Forward Air deal brings revenue outlook above 2025
Forward Air expects annual revenue from the retained customer services in each of 2026, 2027 and 2028 to exceed the customer's 2025 contribution.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Forward Air Corporation (FWRD) entered a definitive agreement with one of its largest customers, which agreed to continue using the company for a significant portion of services currently provided for a two-year term. The agreement also provides for an orderly transition of certain services, expected between November 2026 and March 2027; Forward Air does not expect that transition to materially affect 2026 revenue.
Revenue from retained services continued to grow throughout 2026 and is expected to continue growing in 2027. Forward Air expects annual revenue in each contract year—2026, 2027 and 2028—to exceed the customer's total revenue contribution in 2025. President and Chief Executive Officer Shawn Stewart described the customer relationship as a 20-year partnership and said the agreement should bring greater visibility and predictability to the business, profitability and cash flow. The company cautioned that it may not achieve the agreement's intended benefits on the anticipated timetable or at all, and cited renegotiation of the agreement within two years as a risk.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Agreement term: 2 years
Expected service transition: November 2026 through March 2027
Annual revenue forecast: 2026, 2027 and 2028
+2 more
5 metrics
Agreement term
2 years
Customer services agreement
Expected service transition
November 2026 through March 2027
Transition of certain services currently provided to the customer
Annual revenue forecast
2026, 2027 and 2028
Each contract year's annual revenue is expected to exceed the customer's total revenue contribution in 2025
Retained-services revenue growth
2027
Revenue from retained services is expected to continue growing
Customer relationship
20 years
Described by Shawn Stewart as a longstanding partnership
Key Terms
less-than-truckload, drayage, Leased Capacity Providers
3 terms
less-than-truckload technical
"expedited less-than-truckload services"
Less-than-truckload (LTL) is a freight shipping method where multiple customers share space on the same truck because each shipment is too small to fill a full truck. Like taking a shared taxi instead of hiring a car for just yourself, LTL can lower shipping costs and improve flexibility but adds handling steps and transit stops, so it matters to investors because it affects companies’ delivery speed, logistics costs, inventory timing and overall profit margins.
drayage technical
"high-value drayage services"
Drayage is the short-distance hauling of freight, typically moving containers between a port, rail terminal, warehouse or nearby distribution center. Think of it as the shuttle ride that links long-haul shipping to a final stop; it matters to investors because drayage costs and delays directly affect supply-chain expenses, delivery speed and inventory availability, which can change margins and revenue timing for companies that ship or sell physical goods.
Leased Capacity Providers technical
"availability and compensation of qualified Leased Capacity Providers"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did FWRD agree with its major customer?
The customer agreed to continue using Forward Air for a significant portion of services currently provided for a two-year term. The agreement also provides for an orderly transition of certain services.
When will FWRD transition certain customer services?
The transition is expected between November 2026 and March 2027. Forward Air does not expect it to materially affect 2026 revenue.
What revenue does FWRD expect from the retained customer services?
Forward Air expects annual revenue in each contract year—2026, 2027 and 2028—to exceed the customer's total revenue contribution in 2025. Revenue from retained services is expected to continue growing in 2027.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 8-K
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 28, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
| (Commission File Number) | ||
Registrant’s telephone number, including area code: (817 ) 552-5270
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On October 28, 2026, Forward Air Corporation issued a press release announcing its entry into a definitive transition agreement with one of its largest customers.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| No. | Exhibit | |||||||
| 99.1 | Press Release dated October 28, 2026 | |||||||
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FORWARD AIR CORPORATION | |||||||||||
Date: October 28, 2026 | By: | /s/ Shawn Stewart | |||||||||
| Name: | Shawn Stewart | ||||||||||
| Title: | President and Chief Executive Officer | ||||||||||
Forward Air Announces Two-Year Definitive Agreement to
Retain Significant Portion of Previously Disclosed Customer Relationship
Retain Significant Portion of Previously Disclosed Customer Relationship
2026 to 2028 Forecasted Annual Revenue from Customer Expected to
Exceed 2025 Revenue Driven by Growth in Retained Services
DALLAS – October 28, 2026 – Forward Air Corporation (NASDAQ: FWRD) (the “Company,” “Forward,” “we,” “our,” or “us”) today announced that it has entered into a definitive agreement (“the Agreement”) with one of its largest customers (the “Customer”) under which the Customer has agreed to continue utilizing the Company for a significant portion of the services currently provided for a two-year term. The Agreement also provides for the orderly transition of certain services currently provided to the Customer, which is expected to occur between November 2026 and March 2027. The transition is not expected to materially impact Forward’s revenue in 2026.
The revenue from the retained services that the Company provides the Customer has continued to grow throughout 2026 and is expected to continue growing in 2027. The Company expects annual revenue in each contract year of 2026, 2027 and 2028 (the contract period) to exceed the Customer’s total revenue contribution in 2025.
Shawn Stewart, President & Chief Executive Officer, said, “We are pleased to finalize this Agreement and believe it reflects the strength of our longstanding 20-year partnership and the exceptional service our team continues to provide. By signing this Agreement, we should bring both greater visibility and predictability to our business and the associated profitability and resulting cash flow.”
About Forward Air Corporation
Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Latin America. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.
Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this communication relate to expectations regarding the Company’s ability to achieve the intended benefits of the Agreement and the Company’s expectations regarding the Company’s future financial and operational results, including due to the impact that the Agreement may have on the business and results of operations of the Company.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: the Company’s ability to achieve the intended benefits of the Agreement within the anticipated timeframe or at all and successfully renegotiate the Agreement within two years; economic factors such as tariffs, recessions, inflation, higher interest rates and downturns in customer business cycles, the outcome of our review of strategic alternatives, our ability to execute on a strategic sale of non-core assets, our ability to achieve ongoing strategic, financial and other benefits as we continue to transform our business after the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, the risk of customer loss, the risk of management and employee loss, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws, and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
We caution readers that any forward-looking statement made by us in this communication is based only on information currently available to us and they should not place undue reliance on these forward-looking statements, which reflect management’s opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, unless required by law.
Contacts:
Investor Contact:
Tony Carreño
investorrelations@forwardair.com
Tony Carreño
investorrelations@forwardair.com
Media Contact:
Hannah Weeg
HWeeg@forwardair.com
Hannah Weeg
HWeeg@forwardair.com