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Get filing alertsForward Air signs MOU to retain 50-75% of customer revenue, extends term 2+ years
Filed July 21, 2026 · Period ending July 21, 2026 · ~1 min read
Key Changes
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high
Non-binding MOU secures at least of annual revenue from major customer, with potential to retain up to 75%; contract term extended by at least two years
Exhibit 99.1 view on EDGAR → -
medium
Service transition to other providers begins late 2026, with majority occurring December 2026 through 2027; provides visibility into timing of revenue impact
Exhibit 99.1 view on EDGAR → -
medium
Company disclosed ongoing discussions with one of its largest customers regarding their relationship
Item 7.01 — Regulation FD Disclosure verify on EDGAR →
Summary
Forward Air entered a non-binding memorandum of understanding with one of its largest customers to retain at least half of $250 million in annual revenue—roughly of the customer relationship—with potential to retain up to 75%. The agreement also extends the contract term for retained services by at least two years.
This follows earlier disclosure that the customer planned to diversify suppliers and transition some services away from Forward Air. The portion of services being transitioned to other providers will begin later in 2026, with most of the transition occurring in December 2026 and continuing through 2027.
For a company that generated this level of revenue from a single customer, retaining 50-75% of the relationship represents a material outcome. The extended contract term provides some revenue visibility, though the non-binding nature of the MOU means final terms remain subject to negotiation. Retail holders should monitor whether the MOU converts to a binding agreement and whether the company successfully retains the upper end of the 50-75% range.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Forward Air Corporation (the “Company”) issued a press release providing an update regarding ongoing discussions with one of its largest customers.
The company disclosed it is in ongoing discussions with one of its largest customers. The 8-K does not specify the nature of these discussions, the customer's identity, or potential outcomes. Such discussions with a major customer could relate to contract terms, pricing, service levels, or continuation of the relationship.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
The services that are expected to be transitioned to the other providers are anticipated to start later this year, with the majority taking place in December 2026 and throughout the balance of 2027.
The portion of services being transitioned to other providers will begin later in 2026, with most of the transition occurring in December 2026 and continuing through 2027. This provides visibility into the timing of revenue impact from the customer diversification.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
Shawn Stewart, President & Chief Executive Officer, said, “We are extremely pleased with the productive conversations we have had with one of our largest customers, including the prospect of retaining up to 75% of the Customer’s business with us and meaningfully extending the contract term. This agreement builds on our 20-year relationship and underscores the impeccable service the Forward Air team continues to provide.”
CEO Shawn Stewart expressed satisfaction with the outcome, emphasizing the potential to retain up to 75% of the customer's business and extend the contract term. He highlighted the 20-year relationship and service quality as factors in the agreement.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 22, 2026 · How we verify