The customer transition disclosure is the dominant event — ~42% of FY2025 revenue at risk from one customer, with transition starting early 2027. The failed strategic sale process and pivot to asset sales signal limited buyer interest at current valuation. Monitor for further customer loss details and Intermodal segment sale progress. The Q1 miss vs consensus (-113.5%) adds near-term pressure.
Price Chart
Executive Summary
Forward Air reported Q1 2026 revenue of $582M (-5.1% YoY) and a net loss of $-0.79 per share, missing the $-0.37 consensus by 113.5%. While operating income improved to $20M from $5M a year ago, the headline revenue decline and the disclosure that a customer representing ~$250M of FY2025 revenue is transitioning business to other providers starting in early 2027 overshadow the quarter. The Board's strategic alternatives review yielded no actionable sale proposals, pivoting to a sale of non-core assets (Intermodal and two legacy Omni businesses).
Key Financial Metrics
Key Facts
- Q1 2026 revenue $582M, down 5.1% YoY from $613M
- GAAP net loss per diluted share $-1.09 vs $-1.68 a year ago; Street EPS $-0.79 vs consensus $-0.37 (113.5% miss)
- A customer representing ~$250M of FY2025 revenue is transitioning business to other providers, expected to start early 2027
- Strategic alternatives review yielded no actionable sale proposals; Board pivoting to sale of non-core assets (Intermodal + two legacy Omni businesses)
- Consolidated EBITDA $70.4M, down 4.0% YoY from $73.3M
- Liquidity improved to $402M ($141M cash + $261M revolver availability)
- Operating cash flow improved to $45.7M from $27.6M YoY
- Net leverage 5.4x, unchanged from prior quarter
Financial Impact
Revenue decline of $31M YoY; ~$250M annual revenue at risk from customer transition starting 2027; net loss of $40M for the quarter
Risk Factors
- Customer loss: one customer representing ~$250M (42% of FY2025 revenue) transitioning business starting 2027
- Failed strategic alternatives process — no actionable sale proposals received for the whole company
- Intermodal segment continued deterioration: revenue -15% YoY, EBITDA -47.6% YoY
- High net leverage at 5.4x limits financial flexibility
- Multi-year freight recession pressuring all segments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-032056 |
| Document: fwrd1q26earningspresenta.htm | 0001628280-26-032056 |
| Document: fwrd-20260507.htm | 0001628280-26-032056 |
| Document: 0001628280-26-032056-index-headers.html | 0001628280-26-032056 |
| Document: 0001628280-26-032056-index.html | 0001628280-26-032056 |
| Document: 0001628280-26-032056.txt | 0001628280-26-032056 |
| 8-K Data (Synthetic) | 0001628280-26-032056 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 11w ago | 8-K | $17.80 $16.31 | ▼ −8.37% | ▼ −8.97% | $15.22 (−14.52%) |
Jul 21, 2026 14w ago | 8-K | $16.21 $19.18 | ▲ +18.32% | ▲ +15.76% | $15.22 (−6.14%) |
Jun 12, 2026 19w ago | Institutional Cluster | $13.33 $13.38 | ▼ −0.38% | ▲ +1.40% | $15.22 (−14.14%) |
May 7, 2026 24w ago | 8-K | $9.87 $10.36 | ▼ −4.96% | ▼ −4.94% | $15.22 (−54.15%) |
Apr 29, 2026 25w ago | 8-K | $21.06 $10.58 | ▼ −49.76% | ▼ −54.99% | $15.22 (−27.75%) |
US Market Status
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