Forward Air stock posts record revenue as operating income nearly triples

Published on 11/10/2026 at 22:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Forward Air stock delivered a stronger third quarter as all three segments improved. A major customer agreement supports revenue visibility into 2027.

Quarterly strength across Forward Air

Third-quarter revenue reached a second consecutive company record.
All three operating segments improved their contribution to earnings.
Liquidity rose sequentially, while leverage remains a key investor focus.

FWRD, US34986A1043, Illustration mit AI erstellt.

Forward Air reported a stronger third quarter on Monday, November 9, with record quarterly revenue and a sharp improvement in operating income. The Business Wire release on Yahoo Finance covers the results for the three months ended September 30, 2026.

Revenue reaches another company record

Operating revenue rose 6.7 percent year over year to USD 673.861 million, marking the second consecutive quarterly revenue record. Operating income climbed to USD 43.895 million from USD 15.007 million a year earlier, lifting the operating margin to 6.5 percent from 2.4 percent.

Income from continuing operations reached USD 9.120 million, or USD 0.34 per diluted share, compared with a loss of USD 23.757 million, or USD 0.52 per diluted share, in the prior-year quarter. Consolidated EBITDA, a non-GAAP measure calculated under the company's credit agreement, increased to USD 101.471 million from USD 77.650 million.

All three segments add support

Expedited Freight revenue increased 30.5 percent to USD 337.407 million, while operating income rose to USD 36.461 million. Omni Logistics revenue declined 8.0 percent to USD 312.313 million, but operating income advanced 25.2 percent to USD 12.206 million. Intermodal revenue grew 8.8 percent to USD 63.453 million, with operating income up 26.4 percent to USD 5.186 million.

Management also highlighted an agreement with one of its largest customers that will retain a significant portion of services for two years. The company expects selected services to transition between November 2026 and March 2027, supporting visibility while the business continues its operational recovery.

Liquidity improves as leverage stays high

Liquidity stood at USD 446 million at quarter-end, a sequential increase of USD 45 million. Operating cash flow was USD 35.316 million in the quarter, down from USD 52.714 million a year earlier, while free cash flow reached USD 33.338 million.

Forward Air stock traded at 16.40 euros on Lang & Schwarz at 22:48 CET on Tuesday, November 10.