Forward Air Corporation
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Forward Air Corporation (FWRD). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Omni Logistics | – | – | – | – | $1.20B 48.4% | $1.35B 54.2% · +12.9% |
| Expedited Freight | $1.07B 84.3% | $1.10B 79.2% · +2.7% | $1.26B 75.0% · +14.7% | $1.10B 80.0% · -12.9% | $1.04B 42.2% · -4.7% | $914.7M 36.7% · -12.5% |
| Intermodal | $199.6M 15.7% | $289.2M 20.8% · +44.9% | $419.7M 25.0% · +45.1% | $273.9M 20.0% · -34.7% | $232.3M 9.4% · -15.2% | $229.3M 9.2% · -1.3% |
| Corporate | – | – | – | $0 0.0% | $164.0K 0.0% | $0 0.0% · -100.0% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Omni Logistics | – | – | – | – | – | – |
| Expedited Freight | $71.3M 6.7% | $127.0M 11.6% | – | – | – | – |
| Intermodal | $16.4M 8.2% | $30.1M 10.4% | – | – | – | – |
| Corporate | – | – | – | -$53.4M | -$105.0M -64,029.9% | -$80.4M |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2025 |
|---|---|
| United States Federal | $2.17B 86.8% |
| Foreign Operations | $330.0M 13.2% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 21, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.