forwardlogoa05a.jpg
NEWS RELEASE

FORWARD AIR CORPORATION REPORTS SECOND QUARTER 2026 RESULTS

Reports Highest Quarterly Operating Revenue in Company History

Expedited Freight Segment Leads Strong Results with Best Operating Revenue, Operating Income, Reported EBITDA and Margin in Last Two and a Half Years

Liquidity Remains Robust at $401 Million

DALLAS – (BUSINESS WIRE) – August 5, 2026 – Forward Air Corporation (NASDAQ:FWRD) (the “Company,” “Forward,” “we,” “our,” or “us”) today reported financial results for the three months ended June 30, 2026, as presented in the tables below.

“We are pleased to deliver another solid quarter and we are seeing momentum from our transformational efforts, combined with an improving freight market,” said Shawn Stewart, President and Chief Executive Officer. “This contributed to reporting $673 million in consolidated operating revenue, which is the best in Forward Air Corporation’s history. Consolidated EBITDA for the quarter was $93 million, an improvement of $14 million, compared to $79 million a year ago.

“On a segment basis, the Expedited Freight segment made significant strides and reported its best operating revenue, operating income, Reported EBITDA and margin in the last two and a half years. The Omni Logistics segment saw an increase in demand for its contract logistics and air and ocean services and, excluding the impact of goodwill impairment, achieved its best Reported EBITDA and margin since the transaction in early 2024. Finally, the Intermodal segment had its best Reported EBITDA result in five quarters and best margin in six quarters. We believe the Intermodal segment is beginning to see the benefits of a strong pipeline and recently enacted strategic rate increases to several accounts.

“Our overall performance demonstrates the strength of our strategy, our portfolio of logistics offerings across a spectrum of services and the commitment and resilience of our team. As market conditions continue to improve, we remain focused on executing our plan and delivering sustainable, long-term value for our stakeholders,” concluded Stewart.

Jamie Pierson, Chief Financial Officer, added, “We reported consolidated operating revenue of $673 million in the second quarter compared to $619 million a year ago. In the second quarter, we reported an operating loss of $201 million that included a non-cash goodwill impairment charge of $244 million related to the Omni Logistics segment. Operating income, excluding the goodwill impairment charge, was $43 million, which is more than double the $20 million in operating income we reported in the second quarter last year.

“On a last twelve months basis Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $319 million.



“Liquidity remained very strong at $401 million at the end of the second quarter comprised of $139 million in cash and $261 million of availability under our credit facility. This is in line with where we ended the first quarter 2026 and an improvement of $33 million compared to $368 million in total liquidity at the end of the second quarter 2025,” concluded Pierson.

Three Months Ended June 30,
(in thousands, except per share data)20262025$ Change% Change
Operating revenues$673,036 $618,844 $54,192 8.8 %
Operating (loss) income$(201,312)$19,522 $(220,834)nm
Operating margin(29.9)%3.2 %(3,310) bps
Loss from continuing operations$(243,856)$(20,364)$(223,492)nm
Net loss from continuing per diluted share$(6.33)$(0.41)$(5.92)nm
Net cash (used in) provided by operating activities$(4,883)$(13,217)$8,334 63.1 %
Non-GAAP Financial Measures: (1)
Consolidated EBITDA$92,985 $79,081 $13,904 17.6 %
Adjusted operating income$42,694 $19,522 $23,172 118.7 %
Free cash flow$(6,971)$(17,157)$10,186 59.4 %
(1) Reconciliation of these non-GAAP financial measures are provided below the financial tables.
nm = not meaningful

Review of Financial Results

Forward Air will hold a conference call to discuss second quarter 2026 results on Wednesday, August 5 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: FWRDQ226.

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.

