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FWRD Forward Air Corporation

NasdaqResearch view

Forward Air Corporation operates in the Arrangement Of Transportation Of Freight & Cargo industry.

$15.04−5.05%

Oct 16 close · 1D EOD · Databento

IndustrialsArrangement Of Transportation Of Freight & CargoSmall-capSEC EDGAR FY 2025-12-31

On the WireNo stories on FWRD yet. Follow the company and the next one lands in Following.

What happened

Daily closes · dots are Wire stories

What’s next

Expected around early November, going by its own filing history. The company has not announced a date yet. Its matching report came Nov 5, 2025, after the close.

Last report

Aug 5, 2026+15.51%

after the close

Last 4, next close

median 16.83% either way

up 3 of 4

Every report since 2023 →Earnings calendar →

DateEventSourceNext close

Aug 5Earnings release, after the close · 8-KSEC EDGARSEC EDGAR ↗+15.51%

Next close = the first close after the event against the close before it. Prior-session closes only; not a call, not advice.

What happened · big days

23 big days in a year, and what we hold on each

A big day is a close more than 6.91% from the one before, three times FWRD’s median day (2.30%). On 1 of the 23, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±6.91%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayFWRDWhat we hold that dayGroup (median of 4) · each

1 Oct 22, 2025−7.13%
Before our storiesgroup −1.5%, did not move with it
1Oct 22, 2025−7.13%
Before our stories
−1.5% did not move with itNCEW −4.3 · EXPD −2.0 · BCO −1.0 · CHRW −0.9
2 Nov 6, 2025+18.15%
Resultsgroup −2.3%, did not move with it
2Nov 6, 2025+18.15%
ResultsFirst close after the Nov 5 results filing
−2.3% did not move with itBCO −1.4 · NCEW −2.2 · EXPD −2.5 · CHRW −3.2
3 Feb 12, 2026−8.75%
Before our storiesgroup −13.2%, moved with FWRD
3Feb 12, 2026−8.75%
Before our stories
−13.2% moved with FWRDCHRW −14.5 · EXPD −13.2 · BCO −1.3
4 Feb 23, 2026−9.13%
Before our storiesgroup −3.3%, did not move with it
4Feb 23, 2026−9.13%
Before our stories
−3.3% did not move with itCHRW −6.8 · EXPD −4.3 · BCO −2.3 · NCEW +1.1
5 Mar 6, 2026−8.12%
Before our storiesgroup −1.4%, did not move with it
5Mar 6, 2026−8.12%
Before our stories
−1.4% did not move with itBCO −4.3 · CHRW −2.8 · NCEW 0.0 · EXPD +0.1
6 Mar 11, 2026−16.56%
Before our storiesgroup −0.2%, did not move with it
6Mar 11, 2026−16.56%
Before our stories
−0.2% did not move with itBCO −1.1 · EXPD −0.4 · CHRW −0.1 · NCEW +3.4
7 Mar 12, 2026−9.92%
Before our storiesgroup −2.2%, did not move with it
7Mar 12, 2026−9.92%
Before our stories
−2.2% did not move with itCHRW −2.2 · BCO −2.2 · EXPD +1.0
8 Apr 16, 2026+8.75%
Before our storiesgroup +2.7%, did not move with it
8Apr 16, 2026+8.75%
Before our stories
+2.7% did not move with itCHRW +8.1 · NCEW +2.7 · BCO +2.7 · EXPD +2.1
9 May 4, 2026−23.96%
Before our storiesgroup −4.0%, did not move with it
9May 4, 2026−23.96%
Before our stories
−4.0% did not move with itCHRW −9.1 · EXPD −5.1 · BCO −2.9 · NCEW +1.3
10 May 6, 2026+7.81%
Before our storiesgroup +0.9%, did not move with it
10May 6, 2026+7.81%
Before our stories
+0.9% did not move with itBCO +4.5 · CHRW +0.9 · EXPD −1.2
11 May 8, 2026−43.05%
Resultsgroup +0.8%, did not move with it
