Forward Air Corporation Q3 2026 Earnings Recap

The stock rose 3.9% after earnings, reflecting year-over-year improvement in operating income and EBITDA alongside higher revenue. The gains were broad-based across segments, though the call provided limited quantified forward guidance.

Key Takeaways

• Revenue was $674 million, up $42 million from $632 million a year earlier; operating income rose to $44 million from $15 million.
• Consolidated EBITDA increased nearly 30% to $101 million from $78 million, with margin improving to 15.1% from 12.3%.
• Expedited Freight’s operating ratio improved 330 basis points to 89.2%; shipments and tonnage per day were both higher year over year.
• Omni Logistics recorded its best reported EBITDA margin since early 2024, while Intermodal posted its highest revenue in more than three years and returned to what management described as industry-leading margins.
• A new two-year agreement retains a significant portion of services for a large customer. The transition of other services is expected to run from this month through March next year.