Forward Air Corporation Reports Third Quarter 2026 Results
Key Highlights
- ➤Operating revenue $674 million, up 6.7% year over year
- ➤Operating income $44 million, up 192.5% year over year
- ➤Consolidated EBITDA $101 million, up 30.7% year over year
- ➤Expedited Freight revenue $337 million, up 30.5% year over year
- ➤Liquidity improved to $446 million, up $45 million sequentially
Expert Statements
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“We are pleased to deliver another quarter of very solid results”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“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.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“Operating income for the quarter almost tripled from last year coming in at $44 million compared to $15 million in the third quarter 2025.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“On a segment basis, we performed well across all aspects of our business and hit on all cylinders.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“Expedited Freight reported its best operating revenue, operating income and Reported EBITDA in nearly three years.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“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.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“The Intermodal segment saw an increase in drayage per shipment contributing to its highest revenue in more than three years.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“These results reflect investments we have made and our focus on execution across the breadth of logistics services we provide around the world.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“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.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“We are encouraged by the progress, while also recognizing that there is always more work to be done to maintain momentum.”
Shawn Stewart, President and Chief Executive Officer of Forward Air Corporation
“Going forward, we intend to stay focused on delivering best-in-class service, and providing reliable, dependable solutions that exceed our customers’ expectations,”
Jamie Pierson, Chief Financial Officer of Forward Air Corporation
“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.”
Jamie Pierson, Chief Financial Officer of Forward Air Corporation
“On a last twelve months basis, Consolidated EBITDA was $342 million as of the end of the third quarter.”
Jamie Pierson, Chief Financial Officer of Forward Air Corporation
“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,”
Operating Income of $44 Million and Consolidated EBITDA of $101 Million
Execution at all Three Segments Contribute to Strong Performance
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