11May 8, 2026−43.05%
ResultsFirst close after the May 7 results filing
+0.8% did not move with itBCO −0.5 · CHRW +0.0 · NCEW +1.6 · EXPD +3.2
12 May 12, 2026−12.19%
Before our storiesgroup −1.0%, did not move with it
12May 12, 2026−12.19%
Before our stories
−1.0% did not move with itCHRW −1.6 · NCEW −1.3 · EXPD −0.7 · BCO +0.5
13 May 14, 2026+7.55%
Before our storiesgroup +0.4%, did not move with it
13May 14, 2026+7.55%
Before our stories
+0.4% did not move with itNCEW +5.0 · BCO +2.2 · EXPD −1.4 · CHRW −2.1
14 May 26, 2026+9.43%
Before our storiesgroup +1.8%, did not move with it
14May 26, 2026+9.43%
Before our stories
+1.8% did not move with itBCO +2.2 · CHRW +2.1 · EXPD +1.4 · NCEW −2.7
15 May 27, 2026+7.79%
Before our storiesgroup −0.8%, did not move with it
15May 27, 2026+7.79%
Before our stories
−0.8% did not move with itEXPD +0.5 · BCO −0.8 · CHRW −0.8 · NCEW −2.7
16 Jun 4, 2026+7.03%
Before our storiesgroup +1.0%, did not move with it
16Jun 4, 2026+7.03%
Before our stories
+1.0% did not move with itCHRW +2.1 · NCEW +1.1 · EXPD +0.9 · BCO +0.1
17 Jun 8, 2026+11.00%
Before our storiesgroup +1.1%, did not move with it
17Jun 8, 2026+11.00%
Before our stories
+1.1% did not move with itCHRW +2.2 · EXPD +1.9 · BCO +0.3 · NCEW −3.0
18 Jul 8, 2026−7.02%
Nothing on FWRDgroup −0.3%, did not move with it
18Jul 8, 2026−7.02%
Nothing on FWRDNo FWRD story, brief or results filing in our record that day
−0.3% did not move with itEXPD −0.8 · CHRW −0.5 · BCO −0.1 · NCEW +1.1
19 Jul 16, 2026+7.37%
Nothing on FWRDgroup +3.3%, did not move with it
19Jul 16, 2026+7.37%
Nothing on FWRDNo FWRD story, brief or results filing in our record that day
+3.3% did not move with itBCO +5.3 · CHRW +4.2 · EXPD +2.4 · NCEW −4.4
20 Jul 21, 2026+22.80%
Nothing on FWRDgroup +1.8%, did not move with it
20Jul 21, 2026+22.80%
Nothing on FWRDNo FWRD story, brief or results filing in our record that day
+1.8% did not move with itBCO +3.0 · CHRW +1.8 · EXPD +0.7
21 Aug 6, 2026+15.51%
Resultsgroup −2.5%, did not move with it
21Aug 6, 2026+15.51%
ResultsFirst close after the Aug 5 results filing
−2.5% did not move with itEXPD −1.6 · BCO −2.5 · CHRW −4.5
22 Aug 7, 2026+8.71%
Nothing on FWRDgroup −0.3%, did not move with it
22Aug 7, 2026+8.71%
Nothing on FWRDNo FWRD story, brief or results filing in our record that day
−0.3% did not move with itCHRW +1.8 · EXPD +0.1 · BCO −0.6 · NCEW −4.9
23 Sep 4, 2026+9.69%
Nothing on FWRDgroup +0.9%, did not move with it
23Sep 4, 2026+9.69%
Nothing on FWRDNo FWRD story, brief or results filing in our record that day
+0.9% did not move with itBCO +2.4 · EXPD +0.9 · CHRW +0.7

A story on the same day is not a cause, and a group move is not proof either. Group: the median of EXPD, CHRW, BCO and NCEW that day, the largest companies in FWRD’s SEC industry; “moved with FWRD” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). FWRD reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 5, 2025

day 1+18.15%day 6+20.01%

Reported Feb 23, 2026

day 1+4.55%day 6−2.49%

Reported May 7, 2026

day 1−43.05%day 6−49.45%

Reported Aug 5, 2026

day 1+15.51%day 6+31.08%

Next report: expected early NovemberEstimated from the dates of its last four results filings. Not announced. Since the Aug 5 report: −2.40%. Four reports is a small sample.

