Forward Air Corp (NASDAQ: FWRD) is a freight transportation and logistics company that operates an expedited less-than-truckload (LTL) network, an asset-light logistics and supply chain management business, and an intermodal container drayage segment. Revenue is transactional, earned per shipment or pound of freight moved, with pricing components including base freight rates, accessorial charges, and fuel surcharges. The company generated $2.495B in total operating revenue for the year ended December 31, 2025, split across three reportable segments: Expedited Freight ($1.013B, 40.6% of consolidated revenue), Omni Logistics ($1.351B, 54.1%), and Intermodal ($231M, 9.3%), before intercompany eliminations of $99M. Purchased transportation was the largest operating cost at $1.244B (49.9% of revenue, FY2025), reflecting heavy reliance on independent contractors and third-party carriers. The Expedited Freight segment serves a wholesale customer base of freight forwarders, 3PL companies, and air cargo carriers. Omni Logistics serves medium to large corporate customers in technology, retail, media, life sciences, and e-commerce sectors.

Revenue model

Transactional freight revenue earned per shipment or hundredweight, with pricing built from base freight rates, accessorial charges, and fuel surcharges. Omni Logistics adds contract logistics revenue from warehousing, fulfillment, customs brokerage, and international freight forwarding. Intermodal earns revenue from drayage and container freight station (CFS) warehousing services.

Products and services

Expedited Freight: LTL network service (Network revenue $761.9M, 75.2% of segment revenue, FY2025), truckload ($165.9M, 16.4%), and other services ($84.7M, 8.4%). Omni Logistics: domestic and international freight forwarding, customs brokerage, fulfillment, distribution, contract logistics, warehousing, and value-added services. Intermodal: first- and last-mile intermodal container drayage to and from seaports and railheads, dedicated contract services, CFS warehousing including devanning and unit load device build-up/tear-down, and Midwest LTL line haul.

Customers and end markets

Expedited Freight wholesale customers include freight forwarders (ranging from small independent operators to large international logistics companies), 3PL providers, integrated air cargo carriers, passenger and cargo airlines, steamship lines, and retailers. Omni Logistics serves medium to large corporate customers in technology, manufacturing, retail, media, life sciences, and e-commerce sectors, as well as other transportation companies requiring supply chain solutions. Intermodal customers require seaport and railhead drayage and CFS warehousing.

Value-chain role

Forward Air sits in the middle of the freight value chain as a network carrier and logistics intermediary. Expedited Freight operates a hub-and-terminal LTL network and procures the majority of transportation capacity from independent Leased Capacity Providers and third-party contracted motor carriers. Omni Logistics acts as an asset-light freight forwarder and supply chain manager, with transportation provided by third-party providers. Intermodal provides drayage as a first- and last-mile connector between seaports or railheads and end destinations.

Geographic exposure

Primarily U.S.-based operations. Omni Logistics serves U.S.-based customers operating both domestically and internationally, offering global freight forwarding and customs brokerage. Intermodal operates CFS warehousing at five network locations for air and ocean import/export freight. No further country-level revenue breakdown is disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-11

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