EX-99.1 2 exhibit991-fwrdpressreleas.htm EX-99.1 NEWS RELEASE FORWARD AIR CORPORATION REPORTS THIRD QUARTER 2026 RESULTS Record Revenue in Consecutive Quarters Operating Incom e 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) 2026 2025 $ Change % Change Operating revenues $ 673,861 $ 631,763 $ 42,098 6.7 % Operating income $ 43,895 $ 15,007 $ 28,888 192.5 % Operating margin 6.5 % 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 warehous
