Earnings Releases·Nov 9, 2026, 4:01 PM ET

Forward Air Corporation — Third Quarter 2026 Earnings Summary

Consolidated operating revenue rose 6.7% year-over-year to $673.9 million, while operating income surged 192.5% to $43.9 million and operating margin expanded 410 basis points to 6.5%.
Net income attributable to Forward Air turned positive at $11.4 million, reversing a $16.3 million loss in the prior year quarter, driven by the absence of the $244.0 million goodwill impairment recorded in the prior nine-month period.
Business segments showed strong performance: Expedited Freight posted its best results in nearly three years with 30.5% revenue growth, while Intermodal and Omni Logistics also reported significant operating income increases.
Liquidity improved to $446 million, marking the lowest net leverage ratio since Q1 2024, though free cash flow decreased 31.8% to $33.3 million year-over-year.
The company generated $16.2 million from business sales in the quarter and $25.0 million for the nine months ended September 30, 2026.