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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS THIRD QUARTER 2026 RESULTS

Record Revenue in Consecutive Quarters

Operating Income of $44 Million and Consolidated EBITDA of $101 Million

Execution at all Three Segments Contribute to Strong Performance

DALLAS – (BUSINESS WIRE) – November 9, 2026 – Forward Air Corporation (NASDAQ:FWRD) (the “Company,” “Forward,” “we,” “our,” or “us”) today reported financial results for the three months ended September 30, 2026, as presented in the tables below.

“We are pleased to deliver another quarter of very solid results,” said Shawn Stewart, President and Chief Executive Officer. “Consolidated operating revenue improved to $674 million compared to $632 million in the third quarter a year ago and it’s the second quarter in a row that we reported the best revenue results in Forward Air Corporation’s history. Operating income for the quarter almost tripled from last year coming in at $44 million compared to $15 million in the third quarter 2025.

“On a segment basis, we performed well across all aspects of our business and hit on all cylinders. Expedited Freight reported its best operating revenue, operating income and Reported EBITDA in nearly three years. The Omni Logistics segment continues to see an increase in demand for its contract logistics and air and ocean services and reported its best Reported EBITDA margin since the beginning of 2024. The Intermodal segment saw an increase in drayage per shipment contributing to its highest revenue in more than three years.

“These results reflect investments we have made and our focus on execution across the breadth of logistics services we provide around the world. We believe the work that has been done and the resulting foundation that has been established over the past few years has positioned the company to take advantage of current market conditions. We are encouraged by the progress, while also recognizing that there is always more work to be done to maintain momentum. Going forward, we intend to stay focused on delivering best-in-class service, and providing reliable, dependable solutions that exceed our customers’ expectations,” concluded Stewart.

Jamie Pierson, Chief Financial Officer, added, “For the third quarter we reported Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, of $101 million compared to $78 million in the same quarter a year ago and yet another stair step up in performance. On a last twelve months basis, Consolidated EBITDA was $342 million as of the end of the third quarter.

“Following our improved operations and quality of earnings, liquidity also improved to $446 million at the end of the third quarter which was a sequential improvement of $45 million compared to the second quarter 2026, and we reported our lowest net leverage ratio since the first quarter of 2024,” concluded Pierson.



Three Months Ended
September 30,
(in thousands, except per share data)20262025$ Change% Change
Operating revenues$673,861 $631,763 $42,098 6.7 %
Operating income $43,895 $15,007 $28,888 192.5 %
Operating margin6.5 %2.4 %410 bps
Income (loss) from continuing operations$9,120 $(23,757)$32,877 138.4 %
Net income (loss) from continuing operations per diluted share$0.34 $(0.52)$0.86 165.4 %
Net cash provided by operating activities$35,316 $52,714 $(17,398)(33.0)%
Non-GAAP Financial Measures: (1)
Consolidated EBITDA$101,471 $77,650 $23,821 30.7 %
Free cash flow$33,338 $48,893 $(15,555)(31.8)%
(1) Reconciliation of these non-GAAP financial measures are provided below the financial tables.

Review of Financial Results

Forward Air will hold a conference call to discuss third quarter 2026 results on Monday, November 9 at 4:30 p.m. ET. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 579-2543, Access Code: FWRDQ326.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.

About Forward Air Corporation

Forward is a leading asset-light provider of transportation services across the United States, Canada and Latin America. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardair.com.

