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Think of it as **FedEx Ground**, but for business-to-business (B2B) palletized shipments instead of small packages.

It's like **UPS**, but specializing in time-definite, less-than-truckload (LTL) freight for businesses rather than consumer parcels.

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• Expedited Less-than-Truckload (LTL) Services: Provides time-sensitive, high-value freight transportation for shipments that do not require a full truckload.
• Full Truckload (TL) Services: Offers transportation for larger shipments that occupy an entire truck, from origin to destination.
• Intermodal Services: Delivers long-haul transportation solutions by integrating multiple modes of transport, primarily truck and rail.
• Dedicated Contract Services: Supplies customized transportation solutions, including dedicated fleets and drivers, tailored to a client's specific operational needs.
• Final Mile Services: Facilitates the specialized delivery of goods from a distribution center or hub directly to the end customer's location.
• Logistics and Brokerage Services: Arranges transportation solutions for customers by leveraging a network of third-party carriers and managing supply chain logistics.

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Forward Air (symbol: FWRD) sells primarily to other companies, not individuals.

According to the company's annual report (Form 10-K), no single customer accounted for 10% or more of its total consolidated revenues in 2023, 2022, or 2021. Therefore, the company does not identify specific "major customers" by name in its public filings. Instead, Forward Air serves a diverse base of business customers that require high-service, time-sensitive transportation services.

The primary categories of customers that Forward Air serves include:

• Freight Forwarders: These companies specialize in arranging storage and shipping of merchandise on behalf of their shippers, often utilizing various carriers like Forward Air for the actual transportation segments, especially for time-critical ground movements.
• Integrated Air Cargo Carriers: These are companies that operate their own aircraft and ground networks for package and freight delivery. They may use Forward Air for specific expedited ground segments, network extensions, or capacity support.
• Passenger Airlines: Airlines that transport cargo in the belly of their passenger planes may utilize Forward Air for expedited ground services to move freight to and from airport hubs, ensuring timely connections and deliveries.
• Third-Party Logistics (3PL) Companies: Businesses that provide outsourced logistics services, which can include transportation, warehousing, cross-docking, inventory management, and freight forwarding. They frequently partner with carriers like Forward Air to execute their clients' transportation needs.

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Shawn Stewart, President & Chief Executive Officer

Mr. Stewart was appointed Chief Executive Officer in April 2024. He brings nearly three decades of experience in logistics and transportation. Prior to joining Forward Air, Mr. Stewart held numerous leadership positions at CEVA Logistics, a global end-to-end logistics company, most recently serving as President and Managing Director, North America. In this role, he oversaw a vast network of operations across the United States, Canada, Mexico, and the Caribbean Islands, managed more than 15,000 employees, and was responsible for over $5 billion in top-line turnover. Under his leadership, CEVA Logistics achieved substantial business growth and operational improvements. Before his time at CEVA, Mr. Stewart served in the U.S. Navy, where he received the Navy Achievement Medal.

Jamie Pierson, Chief Financial Officer

Mr. Pierson was appointed permanent Chief Financial Officer in July 2024, after serving as interim CFO since May 2024. He previously served as Chief Financial Officer for MV Transportation, a privately-owned passenger transportation contracting services firm in North America, until January 2024. Prior to MV Transportation, Mr. Pierson held senior leadership positions including Executive Vice President and Chief Financial Officer of Ecobat Technologies, a battery recycler, and Yellow Corporation (f/k/a YRC Worldwide, Inc.), a less-than-truckload network. He also served as a board member and CFO of Yellow Corporation from December 2019 until November 2020. Mr. Pierson's background also includes serving as Managing Director at Alvarez & Marsal, a firm known for its restructuring and turnaround services.

Jerome Lorrain, Executive Chairman

Mr. Lorrain has over 30 years of experience in the logistics and transportation industry. He was appointed Executive Chairman in June 2025. Previously, he served as Chief Operating Officer of CEVA Logistics. Mr. Lorrain currently serves as a director of Log-Hub, a supply chain solution and optimization company, and as the Executive Chairman of FluentCargo, a routing solutions provider. He also formerly served as a director of SeaFrigo and as the chairman of Arrive Logistics and Pilot Freight Services, both of which have had private equity backing.

Michael L. Hance, Chief Legal Officer and Secretary

Mr. Hance has served as Chief Legal Officer and Secretary since May 2014. He joined Forward Air in 2006 and has held various legal and governance leadership roles within the company, including General Counsel since 2008 and leading the Human Resources department from 2010 to 2014. In 2024, Mr. Hance also served as Interim Chief Executive Officer following the departure of the former CEO until Shawn Stewart's appointment. Before joining Forward Air, he practiced law with the firms of Baker, Donelson, Bearman, Caldwell and Berkowitz, P.C. and Bass, Berry & Sims, PLC.

Jessica L. Herren, Chief Solutions Design and Customer Excellence Officer

Ms. Herren joined Forward Air in 2024 as Chief Solutions Design and Customer Excellence Officer. She is responsible for leading the development, execution, and optimization of customer-centric supply chain strategy and solutions across the entire enterprise. Ms. Herren brings over two decades of experience in logistics and international trade, and is recognized for her expertise in driving strategic initiatives and delivering operational excellence globally.

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• Challenging Freight Environment and Economic Downturns: Forward Air is highly susceptible to economic factors such as recessions, inflation, higher interest rates, and general downturns in customer business cycles. The company has experienced a sustained industry-wide freight recession, directly pressuring its revenue and income from operations.

• Omni Logistics Acquisition and Integration Challenges: The August 2023 acquisition of Omni Logistics has led to significant shareholder opposition, increased debt (totaling over $2.1 billion with a concerning debt-to-equity ratio), financial distress, and a negative impact on profitability and earnings, with analysts forecasting a full-year 2025 loss. The company is in the middle of a complex turnaround to realize synergies and integrate operations.

• Intense Competition and Pricing Pressure: Forward Air operates in a highly competitive and fragmented transportation and logistics industry. It faces competition from large multinational corporations and regional players, leading to ongoing pricing pressure and the need to maintain service quality and efficiency to retain customers.

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Forward Air Corporation (FWRD) operates in several key segments within the logistics and transportation industry, primarily across North America. The addressable markets for their main products and services are sized as follows:

• Expedited Less-Than-Truckload (LTL) Services:

  The Less-Than-Truckload (LTL) market in the United States is estimated at USD 114 billion in 2025 and is projected to reach USD 139.6 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.13% during the forecast period (2025-2030). Another estimate places the U.S. LTL market at approximately USD 55.43 billion in 2024, projected to reach USD 87.02 billion by 2032, with a CAGR of 5.8% from 2025 to 2032. Globally, the LTL market was valued at USD 217.3 billion in 2023 and is poised to grow to USD 430.78 billion by 2032, with a CAGR of 7.9% from 2025-2032. The expedited LTL segment, specifically, is a rapidly growing area within the broader LTL market.

• Truckload Services:

  The United States Full-Truck-Load (FTL) market size is valued at USD 448.65 billion in 2025 and is projected to reach USD 534.86 billion by 2030, exhibiting a CAGR of 3.58% between 2025 and 2030. Annually, the U.S. truckload market generates over USD 875 billion in gross freight revenues.

• Intermodal Services:

  The intermodal freight transportation market in North America is a significant and growing market. The global intermodal market size was valued at USD 33.42 billion in 2024 and is expected to reach USD 82.61 billion by 2031, with a substantial CAGR of 13.8% from 2025-2031. North America is anticipated to hold the largest market share in the intermodal sector. Another source reports the global intermodal freight transportation market size as USD 82.2 billion in 2023, with North America dominating with approximately 34% of the revenue share. This market is estimated to register a CAGR of over 9% between 2024 and 2032.

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Forward Air (FWRD) is strategically positioning itself for future revenue growth over the next 2-3 years, driven by several key initiatives and market factors:

1. Full Integration and Synergy Realization from Omni Logistics Acquisition: The acquisition of Omni Logistics is a primary driver for Forward Air's revenue expansion. The company is actively integrating Omni to create a single, vertically integrated logistics provider offering a comprehensive suite of services. This integration is expected to continue unlocking revenue synergies through cross-selling opportunities and enhanced service offerings. The Omni segment demonstrated sequential revenue growth, with Q3 2025 revenue increasing by $12 million to $340 million, marking its highest revenue since the acquisition.
2. Expansion of Global Footprint and Service Offerings: Forward Air is actively expanding its market presence beyond its traditional operations, particularly in international markets. The company has established new offices in Santiago, Chile, and Bogota, Colombia, and a new warehouse in Miami to bolster import and export capabilities for Latin America. This global expansion, leveraging the combined network of Forward Air and Omni Logistics across 21 countries, aims to broaden service offerings and capture new market share, with approximately 12% of current revenue generated internationally.
3. Operational Transformation and Network Optimization (OneGround Network): The company is undergoing a significant operational transformation, including the integration of its U.S. and Canadian businesses under a unified "OneGround Network." This initiative aims to streamline key service lines such as linehaul, pickup and delivery, brokerage, and expedited services into a more cohesive and customer-centric structure. While primarily focused on efficiency and cost savings, these enhancements in service quality, reliability, and agility are expected to drive customer satisfaction and retention, ultimately contributing to revenue growth through increased volume and market competitiveness.
4. Strategic Pricing and Improved Customer Mix in Expedited Freight: Forward Air is focusing on optimizing its pricing strategies and customer mix within its Expedited Freight segment. Despite a challenging freight environment, the company has implemented significantly improved pricing programs and actively managed discretionary expenses. This strategic shift is designed to enhance profitability and, over time, drive revenue growth by attracting a more favorable customer base and improving revenue per hundredweight.
5. Recovery in the Broader Freight Market: Although the company has navigated a challenging freight recession, a general upturn in the macroeconomic environment and freight volumes is anticipated to be a significant external driver of revenue growth. Forward Air's management has expressed readiness to capitalize on an improved market, positioning itself as a comprehensive global logistics company. Analysts also project that a recovery in freight volumes will contribute to future revenue growth for the company.

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Share Repurchases

• Forward Air had a 2019 stock repurchase plan authorizing the repurchase of up to 5,000 shares of common stock. As of March 31, 2024, approximately 1,349 shares remained for repurchase under this plan. [cite: 1, 4 of previous response]
• In 2023, the company repurchased 883 shares of common stock for $93.8 million through open market transactions.
• In 2022, Forward Air repurchased 600 shares of common stock for $62.8 million through open market transactions.

Share Issuance

• In January 2024, as part of the Omni Logistics acquisition, Forward Air issued 14,015,018 shares of common stock on an as-converted and as-exchanged basis. This included 5,135,008 shares of common equity and 8,880,010 shares of convertible perpetual preferred equity.
• The equity component of the Omni acquisition was approximately $748.4 million. [cite: 3 of previous response]

Inbound Investments

• No significant large inbound investments made in Forward Air by third-parties were identified within the last 3-5 years. Discussions involving private equity firms were related to a potential sale of Forward Air, rather than investments into the company. [cite: 13 of previous response]

Outbound Investments

• Forward Air completed the acquisition of Omni Newco LLC (Omni Logistics) in January 2024 for a preliminary purchase price of approximately $2.31 billion. The consideration included $1.57 billion in cash and approximately $748.4 million in equity. [cite: 3 of previous response]
• In 2023, Forward Air acquired Land Air for $56.6 million. [cite: 1 of previous response]
• In 2022, the company made two acquisitions: Edgmon for $40.4 million and Chickasaw Container Services, Inc. for $25.7 million. [cite: 1 of previous response]
• In early 2021, Forward Air acquired Proficient Transport for approximately $15 million. [cite: 18 of previous response]
• The company divested its Final Mile business in December 2023.
• Forward Air completed the sale of its Pool Distribution business in February 2021 for a total consideration of $20 million, including an $8 million upfront cash payment. [cite: 1, 18 of previous response]

Capital Expenditures

• Capital expenditures for the year ended December 31, 2023, were $30.7 million, primarily focused on technology and operating equipment. [cite: 1 of previous response]
• For the year ended December 31, 2022, capital expenditures amounted to $40.7 million, largely for the expansion of its national hub in Columbus, Ohio, as well as technology and operating equipment. [cite: 2 of previous response]
• In 2021, capital expenditures totaled $39.1 million, primarily directed towards the expansion of the national hub in Columbus, Ohio, and equipment purchases. [cite: 2 of previous response]