---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-002800"
form_type: "8-K"
ticker: "FWRD"
cik: "0000912728"
company_name: "FORWARD AIR CORP"
filed_at: "2023-02-08T23:59:59+00:00"
generated_at: "2026-06-19T22:15:25.184558+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Forward Air misses Q4 guidance; revenue record but EPS below range; Q1 outlook weak

## Summary
- Q4 revenue $481.2M (+4.6% YoY); net income $42.9M, diluted EPS $1.60 vs guidance $1.98-$2.02.
- Adjusted diluted EPS $1.65 also missed guidance; weight per shipment fell >12% from inventory destocking.
- Full year 2022: revenue +18.7%, operating margin +390 bps, net income per diluted share +69.2% (record).
- Q1 2023 guidance: revenue flat to down 4% YoY; EPS $1.30-$1.34 vs $1.57 in prior year.
- Board declares $0.24 quarterly dividend, payable March 17 to record holders March 2.

## SEC filing metadata
- accession: 0001628280-23-002800
- form_type: 8-K
- ticker: FWRD
- cik: 0000912728
- company_name: FORWARD AIR CORP
- filed_at: 2023-02-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/912728/000162828023002800/0001628280-23-002800-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/912728/000162828023002800/fwrd-20230208.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-002800
- JSON: https://secwatch.observer/filing/0001628280-23-002800.json
- Plain text: https://secwatch.observer/filing/0001628280-23-002800.txt

## Key facts
- Earnings Releases
  FORWARD AIR CORP reported the three months ended December 31, 2022 results: revenue $ 481,200, net income $ 42,942, EPS $ 1.60. Guidance initiated.
  - Period: the three months ended December 31, 2022
  - Revenue: $ 481,200
  - Net income: $ 42,942
  - EPS: $ 1.60
  - Guidance: initiated
  - Result: reported results
  source text: Operating revenue $ 481,200 $ 459,929 $ 21,271 4.6 % Income from operations $ 61,415 $ 51,977 $ 9,438 18.2 % Operating margin 12.8 % 11.3 % 150 bps Net income $ 42,942 $ 38,197 $ 4,745 12.4 % Net income per diluted share $ 1.60 $ 1.40 $ 0.20 14.3 %
  evidence_url: https://www.sec.gov/Archives/edgar/data/912728/000162828023002800/0001628280-23-002800-index.htm
- Earnings Releases
  FORWARD AIR CORP updated its the twelve months ended December 31, 2022 guidance (initiated).
  - Period: the twelve months ended December 31, 2022
  - Guidance: initiated
  - Result: reported results
  source text: Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and twelve months ended December 31, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/912728/000162828023002800/0001628280-23-002800-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.