Forward Air (NASDAQ:FWRD) Releases Earnings Results

Forward Air (NASDAQ:FWRD) issued its earnings results on Thursday. The transportation company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.74), Zacks reports. The company had revenue of $582.05 million for the quarter, compared to analyst estimates of $620.23 million. Forward Air had a negative net margin of 3.71% and a negative return on equity of 37.50%. The company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the business earned ($1.68) EPS.

Here are the key takeaways from Forward Air’s conference call:

• The company is in discussions with one large customer whose 2025 spend was about $250 million; management expects a significant portion may transition to other providers starting in early 2027, though they say this is a supplier-diversification decision (not service-related) and see no material 2026 impact so far.
• As part of its strategic review, Forward Air is pivoting to sell non-core assets — the Intermodal segment plus two smaller legacy Omni businesses (about $394 million of 2025 revenue) — to delever the balance sheet and sharpen focus on core service-sensitive logistics.
• First-quarter improvement included operating income of $20 million (vs. $5 million a year ago), consolidated EBITDA of $70 million (adjusted EBITDA also $70M), LTM consolidated EBITDA of $304M, and strong liquidity of $402 million (including $141M cash).
• The Intermodal segment remains challenged from reduced port activity and international trade softness, with Q1 Intermodal EBITDA down to $5 million (10.1% margin) from $10M (16.4%) a year ago.
• Management sees early signs of freight-market recovery — tightening capacity, higher spot rates and rising tender rejections, and improving PMIs — but warns geopolitical tensions and fuel-price risks could dampen demand and is prioritizing pricing for profitability over volume.

Forward Air Stock Down 43.0%

Shares of Forward Air stock traded down $7.46 during midday trading on Friday, reaching $9.87. 9,868,307 shares of the company’s stock traded hands, compared to its average volume of 884,265. The company has a market cap of $320.28 million, a price-to-earnings ratio of -3.37 and a beta of 1.59. The company’s 50 day simple moving average is $19.70 and its 200 day simple moving average is $22.95. The company has a debt-to-equity ratio of 10.58, a quick ratio of 1.22 and a current ratio of 1.22. Forward Air has a 52 week low of $9.50 and a 52 week high of $32.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FWRD shares. Susquehanna decreased their target price on shares of Forward Air from $42.00 to $18.00 and set a “positive” rating for the company in a research note on Friday. Zacks Research downgraded shares of Forward Air from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Forward Air in a report on Tuesday, April 21st. Finally, Stifel Nicolaus set a $17.00 price target on shares of Forward Air in a report on Friday. Three research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Forward Air currently has an average rating of “Hold” and a consensus price target of $17.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ancora Advisors LLC raised its holdings in shares of Forward Air by 8.5% during the 3rd quarter. Ancora Advisors LLC now owns 1,475,055 shares of the transportation company’s stock valued at $37,820,000 after purchasing an additional 116,012 shares in the last quarter. State Street Corp raised its holdings in shares of Forward Air by 2.1% during the 4th quarter. State Street Corp now owns 949,784 shares of the transportation company’s stock valued at $23,745,000 after purchasing an additional 19,854 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Forward Air by 24.7% during the 2nd quarter. Bank of America Corp DE now owns 611,316 shares of the transportation company’s stock valued at $15,002,000 after purchasing an additional 121,190 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Forward Air by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 531,614 shares of the transportation company’s stock valued at $13,293,000 after purchasing an additional 11,849 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Forward Air by 1,179.7% in the 1st quarter. Royal Bank of Canada now owns 321,092 shares of the transportation company’s stock worth $6,451,000 after acquiring an additional 296,001 shares during the period. Institutional investors own 97.03% of the company’s stock.

Forward Air News Summary

Here are the key news stories impacting Forward Air this week:

• Positive Sentiment: Susquehanna kept a positive view on Forward Air (FWRD), even while cutting its price target from $42 to $18, which suggests some analysts still see recovery potential from current levels.
• Neutral Sentiment: Investors are reviewing the company’s Q1 2026 earnings transcript and conference call materials for more detail on management’s outlook and any turnaround plans. Forward Air (FWRD) Q1 2026 Earnings Transcript
• Neutral Sentiment: A shareholder investigation by Johnson Fistel into possible securities-law claims may add legal overhang, but its immediate stock impact is still uncertain. Forward Air Corporation Shareholders Are Encouraged to Reach Out to Johnson Fistel for More Information About Potentially Recovering Their Losses
• Negative Sentiment: Forward Air (FWRD) posted a much larger-than-expected Q1 loss and missed revenue estimates, reinforcing concerns that profitability remains under pressure. Forward Air (FWRD) Reports Q1 Loss, Misses Revenue Estimates
• Negative Sentiment: The biggest driver for the selloff appears to be management’s disclosure of a potential major customer loss, which raised fears about future revenue and margins. Forward Air flags customer loss, stock plummets

Forward Air Company Profile

Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals.

Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico.