Forward Air (NASDAQ:FWRD) Issues Earnings Results

Forward Air (NASDAQ:FWRD) issued its earnings results on Monday. The transportation company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.21, FiscalAI reports. Forward Air had a negative return on equity of 19.49% and a negative net margin of 11.37%. The firm had revenue of $673.86 million for the quarter, compared to analysts’ expectations of $673.40 million.

Here are the key takeaways from Forward Air’s conference call:

• Forward Air reported record quarterly revenue of $674 million and operating income of $44 million, up from $632 million and $15 million, respectively, a year earlier. Credit-agreement EBITDA rose nearly 30% to $101 million, its best result in nearly three years.
• Results improved across all three segments: Expedited Freight’s operating ratio improved to 89.2%, Omni Logistics expanded its EBITDA margin to 11.3%, and Intermodal delivered its highest revenue in more than three years. Management said demand and operating trends remained similar early in the fourth quarter, while noting typical seasonality and fewer working days.
• A new two-year agreement with a major customer retains a significant portion of the services Forward Air provides. The company said revenue from the retained services grew in 2026 and is expected to exceed the total revenue from that customer in 2025, although some services are transitioning through March 2027.
• Liquidity increased to $446 million, and leverage ended the quarter below 5x—nearly a full turn lower year over year and its lowest level in nearly three years. Operating cash flow was $35 million for the quarter, down from $53 million a year earlier, but year-to-date operating cash flow improved by $9 million.
• Forward Air paused the planned sale of its Intermodal business, saying recent performance and the sale process did not reflect its view of the business’s value. Management may revisit a sale if market conditions better support that valuation.

Forward Air Stock Performance

Shares of NASDAQ:FWRD traded up $1.01 on Monday, hitting $17.65. The company’s stock had a trading volume of 482,960 shares, compared to its average volume of 821,474. Forward Air has a 12 month low of $7.86 and a 12 month high of $31.17. The company has a market capitalization of $558.18 million, a price-to-earnings ratio of -1.98 and a beta of 1.31. The stock’s 50-day moving average is $16.05 and its two-hundred day moving average is $17.48. The company has a debt-to-equity ratio of 13.98, a quick ratio of 1.32 and a current ratio of 1.32.

Analyst Ratings Changes

A number of research firms recently commented on FWRD. Wall Street Zen upgraded Forward Air from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Susquehanna lowered their price target on shares of Forward Air from $29.00 to $25.00 and set a “positive” rating for the company in a research report on Friday, October 2nd. Weiss Ratings upgraded shares of Forward Air from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, September 8th. Stifel Nicolaus set a $27.00 target price on shares of Forward Air in a research note on Thursday, October 29th. Finally, Zacks Research upgraded shares of Forward Air from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Forward Air has a consensus rating of “Moderate Buy” and an average price target of $26.00.

About Forward Air

Forward Air Corporation (NASDAQ: FWRD) is a transportation and logistics company that provides time-definite freight and supply chain services. Its offerings include expedited less-than-truckload transportation, truckload services, intermodal and drayage operations, final-mile delivery, and other logistics solutions designed for shipments requiring reliable transit times.

The company serves businesses across North America and supports domestic and international supply chains through a network of terminals, transportation partners, and logistics facilities.