Forward Air Corporation (FWRD) News

Forward Air Corporation Reports First Quarter 2026 Results

Thu, 07 May 2026 16:01:00 -0400

Expedited Freight Segment’s Results Improve Year Over Year and Sequentially

Liquidity Remains Strong Increasing to Over $400 Million

Provides Update on Customer and Strategic Alternatives Review

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “Forward”, “we”, “our”, or “us”) today reported financial results for the three months ended March 31, 2026, as presented in the tables below.

“During the first quarter, we stayed focused on the customer and providing award-winning service,” said Shawn Stewart, President & Chief Executive Officer. “And as a result, operating income improved to $20 million compared to $5 million in the first quarter a year ago.

“On a segment basis, the Expedited Freight’s first quarter Reported EBITDA results improved to $28 million compared to $26 million a year ago and sequentially when compared to the $25 million in the fourth quarter 2025. The 10.4 percent margin is consistent with a year ago and an improvement compared to the 10.1 percent in the fourth quarter 2025.

“At the Omni Logistics segment, Reported EBITDA in the first quarter was $25 million and consistent with the $26 million in the first quarter 2025. The margin improved to 8.3 percent compared to 7.9 percent due to an increase in contract logistics volume with a more favorable margin.

“Reduction in port activity and softness with key customers continued to negatively impact the Intermodal segment. In the first quarter Reported EBITDA was $5 million and the margin was 10.1 percent respectively, compared to $10 million and 16.4 percent a year ago.”

Jamie Pierson, Chief Financial Officer, added, “We reported consolidated revenue of $582 million in the first quarter compared to $613 million a year ago. Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $70 million, and on a last twelve months basis was $304 million.

“Liquidity improved to $402 million at the end of the first quarter comprised of $141 million in cash and $261 million of availability under our credit facility, which is the highest ending cash balance Forward Air has achieved in the past two years. This compares to $367 million in total liquidity at the end of 2025.

“As a result of tight control on costs and reduction in advisors and consultants compared to a year ago, cash provided by operating activities improved to $46 million in the first quarter compared to $28 million the same time last year, reflecting a year over year improvement of $18 million,” concluded Pierson.

Customer Update

While no formal notices of termination have been delivered, the Company is currently in active discussions with one of its largest customers (the “Customer”) regarding the transition of a significant portion of their business with the Company to other providers for reasons believed to be related to the Customer’s operations and supplier diversification initiatives. Forward Air has provided the highest level of service excellence and exceeded most if not all of its KPIs on a regular basis throughout the duration of its long-term partnership.

The parties continue to discuss the scope of the business that will be transitioned and the timing thereof, and Forward Air is exploring all options to retain as much of this business as possible. The Company is currently anticipating that the majority of the business that will ultimately be transitioned will start in early 2027 and take place throughout the balance of the year.

The Customer represented approximately $250 million of the Company’s revenue for the fiscal year ended December 31, 2025 and is not a customer of Forward Air’s Less Than Truckload or Intermodal businesses.

The Company remains focused on delivering industry leading solutions and service to all of its global customer base and believes that continued execution of its strategy will allow it to build its market share over time.

Strategic Alternatives Update

In January 2025, the Forward Air Board of Directors initiated a comprehensive review of strategic alternatives to maximize shareholder value, exploring a range of options relative to the long-term value potential of the Company on a standalone basis. This process included extensive negotiations and discussions with multiple parties; however, due to a variety of factors, including the developments in Forward Air’s relationship with the Customer, no actionable proposals for a sale of the Company were ultimately received. However, the Board continues to be open to, and intends to consider, all opportunities to enhance shareholder value, and has determined to pursue a sale of non-core assets, including our Intermodal segment and two of our smaller legacy Omni businesses. These targeted sales are expected to advance the Company’s efforts to delever the balance sheet and further focus its services around continuing to provide service-sensitive logistics to its customers around the world in the air, ocean, ground and contract logistics.

Stewart concluded, “Despite a prolonged, multi-year freight recession, our team has made extensive progress executing our transformation plan, overhauling operations and improving the quality of our earnings results including today with the release of our first quarter 2026 results.”


	Three Months Ended
(in thousands, except per share data)	March 31, 2026			March 31, 2025			Change			Percent Change
Operating revenues	$	582,046		$	613,281		$	(31,235	)	(5.1	)%
Income from operations	$	20,441		$	4,763		$	15,678		329.2	%
Operating margin		3.5	%		0.8	%	270 bps
Net loss	$	(40,198	)	$	(61,191	)	$	20,993		34.3	%
Net loss per diluted share	$	(1.09	)	$	(1.68	)	$	0.59		35.1	%
Cash provided by operating activities	$	45,738		$	27,615		$	18,123		65.6	%

Non-GAAP Financial Measures: ¹
Consolidated EBITDA	$	70,378		$	73,311		$	(2,933	)	(4.0	)%
Free cash flow	$	40,220		$	16,400		$	23,820		145.2	%

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 first quarter 2026 results on Thursday, May 7, 2026 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: FWRDQ126.

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.


Forward Air Corporation
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)


	Three Months Ended
	March 31, 2026			March 31, 2025
Operating revenues:
Expedited Freight	$	272,707		$	249,381
Omni Logistics		302,418			323,470
Intermodal		53,092			62,492
Corporate		—			142
Eliminations		(46,171	)		(22,204	)
Operating revenues		582,046			613,281
Operating expenses:
Purchased transportation		283,777			304,262
Salaries, wages and employee benefits		115,576			141,915
Operating leases		49,713			48,792
Depreciation and amortization		38,521			37,360
Insurance and claims		13,498			15,007
Fuel expense		4,927			5,649
Other operating expenses		55,593			55,533
Total operating expenses		561,605			608,518
Income from operations:
Expedited Freight		20,046			15,634
Omni Logistics		730			3,375
Intermodal		1,224			5,542
Other Operations		(1,559	)		(19,788	)
Income from operations		20,441			4,763
Other expense:
Interest expense, net		(43,587	)		(45,547	)
Foreign exchange gain (loss)		1,698			(922	)
Other (expense) income, net		(16,957	)		104
Total other expense		(58,846	)		(46,365	)
Loss from operations before income taxes		(38,405	)		(41,602	)
Income tax expense		1,793			19,589
Net loss		(40,198	)		(61,191	)
Net loss attributable to noncontrolling interest		(5,879	)		(10,554	)
Net loss attributable to Forward Air	$	(34,319	)	$	(50,637	)

Basic and diluted net loss per share attributable to Forward Air	$	(1.09	)	$	(1.68	)


Expedited Freight Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	March 31, 2026		Percent of Revenue		March 31, 2025		Percent of Revenue		Change			Percent Change
Operating revenues:
Network¹	$	188,177	69.0	%	$	190,162	76.3	%	$	(1,985	)	(1.0	)%
Truckload		62,544	22.9			39,255	15.7			23,289		59.3
Other		21,986	8.1			19,964	8.0			2,022		10.1
Total operating revenues		272,707	100.0			249,381	100.0			23,326		9.4

Operating expenses:
Purchased transportation		141,683	52.0			120,680	48.4			21,003		17.4
Salaries, wages and employee benefits		55,650	20.4			52,577	21.1			3,073		5.8
Operating leases		15,528	5.7			15,433	6.2			95		0.6
Depreciation and amortization		8,312	3.0			10,379	4.2			(2,067	)	(19.9	)
Insurance and claims		10,160	3.7			10,308	4.1			(148	)	(1.4	)
Fuel expense		2,053	0.8			2,471	1.0			(418	)	(16.9	)
Other operating expenses		19,275	7.4			21,899	8.7			(2,624	)	(12.0	)
Total operating expenses		252,661	92.6			233,747	93.7			18,914		8.1
Income from operations	$	20,046	7.4	%	$	15,634	6.3	%	$	4,412		28.2	%

¹Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.


Expedited Freight Operating Statistics

	Three Months Ended
	March 31, 2026		March 31, 2025		Percent Change
Business days		63		63	—	%

Tonnage^1,2
Total pounds		598,454		610,635	(2.0	)
Pounds per day		9,499		9,693	(2.0	)

Shipments^1,2
Total shipments		690		727	(5.1	)
Shipments per day		11.0		11.5	(4.3	)

Weight per shipment		867		840	3.2

Revenue per hundredweight³	$	31.45	$	31.19	0.8
Revenue per hundredweight, ex fuel³	$	24.50	$	24.76	(1.1	)

Revenue per shipment³	$	272.57	$	262.04	4.0
Revenue per shipment, ex fuel³	$	212.37	$	208.03	2.1

¹ In thousands
² Excludes accessorial and Truckload products
³ Includes intercompany revenue between the Network and Truckload revenue streams


Omni Logistics Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	March 31, 2026		Percent of Revenue		March 31, 2025		Percent of Revenue		Change			Percent Change
Operating Revenues:
Ground	$	135,987	45.0	%	$	172,094	53.2	%	$	(36,107	)	(21.0	)%
Contract Logistics		104,166	34.4			80,128	24.8			24,038		30.0
Air and Ocean		62,265	20.6			71,248	22.0			(8,983	)	(12.6	)
Total operating revenues		302,418	100.0			323,470	100.0			(21,052	)	(6.5	)

Operating expenses:
Purchased transportation		168,923	55.9			185,734	57.4			(16,811	)	(9.1	)
Salaries, wages and employee benefits		53,396	17.7			56,783	17.6			(3,387	)	(6.0	)
Operating leases		27,702	9.2			27,090	8.4			612		2.3
Depreciation and amortization		24,491	8.1			22,230	6.9			2,261		10.2
Insurance and claims		468	0.2			2,615	0.8			(2,147	)	(82.1	)
Fuel expense		504	0.2			1,017	0.3			(513	)	(50.4	)
Other operating expenses		26,204	8.7			24,626	7.6			1,578		6.4
Total operating expenses		301,688	99.8			320,095	99.0			(18,407	)	(5.8	)
Income from operations	$	730	0.2	%	$	3,375	1.0	%	$	(2,645	)	(78.4	)%

Intermodal Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	March 31, 2026		Percent of Revenue		March 31, 2025		Percent of Revenue		Change			Percent Change
Operating revenues	$	53,092	100.0	%	$	62,492	100.0	%	$	(9,400	)	(15.0	)%

Operating expenses:
Purchased transportation		19,342	36.4			20,176	32.3			(834	)	(4.1	)
Salaries, wages and employee benefits		13,663	25.7			15,931	25.5			(2,268	)	(14.2	)
Operating leases		5,781	10.9			5,778	9.2			3		0.1
Depreciation and amortization		4,153	7.8			4,720	7.6			(567	)	(12.0	)
Insurance and claims		2,771	5.2			2,791	4.5			(20	)	(0.7	)
Fuel expense		2,370	4.5			2,155	3.4			215		10.0
Other operating expenses		3,788	7.2			5,399	8.6			(1,611	)	(29.8	)
Total operating expenses		51,868	97.7			56,950	91.1			(5,082	)	(8.9	)
Income from operations	$	1,224	2.3	%	$	5,542	8.9	%	$	(4,318	)	(77.9	)%

Intermodal Operating Statistics

	Three Months Ended
	March 31, 2026		March 31, 2025		Percent Change
Drayage shipments		51,476		64,449	(20.1	)%
Drayage revenue per shipment	$	876	$	883	(0.8	)%


Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
	March 31, 2026			December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	141,022		$	105,996
Accounts receivable, net		330,699			343,559
Other receivables		3,077			6,147
Prepaid expenses		29,453			28,045
Other current assets		38,105			37,254
Total current assets		542,356			521,001

Property and equipment, net of accumulated depreciation and amortization of $348,946 in 2026 and $340,021 in 2025		286,652			297,882
Operating lease right-of-use assets		402,712			412,535
Goodwill		522,712			522,712
Other acquired intangibles, net of accumulated amortization of $324,223 in 2026 and $301,453 in 2025		884,021			906,791
Other long-term assets		57,426			58,023
Total assets	$	2,695,879		$	2,718,944

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	103,693		$	121,752
Accrued expenses		133,142			114,422
Other current liabilities		76,937			69,130
Current portion of finance lease obligations		15,317			15,995
Current portion of operating lease liabilities		112,808			107,026
Total current liabilities		441,897			428,325

Finance lease obligations, less current portion		18,851			22,387
Long-term debt		1,690,253			1,687,248
Liabilities under tax receivable agreement		28,255			11,548
Operating lease liabilities, less current portion		313,153			327,011
Other long-term liabilities		56,221			53,540
Deferred income taxes		24,973			27,221

Shareholders' equity:
Preferred stock		—			—
Common stock		316			313
Additional paid-in capital		564,626			559,551
Accumulated deficit		(482,911	)		(447,100	)
Accumulated other comprehensive (loss) income		(1,030	)		580
Total Forward Air shareholders' equity		81,001			113,344
Noncontrolling interest		41,275			48,320
Total shareholders' equity		122,276			161,664
Total liabilities and shareholders' equity	$	2,695,879		$	2,718,944


Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Three Months Ended
	March 31, 2026			March 31, 2025
Operating activities:
Net loss	$	(40,198	)	$	(61,191	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		38,521			37,360
Share-based compensation expense		3,541			2,958
Provision for revenue adjustments		731			647
Deferred income tax benefit		(2,170	)		(2,792	)
Other		3,870			3,799
Changes in operating assets and liabilities:
Accounts receivable		11,863			(21,145	)
Other receivables		2,052			(434	)
Other current and noncurrent assets		(3,097	)		767
Accounts payable and accrued expenses		30,625			67,646
Net cash provided by operating activities		45,738			27,615

Investing activities:
Proceeds from sale of property and equipment		1,428			691
Purchases of property and equipment		(6,946	)		(11,906	)
Other		—			(24	)
Net cash used in investing activities		(5,518	)		(11,239	)

Financing activities:
Repayments of finance lease obligations		(4,225	)		(4,431	)
Proceeds from credit facility		—			25,000
Payments on credit facility		—			(25,000	)
Payment of minimum tax withholdings on share-based awards and other		(685	)		(894	)
Net cash used in financing activities		(4,910	)		(5,325	)
Effect of exchange rate changes on cash		(284	)		357
Net increase in cash and cash equivalents		35,026			11,408
Cash and cash equivalents at beginning of period		105,996			105,266
Cash and cash equivalents at end of period	$	141,022		$	116,674

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 accounting principles generally accepted in the United States (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.

For the three months ended March 31, 2026 and 2025, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization for each segment (“Reported EBITDA”), Consolidated EBITDA 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 U.S. GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable U.S. GAAP measures set forth below.

The following is a reconciliation of net income to Consolidated EBITDA for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended
	March 31, 2026			March 31, 2025
Net loss	$	(40,198	)	$	(61,191	)
Interest expense		43,587			45,547
Income tax expense		1,793			19,589
Depreciation and amortization		38,521			37,360
Reported EBITDA		43,703			41,305
Transaction and integration costs		2,814			13,926
Severance costs		540			1,574
Change in TRA Liability		16,707			—
Optimization project costs		—			1,031
Proforma savings		—			4,352
Other		6,614			11,123
Consolidated EBITDA	$	70,378		$	73,311

The following is a reconciliation of net cash provided by operating activities to free cash flow for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended
	March 31, 2026			March 31, 2025
Net cash provided by operating activities	$	45,738		$	27,615
Proceeds from sale of property and equipment		1,428			691
Purchases of property and equipment		(6,946	)		(11,906	)
Free cash flow	$	40,220		$	16,400

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 strategic plans, including the potential sale of non-core assets; the Company’s ability to execute on strategy, maintain operational discipline and adapt to changing market conditions; the Company’s Expedited Freight, Omni Logistics and Intermodal segments; the Company’s future financial performance, including deleveraging and strengthening its balance sheet; geopolitical tensions in the Middle East; ongoing tariff uncertainty and evolving foreign trade policy; port activity; the freight demand environment; and the Company’s plans for growth.

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 downturns in customer business cycles, the outcome of our review of strategic alternatives, our ability to execute on a strategic sale of non-core assets, our ability to achieve ongoing strategic, financial and other benefits as we continue to transform our business after the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, 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, our 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, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507938295/en/

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation

Forward Air Awarded on USA TODAY’s America’s Climate Leaders 2026 List

Thu, 30 Apr 2026 08:30:00 -0400

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward” or the “Company”) today announced it has been named on USA TODAY’s list of America’s Climate Leaders 2026. Presented by USA TODAY and Statista, the annual list recognizes companies that have achieved a significant reduction in core emissions intensity.

“This recognition reflects Forward Air’s commitment to and progress towards promoting an economically, socially and environmentally sustainable future,” said Shawn Stewart, President and Chief Executive Officer of Forward Air. “It is our responsibility to create an environment that prioritizes safe and sustainable operations inside and outside our doors, and we are extremely proud of our teams for investing in that work.”

Forward recently improved its CDP (Carbon Disclosure Project) score from a “B-” in 2024 to a “B” in 2025. This achievement was based on the continuous implementation of emissions reduction initiatives and the completion of a verified audit on company Greenhouse Gas Inventory for FY 2024 activity.

“Over the past several years, we have reduced per capita energy and fuel consumption, expanded our emissions tracking efforts and advanced our carbon reduction programs,” shared Mason Payne, Director of Corporate ESG. “We will continue our important work to offer our customers and partners reliable, lower-carbon transportation options.”

