Forward Air Debt Drops After Sale Fails, Key Client Weighs Exit

Forward Air’s shares and debt plummeted this week after the freight logistics company failed to find a buyer and said a major customer is contemplating taking its business elsewhere.

“While no formal notices have been delivered, we are in discussions with one of our largest customers to transition a significant portion of their business to other providers,” Shawn Stewart, Forward Air’s chief executive officer, said during the firm’s first-quarter earnings call. The customer will move most of its business starting in early 2027, he told investors.

The customer represents about $250 million or roughly 10% of annual revenue, ...