FWRD

Interested in Forward Air Corporation? Here are five stocks we like better. Forward Air reported a strong second quarter: Operating revenue rose to a record $673 million from $619 million, while consolidated EBITDA increased to $93 million from $79 million. Expedited Freight led the improvement, with EBITDA up more than 40% year over year to $43 million and margins expanding to 13.6%. Omni Logistics showed underlying improvement despite a major impairment: A non-cash $244 million goodwill impairment produced a reported EBITDA loss, but adjusted EBITDA reached $38 million with an 11.2% margin. A customer memorandum of understanding could preserve at least 50%—and potentially up to 75%—of approximately $250 million in annual revenue. Management is focused on liquidity and restructuring: Forward Air ended the quarter with $401 million in liquidity, completed $27 million of legacy Omni asset sales and remains on track to sell Intermodal by year-end 2026. Executives see improving freight-market conditions but warned that geopolitical risks and diesel-price volatility could delay recovery. 7 Short Squeeze Stocks to Look Into for Your Portfolio Forward Air (NASDAQ:FWRD) reported record quarterly operating revenue and its strongest consolidated EBITDA performance in more than two years during the second quarter of 2026, as its Expedited Freight, Omni Logistics and Intermodal operations improved. Operating revenue rose to $673 million from $619 million in the second quarter of 2025, while consolidated EBITDA, calculated under the company’s credit agreement, increased to $93 million from $79 million. Chief Executive Officer Shawn Stewart said the company delivered its best operating revenue in its history and its best consolidated EBITDA result in two and a half years. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “While we have more work to do,” Stewart said, “we are beginning to see the fruits of our labor and results at the level I know we are capable of producing.” The Expedited Freight segment led the quarter, producing its best operating revenue, operating income, reported EBITDA and margin since the beginning of 2024, according to Stewart. Segment EBITDA increased more than 40% year over year to $43 million from $30 million, while the EBITDA margin expanded to 13.6% from 11.6%. → 3 Drone Stocks That Should Soar After the Summer Slump Chief Financial Officer Jamie Pierson said the segment benefited from gains in tonnage per day, shipments per day, weight per shipment and revenue per shipment excluding fuel. Revenue per hundredweight excluding fuel declined because shipment weights rose significantly, he said. Management described the change in freight mix as intentional. Pierson said the company lowered pricing on certain higher-weight shipments to improve network density, while Stewart said Forward Air added lane pairs and sought to fill available capacity on dedicated lanes. The result was higher load factors, fewer empty miles and improved profitability, management said. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Stewart also said he believes some freight has shifted back to less-than-truckload networks as truckload pricing has increased. Customers that had previously consolidated shipments into full truckloads may be moving freight back into LTL channels as truckload rates per pound rise, he said. At Omni Logistics, the company reported a goodwill impairment charge of $244 million that resulted in reported EBITDA loss of $206 million for the segment. Excluding the impairment, Omni generated $38 million in reported EBITDA and an 11.2% margin, compared with $30 million and a 9% margin a year earlier. Pierson said those adjusted results represented the segment’s best performance since the transaction in early 2024. The impairment was non-cash and did not affect EBITDA, cash or liquidity, Pierson said. The charge was tied to uncertainty surrounding possible revenue reductions from a major customer at the time the required impairment analysis was performed, before the company signed a memorandum of understanding with that customer in July. Intermodal reported EBITDA of $10 million, up from $9 million a year earlier and its best result in five quarters. Its 16.7% margin was the strongest in six quarters, rising 160 basis points from 15.1% in the prior-year period. Stewart said strategic rate and fuel-price increases implemented beginning in the first quarter helped address underperforming accounts, and that the company did not lose customers as a result of those actions. Forward Air has been negotiating with one of its largest customers after the customer disclosed plans to transition part of the services supplied by Omni to other providers as part of its operational and supplier-diversification strategy. Stewart said the change was not related to Forward Air’s service levels during the companies’ 20-year relationship. Under a recently signed memorandum of understanding, Forward Air expects to retain at least half of approximately $250 million in revenue associated with the customer during the fiscal year ended Dec. 31, 2025. The company said it could retain an additional roughly 25% of that business, potentially preserving up to 75% of the prior business level. The memorandum also contemplates extending the retained-services contract for at least two years. Services expected to move to other providers are anticipated to begin transitioning later this year, with most of the transition occurring in December 2026 and through the remainder of 2027. Stewart said the customer has continued to grow with Forward Air during 2026 and that a decision regarding additional retention could come before year-end. He added that the company expects it can remove or mitigate cost overhang associated with any services that ultimately transition away. Forward Air completed the sale of two smaller legacy Omni businesses during the second quarter and