Forward Air
Moves high-value freight through expedited ground, forwarding, contract logistics, and drayage networks.
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Profile
Provides asset-light ground transportation, air and ocean forwarding, contract logistics, and intermodal drayage. The business spans the Americas, Europe, and Asia, with Omni Logistics now reshaping a legacy expedited LTL network built around time-definite ground service.
Operates an asset-light freight and logistics portfolio built from Expedited Freight, Omni Logistics, and Intermodal. Expedited Freight moves time-definite LTL and truckload freight by ground, while Omni adds air and ocean forwarding, contract logistics, customs brokerage, warehousing, distribution, and specialized handling.
The network reaches North and South America, Europe, and Asia. Execution depends on reliable pickup, delivery, consolidation, facility location, capacity, and service quality in a fragmented freight market where customers can compare price and transit speed across many providers.
Current structure is being reset after the Omni acquisition, the Final Mile exit, and a strategic review that produced no actionable sale proposals. The board has targeted non-core asset sales, including Intermodal, while a large customer transition is expected to reshape comparisons.
Company facts
Categories
Key statistics
Year to date −32.3% · Average volume (30d) 655.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Susquehanna | Reiterate | Positive | $18 | $29 | |
| Jul 21, 2026 | Stifel Nicolaus | Target | $17 | $19 | ||
| May 8, 2026 | Susquehanna | Reiterate | Positive | $42 | $18 | |
| May 8, 2026 | Stifel Nicolaus | Target | $32 | $17 | ||
| Feb 24, 2026 | Susquehanna | Target | $45 | $42 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.15 | −$5.90 | −3,748.3% | $634.4M | $673.0M | +6.1% | +15.51% |
| May 7, 2026Q1 FY26 | −$0.35 | −$1.09 | −211.4% | $620.2M | $582.0M | −6.2% | −43.05% |
| Feb 23, 2026Q4 FY25 | −$0.27 | −$0.28 | −5.7% | $629.6M | $631.2M | +0.3% | +4.55% |
| Nov 5, 2025Q3 FY25 | −$0.13 | −$0.52 | −300.0% | $629.6M | $631.8M | +0.3% | +18.15% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $613.3M | $618.8M | $631.8M | $631.2M | $582.0M | $673.0M | |
| Gross profit | $75.3M | $115.3M | $15.0M | $95.9M | $20.4M | $136.5M | |
| Operating income | $4.8M | $19.5M | $15.0M | −$2.9M | $20.4M | −$201.3M | |
| Net income | −$50.6M | −$12.6M | −$16.3M | −$28.3M | −$34.3M | −$207.3M | |
| Diluted EPS | −$1.68 | −$0.41 | −$0.52 | −$0.91 | −$1.11 | −$6.38 | |
| Gross margin | 12.3% | 18.6% | 2.4% | 15.2% | 3.5% | 20.3% | |
| Operating margin | 0.8% | 3.2% | 2.4% | -0.5% | 3.5% | -29.9% |
Fiscal years (4-quarter sums)FY21 $1.66B · FY22 $1.97B · FY23 $1.16B · FY24 $2.47B · FY25 $2.50B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $139.4M · Total debt $2.11B · Total assets $2.41B · Shareholders' equity −$115.4M
Dividends
Raised for 18 straight years — most recently to $0.24 from $0.21 in Mar 2022.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Nov 21, 2023 | Nov 22 | Dec 7 | $0.24 | |
| Aug 16, 2023 | Aug 17 | Sep 7 | $0.24 | |
| May 24, 2023 | May 25 | Jun 13 | $0.24 | |
| Mar 1, 2023 | Mar 2 | Mar 17 | $0.24 | |
| Nov 22, 2022 | Nov 23 | Dec 8 | $0.24 | |
| Aug 17, 2022 | Aug 18 | Sep 8 | $0.24 | |
| May 25, 2022 | May 26 | Jun 14 | $0.24 | |
| Mar 2, 2022 | Mar 3 | Mar 18 | $0.24 | raised from $0.21 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 31.63M · Float 26.47M · 83.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Clearlake Capital Group, L.P. | 3.83M | 12.09% | 13F | Aug 14, 2026 |
| Cetus Capital VI, L.P. · 10 percent owner | 3.12M | 9.85% | Form 4 | Feb 17, 2026 |
| BlackRock, Inc. | 2.77M | 8.77% | 13F | Aug 7, 2026 |
| Barclays PLC | 2.48M | 7.84% | 13G | Aug 13, 2026 |
| FMR LLC | 2.01M | 6.35% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Oct 14, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −30,000 | $21.42 |
| Nov 12, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −10,000 | $22.38 |
| Nov 11, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −67,163 | $21.71 |
| Nov 10, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −120,000 | $21.83 |
| Nov 6, 2025 | Cetus Capital VI, L.P. | 10 percent owner | −75,000 | $21.85 |
Peers
- Expeditors
Global forwarding and customs broker overlapping Omni.
- FedEx Freight
Largest public LTL carrier and direct expedited-freight peer.
- C.H. Robinson Worldwide
3PL, brokerage, and forwarding overlap across modes.
- Old Dominion Freight Line
Premium LTL carrier with service-quality overlap.
- XPO
Asset-based North American LTL competitor.
- Hub Group
Intermodal, brokerage, and logistics-services overlap.
- J.B. Hunt
Large-scale intermodal and brokerage benchmark.
- Saia
National LTL carrier with expedited-service overlap.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Forward Air | $16.99 | −0.12% | $537.3M | — | 107.0 | 0.2 | +8.8% |
| Expeditors | $190.97 | −0.03% | $24.98B | 27.8 | 24.8 | 2.1 | +32.1% |
| FedEx Freight | $133.60 | +0.07% | $19.95B | 34.5 | 27.5 | 2.3 | — |
| C.H. Robinson Worldwide | $150.39 | −0.03% | $17.73B | 28.7 | 21.9 | 1.0 | +19.3% |
| Old Dominion Freight Line | $199.00 | +0.19% | $41.31B | 38.3 | 31.8 | 7.4 | +10.4% |
| XPO | $188.56 | +0.01% | $22.08B | 55.6 | 32.1 | 2.6 | +13.2% |
| Hub Group | $39.61 | −0.01% | $2.40B | 29.5 | 37.0 | 0.9 | −1.0% |
| J.B. Hunt | $261.03 | −0.02% | $24.51B | 37.0 | 29.5 | 1.9 | +19.4% |
| Saia | $352.25 | −0.03% | $9.40B | 34.0 | 27.7 | 2.8 | +17.1% |
| Median | 34.2 | 28.6 | 2.2 | +17.1% |