Forward Air Stock Earnings Reports

Forward Air reported Q1 2026 operating income of $20 million (vs. $5M a year ago) and consolidated EBITDA of $70 million (vs. $73M). Adjusted EBITDA was $70M (vs. $69M). Management disclosed active discussions with one of its largest customers that could result in a significant portion of that customer's business (total 2025 spend with Forward Air of about $250M) being transitioned beginning in early 2027, but emphasized they believe the customer's decision is a supplier-diversification play and not related to service quality. In response, the company is pivoting its strategic-alternatives review toward divesting noncore assets — specifically the Intermodal segment and two smaller legacy Omni businesses (collectively ~ $394M of 2025 revenue) — to delever the balance sheet and refocus on core, service-sensitive logistics. Management expects the two smaller Omni sales in ~60–90 days and anticipates the Intermodal sale by year-end. Segment performance: Expedited Freight EBITDA $28M (10.4% margin), Omni Logistics EBITDA $25M, Intermodal EBITDA weakened to $5M (10.1% margin) from $10M a year ago. Liquidity ended the quarter at $402M (including $141M cash and $261M revolver availability); net cash from operations was $46M in Q1. Management highlighted tightening capacity, early signs of industrial demand improvement (PMI in expansion for four months), and macro risks from geopolitical tensions and fuel price volatility. The company emphasized focus on retaining customer business where possible, disciplined cost management, and prioritizing profitable pricing as market conditions evolve.