Additional details about Forward Air’s comprehensive sustainability programs and achievements are outlined in its 2025 Sustainability Report.

The full list was published on April 20, 2026, and is available on usatoday.com.

About Forward Air Corporation

Forward Air is a leading asset-light provider of transportation services across North and South America, Europe and Asia. 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.forwardaircorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430026193/en/

Media Contact

Hannah Weeg – Forward Air
hweeg@forwardair.com
678.830.4830

Source: Forward Air Corporation

Forward Air Corporation Announces Timing of First Quarter 2026 Earnings Release and Conference Call

Tue, 28 Apr 2026 16:05:00 -0400

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward” or the “Company”) will release its first quarter 2026 earnings after the market closes on Thursday, May 7, 2026, and hold a conference call to discuss those results 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: FWRDQ126. A conference call replay will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com shortly after the call is completed.

About Forward Air Corporation

Forward Air 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.forwardaircorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428205112/en/

Investor Contact:
Tony Carreño
investorrelations@forwardair.com

Media Contact:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation

Forward Air Named to Newsweek’s List of Most Trustworthy Companies in America 2026

Thu, 02 Apr 2026 08:30:00 -0400

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward” or the “Company”) today announced it has been named to Newsweek’s list of the Most Trustworthy Companies in America 2026. The annual ranking, presented by Newsweek in partnership with Statista Inc., recognizes companies across industries that have earned strong trust among customers, employees and investors.

“This recognition reflects the transformational work our team has undertaken to elevate operations, drive results, and strengthen customer relationships over the past two years,” said Shawn Stewart, President and Chief Executive Officer of Forward Air. “We are striving to set the standard of excellence in the transportation and logistics industry, and being selected as a Most Trustworthy Company by the market is a significant endorsement of our progress. I’m incredibly proud of what our team has built together and excited for the road ahead.”

Forward Air was previously named to Newsweek’s list of the Most Trustworthy Companies in America in 2022 and to Newsweek’s list of America’s Most Responsible Companies in 2025.

The Most Trustworthy Companies in America ranking is based on a comprehensive methodology combining survey data and social listening analysis. The study incorporates feedback from approximately 25,000 U.S. residents across key dimensions of trust – customer, investor and employee trust – alongside an analysis of online sentiment, reach and engagement. The final list recognizes 700 companies across 23 industries with the highest overall trust scores.

The full list was published on April 1, 2026, and is available on Newsweek.com.

About Forward Air Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20260402060466/en/

Media
Hannah Weeg – Forward Air
hweeg@forwardair.com
678.830.4830

Source: Forward Air Corporation

Forward Air and Omni Logistics Leaders Recognized as 2026 Pros to Know by Supply & Demand Chain Executive

Tue, 24 Mar 2026 08:30:00 -0400

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward” or the “Company”) today announced that four leaders have been named recipients of the 2026 Pros to Know award by Supply & Demand Chain Executive. The annual awards recognize outstanding executives whose accomplishments provide a roadmap for other leaders looking to leverage the supply chain for competitive advantage. The recipients reflect Forward’s continued focus on operational excellence, integration and innovation across its unified “One Ground” network.

The Forward Air and Omni Logistics 2026 Pros to Know are:

Jorge DeJesus, Vice President of Quality Claims and Loss Prevention, Forward Air – Recognized as a Leader in Excellence for institutionalizing High-Value, High-Risk (HVHR) security protocols, advancing ISO 9001 integration across the enterprise, driving industry-leading claims performance and reinforcing customer trust across the unified network.
Ryan Ferrell, Vice President of Fleet Operations, Forward Air – Named a Top Transportation Innovator for leading large-scale fleet optimization initiatives spanning more than 1,500 drivers and 200,000 annual manifests, reducing variable cost per mile and enhancing purchased transportation margins through AI-driven forecasting and network design.
Brandon Wyatt, Director of Operations, Forward Air – Recognized as a Rising Star for spearheading the consolidation of Chicagoland operations into a unified campus model without workforce reduction, generating more than $4 million in synergies and advancing the Company’s “One Ground” integration strategy.
Adam Cooper, Director of Air Procurement and Network Optimization, Omni Logistics – Selected as a Top Transportation Innovator for transforming global air freight procurement strategy, strengthening airline partnerships, improving quote speed and data transparency and laying the groundwork for a 24/7 global time-critical service platform.

“These recognitions are a testament to the talent, expertise, and operational excellence that define our organization,” said Shawn Stewart, President and Chief Executive Officer of Forward Air. “Jorge, Ryan, Brandon and Adam are making profound impacts both internally for our teams and business and externally for our customers and industry. Their leadership not only drives our success as a company, but reinforces our ability to deliver consistent, premier service across our network.”

"When it comes to overcoming supply chain disruption, this year's pack of supply chain leaders left no stone unturned," says Marina Mayer, editor-in-chief of Food Logistics and Supply & Demand Chain Executive and co-founder of the Women in Supply Chain Forum. “From AI implementation and warehouse automation to last-mile accuracy and returns management, they innovated, developed and executed on all cylinders, providing solutions, technologies and processes that move product from Point A to Point B in a way that almost seems seamless. And every year, I am honored to celebrate these supply chain professionals.”

Go to https://sdce.me/h6ychkwi to view the full list of winners. Go to https://www.SDCExec.com/awards to learn more about other Supply & Demand Chain Executive awards.

About Forward Air Corporation
Forward Air 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.forwardaircorp.com.

About Supply & Demand Chain Executive
Supply & Demand Chain Executive is the only supply chain publication covering the entire global supply chain, focusing on trucking, warehousing, packaging, procurement, risk management, professional development and more. Supply & Demand Chain Executive and its sister publication, Food Logistics, also operate SCN Summit and the Women in Supply Chain Forum. Go to www.SDCExec.com to learn more.

About IRONMARKETS
IRONMARKETS, formerly known as AC Business Media, is a leading business-to-business media and buyer engagement platform with a portfolio of renowned brands in heavy construction, asphalt, concrete, paving, rental, sustainability, landscape, manufacturing, logistics, and supply chain markets. IRONMARKETS delivers relevant, cutting-edge content through its industry-leading digital properties, trade shows, conferences, videos, magazines, webinars, and newsletters. Learn more at https://www.iron.markets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260324984708/en/

Media
Hannah Weeg – Forward Air
hweeg@forwardair.com
678.830.4830

Source: Forward Air Corporation

Forward Air Named 2026 Surface Carrier of the Year by the Airforwarders Association

Tue, 24 Feb 2026 13:00:00 -0500

Highlights Forward Air’s Ground Network Reliability and Performance

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward Air” or the “Company”) today announced that the Company has been named the 2026 Surface Carrier of the Year by the Airforwarders Association (AfA). The award was presented at the annual AirCargo Conference, a premier gathering for the air cargo and logistics industry.

The Surface Carrier of the Year is determined by AfA’s voting membership, representing the freight forwarders who rely on Forward Air’s expedited ground network to maintain the integrity of their air freight schedules.

“We are honored and excited to be recognized as the 2026 Surface Carrier of the Year,” said Shawn Stewart, President and Chief Executive Officer of Forward Air. “This award reinforces the strength and reliability of our ground network, the performance and execution of our incredible team, and the exceptional service we deliver for our customers and forwarder partners every day.”

Brandon Fried, Executive Director of the Airforwarders Association, added, “This recognition reflects direct member feedback on service performance, responsiveness and partnership throughout the year. Forward Air is the clear leader based on resounding recognition as a reliable, solutions-oriented, and highly engaged partner, particularly during challenging cycles for the industry.”

About Forward Air Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224180546/en/

Hannah Weeg – Forward Air
hweeg@forwardair.com
678.830.4830

Source: Forward Air Corporation

Forward Air Corporation Reports Fourth Quarter and Full Year 2025 Results

Mon, 23 Feb 2026 16:01:00 -0500

Omni Segment Reports Another Strong Quarter with Best Results Since the Acquisition

Expedited Freight Segment’s Quarterly Results Significantly Improved Year Over Year

Ended 2025 in a Solid Liquidity Position

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months and twelve months ended December 31, 2025, as presented in the tables below.

“We delivered solid results in 2025 despite less than favorable freight market conditions,” said Shawn Stewart, President & Chief Executive Officer. “For the full year we reported operating income of $36 million and Consolidated EBITDA of $307 million. During the year we diligently focused on what we could control including aligning our cost structure to match demand and executing our transformation strategy. We also unified our U.S. domestic ground operations and unveiled our new Latin American regional structure taking significant steps to strengthen our global logistics network.

“Our fourth quarter results were consistent with recent quarters, led by the Omni segment which continued to see strong demand for its diversified service offerings. This segment achieved its highest revenue, highest Reported EBITDA and highest Reported EBITDA margin, excluding the impact of goodwill adjustments, since we acquired the company in January 2024. Revenue increased by $34 million to $360 million compared to a year ago. Reported EBITDA increased by $4 million to $36 million and Reported EBITDA margin improved by 20 basis points to 10 percent compared to the fourth quarter 2024.

“At the Expedited Freight segment, we remained focused on charging the optimal price for freight moving through our network and actively managed expenses. Fourth quarter Reported EBITDA improved by $7 million to $25 million compared to the fourth quarter 2024. We also saw a meaningful improvement in year over year Reported EBITDA margin which increased by 350 basis points with a margin of 10.1 percent in the fourth quarter 2025 compared to 6.6 percent in the fourth quarter 2024.

“At the Intermodal segment, port activity was unfavorably impacted by trade-related softness and the typical seasonality contributed to declining shipments and revenue per shipment compared to a year ago. In the fourth quarter the Intermodal segment’s Reported EBITDA and margin were $7 million and 14.2 percent compared to $10 million and 17.5 percent a year ago. We have an experienced team leading the Intermodal segment and I am confident in their ability to deliver solid results as we manage through the current freight market,” concluded Stewart.

Jamie Pierson, Chief Financial Officer added, “We reported consolidated revenue of $631 million in the fourth quarter compared to $633 million a year ago. Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $77 million compared to $72 million for the same period last year. For the full year 2025, Consolidated EBITDA was $307 million which is in line with the $311 million in 2024.

“Liquidity at the end of the fourth quarter was $367 million comprised of $106 million in cash and $261 million of availability under our credit facility. This compares to $382 million in liquidity at the end of 2024.

“Cash provided by operating activities was $44 million in 2025 compared to cash used in operating activities of $69 million in 2024, reflecting a year over year improvement of $113 million,” concluded Pierson.

	Three Months Ended
(in thousands, except per share data)	December 31, 2025			December 31, 2024			Change			Percent Change
Operating revenue	$	631,230		$	632,846		$	(1,616	)	(0.3	)%
Income (loss) from continuing operations	$	(2,868	)	$	75,855		$	(78,723	)	(103.8	)%
Operating margin		(0.5	)%		12.0	%	(12.5)%
Loss from continuing operations	$	(36,413	)	$	(35,378	)	$	(1,035	)	(2.9	)%
Net loss attributable to Forward Air per diluted share	$	(0.91	)	$	(1.23	)	$	0.32		26.0	%
Cash provided by (used in) operating activities	$	(22,728	)	$	(23,245	)	$	517		2.2	%

Non-GAAP Financial Measures: ¹
Consolidated EBITDA	$	76,628		$	72,263		$	4,365		6.0	%
Free cash flow	$	(30,664	)	$	(27,851	)	$	(2,813	)	(10.1	)%

¹ Reconciliation of these non-GAAP financial measures are provided below the financial tables.

	Twelve Months Ended
(in thousands, except per share data)	December 31, 2025			December 31, 2024			Change			Percent Change
Operating revenue	$	2,495,118		$	2,474,262		$	20,856		0.8	%
Income (loss) from continuing operations	$	36,424		$	(1,062,936	)	$	1,099,360		103.4	%
Operating margin		1.5	%		(43.0	)%	44.5%
Loss from continuing operations	$	(141,725	)	$	(1,124,841	)	$	983,116		87.4	%
Net loss attributable to Forward Air per diluted share	$	(3.51	)	$	(30.40	)	$	26.89		88.5	%
Cash provided by (used in) operating activities	$	44,384		$	(69,015	)	$	113,399		164.3	%

Non-GAAP Financial Measures: ¹
Consolidated EBITDA	$	307,129		$	310,714		$	(3,585	)	(1.2	)%
Free cash flow	$	17,472		$	(100,938	)	$	118,410		117.3	%

¹ Reconciliation of these non-GAAP financial measures are provided below the financial tables.

Review of Financial Results

Forward will hold a conference call to discuss the fourth quarter and full year 2025 results on Monday, February 23, 2026 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: FWRDQ425.

About Forward Air Corporation

Forward Air Corporation
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited, in thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operating revenue:
Expedited Freight	$	246,928		$	265,879		$	1,012,559		$	1,115,163
Omni		359,794			325,609			1,351,164			1,196,841
Intermodal		50,563			59,829			230,533			232,832
Eliminations and other operations		(26,055	)		(18,471	)		(99,138	)		(70,574	)
Operating revenue		631,230			632,846			2,495,118			2,474,262
Operating expenses:
Purchased transportation		320,519			319,498			1,244,471			1,250,570
Salaries, wages and employee benefits		116,367			130,024			535,681			536,406
Operating leases		53,581			48,326			204,029			182,197
Depreciation and amortization		40,724			37,657			152,638			143,978
Insurance and claims		15,709			19,721			58,970			64,682
Fuel expense		4,166			5,500			20,122			21,460
Other operating expenses		83,032			75,333			242,783			309,508
Impairment of goodwill		—			(79,068	)		—			1,028,397
Total operating expenses		634,098			556,991			2,458,694			3,537,198
Income (loss) from continuing operations:
Expedited Freight		15,206			7,238			69,780			67,951
Omni Logistics		9,852			88,520			30,162			(1,044,803	)
Intermodal		2,865			5,931			16,924			18,925
Other Operations		(30,791	)		(25,834	)		(80,442	)		(105,009	)
Income (loss) from continuing operations		(2,868	)		75,855			36,424			(1,062,936	)
Other expense:
Interest expense, net		(45,099	)		(48,427	)		(180,747	)		(189,215	)
Foreign exchange loss		222			3,005			(5,892	)		1,093
Other income (expense), net		2,635			1,188			3,018			1,226
Total other expense		(42,242	)		(44,234	)		(183,621	)		(186,896	)
Income (loss) from continuing operations before income taxes		(45,110	)		31,621			(147,197	)		(1,249,832	)
Income tax (benefit) expense		(8,697	)		66,999			(5,472	)		(124,991	)
Loss from continuing operations		(36,413	)		(35,378	)		(141,725	)		(1,124,841	)
Loss from discontinued operations, net of tax		—			(374	)		—			(6,387	)
Net loss		(36,413	)		(35,752	)	$	(141,725	)	$	(1,131,228	)
Net income (loss) attributable to noncontrolling interest		(8,087	)		664			(33,929	)		(314,259	)
Net loss attributable to Forward Air	$	(28,326	)	$	(36,416	)	$	(107,796	)	$	(816,969	)
Basic and diluted loss per share attributable to Forward Air:
Continuing operations	$	(0.91	)	$	(1.23	)	$	(3.51	)	$	(30.40	)
Discontinued operation					(0.01	)		—			(0.23	)
Net loss per basic and diluted share	$	(0.91	)	$	(1.24	)	$	(3.51	)	$	(30.63	)

Expedited Freight Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	December 31, 2025		Percent of Revenue		December 31, 2024		Percent of Revenue		Change			Percent Change
Operating revenue:
Network ¹	$	183,914	74.5	%	$	199,022	74.8	%	$	(15,108	)	(7.6	)%
Truckload		41,597	16.8			45,087	17.0			(3,490	)	(7.7	)
Other		21,417	8.7			21,770	8.2			(353	)	(1.6	)
Total operating revenue		246,928	100.0			265,879	100.0			(18,951	)	(7.1	)

Operating expenses:
Purchased transportation		121,524	49.2			136,151	51.2			(14,627	)	(10.7	)
Salaries, wages and employee benefits		49,500	20.0			56,587	21.3			(7,087	)	(12.5	)
Operating leases		15,768	6.4			18,130	6.8			(2,362	)	(13.0	)
Depreciation and amortization		9,825	4.0			10,395	3.9			(570	)	(5.5	)
Insurance and claims		9,330	3.8			10,423	3.9			(1,093	)	(10.5	)
Fuel expense		1,841	0.7			2,605	1.0			(764	)	(29.3	)
Other operating expenses		23,934	9.7			24,350	9.2			(416	)	(1.7	)
Total operating expenses		231,722	93.8			258,641	97.3			(26,919	)	(10.4	)
Income from operations	$	15,206	6.2	%	$	7,238	2.7	%	$	7,968		110.1	%

¹Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.