July for a combined sales price of about $27 million. Pierson said the businesses were generally break-even on a reported EBITDA basis. Management said the transactions simplify the service portfolio and monetize underperforming assets. The company continues to pursue the sale of its Intermodal business, which Stewart said is performing well and generating its highest margin in recent history. The sales process remains on schedule for an expected closing by the end of 2026, according to management. Forward Air expects the divestitures to support debt reduction, streamline the organization and enhance shareholder value. For the quarter, cash used in operating activities totaled $5 million, compared with $13 million used a year earlier. During the first half of 2026, operating activities provided $41 million in cash, up from $27 million in the comparable 2025 period. Forward Air ended the quarter with $401 million in liquidity, consisting of $139 million in cash and $261 million of revolver availability. Pierson noted that liquidity remained roughly flat from the first quarter despite a $34 million semiannual interest payment on senior secured notes during the second quarter. Stewart said market fundamentals are improving as capacity tightens amid regulatory enforcement and carrier exits. He cited seven consecutive months of manufacturing PMI expansion, lean inventory levels, rising truckload spot rates and higher tender-rejection rates as indicators of a gradual freight recovery. Management also cited higher diesel prices as a tailwind. Pierson said diesel had increased 51% over the previous four months and remained elevated in July relative to the second quarter. He said that, if current fuel conditions persist, additional shipments could disproportionately benefit the company’s earnings as operating leverage improves. Stewart cautioned that geopolitical tensions and diesel-price volatility could still weigh on industrial activity and delay demand recovery. “Recoveries are rarely, if ever, linear in nature,” he said. Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals. Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Forward Air Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Forward Air Corp (NASDAQ:FWRD) reported its best quarterly operating revenue in company history at $673 million, up from $619 million in the same quarter last year. Consolidated EBITDA improved to $93 million, the best result in 2.5 years, with a full percentage point improvement in margin. The expedited freight segment achieved its best operating revenue, operating income, EBITDA, and margin since the beginning of 2024, with EBITDA up over 40% year-over-year. The Omni logistics segment, excluding the non-cash goodwill impairment, delivered its best EBITDA and margin since the transaction in early 2024, with EBITDA improving to $38 million from $30 million. The intermodal segment bounced back with its best EBITDA result in five quarters and best margin in six quarters, driven by strategic rate increases and a strong pipeline. Forward Air Corp (NASDAQ:FWRD) successfully completed the sale of two non-core assets for approximately $27 million, simplifying its portfolio and monetizing underperforming businesses. The company signed a Memorandum of Understanding (MOU) with one of its largest customers, expecting to retain at least 50% of the $250 million revenue, with the potential to retain up to 75% and extend the contract term by at least two years. Market fundamentals are improving, with seven consecutive months of manufacturing PMI expansion, tightening capacity, and increasing truckload spot rates, pointing toward a gradual freight recovery. Liquidity remained stable at $401 million sequentially, despite making a $34 million semi-annual interest payment in the quarter. Cash provided by operating activities for the first half of 2026 improved by $14 million to $41 million compared to the prior year. Forward Air Corp (NASDAQ:FWRD) incurred a significant non-cash goodwill impairment charge of $244 million related to the Omni logistics segment, leading to an operating loss of $201 million for the quarter. The goodwill impairment was driven by uncertainty around potential revenue decreases from a major customer, which existed before the MOU was signed in July. Revenue per 100 weight excluding fuel decreased due to a strategic shift toward higher-weight shipments, which could pressure yields in the near term. The company faces ongoing macroeconomic uncertainties, including geopolitical tensions and diesel price volatility, which could weigh on industrial activity and delay demand recovery. The transition of a portion of services from one of its largest customers to other providers is expected to begin later this year, with the majority taking place in December 2026 and throughout 2027, creating revenue headwinds. The company used $5 million in cash from operating activities in the second quarter, though this was an $8 million improvement year-over-year. The intermodal business, which is performing well, is still targeted for divestiture, with the sale expected to close by the end of the year, potentially reducing future revenue streams. The company's strategic decision to lower yields on higher-weight shipments to fill capacity may not sustain if the freight market recovery stalls. The potential retention of an additional 25% of the major customer's business remains uncertain, with a decision timeline not clearly defined. The company's reliance on diesel price tailwinds for earnings improvement is a risk, as fuel prices can decrease rapidly, impacting profitability. Warning! GuruFocus has detected 7 Warning Signs with FWRD. Is FWRD fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on the retention of one of your largest customers and the timeline for potentially retaining an additional 25% of the business beyond the initial 50% outlined in the MOU?A: Shawn Stewart (President and CEO): We are extremely pleased with the MOU signed in July, which allows us to retain at least half of the approximately $250 million in revenue from this customer, with the potential to retain an additional 25%. The timeline for a decision on that additional portion is tough to pinpoint, but I believe we could have clarity before the end of the year. We are continuing productive conversations and plan to have success there. Q: Can you explain the strategic decision behind the reported yield numbers, specifically the decrease in revenue per 100 weight, and how this impacts the overall network strategy?A: Jamie Pearson (CFO): The yield decrease was a very intentional, strategic decision. We lowered yields on some higher-weight break shipments to fill open capacity on dedicated lanes. This has resulted in significantly higher weight per shipment, which mathematically lowers revenue per 100 weight, but revenue per shipment excluding fuel is up. This strategy is paying off, as evidenced by improved load factors, lower empty miles, and a 200-basis-point improvement in margin. Shawn Stewart (CEO) added that length of haul is also up, and we are balancing multiple KPIs to optimize the network. Q: What is the current status of the intermodal segment's repricing process, and how are regulatory impacts on the truckload market affecting intermodal capacity?A: Shawn Stewart (President and CEO): The strategic rate increases in intermodal, which included both general rates and fuel rates, were implemented starting in Q1 and took effect in Q2. Most of that repricing is now settled. We were transparent with customers about the situation, and they stuck with us. We did not lose any business from these actions. The volume improvement in Q2 was driven by shifting sourcing patterns and new customer additions, not just pricing. Q: Can you provide more color on the revenue trajectory of the large customer in 2026, given that the $150 million retention figure is based on 2025 revenue?A: Jamie Pearson (CFO): We do not provide comments on any one particular customer, especially one of this size. Providing more detail would be akin to releasing the code for Coke. However, I can reiterate that the service level remains incredibly high with this customer, and we will benefit from their continued internal organic growth. Shawn Stewart (CEO) noted earlier that the customer has continued to grow with us throughout 2026. Q: How should we think about the impact of higher diesel prices on earnings, and what is the sensitivity going forward?A: Jamie Pearson (CFO): Diesel prices have increased significantly, up about 51% over the last four months, and remained elevated through Q2 and into July. We are seeing a continuation of that performance in July relative to Q2. All else being equal, we expect to get the tailwind and benefit of fuel for the foreseeable future, with EBITDA not expected to return to previous levels until early 2027. While this can change quickly, diesel prices typically increase faster than they decrease. Q: With the truckload market tightening, how should we think about purchase transportation costs and whether your pricing relative to PT is a net positive or negative?A: Shawn Stewart (President and CEO): We are in a very good place. We own a significant portion of our truckload assets, which gives us a more controlled cost basis compared to relying on the open third-party market. This positions us well to navigate the tightening truckload market. Q: Regarding the large customer transition, can you provide any directional sense on the mix of business (contract logistics vs. transportation) and your ability to take out costs as the transition occurs?A: Shawn Stewart (President and CEO): Almost 100% of our business with this customer is under contract with set rates for given contract periods, so we are protected. The mix includes both contract logistics and transportation. Regarding costs, anything that happens, we will be able to remove or mitigate any cost overhang once we separate. It is not a high exposure for us. Q: Can you confirm the revenue figures for the non-core businesses sold and provide expectations for revenue seasonality now that they are divested?A: Jamie Pearson (CFO): The total revenue for all three businesses targeted for divestiture is around $394 million. The intermodal segment, which is still for sale, is around $250 million. The two smaller businesses we sold in Q2 and July were around $100 to $150 million combined. However, I would focus less on revenue and more on EBITDAby and large, those two businesses were breakeven on a reported EBITDA basis. Q: Did the intermodal segment lose any volume as a result of the strategic rate increases, and how are you balancing price versus volume in that business?A: Shawn Stewart (President and CEO): We did not lose any business. The Q1 to Q2 volume fluctuation was due to sourcing pattern changes with existing customers, not pricing. The rate increases were applied to a very select, small group of customers that we needed to address. Volume has since flowed back, and the team has also added several new large customers to the portfolio. Q: Is the increase in weight per shipment a one-quarter phenomenon, and should we expect it to continue?A: Shawn Stewart (President and CEO): No, this is not a one-quarter thing. The strategy has been successful, so we will continue to increase our focus there. We look at network optimization daily, weekly, and monthly to benefit from what is moving down the road. Jamie Pearson (CFO) added that this was a very targeted approach to fill excess capacity on specific lanes, not tied to any particular customer type or SIC code. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Reports Highest Quarterly Operating Revenue in Company History Expedited Freight Segment Leads Strong Results with Best Operating Revenue, Operating Income, Reported EBITDA and Margin in Last Two and a Half Years Liquidity Remains Robust at $401 Million DALLAS, August 05, 2026--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) (the "Company," "Forward," "we," "our," or "us") today reported financial results for the three months ended June 30, 2026, as presented in the tables below. "We are pleased to deliver another solid quarter and we are seeing momentum from our transformational efforts, combined with an improving freight market," said Shawn Stewart, President and Chief Executive Officer. "This contributed to reporting $673 million in consolidated operating revenue, which is the best in Forward Air Corporation’s history. Consolidated EBITDA for the quarter was $93 million, an improvement of $14 million, compared to $79 million a year ago. "On a segment basis, the Expedited Freight segment made significant strides and reported its best operating revenue, operating income, Reported EBITDA and margin in the last two and a half years. The Omni Logistics segment saw an increase in demand for its contract logistics and air and ocean services and, excluding the impact of goodwill impairment, achieved its best Reported EBITDA and margin since the transaction in early 2024. Finally, the Intermodal segment had its best Reported EBITDA result in five quarters and best margin in six quarters. We believe the Intermodal segment is beginning to see the benefits of a strong pipeline and recently enacted strategic rate increases to several accounts. "Our overall performance demonstrates the strength of our strategy, our portfolio of logistics offerings across a spectrum of services and the commitment and resilience of our team. As market conditions continue to improve, we remain focused on executing our plan and delivering sustainable, long-term value for our stakeholders," concluded Stewart. Jamie Pierson, Chief Financial Officer, added, "We reported consolidated operating revenue of $673 million in the second quarter compared to $619 million a year ago. In the second quarter, we reported an operating loss of $201 million that included a non-cash goodwill impairment charge of $244 million related to the Omni Logistics segment. Operating income, excluding the goodwill impairment charge, was $43 million, which is more than double the $20 million in operating income we reported in the second quarter last year. "On a last twelve months basis Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $319 million. "Liquidity remained very strong at $401 million at the end of the second quarter comprised of $139 million in cash and $261 million of availability under our credit facility. This is in line with where we ended the first quarter 2026 and an improvement of $33 million compared to $368 million in total liquidity at the end of the second quarter 2025," concluded Pierson. Review of Financial Results Forward Air will hold a conference call to discuss second quarter 2026 results on Wednesday, August 5 at 4:30 p.m. ET. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 579-2543, Access Code: FWRDQ226. A replay of the conference call will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us. About Forward Air Corporation Forward is a leading asset-light provider of transportation services across the United States, Canada and Latin America. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardair.com. Forward Air Corporation Reconciliation of Non-GAAP Financial Measures In this press release, the Company includes financial measures that are derived on the basis of methodologies other than in accordance with United States generally accepted accounting principles ("GAAP"). The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance. For the three and six months ended June 30, 2026 and 2025, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization for each segment ("Reported EBITDA"), Consolidated EBITDA, Adjusted Operating Income and free cash flow. All non-GAAP financial measures are presented on a continuing operations basis. The Company believes that Reported EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value. The Company is also providing Consolidated EBITDA calculated in accordance with our credit agreement as we believe it provides investors with important information regarding our financial condition and compliance with our obligations under our credit agreement. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, the Company’s financial results prepared in accordance with GAAP. The Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable GAAP measures set forth below. The following is a reconciliation of net loss to Consolidated EBITDA: The following is a reconciliation of operating (loss) income to operating income, excluding the goodwill impairment charge, or adjusted operating income: The following is a reconciliation of net cash (used in) provided by operating activities to free cash flow: Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements included in this press release relate to management’s expectations regarding: the Company’s beliefs regarding the Intermodal segment and changing market conditions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as tariffs, recessions, inflation, higher interest rates and downturns in customer business cycles, the risk of customer loss, the risk of management and employee loss, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, market acceptance of our service offerings, increasing competition and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws, and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We caution readers that any forward-looking statement made by us in this press release is based only on information currently available to us and they should not place undue reliance on any forward-looking statement, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805926072/en/ Contacts Investors:Tony Carreñ[email protected] Media:Hannah [email protected]

