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FWRD

FORWARD AIR CORP
NASDAQ · INDUSTRIALS · ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO
17.62
−0.25 −1.40%
USD · close Oct 30
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MKT CAP $595.2MP/E —DIV YIELD —FCF YIELD 8.10%REV TTM $2.5B −0.1%NET INCOME −$286.2MNET DEBT $1.6B52W 8.31 – 30.23SEC XBRL · TTM TO Invalid Date

How FWRD rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
50%
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Added
225
new sentences
Dropped
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Length
−925
words, now 22,773

New in FY2025

  • Risks Relating to Our Business and Operations • Overall economic conditions that reduce freight volumes could adversely affect our operating results and ability to achieve growth. • Inflation may increase our operating expenses and lower profitability. • If we have difficulty attracting and retaining Leased Capacity Providers, other third-party transportation capacity providers, or freight handlers, our profitability and results of operations could be adversely affected. • Because a portion of our costs are fixed, any factors that result in a decrease in the volume or revenue per pound of freight shipped through our networks will adversely affect our results of operations. • We experience customer concentration which could adversely impact our financial condition and results of operations. • The ineffectiveness of our fuel surcharge program could have a material adverse effect on our results of operations and profitability. • Changes to our senior management team and other key personnel could have an adverse effect on our business, operating results and financial condition. • We cannot assure that our evaluation of strategic alternatives will result in any particular outcome, and the perceived uncertainties related to the Company could adversely affect our business and our stockholders. • We may not achieve the anticipated long-term benefits of the Omni Acquisition or our ongoing business transformation, and related challenges, costs or inefficiencies could outweigh anticipated long-term benefits. • Our Up-C structure places significant limitations on our cash flow because our principal asset is our interest in Opco, and, accordingly, we depend on distributions from Opco to pay our taxes and expenses, including payments under the Tax Receivable Agreement. • We will be required to pay Omni Holders for certain tax savings we may realize, and we expect that the payments we will be required to make may be substantial. • We may not be able to retain customers or suppliers, or customers or suppliers may seek to modify contractual obligations with us, which could have an adverse effect on our business and operations.
  • Third parties may terminate or alter existing contracts or relationships with us. • Concentration of ownership may limit your ability to influence corporate matters. • If we identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business and stock price. • Delays, costs, and disruptions that result from upgrading and maintaining the security of our information and technology networks and systems could materially and adversely affect us. • Our profitability could be negatively impacted if our pricing structure proves to be inaccurate or off-market. • We derive a significant portion of our revenue from a few major customers, the loss of one or more of which could have a material adverse effect on our business. • Our business is subject to seasonal trends. • Our results of operations may be affected by harsh weather conditions, disasters and pandemics. • Labor shortages and increased turnover or increases in employee and employee-related costs could adversely affect our ability to attract and retain qualified employees. • We have recorded impairment charges in current and past periods and may record additional impairment charges in future periods. • We operate in highly competitive and fragmented segments of our industry, and our business will suffer if we are unable to adequately address downward pricing pressures and other factors that may adversely affect our results of operations, growth prospects and profitability. • Our international operations subject us to operational and financial risks. • Our business and operations could be negatively affected by securities litigation or shareholder activism, which could impact the trading price and volatility of our common stock. • Issues related to the intellectual property rights on which our business depends, whether related to our failure to enforce our own rights or infringement claims brought by others, could have a material adverse effect on our business, financial condition and results of operations. • Our increased direct sales efforts through our sales force to direct shippers and beneficial cargo owners could be viewed as a competitive threat by our current domestic forwarder customers. • Reductions in the available supply or increases in the cost of new equipment may adversely impact our profitability and cash flows. • Difficulty in forecasting timing or volumes of customer shipments could adversely impact our margins and operating results. • Because our Intermodal business depends heavily on freight transiting seaports and railheads, our operating results and financial condition are likely to be adversely affected by any reduction or deterioration in the freight capacity at seaports or railheads. • We may have difficulty effectively managing our growth, which could adversely affect our business, results of operations and financial condition. • We may not make future acquisitions or, if we do, we may not realize the anticipated benefits of future acquisitions and integration of these acquisitions may disrupt our business and occupy management.