2

Forward Air Corporation
Condensed Consolidated Statements of Operations
(unaudited and in thousands, except per share amounts)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Operating revenues:
Expedited Freight$319,062 $257,696 $591,769 $507,077 
Omni Logistics338,547 328,316 640,965 651,786 
Intermodal59,724 59,146 112,816 121,638 
Corporate and Eliminations(44,297)(26,314)(90,468)(48,376)
Operating revenues673,036 618,844 1,255,082 1,232,125 
Operating expenses:
Purchased transportation335,892 303,300 619,669 607,562 
Salaries, wages and employee benefits130,040 145,490 245,616 287,405 
Operating leases50,252 49,505 99,965 98,298 
Depreciation and amortization38,262 36,806 76,783 74,166 
Insurance and claims13,678 15,536 27,176 30,542 
Fuel expense6,644 5,278 11,571 10,927 
Other operating expenses55,574 43,407 111,167 98,940 
Impairment of goodwill244,006 — 244,006 — 
Total operating expenses874,348 599,322 1,435,953 1,207,840 
Operating (loss) income:
Expedited Freight34,893 19,495 54,939 35,129 
Omni Logistics(230,010)7,186 (229,280)10,561 
Intermodal6,101 4,415 7,325 9,957 
Corporate and Eliminations(12,296)(11,574)(13,855)(31,362)
Operating (loss) income(201,312)19,522 (180,871)24,285 
Other income and expenses:
Interest expense, net(43,721)(45,326)(87,308)(90,873)
Foreign exchange (loss) gain(566)(4,653)1,132 (5,575)
Other income (expense), net1,569 (6,656)(15,388)(6,552)
Total other expense(42,718)(56,635)(101,564)(103,000)
Loss from continuing operations before income taxes(244,030)(37,113)(282,435)(78,715)
Income tax (benefit) expense(174)(16,749)1,619 2,840 
Loss from continuing operations(243,856)(20,364)(284,054)(81,555)
Loss from discontinued operations, net of tax(2,075)— (2,075)— 
Net loss(245,931)(20,364)(286,129)(81,555)
Net loss attributable to noncontrolling interest(38,631)(7,781)(44,510)(18,335)
Net loss attributable to Forward Air$(207,300)$(12,583)$(241,619)$(63,220)
Basic and diluted net loss per share attributable to Forward Air:
Continuing operations$(6.33)$(0.41)$(7.49)$(2.09)
Discontinued operations(0.05)— (0.05)— 
Net loss per basic and diluted share$(6.38)$(0.41)$(7.54)$(2.09)

3

Expedited Freight Segment Information and Operating Statistics
(unaudited and in thousands, except per shipment and per hundredweight)
Three Months Ended June 30,
2026% of Revenue 2025% of Revenue$ Change% Change
Operating revenues:
Network (1)
$225,971 70.8 %$193,829 75.2 %$32,142 16.6 %
Truckload69,237 21.7 %42,636 16.5 %26,601 62.4 %
Other23,854 7.5 %21,231 8.3 %2,623 12.4 %
Total operating revenues319,062 100.0 %257,696 100.0 %61,366 23.8 %
Operating expenses:
Purchased transportation167,936 52.6 %124,448 48.3 %43,488 34.9 %
Salaries, wages and employee benefits57,568 18.0 %53,938 20.9 %3,630 6.7 %
Operating leases16,416 5.1 %17,355 6.7 %(939)(5.4)%
Depreciation and amortization8,495 2.7 %10,357 4.0 %(1,862)(18.0)%
Insurance and claims10,018 3.1 %10,693 4.1 %(675)(6.3)%
Fuel expense3,668 1.1 %2,518 1.0 %1,150 45.7 %
Other operating expenses20,068 6.5 %18,892 7.4 %1,176 6.2 %
Total operating expenses284,169 89.1 %238,201 92.4 %45,968 19.3 %
Operating income$34,893 10.9 %$19,495 7.6 %$15,398 79.0 %
(1)Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.
Three Months Ended
June 30,
20262025% Change
Business days64 64 — %
Tonnage (1)
Total pounds665,073 623,394 6.7 %
Pounds per day10,392 9,741 6.7 %
Shipments (1)
Total shipments749 739 1.4 %
Shipments per day11.7 11.5 1.7 %
Weight per shipment888 843 5.3 %
Revenue per hundredweight (2)
$33.98 $31.09 9.3 %
Revenue per hundredweight, ex fuel (2)
$24.26 $24.82 (2.3)%
Revenue per shipment (2)
$301.75 $261.82 15.3 %
Revenue per shipment, ex fuel (2)
$215.41 $209.24 2.9 %
(1)Excludes accessorial and Truckload products.
(2)Includes intercompany revenue between the Network and Truckload revenue streams.
4

