainty about transport volumes. If the impact of tariffs remains more severe than expected, freight demand and intermodal volumes could continue to be affected.
Trends
- Gradual improvement in the transport markettailwind
Management reported in August 2026 an improving freight market, which supported record second-quarter revenue. If this trend continues, higher volumes could support margins in the Expedited Freight segment.
- Uncertainty over tariffsheadwind
US tariffs on goods imported from China and other countries have created trade tensions. Management says the final outcome remains unclear, and the effect on import volumes could remain a pressure on the Intermodal segment.
- Omni integration and model transformationmixed
Integration of Omni systems and service offerings is still under way. If it succeeds, revenue synergies could support growth, but systems and customer retention remain risks.
- Cost pressure and fuel pricesheadwind
Labor, insurance and fuel costs can rise, and fuel surcharge programs do not fully offset fluctuations. If expenses grow faster than prices, margins could be affected.
Competitive position
Forward Air competes with a large number of asset-light logistics companies, asset-based carriers, integrated logistics companies and freight brokers. In Expedited Freight the competition comes mainly from national and regional truckload and LTL carriers, while in Omni it comes from global forwarding providers.
The company says it has advantages in service quality, delivery reliability and shipment visibility, and its prices are often well below air transport. Competition remains intense, and price, available capacity and flexibility determine which provider wins the business.
- National LTL and truckload carriers
Compete directly with the Expedited Freight segment through regional and national ground services.
- Integrated logistics and parcel companies
Compete in freight transport and logistics for customers seeking complete solutions.
- Global forwarding and 3PL providers
Compete with Omni Logistics in air and ocean forwarding and contract logistics.
- Freight brokers and drayage operators
Compete with the Expedited Freight and Intermodal segments through capacity and regional networks.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Forward Air’s (FWRD) Record Revenue Comes With a Massive AsteriskYahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report28 Oct 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report21 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report29 Apr 2026Departure or appointment of officers
- Proxy statement29 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Forward Air Corporation · 11 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Forward Air Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Forward Air Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.