Forward Air said it is looking to sell its intermodal division and two other units and is facing a potential $250 million revenue hit from the loss of a significant customer. 

The company underwent a strategic review in 2025, including a potential full sale. President and CEO Shawn Stewart said the process included extensive negotiations with multiple parties, but no deal was reached. 

“However, the Board continues to be open to, and intends to consider, all opportunities to enhance shareholder value, and has determined to pursue a sale of non-core assets, including our Intermodal segment and two of our smaller legacy Omni [Logistics] businesses,” Stewart said. These segments totaled $394 million in revenue during 2025. 

Stewart added that the likely loss of a major contract logistics customer was an additional catalyst for the planned sale of the units. 

Forward Air remains in discussion to retain some of that customer’s business, but is “anticipating that the majority of the business that will ultimately be transitioned will start in early 2027 and take place throughout the balance of the year.”

Forward Air made these announcements as it reported a net loss for the first quarter of 2026 of $40.2 million, or $1.09 per share, compared with a net loss of $61.2 million, or $1.68, a year earlier.

Total revenue dropped 5.1% to $582 million from $613 million. However, Expedited Freight revenue increased 9.4% to $272.7 million, and income from operations increased 28.8% to $20.1 million.