Expedited Freight Operating Statistics

	Three Months Ended
	December 31, 2025		December 31, 2024		Percent Change

Business days		64		64	—	%

Tonnage ^1,2
Total pounds		598,724		670,168	(10.7	)
Pounds per day		9,355		10,471	(10.7	)

Shipments ^1,2
Total shipments		708		783	(9.6	)
Shipments per day		11.1		12.2	(9.0	)

Weight per shipment		846		856	(1.2	)

Revenue per hundredweight ³	$	30.70	$	29.70	3.4
Revenue per hundredweight, ex fuel ³	$	24.30	$	23.74	2.4

Revenue per shipment ³	$	259.77	$	254.30	2.2
Revenue per shipment, ex fuel ³	$	205.63	$	203.26	1.2

¹ In thousands.
² Excludes accessorial and Truckload products.
³ Includes intercompany revenue between the Network and Truckload revenue streams.

Omni Logistics Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	December 31, 2025		Percent of Revenue		December 31, 2024		Percent of Revenue		Change		Percent Change
Operating revenue	$	359,794	100.0	%	325,609		100.0	%	34,185		10.5	%

Operating expenses:
Purchased transportation		207,699	57.7		183,084		56.2		24,615		13.4
Salaries, wages and employee benefits		55,398	15.4		54,056		16.6		1,342		2.5
Operating leases		31,818	8.8		23,036		7.1		8,782		38.1
Depreciation and amortization		26,058	7.2		22,605		6.9		3,453		15.3
Insurance and claims		1,117	0.3		3,911		1.2		(2,794	)	(71.4	)
Fuel expense		903	0.3		863		0.3		40		4.6
Other operating expenses		26,949	7.5		28,602		8.8		(1,653	)	(5.8	)
Impairment of goodwill		—	—		(79,068	)	(24.3	)	79,068		100.0
Total operating expenses		349,942	97.3		237,089		72.8		112,853		47.6
Income from operations		9,852	2.7	%	88,520		27.2	%	(78,668	)	(88.9	)%

Intermodal Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	December 31, 2025		Percent of Revenue		December 31, 2024		Percent of Revenue		Change			Percent Change
Operating revenue	$	50,563	100.0	%	$	59,829	100.0	%	$	(9,266	)	(15.5	)%

Operating expenses:
Purchased transportation		17,351	34.3			18,901	31.6			(1,550	)	(8.2	)
Salaries, wages and employee benefits		12,126	24.0			14,227	23.8			(2,101	)	(14.8	)
Operating leases		4,910	9.7			6,463	10.8			(1,553	)	(24.0	)
Depreciation and amortization		4,325	8.6			4,519	7.6			(194	)	(4.3	)
Insurance and claims		2,829	5.6			2,498	4.2			331		13.3
Fuel expense		1,422	2.8			2,032	3.4			(610	)	(30.0	)
Other operating expenses		4,735	9.4			5,258	8.8			(523	)	(9.9	)
Total operating expenses		47,698	94.3			53,898	90.1			(6,200	)	(11.5	)
Income from operations	$	2,865	5.7	%	$	5,931	9.9	%	$	(3,066	)	(51.7	)%

Intermodal Operating Statistics

	Three Months Ended
	December 31, 2025		December 31, 2024		Percent Change
Drayage shipments		57,953		63,920	(9.3	)%
Drayage revenue per shipment	$	790	$	847	(6.7	)%

Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
	December 31, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	105,996		$	104,903
Restricted cash and restricted cash equivalents		—			363
Accounts receivable, net		343,559			322,291
Other receivables		6,147			205
Prepaid expenses		28,045			29,053
Other current assets		37,254			15,685
Total current assets		521,001			472,500

Property and equipment, net of accumulated depreciation and amortization of $340,021 in 2025 and $292,855 in 2024		297,882			326,188
Operating lease right-of-use assets		412,535			410,084
Goodwill		522,712			522,712
Other acquired intangibles, net of accumulated amortization of $301,453 in 2025 and $212,905 in 2024		906,791			999,216
Other long term assets		58,023			71,941
Total assets	$	2,718,944		$	2,802,641

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	121,752		$	105,692
Accrued expenses		114,422			119,836
Other current liabilities		69,130			45,148
Current portion finance lease obligations		15,995			16,930
Current portion of operating lease liabilities		107,026			96,440
Total current liabilities		428,325			384,046

Finance lease obligations, less current portion		22,387			30,858
Long-term debt		1,687,248			1,675,930
Liabilities under tax receivable agreement		11,548			13,295
Operating lease liabilities, less current portion		327,011			325,640
Other long-term liabilities		53,540			48,835
Deferred income taxes		27,221			38,169

Shareholders' equity:
Preferred stock		—			—
Common stock		313			298
Additional paid-in capital		559,551			542,392
Accumulated deficit		(447,100	)		(338,230	)
Accumulated other comprehensive income (loss)		580			(2,732	)
Total Forward Air shareholders' equity		113,344			201,728
Noncontrolling interest		48,320			84,140
Total shareholders' equity		161,664			285,868
Total liabilities and shareholders' equity	$	2,718,944		$	2,802,641

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Three Months Ended
	December 31, 2025			December 31, 2024
Operating activities:
Net loss from continuing operations	$	(36,413	)	$	(35,378	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		40,724			37,657
Impairment of goodwill		—			(79,068	)
Share-based compensation expense		2,380			2,100
Provision for revenue adjustments		930			874
Deferred income tax (benefit) expense		(10,425	)		63,646
Impairment of abandoned software project costs		19,765			—
Other		493			10,621
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable		(2,114	)		43,596
Other receivables		(7,092	)		3,518
Other current and noncurrent assets		(28,804	)		3,130
Accounts payable and accrued expenses		(2,172	)		(73,941	)
Net cash used in operating activities of continuing operations		(22,728	)		(23,245	)

Investing activities:
Proceeds from sale of property and equipment		415			2,644
Purchases of property and equipment		(8,351	)		(7,250	)
Purchases of a business, net of cash acquired		—			(10,977	)
Other					(125	)
Net cash used in investing activities of continuing operations		(7,936	)		(15,708	)

Financing activities:
Repayments of finance lease obligations		(4,319	)		(3,086	)
Proceeds from credit facility		25,000			75,000
Payments on credit facility		(25,000	)		(75,000	)
Payment of debt issuance costs		—			8,120
Proceeds from common stock issued under employee stock purchase plan		412			398
Payment of minimum tax withholdings on share-based awards		(21	)		130
Net cash (used in) provided by financing activities of continuing operations		(3,928	)		5,562
Effect of exchange rate changes on cash		234			875
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations		(34,358	)		(32,516	)

Cash from discontinued operation:
Net cash used in operating activities of discontinued operations		—			(374	)
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents		(34,358	)		(32,890	)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period		140,354			138,156
Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents		(34,358	)		(32,890	)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period	$	105,996		$	105,266

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Twelve Months Ended
	December 31, 2025			December 31, 2024
Operating activities:
Net loss from continuing operations	$	(141,725	)	$	(1,124,841	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		152,638			143,978
Impairment of goodwill		—			1,028,397
Share-based compensation expense		13,429			10,188
Provision for revenue adjustments		3,249			3,635
Deferred income tax benefit		(10,948	)		(133,510	)
Impairment of abandoned software project costs		19,765			—
Other		11,504			14,917
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable		(18,005	)		9,546
Other receivables		(7,365	)		9,677
Other current and noncurrent assets		(24,422	)		(15,085	)
Accounts payable and accrued expenses		46,264			(15,917	)
Net cash provided by (used in) operating activities of continuing operations		44,384			(69,015	)

Investing activities:
Proceeds from sale of property and equipment		2,204			5,137
Purchases of property and equipment		(29,116	)		(37,060	)
Purchase of a business, net of cash acquired		—			(1,576,219	)
Other		—			(444	)
Net cash used in investing activities of continuing operations		(26,912	)		(1,608,586	)

Financing activities:
Repayments of finance lease obligations		(17,305	)		(18,425	)
Proceeds from credit facility		110,000			75,000
Payments on credit facility		(110,000	)		(155,000	)
Payment of debt issuance costs		—			(52,471	)
Payment of earn-out liability		—			(12,247	)
Proceeds from common stock issued under employee stock purchase plan		846			753
Payment of minimum tax withholdings on share-based awards		(1,074	)		(1,442	)
Net cash used in financing activities of continuing operations		(17,533	)		(163,832	)
Effect of exchange rate changes on cash		791			1,013
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations		730			(1,840,420	)

Cash from discontinued operation:
Net cash used in operating activities of discontinued operations		—			(6,387	)
Net increase (decrease) in cash and cash equivalents, and restricted cash and restricted cash equivalents		730			(1,846,807	)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period		105,266			1,952,073
Net increase (decrease) in cash, cash equivalents, and restricted cash equivalents		730			(1,846,807	)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period	$	105,996		$	105,266

Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

For the three and twelve months ended December 31, 2025 and 2024, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“Reported EBITDA”), Consolidated EBITDA and free cash flow.

