FWRDNasdaqArrangement of Transportation of Freight & CargoFiscal year ends December 31
FORWARD AIR CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$15.32+0.28 (+1.86%)
Close on Oct 19, 2026
- Market cap
- $497.61M
- P/E (TTM)
- –
- Dividend yield
- 0.00%
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
90.2%
30M of 34M shares
Institutional holders
185
48 new, 51 sold out
Net institutional buying
1M
In Q2 2026
Insider trades, 12 months
0 buys · 6 sales
Net sold $5.94M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Ridgemont Equity Management III, LLC | 5,096,414 | 16.50% | 13D (active) amendment | Aug 2, 2024 |
| Behdad Eghbali | 3,825,000 | 12.60% | 13D (active) amendment | Jul 3, 2025 |
| Barclays PLC | 2,480,010 | 7.84% | 13G (passive) | Jun 30, 2026 |
| Abigail P. Johnson | 2,008,264 | 6.40% | 13G (passive) | Jun 30, 2026 |
| BlackRock, Inc. | 1,698,107 | 5.40% | 13G (passive) amendment | Jun 30, 2026 |
| Bracebridge Capital, LLC | 1,608,505 | 5.10% | 13G (passive) | Jul 23, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of FWRD | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Clearlake Capital Group, L.P. | 3,825,000 | 11.32% | $51.68M | – | 9.78% |
| BlackRock, Inc. | 2,774,600 | 8.21% | $37.48M | −925,487 | 0.00% |
| FMR LLC | 2,008,264 | 5.94% | $27.13M | +921,615 | 0.00% |
| Bracebridge Capital, LLC | 1,404,913 | 4.16% | $18.98M | New | 0.34% |
| Vanguard Capital Management LLC | 1,169,316 | 3.46% | $15.80M | +142,619 | 0.00% |
| Private Management Group Inc | 1,145,760 | 3.39% | $15.48M | −9,645 | 0.41% |
| Cibc World Market Inc. | 1,072,138 | 3.17% | $14.48M | +337,866 | 0.02% |
| D. E. Shaw & Co., Inc. | 1,000,105 | 2.96% | $13.51M | New | 0.01% |
| Hrt Financial LP | 785,954 | 2.33% | $10.62K | +378,769 | 0.00% |
| Barclays PLC | 706,620 | 2.09% | $9.55M | +691,102 | 0.00% |
| Deutsche Bank AG\ | 613,841 | 1.82% | $8.29M | +354,530 | 0.00% |
| Bnp Paribas Arbitrage, Snc | 596,864 | 1.77% | $8.06M | +116,668 | 0.00% |
| Geode Capital Management, LLC | 581,416 | 1.72% | $7.86M | +29,856 | 0.00% |
| State Street Corp | 579,828 | 1.72% | $7.83M | −473,531 | 0.00% |
| Qube Research & Technologies Ltd | 565,049 | 1.67% | $7.63M | New | 0.01% |
| Jane Street Group, LLC | 492,458 | 1.46% | $6.65M | −348 | 0.00% |
| Morgan Stanley | 464,489 | 1.38% | $6.28M | +46,960 | 0.00% |
| Charles Schwab Investment Management Inc | 425,287 | 1.26% | $5.75M | −72,402 | 0.00% |
| Millennium Management LLC | 422,193 | 1.25% | $5.70M | +319,099 | 0.00% |
| Timucuan Asset Management Inc/Fl | 398,551 | 1.18% | $5.38M | New | 0.20% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 185 | 30M | 90.2% | 48 / 67 | 45 / 51 | 11M | 10M |
| Q1 2026 | 191 | 29M | 87.2% | 28 / 72 | 52 / 35 | 6M | 4M |
| Q4 2025 | 201 | 30M | 88.1% | 33 / 74 | 64 / 29 | 4M | 7M |
| Q3 2025 | 202 | 35M | 100.0% | 40 / 71 | 57 / 17 | 5M | 3M |
| Q2 2025 | 179 | 33M | 97.9% | 178 / 0 | 0 / 0 | 33M | 0M |
| Q1 2025 | 1 | 0M | 0.0% | 1 / 0 | 0 / 0 | 0M | 0M |
| Q1 2017 | 0 | 0M | 0.0% | 0 / 0 | 0 / 1 | 0M | 0M |
| Q4 2016 | 1 | 0M | 0.0% | 0 / 0 | 0 / 0 | 0M | 0M |