  • Risks Relating to our Indebtedness • Our substantial indebtedness, could adversely affect our financial health and our ability to execute our business strategy. • The instruments governing our indebtedness impose certain restrictions on our business. • If we do not comply with the terms of our debt instruments, they could be terminated and amounts thereunder could become due and payable. • Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt when it matures.
  • Risks Relating to Information Technology and Systems • If we fail to maintain our information technology systems, or if we fail to successfully implement new technology or enhancements, we may be at a competitive disadvantage and experience a decrease in revenues. • Our business is subject to cybersecurity risks.
  • Risks Relating Regulatory Environment • A determination by regulators that our Leased Capacity Providers or third-party motor carriers are employees rather than independent contractors could expose us to various liabilities and additional ongoing expenses, and related litigation could subject us to substantial costs, which could have a material adverse effect on our results of operations and our financial condition. • Claims for property damage, personal injuries or workers’ compensation could significantly reduce our earnings. • We face risks related to self-insurance and third-party insurance that can be volatile to our earnings. • Our failure to comply with various applicable federal and state employment and labor laws and regulations could have a material, adverse impact on our business, financial condition and results of operations. • The FMCSA’s CSA and SMS initiatives could adversely impact our ability to hire qualified drivers or contract with qualified Leased Capacity Providers or third-party motor carriers, meet our growth projections and maintain our customer relationships, each of which could adversely impact our results of operations. • We operate in a regulated industry, and increased costs of compliance with, or liability for violation of, existing or future regulations and enforcement could have a material adverse effect on our business. • We are subject to various environmental laws and regulations, including legislative and regulatory responses to climate change; and costs of compliance with, or liabilities for violations of, existing or future laws and regulations could significantly increase our costs of doing business. • Risks and requirements related to transacting business in foreign countries may result in increased liabilities, including penalties and fines as well as reputational harm. • We may be subject to governmental export and import controls that could impair its ability to compete in international markets and subject it to liability if we violate such controls. • If our employees were to unionize, our operating costs would likely increase. • Our charter and bylaws and provisions of Delaware law could discourage or prevent a takeover that may be considered favorable.
  • We provide ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia.
  • We also provide customized asset-light, high-touch logistics and supply chain management solutions with deep customer relationships in high-growth end markets.
  • Forward was founded in 1981 in Greeneville, Tennessee.
  • In 2025, the Company changed its state of incorporation from Tennessee to Delaware and moved its headquarters from Greeneville to Dallas, Texas.
  • Omni Acquisition On January 25, 2024 (the “ Closing Date ” ), we completed the acquisition of Omni Newco LLC (“Omni”) pursuant to the Agreement and Plan of Merger, dated as of August 10, 2023 (the “ Merger Agreement ” , and as amended by Amendment No. 1, dated as of January 22, 2024, the “Amended Merger Agreement”) (the “Omni Acquisition”).
  • The Omni acquisition is discussed in detail within Note 3, Acquisitions to our Consolidated Financial Statements included in this Annual Report on Form 10-K.
  • For financial information relating to each of our business segments, see Note 12, Segment Reporting to our Consolidated Financial Statements included in this Annual Report on Form 10-K.
  • We operate a comprehensive network in the continental United States that provides expedited regional, inter-regional and national LTL services.
  • During the year ended December 31, 2025, Expedited Freight accounted for approximately 40% of our consolidated revenue.
  • We operate an asset-light, high-touch logistics and supply chain management operation with deep customer relationships in high-growth end markets.
  • During the year ended December 31, 2025, Omni accounted for approximately 50% of our consolidated revenue.
  • We provide first- and last-mile high value intermodal container drayage services both to and from seaports and railheads in the United States.
  • During the year ended December 31, 2025, Intermodal accounted for approximately 10% of our consolidated revenue.
