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…
Earnings analysis · 10-Q
FWRD earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.09
- Segment
- Expedited Freight
- Segment
- Omni Logistics
- Segment
- Intermodal
What stood out
-
Revenue Declined 5.1% YoY
Total revenue fell to $582 million, down from $613 million a year prior.
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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.
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Cost Reductions in Operating Expenses
Operating expenses fell by 7.7% to $561.6 million, primarily driven by lower transportation costs.
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Segment Performance: Expedited Freight Up
Expedited Freight revenue rose by 9.4% to $272.7 million, while Omni Logistics dropped by 6.5%.
What to watch
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Loss of Major Customer
Discussions with the company’s largest customer could impact 12% of revenue if significant business is transitioned.
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Omni Logistics Segment Decline
Omni Logistics revenue decreased by 6.5% to $302.4 million, reflecting reduced ground services demand.
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Intermodal Revenue Down 15%
Intermodal segment saw a sharp 15% revenue decline to $53.1 million, heavily impacted by international trade restrictions.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.