Forward Air Posts $0.34 Per Share as Revenue Rises 6.7%
Key Facts
Forward Air reported diluted net income from continuing operations of $0.34 per share for the three months ended September 30, 2026, compared with a loss of $0.52 per share in the year-earlier period. The company’s results filed with the U.S. Securities and Exchange Commission showed consolidated operating revenue rose to $673.861 million from $631.763 million, up 6.7% year over year. The company’s disclosures did not include a verifiable figure for Zacks estimates, so no documented comparison with analyst expectations is available. The quarter reflected improved profitability and revenue, with different performance across the Expedited Freight and Omni Logistics segments. Consolidated operating income also rose to $43.895 million from $15.007 million, and operating margin increased to 6.5% from 2.4%.
The chief executive said consolidated revenue was $674 million, compared with $632 million a year earlier, and that the company posted its highest revenue ever for the second consecutive quarter. The overall increase came as Expedited Freight delivered strong growth while Omni Logistics revenue declined. Expedited Freight revenue was about $337.407 million, up from $258.554 million in the third quarter of 2025, an increase of 30.5%. The company said the segment recorded its best revenue, operating income and reported EBITDA in about three years. Its operating income also rose to $36.461 million from $19.445 million, and operating margin improved to 10.8% from 7.5%.
The company attributed revenue growth in the Expedited Freight network to a 15.6% increase in tonnage and a 15.4% rise in revenue per shipment year over year. In its quarterly report, it said the increase in shipments was linked to strong demand amid tight capacity in the sector. By contrast, Omni Logistics revenue fell to $312.313 million from $339.584 million, a decline of 8.0%. The company said demand for Omni’s contract logistics, air and ocean freight services increased, and that the segment’s reported EBITDA margin reached its highest level since the start of 2024. The divergence shows that consolidated revenue growth was not evenly distributed between the two segments, as expansion in Expedited Freight coincided with lower Omni revenue and an improved reported margin.
Consolidated earnings before interest, taxes, depreciation and amortization were $101.471 million in the third quarter, compared with $77.650 million a year earlier, an increase of 30.7%. This is a non-GAAP measure calculated by the company under its credit agreement. On liquidity, management said the balance was $446 million at the end of the quarter, up sequentially by $45 million from the second quarter of 2026. The chief financial officer added that net leverage was at its lowest level since the first quarter of 2024. These indicators show improved earnings and liquidity, while operating cash flow moved in the opposite direction year over year during the same period.
Net cash provided by operating activities was $35.316 million in the third quarter, compared with $52.714 million in the year-earlier quarter, a decline of 33.0%. This decrease contrasts with growth in operating revenue and reported earnings before interest, taxes, depreciation and amortization for the quarter. The company also reported operating revenue of $1.929 billion for the first nine months of 2026, compared with $1.864 billion in the corresponding period of 2025. The earnings-per-share figure cited here relates to the third quarter and continuing operations; the revenue figures for the nine months cover the cumulative period since the start of the year. Shares of the company, which trade under the ticker FWRD, closed at $16.64 on November 6, 2026.
Forward Air had scheduled a call to discuss its third-quarter results for Monday, November 9, 2026, at 4:30 p.m. Eastern time. The call follows the release of results for the period ended September 30 and will provide an opportunity to discuss the company’s and segments’ performance during the quarter. The results included consolidated revenue growth and a return to per-share income from continuing operations, compared with a loss a year earlier. They also showed a wider consolidated operating margin and improved reported liquidity. At the same time, the data showed a year-over-year decline in cash from operating activities, alongside lower Omni Logistics revenue.