FWRD earnings analysis
What we found in FWRD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Forward Air Corporation's Q1 2026 financial results show a significant revenue decline to $582 million, missing analyst expectations by 6.1%. The adjusted loss per share widened to $1.09 from an expected loss of $0.37, despite improvements in operating income and free cash flow year-over-year.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Declined 5.1% YoY
- Total revenue fell to $582 million, down from $613 million a year prior.
- EPS Loss Wider Than Expected
- Reported EPS loss expanded to $1.09 versus an estimated loss of $0.37.
- Operating Income Improved by 329%
- Operating income rose to $20.4 million, a $15.7 million increase from Q1 2025.
- Free Cash Flow Grew
- FFor Q1 2026, free cash flow was $45.7 million, increasing from $27.6 million in Q1 2025.
- Cost Reductions in Operating Expenses
- Operating expenses fell by 7.7% to $561.6 million, primarily driven by lower transportation costs.
- Segment Performance: Expedited Freight Up
- Expedited Freight revenue rose by 9.4% to $272.7 million, while Omni Logistics dropped by 6.5%.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Loss of Major Customer
- Discussions with the company’s largest customer could impact 12% of revenue if significant business is transitioned.
- Omni Logistics Segment Decline
- Omni Logistics revenue decreased by 6.5% to $302.4 million, reflecting reduced ground services demand.
- Intermodal Revenue Down 15%
- Intermodal segment saw a sharp 15% revenue decline to $53.1 million, heavily impacted by international trade restrictions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.09
- Segment
- Expedited Freight
- Segment
- Omni Logistics
- Segment
- Intermodal
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · March 11, 2026
- Forward Air completed the Omni acquisition (closed Jan 25, 2024) and is now executing a strategic review announced in January 2025 while operating an asset-light, premium-expedited logistics platform. Revenue was…
- 10-Q · November 5, 2025
- Forward Air reported Q3 operating revenue of $631,763,000 (down 3.7% YoY from $655,937,000, up ~2.1% QoQ from Q2 2025) and a GAAP loss per share of $(0.52). Operating income declined to $15,007,000 (2.4% operating…
- 10-K · March 15, 2024
- Forward Air Corporation's 10-K highlights a strategic pivot following the divestiture of its Final Mile business for $262 million, aiming to strengthen its position in asset-light freight and logistics with the…
- 10-Q · May 10, 2023
- Forward Air reported Q1 revenue of $427,066,000 (down $39,895,000 or 8.6% vs $466,961,000 a year ago) and GAAP diluted EPS of $1.37 (down $0.20 or 12.7% vs $1.57). Income from operations fell to $50,509,000 (from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing FWRD makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever