Forward Air Corporation (FWRD) reported fourth-quarter 2025 revenue of $631.2 million, down 5.8% year‑over‑year and slightly below the revenue estimate of $642.0 million. Cost of sales rose sharply to $494.6 million, an increase of 169.0% versus the prior year.
Profitability weakened across the income statement: gross profit declined to $136.6 million (down 71.9% YoY), operating profit swung to a loss of -$2.9 million, and net income attributable to common shareholders was a loss of -$28.3 million (down 22.2% YoY). Diluted earnings per share was -$0.91, compared with an EPS estimate of -$0.26.
Key cash‑flow and balance sheet highlights:
Note: This financials data is sourced from a third-party provider and has not been independently verified by Quiver.
Forward Air Corporation Insider Trading Activity
Forward Air Corporation insiders have traded $FWRD stock on the open market 9 times in the past 6 months. Of those trades, 2 have been purchases and 7 have been sales.
Here’s a breakdown of recent trading of $FWRD stock by insiders over the last 6 months:
- CAPITAL VI, L.P. CETUS has made 2 purchases buying 225,000 shares for an estimated $4,034,950 and 7 sales selling 302,163 shares for an estimated $6,582,712.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
Forward Air Corporation Hedge Fund Activity
We have seen 106 institutional investors add shares of Forward Air Corporation stock to their portfolio, and 102 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- J. GOLDMAN & CO LP removed 955,639 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $23,890,975
- BRIGADE CAPITAL MANAGEMENT, LP removed 806,043 shares (-91.2%) from their portfolio in Q4 2025, for an estimated $20,151,075
- MELQART ASSET MANAGEMENT (UK) LTD added 467,482 shares (+122.3%) to their portfolio in Q4 2025, for an estimated $11,687,050
- JPMORGAN CHASE & CO removed 454,817 shares (-90.7%) from their portfolio in Q4 2025, for an estimated $11,370,425
- SHAY CAPITAL LLC removed 442,472 shares (-69.5%) from their portfolio in Q4 2025, for an estimated $11,061,800
- MILLENNIUM MANAGEMENT LLC removed 358,317 shares (-83.9%) from their portfolio in Q4 2025, for an estimated $8,957,925
- JEFFERIES FINANCIAL GROUP INC. removed 355,927 shares (-85.7%) from their portfolio in Q4 2025, for an estimated $8,898,175
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Forward Air Corporation Analyst Ratings
Wall Street analysts have issued reports on $FWRD in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Stifel issued a "Buy" rating on 01/21/2026
To track analyst ratings and price targets for Forward Air Corporation, check out Quiver Quantitative's $FWRD forecast page.
Forward Air Corporation Price Targets
Multiple analysts have issued price targets for $FWRD recently. We have seen 2 analysts offer price targets for $FWRD in the last 6 months, with a median target of $38.5.
Here are some recent targets:
- J. Bruce Chan from Stifel set a target price of $32.0 on 01/21/2026
- Bascome Majors from Susquehanna set a target price of $45.0 on 01/05/2026