  • In addition, we strive to take advantage of our core competencies in precision execution to provide asset-light freight transportation services to profitably grow in the premium segments of the markets we serve. • Delivering Best-in-Class Service.
  • Our business strategy involves managing both the price we charge for our services and the mix of freight we transport to operate our LTL network efficiently and more profitably. • Product Expansion.
  • A key part of our growth strategy is to offer the full suite of services to address our customers' comprehensive premium logistics needs.
  • With the combination of Forward Air and Omni Logistics we can now offer air/ocean forwarding or contract logistics to customers that have purchased our ground and intermodal products in the past.
  • As a result, we plan to invest in new locations, like our expansion in Latin America. • Transformation.
  • We plan on strategically transforming the combined company through which we go to market, the human capital needs of our larger and more diverse service enterprise, the systems we utilize in order to streamline our joined cost structure, and focusing our teams efforts around our service offerings as opposed to our historical approach. • Enhance Information Systems.
  • Shipments During 2025, approximately 24% of the freight handled by our LTL network was for overnight delivery, approximately 64% was for delivery withi n two to three days and the balance was for delivery in four or more days.
  • The average weekly volume of freight moving through our LTL network was approximately 46.4 million pounds per week and our average shipment weighed approximately 842 pounds in 2025.
  • The table below summarizes the average weekly volume of freight moving through our LTL network for each of the past six years.
  • Average Weekly Volume in Pounds Year (In millions) 2020 46.3 2021 55.4 2022 54.8 2023 52.7 2024 54.3 2025 46.4 Operations Expedited Freight’s primary office is located in Dallas, TX, with 76 additional locations spread across North America and Mexico.
  • These locations support our global shipping and logistical services.
  • Omni Logistics Overview Omni is our asset-light, high-touch logistics and supply chain management operation with customer relationships in high-growth end markets.
  • Omni delivers domestic and international freight forwarding, fulfillment services, customs brokerage, distribution, for time-sensitive freight to U.S.-based customers operating both domestically and internationally.
  • Omni offers contract logistics including warehousing and value-added services.
  • Its core offerings include domestic freight, value-added warehousing and distribution and international freight: • Domestic Freight • Partnering with leading carriers to provide a full menu of LTL, expedited and truckload services based on various time requirements; • Specialized delivery for high-value freight, including white glove and team delivery, installation, unpacking, debris removal, light assembly, repackaging, inspection and crating/uncrating; • Supply chain engineering, appointment scheduling, site survey, track and trace, 24-hour call center and database management; • Air charter, next flight out, hand carry and other expedited services; and • Reverse logistics, trade shows, project logistics, cold chain management, chain of custody and small pack. • Contract Logistics • Global warehousing and distribution and e-commerce fulfillment solutions, including inventory management, cross docking, kitting and pick and pack; • Free Trade zone and bonded warehouse capabilities; and • System level testing, tape and reel, ink/laser marking, repair, splitting, baking, kitting, packing, binning and returns management. • International Freight • Primarily focused on Asia to the United States and Intra-Asia air transportation with expanding service offerings in other markets; and • International compliance and customs brokerage ensure stringent compliance requirements are met while expediting delivery times.
  • Operations Omni’s primary office is located in Dallas, Texas, with other offices located around the globe in order to support their global supply chain customers.
  • Om ni has 125 service ce nters, primarily located in the United States and the Asia-Pacific region.
  • Transportation Omni primarily utilizes third-party transportation providers including ground, air and ocean transportation providers, and also utilizes a mix of Company-employed drivers.
  • During 2025, substantially all of Omni’s direct transportation expenses were provided by third-party transportation providers.
  • Intermodal’s network consi sts of 26 locati ons primarily in the Midwest and Southeast, with a smaller operational presence in the Southwest, Mid-Atlantic, and West Coast.
  • During 2025, approximately 64% of Intermodal’s direct transportation expenses were provided by Leased Capacity Providers, 30% by Company-employed drivers, and 6% by third-party motor carriers.
  • All of our Intermodal company and independent contractor tractors are equipped with computer tablets, which enable us to communicate with our drivers, plan and monitor shipment progress and monitor the drivers’ hours of service.

