Forward Air reports record Q3 revenue and pauses Intermodal sale
Forward Air reported third-quarter 2026 operating revenue of $674 million, operating income of $44 million and consolidated EBITDA of $101 million on November 9. The consolidated EBITDA margin reached 15.1%, while Expedited Freight revenue increased 30.5% year over year to $337 million. Forward Air also paused the planned sale of its Intermodal business after improved performance and finalized a two-year agreement retaining a significant portion of services for a major customer.
Why it matters
The results show higher revenue and profitability alongside lower leverage and $446 million of liquidity, while pausing the Intermodal sale keeps the business within Forward Air rather than generating potential sale proceeds. The two-year customer agreement also preserves a significant portion of services that had been at risk of transition.
Key facts
- 1Forward Air reported $674 million of revenue and a 15.1% consolidated EBITDA margin for the third quarter of 2026. investing.com
- 2Operating income was $44 million and consolidated EBITDA was $101 million, an increase of $42 million from the third quarter of 2025. finance.yahoo.com
- 3Expedited Freight generated $337 million of revenue, up 30.5% year over year. investing.com
- 4Forward Air ended the quarter with $446 million of liquidity and a 4.7x net leverage ratio. investing.com
- 5Intermodal quarterly revenue was $63.5M, compared with $58.3M a year earlier. finance.yahoo.com
- 6A major customer agreed to continue using Forward Air for a significant portion of current services for a period of 2 years. finance.yahoo.com
Open questions
- Reported third-quarter operating cash flow differs across the materials: $51 million in material 1 versus $35M in material 2, with no basis given to reconcile the figures.
Summary written by AlphAI AI Desk from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.