Forward Air posts strong Q3 earnings and sees Stifel lift price target
Forward Air Corp. reported third‑quarter 2026 GAAP earnings of $0.34 per share, beating estimates by $0.29. Revenue was $673.6‑$673.86 million, a 6.6% year‑over‑year increase but slightly below consensus forecasts. Adjusted EBITDA reached $102 million and the debt‑covenant coverage improved to 4.7 times. Stifel raised its price target to $28.00, citing the earnings beat and the renewed two‑year customer agreement.
Why it matters
Stifel’s target increase signals analyst optimism and could attract buying pressure, while the stronger covenant ratio reduces refinancing risk for investors. The earnings beat and EBITDA lift suggest the carrier’s turnaround is gaining momentum.
Key facts
- 1GAAP EPS was $0.34, beating estimates by $0.29. seekingalpha.com
- 2Revenue was $673.6 million, up 6.6% YoY. seekingalpha.com
- 3Adjusted EBITDA was $102 million, above Stifel’s $90 million estimate. investing.com
- 4Debt‑covenant coverage improved to 4.7 times, below the 5.5 times ceiling. investing.com
- 5Stifel raised its price target to $28.00 from $27.00. investing.com
- 6Forward Air secured a renewed two‑year agreement with a major customer. seekingalpha.com
Open questions
- Material 1 says revenue was in line with expectations, while material 2 says it missed estimates and material 3 says it was slightly below forecasts.
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.