| Q3 2016 | 1 | 0M | 0.0% | 0 / 0 | 0 / 0 | 0M | 0M |
| Q2 2016 | 1 | 0M | 0.0% | 0 / 0 | 0 / 0 | 0M | 0M |
| Q1 2016 | 1 | 0M | 0.0% | 0 / 0 | 0 / 0 | 0M | 0M |
| Q4 2015 | 1 | 0M | 0.0% | 0 / 0 | 0 / 0 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of FWRD | Value | % of fund | As of |
|---|---|---|---|---|---|
| Fidelity Value Fund | 1,427,231 | 4.22% | $20.05M | 0.19% | Jul 31, 2026 |
| Vanguard Total Stock Market Index Fund | 888,368 | 2.63% | $12.00M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 600,205 | 1.78% | $8.11M | 0.01% | Jun 30, 2026 |
| Fidelity Advisor Value Strategies Fund | 284,700 | 0.84% | $3.01M | 0.14% | May 31, 2026 |
| Vanguard Extended Market Index Fund | 254,307 | 0.75% | $3.44M | 0.00% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 252,099 | 0.75% | $3.54M | 0.01% | Jul 31, 2026 |
| iShares Russell 2000 Growth ETF | 216,956 | 0.64% | $2.93M | 0.02% | Jun 30, 2026 |
| Schwab Fundamental U.S. Small Company ETF | 208,054 | 0.62% | $2.20M | 0.02% | May 31, 2026 |
| VIP Value Strategies Portfolio | 151,500 | 0.45% | $2.05M | 0.17% | Jun 30, 2026 |
| Invesco S&P SmallCap 600 Revenue ETF | 150,983 | 0.45% | $1.60M | 0.09% | May 31, 2026 |
| Fidelity Extended Market Index Fund | 116,990 | 0.35% | $1.24M | 0.00% | May 31, 2026 |
| PIMCO RAE US Small Fund | 115,888 | 0.34% | $1.57M | 0.04% | Jun 30, 2026 |
| Vanguard Russell 2000 Index Fund | 111,594 | 0.33% | $1.18M | 0.01% | May 31, 2026 |
| Schwab U.S. Small-Cap ETF | 108,315 | 0.32% | $1.15M | 0.01% | May 31, 2026 |
| Invesco RAFI US 1500 Small-Mid ETF | 88,928 | 0.26% | $1.25M | 0.05% | Jul 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Shawn Stewart | Chief Executive Officer, Director | 144,030 | 0.43% | May 1, 2026 |
| Jerome Jean-Pierre LORRAIN | Executive Chairman, Director | 22,167 | 0.07% | Feb 23, 2026 |
| Yanqing Zhu | President, Asia Pacific | 4,950 | 0.01% | Jun 29, 2026 |
| Fabio de Moraes Mendunekas | President, LATAM | 7,005 | 0.02% | Jun 29, 2026 |
| Altena Jonathan Van | President, Europe | 6,231 | 0.02% | Jun 29, 2026 |
| Karl Khambatta | Chief Transformation Officer | 6,378 | 0.02% | Jun 29, 2026 |
| Lance Sons | Chief Information Officer | 5,850 | 0.02% | Jun 29, 2026 |
| Justin Lindsay | President, U.S. & Canada | 13,712 | 0.04% | Jun 29, 2026 |
| Michael L. Hance | CLO and Secretary | 91,355 | 0.27% | Mar 17, 2026 |
| Jamie G. Pierson | CFO | 91,884 | 0.27% | Mar 17, 2026 |
| Timothy R. Osborne | Executive VP of Operations | 23,831 | 0.07% | Mar 17, 2026 |
| Eric Frederick Brandt | Chief Commercial Officer | 17,027 | 0.05% | Feb 23, 2026 |
| Jessica L. Herren | Chief Supply Chain Officer | 11,035 | 0.03% | Feb 23, 2026 |
| James R. Faught | Chief Accounting Officer | 7,952 | 0.02% | Feb 23, 2026 |
| Douglas James Smith | Chief People Officer | 13,294 | 0.04% | Feb 23, 2026 |
| Joseph Michael Tomasello | Chief Information Officer | 30,131 | 0.09% | Mar 18, 2025 |
| Christine Marie Gorjanc | Director | 22,940 | 0.07% | Jun 22, 2026 |
| Dale W. Boyles | Director | 22,940 | 0.07% | Jun 22, 2026 |
| Paul C. Svindland | Director | 15,977 | 0.05% | Jun 22, 2026 |