Omni Logistics Segment Information
(unaudited and in thousands)
Three Months Ended June 30,
2026% of Revenue 2025% of Revenue$ Change% Change
Operating revenues:
Ground$132,854 39.2 %$155,430 47.3 %$(22,576)(14.5)%
Contract Logistics112,332 33.2 %97,469 29.7 %14,863 15.2 %
Air and Ocean93,361 27.6 %75,417 23.0 %17,944 23.8 %
Total operating revenues338,547 100.0 %328,316 100.0 %10,231 3.1 %
Operating expenses:
Purchased transportation190,166 56.2 %185,040 56.4 %5,126 2.8 %
Salaries, wages and employee benefits62,226 18.4 %61,584 18.8 %642 1.0 %
Operating leases27,466 8.1 %25,686 7.8 %1,780 6.9 %
Depreciation and amortization23,878 7.1 %22,419 6.8 %1,459 6.5 %
Insurance and claims276 0.1 %1,248 0.4 %(972)(77.9)%
Fuel expense457 0.1 %888 0.3 %(431)(48.5)%
Other operating expenses20,082 5.9 %24,265 7.4 %(4,183)(17.2)%
Impairment of goodwill244,006 72.1 %— — %244,006 nm
Total operating expenses568,557 167.9 %321,130 97.8 %247,427 77.0 %
Operating (loss) income$(230,010)(67.9)%$7,186 2.2 %$(237,196)nm
nm = not meaningful
Intermodal Segment Information
(unaudited and in thousands)
Three Months Ended June 30,
2026% of Revenue2025% of Revenue$ Change% Change
Operating revenues$59,724 100.0 %$59,146 100.0 %$578 1.0 %
Operating expenses:
Purchased transportation22,087 37.0 %20,049 33.9 %2,038 10.2 %
Salaries, wages and employee benefits13,783 23.1 %15,385 26.0 %(1,602)(10.4)%
Operating leases6,100 10.2 %5,336 9.0 %764 14.3 %
Depreciation and amortization3,882 6.5 %4,502 7.6 %(620)(13.8)%
Insurance and claims1,799 3.0 %3,147 5.3 %(1,348)(42.8)%
Fuel expense2,541 4.3 %1,857 3.1 %684 36.8 %
Other operating expenses3,431 5.7 %4,455 7.6 %(1,024)(23.0)%
Total operating expenses53,623 89.8 %54,731 92.5 %(1,108)(2.0)%
Operating income$6,101 10.2 %$4,415 7.5 %$1,686 38.2 %

Three Months Ended
June 30,
20262025% Change
Drayage shipments61,909 62,313 (0.6)%
Drayage revenue per shipment$942 $862 9.3 %
5

Forward Air Corporation
Condensed Consolidated Balance Sheets
(unaudited and in thousands)
June 30, 2026December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents$139,448 $105,996 
Accounts receivable, net369,469 343,559 
Other receivables6,104 6,147 
Prepaid expenses26,465 28,045 
Other current assets41,630 37,254 
Total current assets583,116 521,001 
Property and equipment, net274,670 297,882 
Operating lease right-of-use assets361,426 412,535 
Goodwill278,706 522,712 
Other intangible assets, net860,915 906,791 
Other long-term assets52,012 58,023 
Total assets$2,410,845 $2,718,944 
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable$118,651 $121,752 
Accrued expenses118,551 114,422 
Other current liabilities81,911 69,130 
Current portion of finance lease obligations14,961 15,995 
Current portion of operating lease liabilities107,497 107,026 
Total current liabilities441,571 428,325 
Long-term debt1,693,340 1,687,248 
Liabilities under Tax Receivable Agreement26,794 11,548 
Finance lease obligations, less current portion16,804 22,387 
Operating lease liabilities, less current portion277,379 327,011 
Deferred income taxes24,358 27,221 
Other long-term liabilities53,265 53,540 
Total liabilities2,533,511 2,557,280 
Shareholders' (deficit) equity:
Preferred stock— — 
Common stock337 313 
Additional paid-in capital575,818 559,551 
Accumulated deficit(690,324)(447,100)
Accumulated other comprehensive income(1,261)580 
Total Forward Air shareholders' (deficit) equity(115,430)113,344 
Noncontrolling interest(7,236)48,320 
Total shareholders' (deficit) equity(122,666)161,664 
Total liabilities and shareholders' (deficit) equity$2,410,845 $2,718,944 
6

