FWRD · Forward Air Corp
$15.46
+0.15 (+0.98%)
At close · Oct 21
Return incl. dividend (before tax)
Market Cap
$517.19M
Shares
33.78M
Volume · Oct 21
39.13K
Avg daily vol (3M)
574.06K
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$15.31
Open$15.35
Day$15.04–15.89
52W close$8.31–30.23
Avg vol 30d452K
Short int2.1M · 6.3% float · 3.7d
Short vol38%
Last earningsNov 9, 2026
DataJan 2020–Oct 2026
Filing10-Q · Aug 5
Up next
Next earnings call
Nov 9, 2026
Scheduled
· in 3 wks
filed Aug 5, 2026
call held Aug 5, 2026
Metrics snapshot
Useful current figures from the complete screener profile.
Revenue (TTM)
$2.52B
Trailing 12 months
Net income (TTM)
−$275.64M
Trailing 12 months
Revenue growth YoY
+8.8%
Year over year
Operating margin
-6.7%
Trailing 12 months
P / E (TTM)
—
Trailing earnings
FCF yield
9.3%
TTM · current market cap
Return on invested capital
—
Trailing 12 months
Net cash
−$1.55B
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
+6.7%
Year over year · more shares
Price change (1Y)
-20.2%
Trailing year
Short interest
6.3%
Latest settlement · 3.7 days to cover
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Aug 5, 2026
Q2 FY26
TL;DR. Forward Air reported record quarterly operating revenue of $673M and Consolidated EBITDA of $93M (vs. $79M YoY), led by its best Expedited Freight results in 2.5 years, but took a $244M non-cash goodwill impairment in Omni Logistics that drove a $201M operating loss and $246M net loss, while signing an MOU to retain at least half (potentially up to 75%) of a ~$250M large customer's revenue with a contract extension.
Bullish
- + Record quarterly operating revenue of $673M, up 8.8% YoY from $619M
- + Consolidated EBITDA improved to $93M from $79M YoY, with margin up ~100 bps
- + Expedited Freight posted best operating revenue, operating income, Reported EBITDA and margin in 2.5 years, with EBITDA up 45.3% to $43M and margin expanding 200 bps to 13.6%
- + MOU to retain at least half of a ~$250M customer's 2025 revenue (up to ~75%) with a contract extension of no less than two years
- + Liquidity remained robust at $401M (vs. $368M YoY), with $33M YoY improvement and no long-term debt maturities until December 2030
- + Intermodal segment posted best Reported EBITDA in five quarters and best margin in six quarters at 16.7%, with the intermodal sale process on schedule to close by year-end
Bearish
- − $244M non-cash goodwill impairment charge in Omni Logistics drove a $201M operating loss and $246M quarterly net loss
- − Customer expected to transition services to other providers, with majority taking place in December 2026 and throughout 2027, putting up to ~50% of $250M of 2025 revenue at risk
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Sell
SellHoldBuy
Technical
Sell
Momentum
Very Weak
Sentiment
Neutral
Fundamentals
Strong
Quant / Vol
Very High
Market backdrop
VIX 17.3 · elevated
Equity put/call 0.56
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
−15%
below
Price vs 50-day avg
−7%
below
RSI (14)
47
neutral
MACD trend
Positive
52-week position
32%
mid-range
Momentum
relative strength
1-month return
+1%
trailing
6-month return
−29%
trailing
YTD return
−39%
this year
Relative strength
−37%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $16 › 200d $18 — 200d above 50d
Institutional flow
Distributing
16 of 188 funds reported for Sep 30 · net -316 sh shares · +1 new
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
6.27% of float · ▼ -2.1% MoM · 3.7 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
188 holders — mid 1-yr range
Squeeze score
67
elevated · 0–100
Fundamentals
Revenue growth
+4%
Y/Y
EPS growth
+89%
Y/Y
Free cash flow
$129.9M
Balance sheet
$1.6B
net debt
Quant / Vol
risk profile
Volatility
85%
annualized · 1-yr
Max drawdown
−73%
past year
ATR
5.2%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guided vs delivered
· last 8 settled
Net income per diluted share
full year 2023
guided $6.20 – $6.60
$6.40
In line
Net income per diluted share
second quarter 2023
guided $1.28 – $1.32