| Michael B. Hodge | Director | 93,846 | 0.28% | Jun 17, 2025 |
| Charles Leonard Anderson | Director | 122,474 | 0.36% | Jun 17, 2025 |
| Robert Leon Edwards Jr | Director | 122,474 | 0.36% | Jun 17, 2025 |
| Cetus Capital VI, L.P. | 10% owner | 3,093,709 | 9.16% | Feb 17, 2026 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Dale W. Boyles Director | Jun 18, 2026 | Award | +9,545 | – | – | 22,940 |
| Christine Marie Gorjanc Director | Jun 18, 2026 | Award | +9,545 | – | – | 22,940 |
| Paul C. Svindland Director | Jun 18, 2026 | Award | +9,545 | – | – | 15,977 |
| Shawn Stewart Chief Executive Officer, Director | Apr 29, 2026 | Tax withholding | −4,136 | $21.51 | $88.97K | 144,030 |
| Jamie G. Pierson CFO | Mar 16, 2026 | Award | +5,732 | – | – | 91,884 |
| Shawn Stewart Chief Executive Officer, Director | Mar 16, 2026 | Award | +18,692 | – | – | 148,166 |
| Timothy R. Osborne Executive VP of Operations | Mar 15, 2026 | Tax withholding | −483 | $16.05 | $7.75K | 23,831 |
| Timothy R. Osborne Executive VP of Operations | Mar 15, 2026 | Tax withholding | −2,109 | $16.05 | $33.85K | 24,314 |
| Michael L. Hance CLO and Secretary | Mar 15, 2026 | Tax withholding | −4,868 | $16.05 | $78.13K | 91,355 |
| Michael L. Hance CLO and Secretary | Mar 15, 2026 | Tax withholding | −869 | $16.05 | $13.95K | 90,486 |
| Shawn Stewart Chief Executive Officer, Director | Feb 19, 2026 | Tax withholding | −3,214 | $27.78 | $89.28K | 129,474 |
| Shawn Stewart Chief Executive Officer, Director | Feb 19, 2026 | Award | +43,197 | – | – | 132,688 |
| Eric Frederick Brandt Chief Commercial Officer | Feb 19, 2026 | Award | +8,999 | – | – | 17,027 |
| Eric Frederick Brandt Chief Commercial Officer | Feb 19, 2026 | Tax withholding | −1,057 | $27.78 | $29.36K | 15,970 |
| Jessica L. Herren Chief Supply Chain Officer | Feb 19, 2026 | Award | +4,950 | – | – | 11,035 |
| Jessica L. Herren Chief Supply Chain Officer | Feb 19, 2026 | Tax withholding | −436 | $27.78 | $12.11K | 10,599 |
| Jerome Jean-Pierre LORRAIN Executive Chairman, Director | Feb 19, 2026 | Award | +10,799 | – | – | 22,167 |
| Timothy R. Osborne Executive VP of Operations | Feb 19, 2026 | Tax withholding | −513 | $27.78 | $14.25K | 26,423 |
| Timothy R. Osborne Executive VP of Operations | Feb 19, 2026 | Award | +5,850 | – | – | 26,936 |
| Michael L. Hance CLO and Secretary | Feb 19, 2026 | Award | +10,799 | – | – | 97,169 |
| Michael L. Hance CLO and Secretary | Feb 19, 2026 | Tax withholding | −946 | $27.78 | $26.28K | 96,223 |
| Jamie G. Pierson CFO | Feb 19, 2026 | Tax withholding | −1,662 | $27.78 | $46.17K | 86,152 |
| Jamie G. Pierson CFO | Feb 19, 2026 | Award | +20,698 | – | – | 87,814 |
| James R. Faught Chief Accounting Officer | Feb 19, 2026 | Tax withholding | −362 | $27.78 | $10.06K | 7,952 |
| James R. Faught Chief Accounting Officer | Feb 19, 2026 | Award | +2,340 | – | – | 8,314 |
| Douglas James Smith Chief People Officer | Feb 19, 2026 | Tax withholding | −516 | $27.78 | $14.33K | 13,294 |
| Douglas James Smith Chief People Officer | Feb 19, 2026 | Award | +5,850 | – | – | 13,810 |
