FWRD

EX-99.1

2 exhibit991-fwrdpressreleas.htm

EX-99.1

Document

NEWS RELEASE

FORWARD AIR CORPORATION REPORTS THIRD QUARTER 2026 RESULTS

Record Revenue in Consecutive Quarters

Operating Income of $44 Million and Consolidated EBITDA of $101 Million

Execution at all Three Segments Contribute to Strong Performance

DALLAS – (BUSINESS WIRE) – November 9, 2026 – Forward Air Corporation (NASDAQ:FWRD) (the “Company,” “Forward,” “we,” “our,” or “us”) today reported financial results for the three months ended September 30, 2026, as presented in the tables below.

“We are pleased to deliver another quarter of very solid results,” said Shawn Stewart, President and Chief Executive Officer. “Consolidated operating revenue improved to $674 million compared to $632 million in the third quarter a year ago and it’s the second quarter in a row that we reported the best revenue results in Forward Air Corporation’s history. Operating income for the quarter almost tripled from last year coming in at $44 million compared to $15 million in the third quarter 2025.

“On a segment basis, we performed well across all aspects of our business and hit on all cylinders. Expedited Freight reported its best operating revenue, operating income and Reported EBITDA in nearly three years. The Omni Logistics segment continues to see an increase in demand for its contract logistics and air and ocean services and reported its best Reported EBITDA margin since the beginning of 2024. The Intermodal segment saw an increase in drayage per shipment contributing to its highest revenue in more than three years.

“These results reflect investments we have made and our focus on execution across the breadth of logistics services we provide around the world. We believe the work that has been done and the resulting foundation that has been established over the past few years has positioned the company to take advantage of current market conditions. We are encouraged by the progress, while also recognizing that there is always more work to be done to maintain momentum. Going forward, we intend to stay focused on delivering best-in-class service, and providing reliable, dependable solutions that exceed our customers’ expectations,” concluded Stewart.

Jamie Pierson, Chief Financial Officer, added, “For the third quarter we reported Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, of $101 million compared to $78 million in the same quarter a year ago and yet another stair step up in performance. On a last twelve months basis, Consolidated EBITDA was $342 million as of the end of the third quarter.

“Following our improved operations and quality of earnings, liquidity also improved to $446 million at the end of the third quarter which was a sequential improvement of $45 million compared to the second quarter 2026, and we reported our lowest net leverage ratio since the first quarter of 2024,” concluded Pierson.

Three Months Ended September 30,

(in thousands, except per share data)20262025$ Change% Change

Operating revenues$673,861 $631,763 $42,098 6.7 %

Operating income $43,895 $15,007 $28,888 192.5 %

Operating margin6.5 %2.4 %410 bps

Income (loss) from continuing operations$9,120 $(23,757)$32,877 138.4 %

Net income (loss) from continuing operations per diluted share$0.34 $(0.52)$0.86 165.4 %

Net cash provided by operating activities$35,316 $52,714 $(17,398)(33.0)%

Non-GAAP Financial Measures: (1)

Consolidated EBITDA$101,471 $77,650 $23,821 30.7 %

Free cash flow$33,338 $48,893 $(15,555)(31.8)%

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

Review of Financial Results

Forward Air will hold a conference call to discuss third quarter 2026 results on Monday, November 9 at 4:30 p.m. ET. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 579-2543, Access Code: FWRDQ326.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.

About Forward Air Corporation

Forward is a leading asset-light provider of transportation services across the United States, Canada and Latin America. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse an

SEC.gov | Request Rate Threshold Exceeded

U.S. Securities and Exchange Commission

You’ve Exceeded the SEC’s Traffic Limit

Your request rate has exceeded the SEC’s maximum allowable requests per second. Your access to SEC.gov will be limited for 10 minutes.

Current guidelines limit each user to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that submit excessive requests.

The block will be lifted automatically by waiting 10 minutes. Continuing to exceed the SEC’s maximum allowable request rate during the time-out period will extend the duration of the time-out period. To ensure fair access for all users, please reduce the rate of your requests and visit SEC.gov again after the 10 minute time-out period has passed.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. For more information, contact opendata@sec.gov.

For more information, please see the SEC’s Web Site Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission.

Reference ID: 0.c706d217.1786193998.fdaba7c7

More Information

Internet Security Policy

By using this site, you are agreeing to security monitoring and auditing. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests.

If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website.

Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users.

Note: We do not offer technical support for developing or debugging scripted downloading processes.

EX-99.1

2 exhibit991q12026pressrelea.htm

EX-99.1

Document

NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FIRST QUARTER 2026 RESULTS

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) – May 7, 2026 – 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 fo