{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-26-032056","form_type":"8-K","ticker":"FWRD","cik":"0000912728","company_name":"FORWARD AIR CORP","filed_at":"2026-05-07T23:59:59+00:00","discovered_at":"2026-05-14T18:02:33.923922+00:00","generated_at":"2026-05-14T22:24:08.507978+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Forward Air Q1 op income rises to $20M; net loss $40M; customer transition risk ~$250M rev","bullets":["Q1 revenue $582M (-5.1% YoY); income from operations $20.4M vs $4.8M YoY; net loss $40.2M ($1.09 loss per share) improved from $61.2M loss.","Expedited Freight EBITDA $28M (10.4% margin); Omni $25M (8.3%); Intermodal $5M (10.1%) down from $10M YoY.","Liquidity $402M ($141M cash + $261M availability); cash from ops $46M vs $28M YoY.","One customer (~$250M 2025 revenue) may transition business starting early 2027; no termination notice yet.","Board ended strategic sale review with no proposals; now pursuing sale of Intermodal segment and two smaller Omni businesses."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-26-032056","json":"https://secwatch.observer/filing/0001628280-26-032056.json","markdown":"https://secwatch.observer/filing/0001628280-26-032056.md","text":"https://secwatch.observer/filing/0001628280-26-032056.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/912728/000162828026032056/0001628280-26-032056-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/912728/000162828026032056/fwrd-20260507.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-14T22:24:08.507978+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0337bed8b92033a2b41df193a56ad3d6514e6548","claim":"FORWARD AIR CORP reported the three months ended March 31, 2026 results: revenue $582,046, net income $(40,198), EPS $(1.09).","evidence_excerpt":"release of our first quarter 2026 results.” 2 Three Months Ended (in thousands, except per share data) March 31, 2026 March 31, 2025 Change Percent Change Operating revenues $ 582,046 $ 613,281 $ (31,235) (5.1) % Income from operations $ 20,441 $ 4,763 $ 15,678 329.2 % Operating margin 3.5 % 0.8 % 270 bps Net loss $ (40,198) $ (61,191) $ 20,993 34.3 % Net loss","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/912728/000162828026032056/0001628280-26-032056-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the three months ended March 31, 2026"},{"label":"Revenue","value":"$582,046"},{"label":"Net income","value":"$(40,198)"},{"label":"EPS","value":"$(1.09)"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}