Forward Air (NASDAQ:FWRD) fell more than 45% to around $9.50 in after-hours trading Thursday after the company reported first-quarter 2026 results and disclosed that one of its largest customers may transition a significant portion of its business to other providers.
Forward Air is a freight and logistics company that helps move goods across the United States and Canada through trucking, shipping and supply chain services.
Q1 Results
Forward Air reported first-quarter revenue of $582 million, down from $613 million in the prior-year quarter. The company posted a net loss of $40.2 million, compared to a net loss of $61.2 million a year earlier.
Operating income improved to $20.4 million from $4.8 million in the first quarter of 2025. Cash provided by operating activities increased to $45.7 million, while liquidity rose to more than $400 million at quarter end.
CEO Shawn Stewart said the company remained focused on customer service during the quarter and noted that operating income improved year over year. Stewart also said the company continued executing its transformation plan despite ongoing weakness in the freight market.
Business Transition Update
Forward Air said one of its largest customers is currently discussing transitioning a significant portion of its business to other providers. The customer represented approximately $250 million of revenue during fiscal 2025.
The company said discussions remain ongoing and that the majority of the transition is currently expected to begin in early 2027.
Strategic Alternatives
Forward Air also provided an update on its strategic alternatives review, stating that no actionable proposals for a sale of the company were ultimately received.
The board said it intends to pursue sales of non-core assets, including the Intermodal segment and two smaller Omni businesses, as part of efforts to reduce leverage and streamline operations.
Trading Metrics
Forward Air currently has a market capitalization of roughly $562 million. The stock has traded between $14.82 and $32.47 over the past 52 weeks.
Price Action: Shares closed Thursday’s regular trading session at $17.33 before falling to approximately $9.50 in after-hours trading.
Benzinga’s Edge Stock Rankings indicate that FWRD stock has a negative price trend across short-, medium- and long-term time frames.
Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Who is Danny / Shutterstock
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