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Forward Air Corporation
Condensed Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Operating revenues:
Expedited Freight$337,407 $258,554 $929,176 $765,631 
Omni Logistics312,313 339,584 953,278 991,370 
Intermodal63,453 58,332 176,269 179,970 
Corporate and Eliminations(39,312)(24,707)(129,780)(73,083)
Operating revenues673,861 631,763 1,928,943 1,863,888 
Operating expenses:
Purchased transportation343,573 316,390 963,242 923,952 
Salaries, wages and employee benefits122,964 131,909 368,580 419,314 
Operating leases49,775 52,150 149,740 150,448 
Depreciation and amortization37,539 37,748 114,322 111,914 
Insurance and claims13,251 12,719 40,427 43,261 
Fuel expense6,339 5,029 17,910 15,956 
Other operating expenses56,525 60,811 167,692 159,751 
Impairment of goodwill— — 244,006 — 
Total operating expenses629,966 616,756 2,065,919 1,824,596 
Operating income (loss):
Expedited Freight36,461 19,445 91,400 54,574 
Omni Logistics12,206 9,749 (217,074)20,310 
Intermodal5,186 4,102 12,511 14,059 
Corporate and Eliminations(9,958)(18,289)(23,813)(49,651)
Operating income (loss) 43,895 15,007 (136,976)39,292 
Other income and expenses:
Interest expense, net(44,096)(44,775)(131,404)(135,648)
Foreign exchange loss(1,344)(539)(212)(6,114)
Other income (expense), net10,680 6,935 (4,708)383 
Total other expense(34,760)(38,379)(136,324)(141,379)
Income (loss) from continuing operations before income taxes9,135 (23,372)(273,300)(102,087)
Income tax expense15 385 1,634 3,225 
Income (loss) from continuing operations9,120 (23,757)(274,934)(105,312)
Loss from discontinued operations, net of tax— — (2,075)— 
Net income (loss)9,120 (23,757)(277,009)(105,312)
Net loss attributable to noncontrolling interest(2,259)(7,507)(46,769)(25,842)
Net income (loss) attributable to Forward Air$11,379 $(16,250)$(230,240)$(79,470)
Basic net income (loss) per share attributable to Forward Air:
Continuing operations$0.34 $(0.52)$(7.01)$(2.60)
Discontinued operations— — (0.05)— 
Net income (loss) per basic share$0.34 $(0.52)$(7.06)$(2.60)
Diluted net income (loss) per share attributable to Forward Air:
Continuing operations$0.34 $(0.52)$(7.01)$(2.60)
Discontinued operations— — (0.05)— 
Net income (loss) per diluted share$0.34 $(0.52)$(7.06)$(2.60)
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Expedited Freight Segment Information and Operating Statistics
(unaudited and in thousands, except per shipment and per hundredweight)
Three Months Ended September 30,
2026% of Revenue 2025% of Revenue$ Change% Change
Operating revenues:
Network (1)
$242,042 71.7 %$194,035 75.0 %$48,007 24.7 %
Truckload67,540 20.0 %42,401 16.4 %25,139 59.3 %
Other27,825 8.3 %22,118 8.6 %5,707 25.8 %
Total operating revenues337,407 100.0 %258,554 100.0 %78,853 30.5 %
Operating expenses:
Purchased transportation179,504 53.2 %125,265 48.4 %54,239 43.3 %
Salaries, wages and employee benefits56,370 16.7 %54,403 21.0 %1,967 3.6 %
Operating leases17,577 5.2 %15,797 6.1 %1,780 11.3 %
Depreciation and amortization8,563 2.5 %10,160 3.9 %(1,597)(15.7)%
Insurance and claims10,355 3.1 %10,415 4.0 %(60)(0.6)%
Fuel expense3,343 1.0 %2,155 0.8 %1,188 55.1 %
Other operating expenses25,234 7.5 %20,914 8.3 %4,320 20.7 %
Total operating expenses300,946 89.2 %239,109 92.5 %61,837 25.9 %
Operating income$36,461 10.8 %$19,445 7.5 %$17,016 87.5 %
(1)Network revenue is comprised of linehaul, pickup and/or delivery, and fuel surcharge revenue, and excludes accessorial and Truckload revenue.
Three Months Ended
September 30,
20262025% Change
Business days64 64 — %
Tonnage (1)
Total pounds707,893 612,449 15.6 %
Pounds per day11,061 9,570 15.6 %
Shipments (1)
Total shipments787 729 8.0 %
Shipments per day12.3 11.4 7.9 %
Weight per shipment899 841 6.9 %
Revenue per hundredweight (2)
$34.18 $31.70 7.8 %
Revenue per hundredweight, ex fuel (2)
$24.34 $24.98 (2.6)%
Revenue per shipment (2)
$307.51 $266.48 15.4 %
Revenue per shipment, ex fuel (2)
$219.01 $209.99 4.3 %
(1)Excludes accessorial and Truckload products.
(2)Includes intercompany revenue between the Network and Truckload revenue streams.
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Omni Logistics Segment Information
(unaudited and in thousands)
Three Months Ended September 30,
2026% of Revenue 2025% of Revenue$ Change% Change
Operating revenues:
Ground$106,043 34.0 %$164,591 48.5 %$(58,548)(35.6)%
Contract Logistics109,436 35.0 %97,464 28.7 %11,972 12.3 %
Air and Ocean96,834 31.0 %77,529 22.8 %19,305 24.9 %
Total operating revenues312,313 100.0 %339,584 100.0 %(27,271)(8.0)%
Operating expenses:
Purchased transportation179,156 57.4 %196,312 57.8 %(17,156)(8.7)%
Salaries, wages and employee benefits46,780 15.0 %58,373 17.2 %(11,593)(19.9)%
Operating leases25,221 8.1 %29,979 8.8 %(4,758)(15.9)%
Depreciation and amortization23,124 7.4 %22,832 6.7 %292 1.3 %
Insurance and claims930 0.3 %(59)— %989 nm
Fuel expense461 0.1 %874 0.3 %(413)(47.3)%
Other operating expenses24,435 7.8 %21,524 6.3 %2,911 13.5 %
Total operating expenses300,107 96.1 %329,835 97.1 %(29,728)(9.0)%
Operating income$12,206 3.9 %$9,749 2.9 %$2,457 25.2 %
nm = not meaningful
Intermodal Segment Information
(unaudited and in thousands)
Three Months Ended September 30,
2026% of Revenue2025% of Revenue$ Change% Change
Operating revenues$63,453 100.0 %$58,332 100.0 %$5,121 8.8 %
Operating expenses:
Purchased transportation24,225 38.2 %19,331 33.1 %4,894 25.3 %
Salaries, wages and employee benefits13,055 20.6 %14,198 24.3 %(1,143)(8.1)%
Operating leases6,867 10.8 %6,288 10.8 %579 9.2 %
Depreciation and amortization3,861 6.1 %4,382 7.5 %(521)(11.9)%
Insurance and claims2,999 4.7 %2,900 5.0 %99 3.4 %
Fuel expense2,535 4.0 %1,999 3.4 %536 26.8 %
Other operating expenses4,725 7.4 %5,132 8.9 %(407)(7.9)%
Total operating expenses58,267 91.8 %54,230 93.0 %4,037 7.4 %
Operating income$5,186 8.2 %$4,102 7.0 %$1,084 26.4 %