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

The following is a reconciliation of net income to Consolidated EBITDA for the three and twelve months ended December 31, 2025 and 2024 (in thousands):

	Three Months Ended						Twelve Months Ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Loss from continuing operations	$	(36,413	)	$	(35,378	)	$	(141,725	)	$	(1,124,841	)
Interest expense		45,099			48,427			180,747			189,215
Income tax (benefit) expense		(8,697	)		66,999			(5,472	)		(124,991	)
Depreciation and amortization		40,724			37,657			152,638			143,978
Reported EBITDA		40,713			117,705			186,188			(916,639	)
Impairment of Goodwill		—			(79,068	)		—			1,028,397
Transaction and integration costs		5,746			10,074			31,473			81,467
Severance costs		570			1,923			5,743			16,337
Change in the TRA Liability		(2,583	)		—			(1,747	)		—
Optimization project costs		—			9,873			2,732			9,873
Abandoned software project costs		19,765			—			19,765			—
Proforma synergies		—			1,353			—			22,239
Proforma savings		1,350			8,051			14,117			35,625
Other		11,067			2,352			48,858			33,415
Consolidated EBITDA	$	76,628		$	72,263		$	307,129		$	310,714

The following is a reconciliation of net cash (used in) provided by operating activities to free cash flow for the three and twelve months ended December 31, 2025 and 2024 (in thousands):

	Three Months Ended						Twelve Months Ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Net cash (used in) provided by operating activities	$	(22,728	)	$	(23,245	)	$	44,384		$	(69,015	)
Proceeds from sale of property and equipment		415			2,644			2,204			5,137
Purchases of property and equipment		(8,351	)		(7,250	)		(29,116	)		(37,060	)
Free cash flow	$	(30,664	)	$	(27,851	)	$	17,472		$	(100,938	)

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 long-term growth; the Company's ability to achieve synergy capture and eliminate costs; the results of operations of the Expedited Freight, Omni Logistics, and Intermodal segments; the Company’s financial performance, including Consolidated EBITDA, and the impact it may have on the business and results of operations; the key drivers of sustainable growth and long-term profitability; and the Company's revenue growth strategies, including with respect to operational efficiency and cost control.

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. Therefore, you should not unduly rely on any of these 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 downturns in customer business cycles, our ability to achieve ongoing strategic, financial and other benefits as we continue to transform our business after the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, continued weakening of the freight environment, our future debt and financing levels, our ability to deleverage, including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our 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, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, 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, 2024, 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 reflects 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223387979/en/

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation

Forward Air Corporation Announces Timing of Fourth Quarter 2025 and Full Year 2025 Earnings Release and Conference Call

Thu, 29 Jan 2026 16:05:00 -0500

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (“Forward” or the “Company”) will release its fourth quarter and full year 2025 earnings after the market closes on Monday, February 23, 2026, and hold a conference call to discuss those results 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: FWRDQ425. A conference call replay will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com shortly after the call is completed.

About Forward Air Corporation

Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. 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.forwardaircorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260129115310/en/

Investor Contact:
Tony Carreño
investorrelations@forwardair.com

Media Contact:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation

Forward Air Corporation Highlights Comprehensive Stakeholder Initiatives in 2025 Sustainability Report

Tue, 06 Jan 2026 16:01:00 -0500

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ:FWRD) (the “Company,” “Forward,” “we,” “our” or “us”) today announced the release of its 2025 Sustainability Report, highlighting progress across its sustainability efforts and support for employees, customers and communities.

“Being a responsible company is an integral part of our transformation into a global logistics provider. How we approach sustainability plays a pivotal role in how we grow our business, strengthen customer relationships, maximize employee engagement, and impact our planet,” said Shawn Stewart, President and Chief Executive Officer. “We remain focused on building a sustainable business model and are devoted to doing what is right for our people, planet and communities.”

2025 Sustainability Report Highlights

People: Building a safe workplace where people can grow, care for themselves and feel connected

Decreased roadway incidents by nearly 12% in 2024, down from 2023 and 42% from 2019 through continuous training and compliance.
Strengthened employee health and wellness benefits and policies to reflect the needs of a diverse workforce.

Planet: Monitoring and reducing the Company’s environmental impact

Established a preliminary goal to reduce absolute Scope 1 and Scope 2 GHG emissions (combined) by 42% by 2030 from a 2021 base year.
Began the process to onboard terminals utilizing on-site fueling to make the economically and environmentally improved switch to renewable diesel.
Reduced idle usage across all KPIs, resulting in 15,695.33 fewer idle gallons used in 2024 than in 2023.
Achieved 100% renewable energy sourcing for the Dallas headquarters.

Customer: Helping customers meet their goals reliably, transparently and sustainably

Provided ad-hoc or recurring carbon accounting for all freight transported for customers to report Scope 3 emissions.
Received awards highlighting the Company’s exceptional customer service, operational excellence and strong commitment to partners, including 2024 International and Domestic Forwarder of the Year, Commitment to Excellence Carrier of the Year for 2024, Recognition for agile support of volume and demand surge in the fourth quarter of 2024 and Empowerment Award in appreciation for the Company’s support of the Women-Owned Business Initiative.
Maintained robust cybersecurity practices, reflecting a commitment to responsible corporate citizenship, ethical business practices and customer trust.

Community: Creating a lasting impact for employees, the industry and communities

Advanced Forward Air’s Operation: Forward Freedom with $526,000 raised for Hope For The Warriors at the 2025 Drive for Hope event. Forward Air has raised more than $1.75 million since 2020.
Supported local environmental disaster recovery efforts, including for the South-Central Texas floods and Greeneville, TN and Asheville, NC tornadoes.
Maintaining partnerships with organizations that strengthen the industry and create safer, more inclusive communities, including Truckers Against Trafficking and the Women in Trucking Association.

Forward Air’s 2025 Sustainability Report can be found here.

About Forward Air Corporation

Forward is a leading asset-light provider of transportation services across the United States, Canada and Mexico. 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.forwardaircorp.com.

Note Regarding Forward-Looking Statements

This press release may contain statements that might be considered as forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate”, “expect”, “intend”, “plan”, “goal”, “target”, “project”, “believe”, “may”, “should”, “will”, “aim”, “would”, “seek”, “estimate”, “strategy”, “future”, “likely” and similar references to future periods. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including Forward’s expectations regarding its ongoing commitment to ESG efforts as well as its ability to operate in a manner that positively impacts its various stakeholders. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the Securities and Exchange Commission. You should consider the forward-looking statements contained herein in light of such risks. We assume no duty to update these statements as of any future date.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260106694410/en/

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation

Forward Air Corporation Reports Third Quarter 2025 Results

Wed, 05 Nov 2025 16:01:00 -0500

Omni Segment Reports Strongest Results Since the Acquisition

Continued Stable to Improving Margins at the Expedited Freight Segment

Strong Cash From Operations Contributing to Liquidity in Excess of $400 million

DALLAS--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months ended September 30, 2025, as presented in the tables below.

“I am pleased with Forward Air’s performance, delivering another consecutive quarter of solid results, which we achieved in the face of an extended freight recession,” said Shawn Stewart, Chief Executive Officer. “In the third quarter, we reported operating income of $15 million and Consolidated EBITDA of $78 million. Optimizing our cost structure to operate more efficiently remains a top priority and in the third quarter, we implemented additional cost reduction initiatives that primarily included rightsizing our business in alignment with current freight demand and our ongoing transformation strategy.

“The solid results for the quarter were led by the Omni segment, which posted its highest revenue and reported EBITDA, excluding the impact of goodwill, since the acquisition. An increase in demand for its diversified service offerings were the primary drivers in a $5 million increase in this segment’s revenue to $340 million when compared to a year ago. Reported EBITDA also increased by $6 million to $33 million over this period.

“The Expedited Freight segment’s reported EBITDA margin of 11.5 percent is the second highest since the fourth quarter of 2023. We are also executing our transformation strategy with rigor and discipline and achieved a milestone in the quarter - integrating our U.S. and Canadian businesses operations to operate under a regional reporting structure, which lays the groundwork for the creation of One Ground Network. This consists of integrating key service lines such as linehaul, pickup and delivery, brokerage and expedited services into a single, streamlined structure that is more cohesive, agile and customer centric. We expect this to be a seamless and reliable experience for our customers with the goal of further enhancing our award-winning service,” concluded Stewart.

Jamie Pierson, Chief Financial Officer added, “We reported consolidated revenue of $632 million in the third quarter compared to $656 million a year ago. Income from operations was $15 million compared to $23 million in the same period a year ago.

“For the third quarter, Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $78 million compared to $86 million for the same period last year. Correspondingly, the last twelve months Consolidated EBITDA as of September 30, 2025, was $299 million.