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(unaudited and in thousands)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
OPERATING ACTIVITIES:
Net loss $(245,931)$(20,364)$(286,129)$(81,555)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization38,262 36,806 76,783 74,166 
Impairment of goodwill244,006 — 244,006 — 
Share-based compensation expense491 4,711 4,032 7,669 
Change in Tax Receivable Agreement liability (1,219)6,864 15,488 6,864 
Deferred income tax benefit(604)(1,933)(2,774)(4,725)
Non-cash interest expense3,654 3,473 7,227 6,846 
Gain on sale of business(3,649)— (3,649)— 
Other1,774 1,326 4,191 2,399 
Changes in operating assets and liabilities:
Accounts receivable(46,494)4,200 (36,020)(16,945)
Other receivables(2,551)743 (499)309 
Other current and noncurrent assets4,029 8,952 932 9,719 
Accounts payable, accrued expenses and other current liabilities3,349 (57,995)17,267 9,651 
Net cash (used in) provided by operating activities (4,883)(13,217)40,855 14,398 
INVESTING ACTIVITIES:
Proceeds from sale of property and equipment1,125 804 2,553 1,495 
Purchases of property and equipment(3,213)(4,744)(10,159)(16,650)
Proceeds from sale of business, net8,739 — 8,739 — 
Other— 55 — 31 
Net cash provided by (used in) investing activities6,651 (3,885)1,133 (15,124)
FINANCING ACTIVITIES:
Repayments of finance lease obligations(4,149)(4,945)(8,374)(9,376)
Proceeds from borrowings under credit facility— 60,000 — 85,000 
Repayments of borrowings under credit facility— (60,000)— (85,000)
Proceeds from common stock issued under employee stock purchase plan734 434 734 434 
Payment of minimum tax withholdings on share-based awards and other(120)(107)(805)(1,001)
Net cash used in financing activities (3,535)(4,618)(8,445)(9,943)
Effect of exchange rate changes on cash193 353 (91)710 
NET CHANGE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS(1,574)(21,367)33,452 (9,959)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period141,022 116,674 105,996 105,266 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$139,448 $95,307 $139,448 $95,307 

7

Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

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

For the three and six months ended June 30, 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, Adjusted Operating Income and free cash flow.

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

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

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

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

8

The following is a reconciliation of net loss to Consolidated EBITDA:
Three Months EndedSix Months EndedLast Twelve Months
June 30,June 30,
(in thousands)2026202520262025June 30, 2026
Net loss$(245,931)$(20,364)$(286,129)$(81,555)$(346,299)
Interest expense, net43,721 45,326 87,308 90,873 177,182 
Income tax (benefit) expense(174)(16,749)1,619 2,840 (6,693)
Depreciation and amortization38,262 36,806 76,783 74,166 155,255 
Reported EBITDA(164,122)45,019 (120,419)86,324 (20,555)
Impairment of goodwill244,006 — 244,006 — 244,006 
Loss from discontinued operations, net of tax2,075 — 2,075 — 2,075 
Transaction and integration costs4,709 5,949 7,523 19,875 19,097 
Severance costs1,114 830 1,654 2,404 4,993 
Change in Tax Receivable Agreement liability(1,219)6,864 15,488 6,864 6,878 
Optimization project costs152 691 152 1,722 20,840 
Gain on disposition of business, net(2,874)— (2,874)— (2,874)
Proforma savings— 4,352 — 8,704 5,413 
Proforma dispositions1,078 953 1,498 864 612 
Other8,066 14,423 14,680 25,546 38,079 
Consolidated EBITDA$92,985 $79,081 $163,783 $152,303 $318,564 

The following is a reconciliation of operating (loss) income to operating income, excluding the goodwill impairment charge, or adjusted operating income:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2026202520262025
Operating (loss) income$(201,312)$19,522 $(180,871)$24,285 
Impairment of goodwill244,006 — 244,006 — 
Adjusted operating income$42,694 $19,522 $63,135 $24,285 

The following is a reconciliation of net cash (used in) provided by operating activities to free cash flow:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)
2026202520262025
Net cash (used in) provided by operating activities$(4,883)$(13,217)$40,855 $14,398 
Proceeds from sale of property and equipment1,125 804 2,553 1,495 
Purchases of property and equipment(3,213)(4,744)(10,159)(16,650)
Free cash flow$(6,971)$(17,157)$33,249 $(757)



9

Note Regarding Forward-Looking Statements

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

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

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

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com
10