Three Months Ended
September 30,
20262025% Change
Drayage shipments62,028 60,976 1.7 %
Drayage revenue per shipment$986 $864 14.1 %
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Forward Air Corporation
Condensed Consolidated Balance Sheets
(unaudited and in thousands)
September 30, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents$184,932 $105,996 
Accounts receivable, net392,442 343,559 
Other receivables4,172 6,147 
Prepaid expenses26,102 28,045 
Other current assets41,526 37,254 
Total current assets649,174 521,001 
Property and equipment, net264,087 297,882 
Operating lease right-of-use assets347,006 412,535 
Goodwill278,706 522,712 
Other intangible assets, net836,815 906,791 
Other long-term assets56,696 58,023 
Total assets$2,432,484 $2,718,944 
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable$124,601 $121,752 
Accrued expenses149,584 114,422 
Other current liabilities65,601 69,130 
Current portion of operating lease liabilities104,778 107,026 
Current portion of finance lease liabilities14,464 15,995 
Total current liabilities459,028 428,325 
Long-term debt1,696,511 1,687,248 
Liabilities under Tax Receivable Agreement26,794 11,548 
Operating lease liabilities, less current portion265,636 327,011 
Finance lease liabilities, less current portion14,632 22,387 
Deferred income taxes24,162 27,221 
Other long-term liabilities54,662 53,540 
Total liabilities2,541,425 2,557,280 
Shareholders' (deficit) equity:
Preferred stock— — 
Common stock337 313 
Additional paid-in capital578,788 559,551 
Accumulated deficit(679,001)(447,100)
Accumulated other comprehensive income140 580 
Total Forward Air shareholders' (deficit) equity(99,736)113,344 
Noncontrolling interest(9,205)48,320 
Total shareholders' (deficit) equity(108,941)161,664 
Total liabilities and shareholders' (deficit) equity$2,432,484 $2,718,944 
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Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(unaudited and in thousands)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
OPERATING ACTIVITIES:
Net income (loss) $9,120 $(23,757)$(277,009)$(105,312)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization37,539 37,748 114,322 111,914 
Impairment of goodwill— — 244,006 — 
Share-based compensation expense2,967 3,380 6,999 11,049 
Change in Tax Receivable Agreement liability — (6,028)15,488 836 
Deferred income tax benefit(195)4,202 (2,969)(523)
Non-cash interest expense3,736 3,361 10,963 10,207 
Gains on sales of businesses(6,979)— (10,628)— 
Other1,195 (112)5,386 2,287 
Changes in operating assets and liabilities:
Accounts receivable(36,237)1,054 (72,257)(15,891)
Other receivables2,676 (582)2,177 (273)
Other current and noncurrent assets(6,256)(5,337)(5,324)4,382 
Accounts payable, accrued expenses and other liabilities27,750 38,785 45,017 48,436 
Net cash provided by operating activities 35,316 52,714 76,171 67,112 
INVESTING ACTIVITIES:
Proceeds from sale of property and equipment1,104 294 3,657 1,789 
Purchases of property and equipment(3,082)(4,115)(13,241)(20,765)
Proceeds from sales of businesses, net16,248 — 24,987 — 
Other— (31)— — 
Net cash provided by (used in) investing activities14,270 (3,852)15,403 (18,976)
FINANCING ACTIVITIES:
Repayments of finance lease liabilities(4,134)(3,610)(12,508)(12,986)
Proceeds from borrowings under credit facility— — — 85,000 
Repayments of borrowings under credit facility— — — (85,000)
Proceeds from common stock issued under employee stock purchase plan— — 734 434 
Payment of minimum tax withholdings on share-based awards and other(36)(52)(841)(1,053)
Net cash used in financing activities (4,170)(3,662)(12,615)(13,605)
Effect of exchange rate changes on cash68 (153)(23)557 
NET CHANGE IN CASH AND CASH EQUIVALENTS45,484 45,047 78,936 35,088 
Cash and cash equivalents at beginning of period139,448 95,307 105,996 105,266 
Cash and cash equivalents at end of period$184,932 $140,354 $184,932 $140,354 