and 185 more.

Gone since FY2024

  • Risks Relating to Our Business and Operations • Overall economic conditions that reduce freight volumes could adversely affect our operating results and growth. • Inflation may increase our operating expenses and lower profitability. • Volatility in fuel prices, shortages of fuel or the ineffectiveness of our fuel surcharge program could have a material adverse effect on our results of operations and profitability. • The Omni Acquisition may not achieve its intended benefits, and certain difficulties, costs or expenses may outweigh such intended benefits. • We will incur significant transaction, merger-related and integration costs in connection with the Omni Acquisition. • If we have difficulty attracting and retaining Leased Capacity Providers, other third-party transportation capacity providers, or freight handlers, our profitability and results of operations could be adversely affected. • Higher prices by Leased Capacity Providers and other third-party transportation capacity providers could adversely impact our margins and operating results. • Because a portion of our costs are fixed, any factors that result in a decrease in the volume or revenue per pound of freight shipped through our networks will adversely affect our results of operations. • Changes to our senior management team and other key personnel, including turnover of our top executives, could have an adverse effect on our business, operating results and financial condition. • We cannot assure that our evaluation of strategic alternatives will result in any particular outcome, and the perceived uncertainties related to the Company could adversely affect our business and our stockholders. • Our profitability could be negatively impacted if our pricing structure proves to be inaccurate or off-market. • We derive a significant portion of our revenue from a few major customers, the loss of one or more of which could have a material adverse effect on our business. • Our business is subject to seasonal trends. • Our results of operations may be affected by harsh weather conditions, disasters and pandemics. • Labor shortages and increased turnover or increases in employee and employee-related costs could adversely affect our ability to attract and retain qualified employees. • We have recorded impairment charges in current and past periods and may record additional impairment charges in future periods. • We operate in highly competitive and fragmented segments of our industry, and our business will suffer if we are unable to adequately address downward pricing pressures and other factors that affect our business. • Difficulty in forecasting timing or volumes of customer shipments could adversely impact our margins and operating results and lead to difficulties in predicting liquidity. • Our international operations subject us to operational and financial risks. • Our business and operations could be negatively affected by securities litigation or shareholder activism, which could impact the trading price and volatility of our common stock. • Our increased direct sales efforts through our Omni sales force to direct shippers and beneficial cargo owners could be viewed as a competitive threat by our current domestic forwarder customers. • Reductions in the available supply or increases in the cost of new equipment may adversely impact our profitability and cash flows. • Because our Intermodal business depends heavily on freight transiting seaports and railheads, our operating results and financial condition are likely to be adversely affected by any reduction or deterioration in service. • We may have difficulty effectively managing our growth, which could adversely affect our business. • We may not make future acquisitions or, if we do, we may not realize the anticipated benefits of future acquisitions and integration of these acquisitions may disrupt our business and occupy management.
  • Risks Relating to Omni Acquisition • Our Up-C structure places significant limitations on our cash flow because our principal asset is our interest in Opco, and, accordingly, we depend on distributions from Opco to pay our taxes and expenses, including payments under the Tax Receivable Agreement. • We may not be able to retain customers or suppliers, or customers or suppliers may seek to modify contractual obligations with us, which could have an adverse effect on our business and operations.
  • Third parties may terminate or alter existing contracts or relationships with us. • Prior to the Omni Acquisition, Omni was privately-held, and the transition to being a part of a public company, along with our combined ability to management our expanded business, may require significant resources and management attention. • We identified a material weakness in our internal control over financial reporting, which may adversely affect our business and stock price. • Omni Holders are a significant holder of our common stock following completion of the Omni Acquisition. • We will be required to pay Omni Holders for certain tax savings we may realize, and we expect that the payments we will be required to make may be substantial.
  • Risks Relating to our Indebtedness • Our substantial indebtedness, could adversely affect our financial health and our ability to execute our business strategy. • The instruments governing our indebtedness impose certain restrictions on our business. • If we do not comply with the terms of our debt instruments, they could be terminated and amounts thereunder could become due and payable. • Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt.
