Forward Air (NASDAQ:FWRD) Posts Quarterly Earnings Results, Beats Expectations By $0.21 EPS

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

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 Trading Up 6.1%

Forward Air stock opened at $17.65 on Tuesday. The business has a 50 day moving average price of $16.06 and a two-hundred day moving average price of $17.43. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 13.98. The stock has a market cap of $558.09 million, a price-to-earnings ratio of -1.98 and a beta of 1.31. Forward Air has a 12 month low of $7.86 and a 12 month high of $31.17.

Analyst Ratings Changes

Several analysts recently weighed in on FWRD shares. Wall Street Zen upgraded Forward Air from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings raised 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 price objective on shares of Forward Air in a research note on Thursday, October 29th. Zacks Research upgraded shares of Forward Air from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 29th. Finally, Susquehanna cut their target price on shares of Forward Air from $29.00 to $25.00 and set a “positive” rating for the company in a research note on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Forward Air presently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

Key Stories Impacting Forward Air

Here are the key news stories impacting Forward Air this week:

• Positive Sentiment: Forward Air reported third-quarter earnings of $0.34 per share, topping analyst estimates of $0.13–$0.20 and improving from a loss of $0.52 per share a year earlier. Revenue of about $673.9 million was broadly in line with expectations. The earnings surprise and swing to profit are likely supporting investor sentiment. Zacks earnings article
• Negative Sentiment: Management indicated the network has 15%–18% excess capacity and said it has paused the intermodal sale process. Underused capacity may weigh on efficiency, while pausing the sale leaves uncertainty around the company’s strategic plans and any potential proceeds. Seeking Alpha article on capacity and intermodal sale

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.