“Liquidity at the end of the third quarter was $413 million compared to $368 million at the end of the second quarter. Through the first three quarters of the year, cash provided by operations totaled $67 million, which is a $113 million improvement compared to the $46 million used by operations in the same period last year,” concluded Pierson.

	Three Months Ended
(in thousands, except per share data)	September 30, 2025			September 30, 2024			Change			Percent Change
Operating revenue	$	631,763		$	655,937		$	(24,174	)	(3.7	)%
Income (loss) from continuing operations	$	15,007		$	22,697		$	(7,690	)	(33.9	)%
Operating margin		2.4	%		3.5	%	-110 bps
Loss from continuing operations	$	(23,757	)	$	(34,198	)	$	10,441		30.5	%
Net loss from continuing operations per diluted share	$	(0.52	)	$	(2.62	)	$	2.10		80.2	%
Cash provided by operating activities	$	52,714		$	51,154		$	1,560		3.0	%

Non-GAAP Financial Measures: ¹
Consolidated EBITDA	$	77,676		$	86,092		$	(8,416	)	(9.8	)%
Free cash flow	$	48,893		$	41,827		$	7,066		16.9	%

¹ Reconciliation of these non-GAAP financial measures are provided below the financial tables.

Review of Financial Results

Forward will hold a conference call to discuss third quarter 2025 results on Wednesday, November 5, 2025 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) 267-6316, Access Code: FWRDQ325.

About Forward Air Corporation

Forward Air Corporation
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited, in thousands, except per share data)


	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Operating revenues:
Expedited Freight	$	258,554		$	284,707		$	765,631		$	849,284
Omni Logistics		339,584			334,538			991,370			871,232
Intermodal		58,332			57,412			179,970			173,003
Eliminations		(24,707	)		(20,720	)		(73,083	)		(52,103	)
Operating revenues		631,763			655,937			1,863,888			1,841,416
Operating expenses:
Purchased transportation		316,390			332,469			923,952			931,072
Salaries, wages and employee benefits		131,909			133,516			419,314			406,382
Operating leases		52,150			48,810			150,448			133,871
Depreciation and amortization		37,748			25,893			111,914			106,321
Insurance and claims		12,719			17,382			43,261			44,961
Fuel expense		5,029			4,855			15,956			15,960
Other operating expenses		60,811			55,564			159,751			234,175
Impairment of goodwill		—			14,751			—			1,107,465
Total operating expenses		616,756			633,240			1,824,596			2,980,207
Income (loss) from continuing operations:
Expedited Freight		19,445			19,269			54,574			60,713
Omni Logistics		9,749			1,136			20,310			(1,133,323	)
Intermodal		4,102			4,091			14,059			12,994
Other Operations		(18,289	)		(1,799	)		(49,651	)		(79,175	)
Income from continuing operations		15,007			22,697			39,292			(1,138,791	)
Other expense:
Interest expense, net		(44,775	)		(52,770	)		(135,648	)		(140,788	)
Foreign exchange loss		(539	)		(2,812	)		(6,114	)		(1,912	)
Other income (expense), net		6,935			(11	)		383			38
Total other expense		(38,379	)		(55,593	)		(141,379	)		(142,662	)
Loss from continuing operations before income taxes		(23,372	)		(32,896	)		(102,087	)		(1,281,453	)
Income tax (benefit) expense		385			1,302			3,225			(191,990	)
Loss from continuing operations		(23,757	)		(34,198	)		(105,312	)		(1,089,463	)
Loss from discontinued operations, net of tax		—			(1,137	)		—			(6,013	)
Net loss		(23,757	)		(35,335	)	$	(105,312	)	$	(1,095,476	)
Net income (loss) attributable to noncontrolling interest		(7,507	)		38,073			(25,842	)		(314,923	)
Net loss attributable to Forward Air	$	(16,250	)	$	(73,408	)	$	(79,470	)	$	(780,553	)
Basic and diluted loss per share attributable to Forward Air:
Continuing operations	$	(0.52	)	$	(2.62	)	$	(2.60	)	$	(28.73	)
Discontinued operation		—			(0.04	)		—			(0.22	)
Net loss per basic and diluted share	$	(0.52	)	$	(2.66	)	$	(2.60	)	$	(28.95	)
Net loss	$	(23,757	)	$	(35,335	)	$	(105,312	)	$	(1,095,476	)
Other comprehensive loss:
Foreign currency translation adjustments		30			176			4,856			(824	)
Comprehensive loss	$	(23,727	)	$	(35,159	)	$	(100,456	)	$	(1,096,300	)
Comprehensive income (loss) attributable to noncontrolling interest	$	(7,507	)	$	38,073		$	(25,842	)	$	(314,923	)
Comprehensive loss attributable to Forward Air	$	(16,220	)	$	(73,232	)	$	(74,614	)	$	(781,377	)

Expedited Freight Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	September 30, 2025		Percent of Revenue		September 30, 2024		Percent of Revenue		Change			Percent Change
Operating revenue:
Network¹	$	194,035	75.0	%	$	217,289	76.3	%	$	(23,254	)	(10.7	)%
Truckload		42,401	16.4			43,635	15.3			(1,234	)	(2.8	)
Other		22,118	8.6			23,783	8.4			(1,665	)	(7.0	)
Total operating revenue		258,554	100.0			284,707	100.0			(26,153	)	(9.2	)

Operating expenses:
Purchased transportation		125,265	48.4			140,035	49.2			(14,770	)	(10.5	)
Salaries, wages and employee benefits		54,403	21.0			59,426	20.9			(5,023	)	(8.5	)
Operating leases		15,797	6.1			15,556	5.5			241		1.5
Depreciation and amortization		10,160	3.9			10,481	3.7			(321	)	(3.1	)
Insurance and claims		10,415	4.0			11,672	4.1			(1,257	)	(10.8	)
Fuel expense		2,155	0.8			2,113	0.7			42		2.0
Other operating expenses		20,914	8.3			26,155	9.1			(5,241	)	(20.0	)
Total operating expenses		239,109	92.5			265,438	93.2			(26,329	)	(9.9	)
Income from operations	$	19,445	7.5	%	$	19,269	6.8	%	$	176		0.9	%

¹Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.

Expedited Freight Operating Statistics

	Three Months Ended
	September 30, 2025		September 30, 2024		Percent Change

Business days		64		64	—	%

Tonnage^1,2
Total pounds		612,449		713,213	(14.1	)
Pounds per day		9,570		11,144	(14.1	)

Shipments^1,2
Total shipments		729		831	(12.3	)
Shipments per day		11.4		13.0	(12.3	)

Weight per shipment		841		858	(2.0	)

Revenue per hundredweight³	$	31.70	$	30.47	4.0
Revenue per hundredweight, ex fuel³	$	24.98	$	24.09	3.7

Revenue per shipment³	$	266.48	$	261.55	1.9
Revenue per shipment, ex fuel³	$	209.99	$	206.73	1.6

¹ In thousands
² Excludes accessorial and Truckload products
³ Includes intercompany revenue between the Network and Truckload revenue streams

Omni Logistics Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	September 30, 2025			Percent of Revenue		September 30, 2024	Percent of Revenue		Change		Percent Change
Operating revenue	$	339,584		100.0	%	334,538	100.0	%	5,046		1.5	%

Operating expenses:
Purchased transportation		196,312		57.8		194,853	58.2		1,459		0.7
Salaries, wages and employee benefits		58,373		17.2		55,151	16.5		3,222		5.8
Operating leases		29,979		8.8		27,586	8.2		2,393		8.7
Depreciation and amortization		22,832		6.7		10,830	3.2		12,002		110.8
Insurance and claims		(59	)	—		3,488	1.0		(3,547	)	(101.7	)
Fuel expense		874		0.3		800	0.2		74		9.3
Other operating expenses		21,524		6.3		25,943	7.8		(4,419	)	(17.0	)
Impairment of goodwill		—		—		14,751	4.4		(14,751	)	(100.0	)
Total operating expenses		329,835		97.1		333,402	99.7		(3,567	)	(1.1	)
Income (loss) from operations		9,749		2.9	%	1,136	0.3	%	8,613		758.2	%

Intermodal Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	September 30, 2025		Percent of Revenue		September 30, 2024		Percent of Revenue		Change			Percent Change
Operating revenue	$	58,332	100.0	%	$	57,412	100.0	%	$	920		1.6	%

Operating expenses:
Purchased transportation		19,331	33.1			18,300	31.9			1,031		5.6
Salaries, wages and employee benefits		14,198	24.3			14,506	25.3			(308	)	(2.1	)
Operating leases		6,288	10.8			5,668	9.9			620		10.9
Depreciation and amortization		4,382	7.5			4,582	8.0			(200	)	(4.4	)
Insurance and claims		2,900	5.0			2,528	4.4			372		14.7
Fuel expense		1,999	3.4			1,942	3.4			57		2.9
Other operating expenses		5,132	8.9			5,795	10.0			(663	)	(11.4	)
Total operating expenses		54,230	93.0			53,321	92.9			909		1.7
Income from operations	$	4,102	7.0	%	$	4,091	7.1	%	$	11		0.3	%

