Stocks Industrials FWRD
NASDAQ · IndustrialsForward Air Corp (FWRD)
Forward Air Corp brought in $2.6B of revenue over the twelve months to September 30, 2026, up 2.5% from a year earlier. It posted a net loss of $258.6M. Operating cash flow minus capital spending left $15.3M of free cash flow in fiscal 2025. At September 30, 2026 it held $184.9M in cash against $1.7B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 9, 2026.
Key facts about Forward Air Corp
- Net worth
- Forward Air Corp has a market value (market cap) of $596.2M at the latest share price, and shareholders' equity of -$99.7M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $2.5B (+0.8% year on year), with a net loss of $107.8M. Over the 12 months to September 30, 2026: revenue $2.6B, net loss $258.6M.
- Cash flow
- In fiscal 2025 operations brought in $44.4M of cash; after $29.1M of capital spending, free cash flow was $15.3M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 9, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Forward Air Corp's next report is expected around February 22, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Forward Air Corp does
Forward Air Corp is registered with the SEC under industry code SIC 4731 (Arrangement of Transportation of Freight & Cargo). Its shares trade on NASDAQ under the ticker FWRD.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $2.5B | -$107.8M | -$3.51 | $15.3M |
| 2024 | $2.5B | -$817M | -$30.63 | -$106.1M |
| 2023 | $1.4B | $167.4M | $6.40 | $168.5M |
| 2022 | $1.7B | $193.2M | $7.14 | $210.9M |
| 2021 | $1.4B | $105.9M | $3.85 | $82.2M |
| 2020 | $1.3B | $23.7M | $0.84 | $75.8M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where FWRD ranks in Industrials
Dividends
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | $0.00 | $0 | n/a |
| 2024 | $0.00 | $0 | n/a |
| 2023 | $0.96 | $25M | 15% |
| 2022 | $0.96 | $25.9M | 13% |
| 2021 | $0.84 | $23M | 22% |
| 2020 | $0.75 | $20.9M | 88% |
Latest SEC filings
What Forward Air Corp has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 9, 2026Quarterly report 10-Q · period to September 30, 2026Revenue rose 6.7% to $673.9M versus the same quarter last year; diluted EPS $0.34 versus -$0.52.
- November 9, 2026
- November 6, 2026Passive stake changed SCHEDULE 13G/A
- October 28, 2026Other event 8-K
- October 27, 2026Passive stake changed SCHEDULE 13G/A
- August 13, 2026Passive stake (5% or more) SCHEDULE 13G
- August 6, 2026Passive stake (5% or more) SCHEDULE 13G
- August 5, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 8.8% to $673M versus the same quarter last year; diluted EPS -$6.38 versus -$0.41.
- August 5, 2026
- July 28, 2026Passive stake (5% or more) SCHEDULE 13G
What is FWRD worth? A DCF from its reported cash flow
Insider trades
What the people running Forward Air Corp did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider trades were reported in the last 90 days.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| June 18, 2026 | Gorjanc Christine MarieDirector | Received as pay | 9,545 | - |
| June 18, 2026 | Boyles Dale WDirector | Received as pay | 9,545 | - |
| June 18, 2026 | Svindland Paul C.Director | Received as pay | 9,545 | - |
| April 29, 2026 | Stewart ShawnChief Executive Officer, Director | Shares withheld for tax | 4,136 | $89K |
| March 16, 2026 | Stewart ShawnChief Executive Officer, Director | Received as pay | 18,692 | - |
| March 16, 2026 | Pierson Jamie G.CFO | Received as pay | 5,732 | - |
| March 15, 2026 | Hance Michael LCLO and Secretary | Shares withheld for tax | 4,868 | $78.1K |
| March 15, 2026 | Hance Michael LCLO and Secretary | Shares withheld for tax | 869 | $13.9K |
Who owns FWRD
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Clearlake Capital Group, L.P.13D, may seek influence with 2 related filers | 12.6% | July 3, 2025 |
| Fmr LLC13G, passive with 1 related filers | 6.4% | August 6, 2026 |
| Bracebridge Capital, LLC13G, passive with 3 related filers | 5.1% | July 28, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 186 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Clearlake Capital Group, L.P. | 3,825,000 | 0 |
| BlackRock, Inc. | 2,774,600 | -925,487 |
| Fmr LLC | 2,008,264 | +921,615 |
| Bracebridge Capital, LLC | 1,404,913 | new |
| Vanguard Capital Management LLC | 1,169,316 | +142,619 |
| Private Management Group Inc | 1,145,760 | -9,645 |
| Cibc World Market Inc. | 1,072,138 | +337,866 |
| D. E. Shaw & Co., Inc. | 1,000,105 | new |
| Barclays PLC | 706,620 | +691,102 |
| Deutsche Bank AG\ | 613,841 | +354,530 |
| Bnp Paribas Financial Markets | 596,864 | +116,668 |
| Geode Capital Management, LLC | 581,416 | +29,856 |
| State Street Corp | 579,828 | -473,531 |
| Qube Research & Technologies Ltd | 565,049 | new |
| Jane Street Group, LLC | 492,458 | -348 |
| Morgan Stanley | 464,489 | +46,960 |
| Charles Schwab Investment Management Inc | 425,287 | -72,402 |
| Millennium Management LLC | 422,193 | +319,099 |
| Timucuan Asset Management Inc | 398,551 | new |
| Diameter Capital Partners LP | 350,000 | new |
Insiders
13 insiders reported holding 3,598,616 shares in total, about $63.5M at the last price.
| Holder | Shares |
|---|---|
| Cetus Capital VI, L.P.10% owner | 3,116,546 |
| Stewart ShawnChief Executive Officer, Director | 144,030 |
| Pierson Jamie G.CFO | 91,884 |
| Hance Michael LCLO and Secretary | 90,486 |
| Osborne Timothy RExecutive VP of Operations | 23,831 |
| Gorjanc Christine MarieDirector | 22,940 |
| Boyles Dale WDirector | 22,940 |
| LORRAIN Jerome Jean-PierreExecutive Chairman, Director | 22,167 |
| Svindland Paul C.Director | 15,977 |
| Brandt Eric FrederickChief Commercial Officer | 15,970 |
Questions about FWRD
What does Forward Air Corp do?
Forward Air Corp is a company in the Industrials sector, listed on NASDAQ as FWRD. Its shares trade on NASDAQ under the ticker FWRD.
What is Forward Air Corp's net worth?
Forward Air Corp has a market value (market cap) of $596.2M at the latest share price, and shareholders' equity of -$99.7M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Forward Air Corp profitable?
No. Over the twelve months to September 30, 2026 it reported a net loss of $258.6M on revenue of $2.6B.
How much revenue does Forward Air Corp make?
Over the twelve months to September 30, 2026 Forward Air Corp reported revenue of $2.6B. That is 2.5% more than a year earlier.
When did Forward Air Corp last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 9, 2026. It covers the period to September 30, 2026.
When is Forward Air Corp's next earnings report?
Forward Air Corp's next report is expected around February 22, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Forward Air Corp tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.