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Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

In this press release, the Company includes financial measures that are derived on the basis of methodologies other than in accordance with United States generally accepted accounting principles (“GAAP”). The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.

This press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization for each segment (“Reported EBITDA”), Consolidated EBITDA, Adjusted Operating Income and free cash flow.

All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that Reported EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value.

The Company is also providing Consolidated EBITDA calculated in accordance with our credit agreement as we believe it provides investors with important information regarding our financial condition and compliance with our obligations under our credit agreement.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, the Company’s financial results prepared in accordance with GAAP. The Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable GAAP measures set forth below.

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The following is a reconciliation of net income (loss) to Reported EBITDA and Consolidated EBITDA:
Three Months EndedNine Months EndedLast Twelve Months
September 30,September 30,
(in thousands)2026202520262025September 30, 2026
Net income (loss)$9,120 $(23,757)$(277,009)$(105,312)$(313,422)
Interest expense, net44,096 44,775 131,404 135,648 176,503 
Income tax expense (benefit)15 385 1,634 3,225 (7,063)
Depreciation and amortization37,539 37,748 114,322 111,914 155,046 
Reported EBITDA90,770 59,151 (29,649)145,475 11,064 
Impairment of goodwill— — 244,006 — 244,006 
Loss from discontinued operations, net of tax— — 2,075 — 2,075 
Transaction and integration costs3,685 5,852 11,208 25,751 16,930 
Severance costs1,088 2,769 2,742 5,173 3,312 
Change in Tax Receivable Agreement liability— (6,028)15,488 836 12,905 
Optimization project costs199 1,010 264 2,732 20,029 
Gains on disposition of businesses, net(6,779)— (9,653)— (9,653)
Proforma savings657 4,063 1,971 12,767 3,978 
Proforma dispositions1,264 (1,096)878 (2,152)269 
Other10,587 11,929 25,354 37,475 36,737 
Consolidated EBITDA$101,471 $77,650 $264,684 $228,057 $341,652 

The following is a reconciliation of operating income (loss) to operating income, excluding the goodwill impairment charge, or adjusted operating income:
Three Months EndedNine Months Ended
September 30,September 30,
(in thousands)2026202520262025
Operating income (loss)$43,895 $15,007 $(136,976)$39,292 
Impairment of goodwill— — 244,006 — 
Adjusted operating income$43,895 $15,007 $107,030 $39,292 

The following is a reconciliation of net cash provided by operating activities to free cash flow:
Three Months EndedNine Months Ended
September 30,September 30,
(in thousands)
2026202520262025
Net cash provided by operating activities$35,316 $52,714 $76,171 $67,112 
Proceeds from sale of property and equipment1,104 294 3,657 1,789 
Purchases of property and equipment(3,082)(4,115)(13,241)(20,765)
Free cash flow$33,338 $48,893 $66,587 $48,136 



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Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to management’s expectations regarding: the Company’s beliefs regarding the Intermodal segment and changing market conditions.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as tariffs, recessions, inflation, higher interest rates and tightening supply environment, the risk of customer loss, the risk of management and employee loss, the creditworthiness of our customers and their ability to pay for services rendered, the inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, market acceptance of our service offerings, increasing competition and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws, and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

We caution readers that any forward-looking statement made by us in this press release is based only on information currently available to us and they should not place undue reliance on any forward-looking statement, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law.
Contact:

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com
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