---
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"
generated_at: "2026-05-14T22:24:08.507978+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Forward Air Q1 op income rises to $20M; net loss $40M; customer transition risk ~$250M rev

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-032056
- JSON: https://secwatch.observer/filing/0001628280-26-032056.json
- Plain text: https://secwatch.observer/filing/0001628280-26-032056.txt

## Key facts
- Earnings Releases
  FORWARD AIR CORP reported the three months ended March 31, 2026 results: revenue $582,046, net income $(40,198), EPS $(1.09).
  - Period: the three months ended March 31, 2026
  - Revenue: $582,046
  - Net income: $(40,198)
  - EPS: $(1.09)
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/912728/000162828026032056/0001628280-26-032056-index.htm

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