Forward Air Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated operating revenue increased 6.7% year-over-year to $673.9 million for the three months ended September 30, 2026, compared to $631.8 million in the same period in 2025.
• Operating income rose 192.5% year-over-year to $43.9 million from $15.0 million in the prior year quarter.
• Operating margin expanded 410 basis points to 6.5% from 2.4% in the third quarter of 2025.
• Income from continuing operations was $9.1 million, a significant improvement from a loss of $23.8 million in the prior year quarter.
• Net income attributable to Forward Air was $11.4 million, compared to a loss of $16.3 million in the prior year quarter.
• Diluted net income per share from continuing operations was $0.34, compared to a loss of $0.52 per share in the prior year quarter.
• Consolidated EBITDA (non-GAAP) increased 30.7% to $101.5 million from $77.7 million in the prior year quarter.
• Free cash flow was $33.3 million, a decrease of 31.8% from $48.9 million in the prior year quarter.
• Net cash provided by operating activities was $35.3 million, down 33.0% from $52.7 million in the prior year quarter.
• Liquidity improved to $446 million at the end of the third quarter, a sequential increase of $45 million from the second quarter of 2026.
• The company reported its lowest net leverage ratio since the first quarter of 2024.
• For the nine months ended September 30, 2026, operating revenue was $1,928.9 million compared to $1,863.9 million in the prior year period.
• For the nine months ended September 30, 2026, the company recorded a net loss of $277.0 million, primarily due to a $244.0 million impairment of goodwill in the prior year period which was not present in the current period.

Business Segments and Product Lines:

• Expedited Freight: Reported its best operating revenue, operating income, and Reported EBITDA in nearly three years. Operating revenue increased 30.5% to $337.4 million. Operating income rose 87.5% to $36.5 million, with an operating margin of 10.8%.
• Omni Logistics: Reported its best Reported EBITDA margin since the beginning of 2024. Operating revenue decreased 8.0% to $312.3 million, driven by a 35.6% decline in Ground revenue to $106.0 million, offset by a 12.3% increase in Contract Logistics to $109.4 million and a 24.9% increase in Air and Ocean to $96.8 million. Operating income increased 25.2% to $12.2 million.
• Intermodal: Reported its highest revenue in more than three years, increasing 8.8% to $63.5 million. This growth was driven by a 14.1% increase in drayage revenue per shipment to $986. Operating income increased 26.4% to $5.2 million.

Other Key Points:

• The company sold businesses generating $16.2 million in proceeds during the third quarter of 2026 and $25.0 million for the nine months ended September 30, 2026.
• A $244.0 million impairment of goodwill was recorded in the nine months ended September 30, 2025, but no such impairment occurred in the current period.
• The company held a conference call on November 9, 2026, to discuss results.
• Management highlighted that the results reflect investments made and a focus on execution across logistics services.
• Forward Air is an asset-light provider of transportation services across the United States, Canada, and Latin America.