Every report since 2023 →

Each line is FWRD’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

The numbers · FY2025, filed

SEC EDGAR

Market cap$508M

Revenue$2.5B+0.80%

Net income$-104.0M

EPS, diluted$-3.51+88.50%

Operating margin1.5%

Return on equity-64.3%

Debt / equity10.51

All filed figures

Snapshot

SEC EDGAR · FY 2025-12-31

SectorIndustrials

Market Cap$508.1M

Enterprise Value$2.1B

Income$-104.0M

Sales$2.5B

Book/sh$4.79

Cash/sh$3.14

Dividend TTM$0.00

Payout0%

Employees—

IPO—

Quick Ratio1.21

Current Ratio1.22

Debt/Eq10.51

EPS (ttm)$-3.51

EPS this Y88.5%

EPS past 3/5Y—

Sales past 3/5Y14.1%

EPS Y/Y TTM88.5%

Sales Y/Y TTM0.8%

Shs Outstand33.78M

ROA-3.8%

ROE-64.3%

ROIC2.0%

Gross Margin—

Oper. Margin1.5%

Profit Margin-4.2%

Every figure here is filed with the SEC. Valuation and estimate metrics (P/E, PEG, EV/EBITDA, price targets, forward EPS) are omitted until our market-data feed is licensed for display — we’d rather show fewer numbers than blank ones. Deeper lines (cash flow, balance sheet) below.

Revenue by fiscal year

$1.4B

FY21

$1.7B

FY22

$1.4B

FY23

$2.5B

FY24

$2.5B

FY25

Operating leverage — margins

GrossOperatingNet

Financials, annual · income and cash flowSEC EDGAR · open ▸

Financials — annual

SEC EDGAR · last 5 FY · tap a row to explain it

USD	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$1.4B	$1.7B	$1.4B	$2.5B	$2.5B
Gross Profit	—	—	—	—	—
Operating Income	$147.0M	$247.6M	$88.2M	$-1.1B	$36.4M
Net Income	$106.0M	$193.0M	$167.0M	$-820.0M	$-104.0M
Diluted EPS	$3.85	$7.14	$6.40	$-30.63	$-3.51
Operating Cash Flow	$120.6M	$250.2M	$199.2M	$-69.0M	$44.4M
Free Cash Flow	$82.2M	$210.9M	$168.5M	$-106.1M	$15.3M

Same industry

FWRD against four same-industry peers, a year at 100

FWRD is down 25.3% in a year. New Century Logistics (BVI) is up 31.1 times, Expeditors International of Washington is up 63.4%, C. H. Robinson Worldwide 9.5% and Brinks is down 6.1%. All four did more. Weekly closes, Oct 17, 2025 = 100, on a log scale so a 31-fold rise and a 25.3% fall both read honestly.

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FWRD −25.3%. New Century Logistics (BVI) ×31.1, Expeditors International of Washington +63.4%, C. H. Robinson Worldwide +9.5%, Brinks −6.1%. Weekly closes, Oct 17, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in FWRD’s SEC industry (Arrangement Of Transportation Of Freight & Cargo) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

Same industry

In the screener →

EXPD$25.5B CHRW$16.3B BCO$4.3B NCEW$423M RLGT$421M PSIG$68M QNME$18M VNTG$18M

Build basket with FWRD Screener

Fundamentals sourced from SEC EDGAR filings (public domain). For informational purposes only. Not investment advice.