  • Risks Relating to Information Technology and Systems • If we fail to maintain our information technology systems, or if we fail to successfully implement new technology or enhancements, we may be at a competitive disadvantage and experience a decrease in revenues. • Our business is subject to cybersecurity risks. • Issues related to the intellectual property rights on which our business depends, whether related to our failure to enforce our own rights or infringement claims brought by others, could have a material adverse effect on our business, financial condition and results of operations.
  • Risks Relating Regulatory Environment • A determination by regulators that our Leased Capacity Providers or third-party motor carriers are employees rather than independent contractors could expose us to various liabilities and additional ongoing expenses. • Claims for property damage, personal injuries or workers’ compensation could significantly reduce our earnings. • We face risks related to self-insurance and third-party insurance that can be volatile to our earnings. • Our failure to comply with various applicable federal and state employment and labor laws and regulations could have a material, adverse impact on our business, financial condition and results of operations. • We operate in a regulated industry, and increased costs of compliance with, or liability for violation of, existing or future regulations and enforcement could have a material adverse effect on our business. • The FMCSA’s CSA and SMS initiatives could adversely impact our ability to hire qualified drivers or contract with qualified Leased Capacity Providers or third-party motor carriers, meet our growth projections and maintain our customer relationships, each of which could adversely impact our results of operations. • We are subject to various environmental laws and regulations; and costs of compliance with, or liabilities for violations of, existing or future laws and regulations could significantly increase our costs of doing business. • Risks and requirements related to transacting business in foreign countries may result in increased liabilities, including penalties and fines as well as reputational harm. • We may be subject to governmental export and import controls that could impair its ability to compete in international markets and subject it to liability if it violates such controls. • If our employees were to unionize, our operating costs would likely increase. • Our charter and bylaws and provisions of Tennessee law could discourage or prevent a takeover.
  • We provide less-than-truckload (“LTL”), truckload and intermodal drayage services and freight brokerage and supply chain services across North and South America, Europe and Asia.
  • Globally, we provide customized asset-light, high-touch logistics and supply chain management solutions with deep customer relationships in high-growth end markets.
  • Forward was formed as a corporation under the laws of the State of Tennessee on October 23, 1981.
  • Omni Acquisition As described in “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Omni Acquisition”, on January 25, 2024 (the “ Closing Date ” ), we completed the acquisition of Omni Newco LLC (“Omni”) pursuant to the Agreement and Plan of Merger, dated as of August 10, 2023 (the “ Merger Agreement ” , and as amended by Amendment No. 1, dated as of January 22, 2024, the “Amended Merger Agreement”) (the “Omni Acquisition”).
  • The Omni acquisition and the related debt are discussed in detail within Note 3, Acquisitions to our Consolidated Financial Statements included in this Annual Report on Form 10-K.
  • For financial information relating to each of our business segments, see Note 12, Segment Reporting to our Consolidated Financial Statements included in this Form 10-K.
  • We operate a comprehensive national network that provides expedited regional, inter-regional and national LTL services.
  • During the year ended December 31, 2024, Expedited Freight accounted for approximately 44% of our consolidated revenue.
  • An asset-light, high-touch logistics and supply chain management company with deep customer relationships in high-growth end markets.
  • During the year ended December 31, 2024, Omni accounted for approximately 47% of our consolidated revenue.
  • We provide first- and last-mile high value intermodal container drayage services both to and from seaports and railheads.
  • During the year ended December 31, 2024, Intermodal accounted for approximately 9% of our consolidated revenue.
  • In addition, we strive to take advantage of our core competencies in precision execution to provide asset-light freight transportation services to profitably grow in the premium segments of the markets we serve. • Expand Service Offerings and Service Footprint.
  • A key part of our growth strategy is to offer new and enhanced services that address our customers’ premium logistics needs.
  • Over the past few years, we added or enhanced our logistics solutions offerings, LTL pickup and delivery, expedited truckload, temperature-controlled shipments, warehousing, drayage, customs brokerage and shipment consolidation and handling services.
