# Forward Air Corp: overview

FWRD · Nasdaq · CIK 912728 · [Industrials](/sectors/industrials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/fwrd.md) · [Financials](/companies/fwrd/financials.md) · [Filings](/companies/fwrd/filings.md) · [Insiders](/companies/fwrd/insiders.md)

Latest reported revenue: [$673.0m](/filings/0001628280-26-053329.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 5, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-053329).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [656](/filings/0001628280-25-049525.md) | [633](/filings/0001628280-25-014482.md) | [613](/filings/0001628280-26-033501.md) | [619](/filings/0001628280-26-053329.md) | [632](/filings/0001628280-25-049525.md) | [631 d](/filings/0001628280-26-016793.md) | [582](/filings/0001628280-26-033501.md) | [673](/filings/0001628280-26-053329.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [3.5%](/filings/0001628280-25-049525.md) | [12.0% d](/filings/0001628280-26-016793.md) | [0.8%](/filings/0001628280-26-033501.md) | [3.2%](/filings/0001628280-26-053329.md) | [2.4%](/filings/0001628280-25-049525.md) | [(0.5%) d](/filings/0001628280-26-016793.md) | [3.5%](/filings/0001628280-26-033501.md) | [(29.9%)](/filings/0001628280-26-053329.md) |
| Net margin | % | [(11.2%)](/filings/0001628280-25-049525.md) | [(5.8%)](/filings/0001628280-25-014482.md) | [(8.3%)](/filings/0001628280-26-033501.md) | [(2.0%)](/filings/0001628280-26-053329.md) | [(2.6%)](/filings/0001628280-25-049525.md) | [(4.5%) d](/filings/0001628280-26-016793.md) | [(5.9%)](/filings/0001628280-26-033501.md) | [(30.8%)](/filings/0001628280-26-053329.md) |
| Diluted EPS | $ per share | [(2.66)](/filings/0001628280-25-049525.md) | [(1.24)](/filings/0001628280-25-014482.md) | [(1.68)](/filings/0001628280-26-033501.md) | [(0.41)](/filings/0001628280-26-053329.md) | [(0.52)](/filings/0001628280-25-049525.md) | not reported | [(1.09)](/filings/0001628280-26-033501.md) | [(6.38)](/filings/0001628280-26-053329.md) |
| Free cash flow | $m | [40.7 d](/filings/0001628280-25-049525.md) | [(30.5) d](/filings/0001628280-26-016793.md) | [15.7](/filings/0001628280-26-033501.md) | [(18.0) d](/filings/0001628280-26-053329.md) | [48.6 d](/filings/0001628280-25-049525.md) | [(31.1) d](/filings/0001628280-26-016793.md) | [38.8](/filings/0001628280-26-033501.md) | [(8.1) d](/filings/0001628280-26-053329.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [1,387](/filings/0001628280-24-011530.md) | [1,680](/filings/0001628280-25-014482.md) | [1,371](/filings/0001628280-26-016793.md) | [2,474](/filings/0001628280-26-016793.md) | [2,495](/filings/0001628280-26-016793.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [10.6%](/filings/0001628280-24-011530.md) | [14.7%](/filings/0001628280-25-014482.md) | [6.4%](/filings/0001628280-26-016793.md) | [(43.0%)](/filings/0001628280-26-016793.md) | [1.5%](/filings/0001628280-26-016793.md) |
| Net margin | % | [7.6%](/filings/0001628280-24-011530.md) | [11.5%](/filings/0001628280-25-014482.md) | [12.2%](/filings/0001628280-26-016793.md) | [(33.0%)](/filings/0001628280-26-016793.md) | [(4.3%)](/filings/0001628280-26-016793.md) |
| Diluted EPS | $ per share | [3.85](/filings/0001628280-24-011530.md) | [7.14](/filings/0001628280-25-014482.md) | [6.40](/filings/0001628280-26-016793.md) | [(30.63)](/filings/0001628280-26-016793.md) | [(3.51)](/filings/0001628280-26-016793.md) |
| Free cash flow | $m | [82.2](/filings/0001628280-24-011530.md) | [211](/filings/0001628280-25-014482.md) | [168](/filings/0001628280-26-016793.md) | [(106)](/filings/0001628280-26-016793.md) | [15.3](/filings/0001628280-26-016793.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/fwrd/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [CLEARLAKE CAPITAL GROUP, L.P.](/funds/1688282.md) | 2026-06-30 | $51.7m | 3,825,000 |  | Unchanged |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $37.5m | 2,774,600 |  | Reduced −925,487 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $27.1m | 2,008,264 |  | Added +921,615 |
| [Bracebridge Capital, LLC](/funds/1426486.md) | 2026-06-30 | $19.0m | 1,404,913 |  | New +1,404,913 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $15.8m | 1,169,316 |  | Added +142,619 |
| [PRIVATE MANAGEMENT GROUP INC](/funds/1142031.md) | 2026-06-30 | $15.5m | 1,145,760 |  | Reduced −9,645 |
| [CIBC WORLD MARKET INC.](/funds/1421224.md) | 2026-06-30 | $14.5m | 1,072,138 |  | Added +337,866 |
| [D. E. Shaw & Co., Inc.](/funds/1009207.md) | 2026-06-30 | $13.5m | 1,000,105 |  | New +1,000,105 |
| [BARCLAYS PLC](/funds/312069.md) | 2026-06-30 | $9.5m | 706,620 |  | Added +691,102 |
| [DEUTSCHE BANK AG\\](/funds/948046.md) | 2026-06-30 | $8.3m | 613,841 |  | Added +354,530 |

## Recent filings

[All 1,479 filings](/companies/fwrd/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-05 | 16:07 ET | [10-Q](/filings/0001628280-26-053329.md) | Quarterly report, period 2026-06-30 | 0001628280-26-053329 |
| 2026-08-05 | 16:00 ET | [8-K](/filings/0001628280-26-053272.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-053272 |
| 2026-07-21 | 08:56 ET | [8-K](/filings/0001628280-26-048928.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001628280-26-048928 |
| 2026-07-10 | 16:40 ET | [8-K](/filings/0001628280-26-047900.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001628280-26-047900 |
| 2026-06-17 | 16:01 ET | [8-K](/filings/0001628280-26-043864.md) | 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001628280-26-043864 |
| 2026-05-11 | 16:15 ET | [10-Q](/filings/0001628280-26-033501.md) | Quarterly report, period 2026-03-31 | 0001628280-26-033501 |
| 2026-05-07 | 16:00 ET | [8-K](/filings/0001628280-26-032056.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001628280-26-032056 |
| 2026-04-29 | 16:51 ET | [8-K](/filings/0001104659-26-051629.md) | 5.02 Departure or appointment of officers or directors | 0001104659-26-051629 |
| 2026-04-29 | 16:30 ET | [DEF 14A](/filings/0001104659-26-051569.md) | Proxy statement, period 2026-06-17 | 0001104659-26-051569 |
| 2026-03-11 | 16:01 ET | [10-K](/filings/0001628280-26-016793.md) | Annual report, period 2025-12-31 | 0001628280-26-016793 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001628280-26-016793.md), filed Mar 11, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/95c2e35b-4208-4878-b0d7-e9a022461310)

## About the filer

- CIK: 912728
- Tickers: FWRD
- Exchange: Nasdaq
- SIC code: 4731 Arrangement of  Transportation of  Freight & Cargo
- State of incorporation: DE
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 28, 2026, 08:19 ET. No prices; not investment advice.