Forward Air Corporation filings document financial results, governance actions, and proxy matters for a Delaware transportation and logistics company. Form 8-K reports furnish quarterly and annual operating results, earnings presentations, segment commentary for Expedited Freight and Omni Logistics, liquidity disclosures, and material governance events such as director changes and executive appointments.
Proxy materials describe annual meeting proposals, board elections, advisory executive compensation votes, auditor ratification, incentive compensation plan amendments, shareholder voting rights, common stock, Series B preferred stock, and director designation arrangements tied to shareholder agreements. The filings also provide formal exhibits and disclosures around the company's capital structure and public-company reporting obligations.
Forward Air Corp chief legal officer and secretary Michael L. Hance reported routine share dispositions tied to tax withholding, not open-market selling. A total of 5,737 shares of common stock were withheld at $16.05 per share to cover minimum tax obligations upon the vesting and net settlement of restricted stock. After these transactions, he directly holds roughly 90,486 shares of Forward Air common stock.
Pierson Jamie G. reported acquisition or exercise transactions in this Form 4 filing.
FORWARD AIR CORP CFO Jamie G. Pierson received an award of 5,732 shares of common stock as part of his annual long-term equity incentive compensation for fiscal year 2026. The restricted stock vests in three equal installments on each of the first, second and third anniversaries of the grant date, contingent on continued employment. Following this award, he directly holds 91,884 shares of common stock.
Stewart Shawn reported acquisition or exercise transactions in this Form 4 filing.
FORWARD AIR CORP Chief Executive Officer Shawn Stewart received an award of 18,692 shares of Common Stock as part of his annual long-term equity incentive compensation for fiscal year 2026. The shares were granted at no cash cost to him.
This restricted stock award vests in three equal installments on the first, second and third anniversaries of the grant date, conditioned on his continued employment through each vesting date. Following this grant, Stewart directly holds 148,166 shares of Forward Air common stock.
Forward Air Corporation outlines its 2025 annual report, highlighting a transformed, asset-light logistics platform built around three segments: Expedited Freight, Omni Logistics and Intermodal. Omni, acquired in 2024, now generates about 50% of consolidated revenue, with Expedited Freight at roughly 40% and Intermodal 10%.
The company describes a broad North American and international footprint, serving high-value, time‑sensitive freight with premium services and deep customer relationships. In January 2025, the Board launched a strategic review that may include a potential sale, merger or other transaction.
Forward Air details extensive risk factors, including cyclic freight demand, integration challenges from the Omni Acquisition, substantial indebtedness, labor and capacity constraints, IT and cybersecurity risks, regulatory exposure, and concentration among its largest customers. It also emphasizes ESG and safety programs, a 6,000+ employee workforce, and a large leased‑capacity provider network supporting its asset‑light model.
Forward Air Corporation reported mixed fourth quarter and full-year 2025 results. For 2025, operating revenue was $2.50B, with income from continuing operations of $36.4M and an operating margin of 1.5%, a sharp improvement from the prior year’s large operating loss driven by goodwill impairment.
The company still posted a net loss attributable to Forward Air of $107.8M, or $(3.51) per diluted share, but this was much smaller than the prior year’s net loss. Consolidated EBITDA was $307.1M, nearly flat versus 2024. Cash provided by operating activities improved to $44.4M for the year, and free cash flow turned positive at $17.5M.
By segment, 2025 operating revenue was $1.01B for Expedited Freight, $1.35B for Omni Logistics and $230.5M for Intermodal. In fourth quarter 2025, consolidated revenue was $631.2M and Consolidated EBITDA was $76.6M. Year-end liquidity was $367M, including $106M of cash and $261M of availability under the credit facility, against long-term debt of $1.69B.
FORWARD AIR CORP Chief Executive Officer Shawn Stewart reported equity compensation activity involving the company’s common stock. He received a grant of 43,197 shares of restricted stock as an award, with the shares scheduled to vest in three equal installments on the first, second and third anniversaries of the grant date, conditioned on his continued employment through each vesting date. To cover minimum tax withholding triggered by the vesting and net settlement of restricted stock, 3,214 shares were withheld by the company at a price of $27.78 per share. After these transactions, Stewart directly owns 129,474 shares of Forward Air common stock.
FORWARD AIR CORP CFO Jamie G. Pierson reported two equity-related transactions in company common stock. He acquired 20,698 shares as a restricted stock award that vests in three equal installments on each of the first, second and third anniversaries of the grant date, subject to continued employment. He also disposed of 1,662 shares at $27.78 per share to satisfy minimum tax withholding obligations upon vesting and net settlement of restricted stock.
FORWARD AIR CORP chief legal officer and secretary Michael L. Hance reported routine equity compensation activity involving company common stock. He received a grant of 10,799 shares of restricted stock at a stated price of $0.00 per share. According to the footnotes, this award vests in three equal installments on the first, second and third anniversaries of the grant date, subject to his continued employment. On the same date, 946 shares were withheld by the company at $27.78 per share to cover minimum tax withholding obligations upon the vesting and net settlement of restricted stock, a non‑open‑market, tax‑related disposition. After these transactions, he directly owned 96,223.4515 shares of common stock.
FORWARD AIR CORP Chief Commercial Officer Eric Frederick Brandt received a grant of 8,999 shares of common stock as restricted stock that vests in three equal annual installments starting one year after the grant date, contingent on continued employment. To cover minimum tax withholding on a vesting event, 1,057 shares were withheld at a price of $27.78 per share, a non-market, tax-related disposition. After these transactions, he directly holds 15,970 shares of common stock.
FORWARD AIR CORP Executive VP of Operations Timothy R. Osborne reported equity compensation and related tax withholding. He acquired 5,850 shares of common stock as a restricted stock award, which vests in three equal installments on each of the first, second and third anniversaries of the grant date, subject to continued employment.
To cover minimum tax withholding upon vesting and net settlement of restricted stock, 513 shares were disposed of at a price of $27.78 per share. After these transactions, Osborne directly owned 26,423 shares of common stock.