  • These services benefit our existing customers and increase our ability to attract new customers.
  • As a result, we plan to invest in new locations, in our asset base, and in technology to enable efficient handling of increased freight in new markets. • Transformation.
  • We plan on strategically transforming the combined company through which we go to market, the human capital needs of our larger and more diverse service enterprise, the systems we utilize in order to streamline our joined cost structure, and focusing our teams efforts around our service offerings as opposed to our historical approach. • Delivering Best-in-Class Service.
  • Our business strategy involves managing both the price we charge for our services and the mix of freight we transport to operate our LTL network efficiently and more profitably. • Enhance Information Systems.
  • Shipments During 2024, approximately 24.0% of the freight handled by our LTL network was for overnight delivery, approximately 63.6% was for delivery withi n two to three days and the balance was for delivery in four or more days.
  • The average weekly volume of freight moving through our LTL network was approximately 54.3 million pounds per week and our average shipment weighed approximately 840 pounds in 2024.
  • The table below summarizes the average weekly volume of freight moving through our LTL network for each year since 2009.
  • Average Weekly Volume in Pounds Year (In millions) 2009 28.5 2010 32.6 2011 34.0 2012 34.9 2013 35.4 2014 37.4 2015 47.2 2016 46.5 2017 49.5 2018 50.2 2019 48.6 2020 46.3 2021 55.4 2022 54.8 2023 52.7 2024 54.3 Operations Expedited Freight’s primary office is located near Greenville TN, with 59 additional locations spread across North America and Mexico.
  • These locations support our shipping and logistical services to our growing international customer base.
  • In 2024, Expedited Freight’s ten largest customers accounted for approximately 27% of its revenue and no single customer had revenue greater than 10% of Expedited Freight revenue.
  • Omni Logistics Overview Omni, founded in 2000 and headquartered near Dallas, Texas, is an asset-light, high-touch logistics and supply chain management company with customer relationships in high-growth end markets.
  • Omni delivers domestic and international freight forwarding, fulfillment services, customs brokerage, distribution, and value-added services for time-sensitive freight to U.S.-based customers operating both domestically and internationally.
  • Its core offerings include: • Domestic Freight ◦ Partnering with leading carriers to provide a full menu of LTL, expedited and truckload services based on various time requirements; ◦ Specialized delivery for high-value freight, including white glove and team delivery, installation, unpacking, debris removal, light assembly, repackaging, inspection and crating/uncrating; ◦ Supply chain engineering, appointment scheduling, site survey, track and trace, 24-hour call center and database management; ◦ Air charter, next flight out, hand carry and other expedited services; ◦ Reverse logistics, trade shows, project logistics, cold chain management, chain of custody and small pack; and • Value-Added Warehousing and Distribution ◦ Global warehousing and distribution and e-commerce fulfillment solutions, including inventory management, cross docking, kitting and pick and pack; ◦ Free Trade zone and bonded warehouse capabilities; ◦ System level testing, tape and reel, ink/laser marking, repair, splitting, baking, kitting, packing, binning and returns management; and • International Freight ◦ Primarily focused on Asia to the United States and Intra-Asia air transportation with expanding service offerings in other markets; ◦ International compliance and customs brokerage ensure stringent compliance requirements are met while expediting delivery times.
  • Operations Omni’s primary office is located near Dallas, Texas, with other offices located around the globe in order to support their global supply chain customers.
  • Om ni has 109 service ce nters, primarily located in the United States and the Asia-Pacific region.
  • Transport Services Omni primarily utilizes third-party transportation providers including ground, air and ocean transportation providers, and also utilizes a mix of Company-employed drivers.
  • During 2024, approximately 99% of Omni’s direct transportation expenses were provided by third-party transportation providers and 1% by Company-employed drivers.
  • In 2024, Omni’s ten largest customers accounted for approximately 41% of its operating revenue with the first and second largest customers making up approximately 14% and 13% of that total.
  • Of those remaining, no single customer with revenue greater than 10% of Omni revenue for 2024.

and 212 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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