$0.76
Miss −41.5%
Net income per diluted share
first quarter 2023
guided $1.30 – $1.34
$1.37
Beat +3.8%
Net income per diluted share
fourth quarter 2022
guided $1.98 – $2.02
$1.60
Miss −20.0%
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Sell
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
−15%
Bearish
Price vs 50-day avg
−7%
Bearish
RSI (14)
47
Neutral
MACD trend
Positive
Bullish
52-week position
32%
Neutral
Market signals — smart money & positioning
Mixed
Trend (MA cross)
No cross
50d $16 › 200d $18 — 200d above 50d
Institutional flow
Distributing
16 of 188 funds reported for Sep 30 · net -316 sh shares · +1 new
Insider flow
Flat
No net insider activity over 90 days
Short interest
Falling
6.27% of float · ▼ -2.1% MoM · 3.7 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
188 holders — mid 1-yr range
Price context
position in its 52-week range
Range low $8
Now $15 · 32%
Range high $30
vs 200-day avg -15%
vs 50-day avg -7%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $92M | 2Q 2026 | — |
| Adjusted operating income non-GAAP | $63.14M | Six Months Ended June 30, 2026 | — |
| Business days | 64 | Three Months Ended June 30, 2026 | — |
| Consolidated EBITDA non-GAAP | $163.78M | Six Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net loss -$346.3M
+$177.18M Interest expense, net
-$6.69M Income tax (benefit) expense
+$155.26M Depreciation and amortization
+$244.01M Impairment of goodwill
+$2.08M Loss from discontinued operations, net of tax
+$19.1M Transaction and integration costs
+$4.99M Severance costs
+$6.88M Change in Tax Receivable Agreement liability
+$20.84M Optimization project costs
-$2.87M Gain on disposition of business, net
+$5.41M Proforma savings
+$612K Proforma dispositions
+$38.08M Other
= Consolidated EBITDA $318.56M
|
|||
| Consolidated LTM EBITDA non-GAAP | $319M | LTM 2Q26 | — |
| Drayage revenue per shipment | $942 | Three Months Ended June 30, 2026 | — |
| Drayage shipments | 61,909 | Three Months Ended June 30, 2026 | — |
| Free cash flow non-GAAP | $33.25M | Six Months Ended June 30, 2026 | — |
| Liquidity | 401M | second quarter | — |
| Pounds per day | 10.39M | Three Months Ended June 30, 2026 | — |
| Reported EBITDA non-GAAP | -$120.42M | Six Months Ended June 30, 2026 | — |
| Reported EBITDA Margin non-GAAP | 16.7% | 2Q 2026 | — |
| Reported EBITDA Margin % excluding impairment and other non-operating adjustments non-GAAP | 8.9% | LTM 2Q26 | — |
| Revenue per hundredweight | $33.98 | Three Months Ended June 30, 2026 | — |
| Revenue per hundredweight, ex fuel | $24.26 | Three Months Ended June 30, 2026 | — |
| Revenue per shipment | $301.75 | Three Months Ended June 30, 2026 | — |
| Revenue per shipment, ex fuel | $215.41 | Three Months Ended June 30, 2026 | — |
| Shipments per day | 11.7K | Three Months Ended June 30, 2026 | — |
| Total shipments | 749K | Three Months Ended June 30, 2026 | — |
| Unlevered Free Cash Flow non-GAAP | $46M | 2Q 2026 | — |
| Weight per shipment | 888 | Three Months Ended June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Integrated Freight & Logistics — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
FWRD
this stock
Forward Air Corp
|
$517.19M | -38.8% | +4.5% | — | 6.3% |
|
UPS
United Parcel Service Inc
|
$83.91B | -0.7% | +8.2% | — | 3.3% |
|
FDX
Fedex Corp
|
$70.68B | — | +8.5% | 16.0 | 2.3% |
|
EXPD
Expeditors International Of Washington Inc
|
$25.79B | +33.2% | +13.5% | 28.8 | 3.4% |
|
JBHT
Hunt J B Transport Services Inc
|
$21.26B | +16.5% | +9.7% | 32.2 | 3.4% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| FWRD | -1.7% | +1.1% | -28.8% | +0.4% | -38.8% |
| SPY | -1.2% | -0.6% | +8.1% | +0.8% | +12.8% |
| vs SPY | -0.6% | +1.7% | -36.9% | -0.5% | -51.5% |
Capital returns
Buyback program
· as of Dec 31, 2025
Authorized
shares 5.00M
Spent (derived)
shares 3.65M
Remaining
shares 1.35M
Spent
Remaining
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
Key facts
CIK
912728
CUSIP
34986A104
13F (30d)
15 filings
15 filers
Visit website
Investor relations