What Forward Air Corp. told the SEC could break it.

Forward Air derived 26% of 2025 revenue from its top ten customers, with one customer just under 10% of total revenue and expected to grow in 2026; disruption with these customers — including in their industries or freight demand — could adversely affect results.

“During the year ended December 31, 2025, we derived 26% of our revenue from our top ten customers, with one customer accounting for just under 10% of our total revenue, which we expect to continue to grow in 2026.”

Forward Air carries substantial leverage from the Omni acquisition — $1.125 billion of senior secured term B loans plus Notes (with a 101% change-of-control repurchase obligation) — concentrating refinancing and interest-rate risk amid soft freight volumes.

“Pursuant to the Credit Agreement, the Company obtained senior secured term B loans in an aggregate principal amount of $1,125,000 (the “New Term Lo”

Forward Air's Expedited Freight secures transportation capacity largely from independent contractors (owner-operators) and other purchased-transportation sources; driver/owner-operator shortages or rate increases could limit capacity and raise costs.

“Expedited Freight secures transportation capacity from four sources: independent contractors that own and lease their equipm”

U.S. tariffs and trade barriers on imports from China, Canada and others (and retaliatory tariffs) heighten trade tensions and reduce global trade activity; because Forward Air's volumes depend on goods movement, lower import/economic activity could materially cut trucking freight volumes and revenue.

“The imposition of tariffs and other trade barriers by the U.S. government, including widespread baseline and country-specific tariffs on imported goods from countries such as China and Canada, has heightened global trade tensions, resulting in China, among other countries, imposing reciprocal tariffs in response.”