Intermodal Operating Statistics

	Three Months Ended
	September 30, 2025		September 30, 2024		Percent Change
Drayage shipments		60,976		62,616	(2.6	)%
Drayage revenue per shipment	$	864	$	824	4.9	%

Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
	September 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	140,354		$	104,903
Restricted cash and restricted cash equivalents		—			363
Accounts receivable, net		341,414			322,291
Prepaid expenses		30,830			29,053
Other current assets		39,890			15,890
Total current assets		552,488			472,500

Property and equipment, net of accumulated depreciation and amortization of $317,420 in 2025 and $292,855 in 2024		309,830			326,188
Operating lease right-of-use assets		411,562			410,084
Goodwill		522,712			522,712
Other acquired intangibles, net of accumulated amortization of $282,266 in 2025 and $212,905 in 2024		929,894			999,216
Other long term assets		67,712			71,941
Total assets	$	2,794,198		$	2,802,641

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	124,835		$	105,692
Accrued expenses		146,785			119,836
Other current liabilities		70,492			45,148
Current portion of debt and finance lease obligations		16,511			16,930
Current portion of operating lease liabilities		101,418			96,440
Total current liabilities		460,041			384,046

Finance lease obligations, less current portion		26,087			30,858
Long-term debt, less current portion		1,684,319			1,675,930
Liabilities under tax receivable agreement		14,131			13,295
Operating lease liabilities, less current portion		327,938			325,640
Other long-term liabilities		48,396			48,835
Deferred income taxes		37,444			38,169

Shareholders' equity:
Preferred stock		—			—
Common stock		312			298
Additional paid-in capital		556,101			542,392
Accumulated deficit		(418,753	)		(338,230	)
Accumulated other comprehensive (loss) income		2,124			(2,732	)
Total Forward Air shareholders' equity		139,784			201,728
Noncontrolling interest		56,058			84,140
Total shareholders' equity		195,842			285,868
Total liabilities and shareholders' equity	$	2,794,198		$	2,802,641

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Three Months Ended
	September 30, 2025			September 30, 2024
Operating activities:
Net loss from continuing operations	$	(23,757	)	$	(34,198	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		37,748			25,893
Impairment of goodwill		—			14,751
Share-based compensation expense		3,380			2,901
Provision for revenue adjustments		682			602
Deferred income tax (benefit) expense		4,202			(33,552	)
Other		(3,461	)		(2,173	)
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable		1,054			8,215
Other receivables		(582	)		628
Other current and noncurrent assets		(5,337	)		38,422
Accounts payable and accrued expenses		38,785			29,665
Net cash provided by (used in) operating activities of continuing operations		52,714			51,154

Investing activities:
Proceeds from sale of property and equipment		294			1,087
Purchases of property and equipment		(4,115	)		(10,414	)
Other		(31	)		(145	)
Net cash used in investing activities of continuing operations		(3,852	)		(9,472	)

Financing activities:
Repayments of finance lease obligations		(3,610	)		(6,212	)
Proceeds from common stock issued under employee stock purchase plan		—			(14	)
Payment of minimum tax withholdings on share-based awards		(52	)		(211	)
Net cash used in financing activities of continuing operations		(3,662	)		(6,437	)
Effect of exchange rate changes on cash		(153	)		(607	)
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations		45,047			(34,638	)

Cash from discontinued operation:
Net cash used in operating activities of discontinued operations		—			(1,137	)
Net increase (decrease) in cash and cash equivalents, and restricted cash and restricted cash equivalents		45,047			33,501
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period		95,307			104,655
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period	$	140,354		$	138,156

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Nine Months Ended
	September 30, 2025			September 30, 2024
Operating activities:
Net loss from continuing operations	$	(105,312	)	$	(1,089,463	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		111,914			106,321
Impairment of goodwill		—			1,107,465
Share-based compensation expense		11,049			8,088
Provision for revenue adjustments		2,319			2,761
Deferred income tax benefit		(523	)		(197,156	)
Other		11,011			4,296
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable		(15,891	)		(34,050	)
Other receivables		(273	)		6,159
Other current and noncurrent assets		4,382			(18,215	)
Accounts payable and accrued expenses		48,436			58,024
Net cash provided by (used in) operating activities of continuing operations		67,112			(45,770	)

Investing activities:
Proceeds from sale of property and equipment		1,789			2,493
Purchases of property and equipment		(20,765	)		(29,810	)
Purchase of a business, net of cash acquired		—			(1,565,242	)
Other		—			(319	)
Net cash used in investing activities of continuing operations		(18,976	)		(1,592,878	)

Financing activities:
Repayments of finance lease obligations		(12,986	)		(15,339	)
Proceeds from credit facility		85,000			—
Payments on credit facility		(85,000	)		(80,000	)
Payment of debt issuance costs		—			(60,591	)
Payment of earn-out liability		—			(12,247	)
Proceeds from common stock issued under employee stock purchase plan		434			355
Payment of minimum tax withholdings on share-based awards		(1,053	)		(1,572	)
Net cash used in financing activities of continuing operations		(13,605	)		(169,394	)
Effect of exchange rate changes on cash		557			138
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations		35,088			(1,807,904	)

Cash from discontinued operation:
Net cash used in operating activities of discontinued operations		—			(6,013	)
Net increase (decrease) in cash and cash equivalents, and restricted cash and restricted cash equivalents		35,088			(1,813,917	)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period		105,266			1,952,073
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period	$	140,354		$	138,156

Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

For the three and nine months ended September 30, 2025 and 2024, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), and free cash flow.

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

The Company believes that 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.

With respect to the 2025 Consolidated EBITDA guidance, please note that the Company is not providing a quantitative reconciliation of Consolidated EBITDA to Net Income because it is not available without unreasonable efforts. The Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation, or to quantify the probable significance of these items. The adjustments required for any such reconciliation of the Company’s forward-looking non-GAAP financial measures cannot be accurately forecast by the Company, and therefore the reconciliation has been omitted.

The following is a reconciliation of net income to Consolidated EBITDA for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Loss from continuing operations	$	(23,757	)	$	(34,198	)	$	(105,312	)	$	(1,089,463	)
Interest expense		44,775			52,770			135,648			140,788
Income tax (benefit) expense		385			1,302			3,225			(191,990	)
Depreciation and amortization		37,748			25,893			111,914			106,321
Reported EBITDA		59,151			45,767			145,475			(1,034,344	)
Impairment of Goodwill		—			14,751			—			1,107,465
Transaction and integration costs		5,814			(549	)		25,727			71,393
Severance costs		2,769			2,829			5,173			14,414
Change in the TRA Liability		(6,027	)		—			836			—
Optimization project costs		1,010			—			2,732			—
Proforma synergies		—			4,632			—			20,886
Proforma savings		2,713			5,800			8,717			27,574
Other		12,246			12,862			37,791			31,063
Consolidated EBITDA	$	77,676		$	86,092		$	226,451		$	238,451

The following is a reconciliation of net cash provided by operating activities to free cash flow for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net cash provided by operating activities	$	52,714		$	51,154		$	67,112		$	(45,770	)
Proceeds from sale of property and equipment		294			1,087			1,789			2,493
Purchases of property and equipment		(4,115	)		(10,414	)		(20,765	)		(29,810	)
Free cash flow	$	48,893		$	41,827		$	48,136		$	(73,087	)

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 expectations regarding the Company’s long-term growth; ability to achieve and accelerate synergy capture and eliminate costs from our structure; expectations regarding the Company’s expedited freight business; ability to achieve the intended benefits of the acquisition of Omni Logistics, including any revenue and cost synergies; the Company’s expectations regarding the Company’s financial performance, including Consolidated EBITDA, and the impact it may have on the business and results of operations; the Company’s beliefs regarding the key drivers of sustainable growth and long-term profitability and expectations regarding the Company's revenue growth strategies, including with respect to operational efficiency and cost control.

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. Therefore, you should not unduly rely on any of these 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 downturns in customer business cycles, the Company's ability to achieve the expected strategic, financial and other benefits of the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected, the risk that operating costs, customer loss, management and employee retention and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) as a result of the acquisition of Omni Logistics may be greater than expected, continued weakening of the freight environment, future debt and financing levels, our ability to deleverage, including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our 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, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, 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, 2024, 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 these forward-looking statements, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251105994145/en/

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com

Source: Forward Air Corporation