| Michael L. Hance CLO and Secretary | Feb 9, 2026 | Tax withholding | −225 | $30.23 | $6.80K | 86,370 |
| Timothy R. Osborne Executive VP of Operations | Feb 9, 2026 | Tax withholding | −111 | $30.23 | $3.36K | 21,086 |
| Douglas James Smith Chief People Officer | Dec 12, 2025 | Tax withholding | −243 | $25.47 | $6.19K | 7,960 |
| Jessica L. Herren Chief Supply Chain Officer | Nov 18, 2025 | Tax withholding | −148 | $21.05 | $3.12K | 6,085 |
| Cetus Capital VI, L.P. 10% owner | Nov 12, 2025 | Sale | −10,000 | $22.38 | $223.80K | 3,116,546 |
| Cetus Capital VI, L.P. 10% owner | Nov 11, 2025 | Sale | −67,163 | $21.71 | $1.46M | 3,126,546 |
| Cetus Capital VI, L.P. 10% owner | Nov 10, 2025 | Sale | −90,000 | $21.55 | $1.94M | 3,223,709 |
| Cetus Capital VI, L.P. 10% owner | Nov 10, 2025 | Sale | −30,000 | $22.66 | $679.80K | 3,193,709 |
| Cetus Capital VI, L.P. 10% owner | Nov 6, 2025 | Sale | −74,716 | $21.85 | $1.63M | 3,313,993 |
| Cetus Capital VI, L.P. 10% owner | Nov 6, 2025 | Sale | −284 | $22.39 | $6.36K | 3,313,709 |
| Cetus Capital VI, L.P. 10% owner | Oct 20, 2025 | Buy | +215,000 | $17.89 | $3.85M | 3,378,709 |
| Cetus Capital VI, L.P. 10% owner | Oct 20, 2025 | Buy | +10,000 | $18.86 | $188.60K | 3,388,709 |
| Cetus Capital VI, L.P. 10% owner | Oct 14, 2025 | Sale | −30,000 | $21.42 | $642.60K | 3,063,709 |
| Jerome Jean-Pierre LORRAIN Executive Chairman, Director | Jul 11, 2025 | Award | +7,307 | – | – | 11,368 |
| James R. Faught Chief Accounting Officer | Jun 28, 2025 | Tax withholding | −308 | – | – | 5,974 |
| Dale W. Boyles Director | Jun 13, 2025 | Award | +6,432 | – | – | 13,395 |
| Charles Leonard Anderson Director | Jun 13, 2025 | Award | +6,432 | – | – | 6,883 |
| Charles Leonard Anderson Director | Jun 13, 2025 | Award | +6,963 | – | – | 13,846 |
| Charles Leonard Anderson Director | Jun 13, 2025 | Award | +6,963 | – | – | 13,846 |
| Charles Leonard Anderson Director | Jun 13, 2025 | Award | +6,432 | – | – | 6,883 |
| Michael B. Hodge Director | Jun 13, 2025 | Award | +6,963 | – | – | 93,846 |
| Michael B. Hodge Director | Jun 13, 2025 | Award | +6,432 | – | – | 86,883 |
| Robert Leon Edwards Jr Director | Jun 13, 2025 | Award | +6,963 | – | – | 13,846 |
| Robert Leon Edwards Jr Director | Jun 13, 2025 | Award | +6,432 | – | – | 6,883 |
| Robert Leon Edwards Jr Director | Jun 13, 2025 | Award | +6,963 | – | – | 13,846 |
| Robert Leon Edwards Jr Director | Jun 13, 2025 | Award | +6,432 | – | – | 6,883 |
| Christine Marie Gorjanc Director | Jun 13, 2025 | Award | +6,432 | – | – | 13,395 |
| Paul C. Svindland Director | Jun 13, 2025 | Award | +6,432 | – | – | 6,432 |
| Michael B. Hodge Director | May 6, 2025 | Award | +70,000 | – | – | 80,451 |
| Joseph Michael Tomasello Chief Information Officer | Mar 15, 2025 | Tax withholding | −678 | – | – | 30,131 |
| Michael L. Hance CLO and Secretary | Mar 15, 2025 | Tax withholding | −940 | – | – | 86,595 |
| Michael L. Hance CLO and Secretary | Feb 19, 2025 | Award | +9,634 | – | – | 87,535 |
| Douglas James Smith Chief People Officer | Feb 19, 2025 | Award | +5,218 | – | – | 8,203 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.