Old Dominion Freight Line (ODFL) came out with quarterly earnings of $1.68 per share, beating the Zacks Consensus Estimate of $1.52 per share. This compares to earnings of $1.27 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +10.53%. A quarter ago, it was expected that this trucking company would post earnings of $1.05 per share when it actually produced earnings of $1.14, delivering a surprise of +8.57%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Old Dominion, which belongs to the Zacks Transportation - Truck industry, posted revenues of $1.55 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.80%. This compares to year-ago revenues of $1.41 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Old Dominion shares have added about 44.3% since the beginning of the year versus the S&P 500's gain of 8.5%. While Old Dominion has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Old Dominion was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.55 on $1.54 billion in revenues for the coming quarter and $5.56 on $5.87 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Truck is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Forward Air (FWRD), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This contractor for the air cargo industry is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of +58.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Forward Air's revenues are expected to be $632 million, up 2.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Old Dominion Freight Line, Inc. (ODFL) : Free Stock Analysis Report Forward Air Corporation (FWRD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Landstar System (LSTR) came out with quarterly earnings of $1.44 per share, beating the Zacks Consensus Estimate of $1.42 per share. This compares to earnings of $1.2 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +1.41%. A quarter ago, it was expected that this freight shipper and warehouser would post earnings of $1.11 per share when it actually produced earnings of $1.16, delivering a surprise of +4.5%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Landstar, which belongs to the Zacks Transportation - Truck industry, posted revenues of $1.43 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.31%. This compares to year-ago revenues of $1.21 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Landstar shares have added about 33.4% since the beginning of the year versus the S&P 500's gain of 8.3%. While Landstar has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Landstar was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.53 on $1.35 billion in revenues for the coming quarter and $5.73 on $5.2 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Truck is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Forward Air (FWRD), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This contractor for the air cargo industry is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of +58.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Forward Air's revenues are expected to be $632 million, up 2.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Landstar System, Inc. (LSTR) : Free Stock Analysis Report Forward Air Corporation (FWRD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Expedited Freight Segment’s Results Improve Year Over Year and Sequentially Liquidity Remains Strong Increasing to Over $400 Million Provides Update on Customer and Strategic Alternatives Review DALLAS, May 07, 2026--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) (the "Company", "Forward", "we", "our", or "us") today reported financial results for the three months ended March 31, 2026, as presented in the tables below. "During the first quarter, we stayed focused on the customer and providing award-winning service," said Shawn Stewart, President & Chief Executive Officer. "And as a result, operating income improved to $20 million compared to $5 million in the first quarter a year ago. "On a segment basis, the Expedited Freight’s first quarter Reported EBITDA results improved to $28 million compared to $26 million a year ago and sequentially when compared to the $25 million in the fourth quarter 2025. The 10.4 percent margin is consistent with a year ago and an improvement compared to the 10.1 percent in the fourth quarter 2025. "At the Omni Logistics segment, Reported EBITDA in the first quarter was $25 million and consistent with the $26 million in the first quarter 2025. The margin improved to 8.3 percent compared to 7.9 percent due to an increase in contract logistics volume with a more favorable margin. "Reduction in port activity and softness with key customers continued to negatively impact the Intermodal segment. In the first quarter Reported EBITDA was $5 million and the margin was 10.1 percent respectively, compared to $10 million and 16.4 percent a year ago." Jamie Pierson, Chief Financial Officer, added, "We reported consolidated revenue of $582 million in the first quarter compared to $613 million a year ago. Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $70 million, and on a last twelve months basis was $304 million. "Liquidity improved to $402 million at the end of the first quarter comprised of $141 million in cash and $261 million of availability under our credit facility, which is the highest ending cash balance Forward Air has achieved in the past two years. This compares to $367 million in total liquidity at the end of 2025. "As a result of tight control on costs and reduction in advisors and consultants compared to a year ago, cash provided by operating activities improved to $46 million in the first quarter compared to $28 million the same time last year, reflecting a year over year improvement of $18 million," concluded Pierson. Customer Update While no formal notices of termination have been delivered, the Company is currently in active discussions with one of its largest customers (the "Customer") regarding the transition of a significant portion of their business with the Company to other providers for reasons believed to be related to the Customer’s operations and supplier diversification initiatives. Forward Air has provided the highest level of service excellence and exceeded most if not all of its KPIs on a regular basis throughout the duration of its long-term partnership. The parties continue to discuss the scope of the business that will be transitioned and the timing thereof, and Forward Air is exploring all options to retain as much of this business as possible. The Company is currently anticipating that the majority of the business that will ultimately be transitioned will start in early 2027 and take place throughout the balance of the year. The Customer represented approximately $250 million of the Company’s revenue for the fiscal year ended December 31, 2025 and is not a customer of Forward Air’s Less Than Truckload or Intermodal businesses. The Company remains focused on delivering industry leading solutions and service to all of its global customer base and believes that continued execution of its strategy will allow it to build its market share over time. Strategic Alternatives Update In January 2025, the Forward Air Board of Directors initiated a comprehensive review of strategic alternatives to maximize shareholder value, exploring a range of options relative to the long-term value potential of the Company on a standalone basis. This process included extensive negotiations and discussions with multiple parties; however, due to a variety of factors, including the developments in Forward Air’s relationship with the Customer, no actionable proposals for a sale of the Company were ultimately received. However, the Board continues to be open to, and intends to consider, all opportunities to enhance shareholder value, and has determined to pursue a sale of non-core assets, including our Intermodal segment and two of our smaller legacy Omni businesses. These targeted sales are expected to advance the Company’s efforts to delever the balance sheet and further focus its services around continuing to provide service-sensitive logistics to its customers around the world in the air, ocean, ground and contract logistics. Stewart concluded, "Despite a prolonged, multi-year freight recession, our team has made extensive progress executing our transformation plan, overhauling operations and improving the quality of our earnings results including today with the release of our first quarter 2026 results." Review of Financial Results Forward Air will hold a conference call to discuss first quarter 2026 results on Thursday, May 7, 2026 at 4:30 p.m. ET. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 579-2543, Access Code: FWRDQ126. A replay of the conference call will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us. About Forward Air Corporation Forward is a leading asset-light provider of transportation services across the United States, Canada and Latin America. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardair.com. Forward Air Corporation Reconciliation of Non-GAAP Financial Measures In this press release, the Company includes financial measures that are derived on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance. For the three months ended March 31, 2026 and 2025, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization for each segment ("Reported EBITDA"), Consolidated EBITDA and free cash flow. All non-GAAP financial measures are presented on a continuing operations basis. The Company believes that Reported EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value. The Company is also providing Consolidated EBITDA calculated in accordance with our credit agreement as we believe it provides investors with important information regarding our financial condition and compliance with our obligations under our credit agreement. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, the Company’s financial results prepared in accordance with GAAP. The Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable U.S. GAAP measures set forth below. The following is a reconciliation of net income to Consolidated EBITDA for the three months ended March 31, 2026 and 2025 (in thousands): The following is a reconciliation of net cash provided by operating activities to free cash flow for the three months ended March 31, 2026 and 2025 (in thousands): Note Regarding Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements included in this press release relate to management’s expectations regarding: the Company’s strategic plans, including the potential sale of non-core assets; the Company’s ability to execute on strategy, maintain operational discipline and adapt to changing market conditions; the Company’s Expedited Freight, Omni Logistics and Intermodal segments; the Company’s future financial performance, including deleveraging and strengthening its balance sheet; geopolitical tensions in the Middle East; ongoing tariff uncertainty and evolving foreign trade policy; port activity; the freight demand environment; and the Company’s plans for growth. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as tariffs, recessions, inflation, higher interest rates and downturns in customer business cycles, the outcome of our review of strategic alternatives, our ability to execute on a strategic sale of non-core assets, our ability to achieve ongoing strategic, financial and other benefits as we continue to transform our business after the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, the risk of customer loss, the risk of management and employee loss, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws, and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We caution readers that any forward-looking statement made by us in this press release is based only on information currently available to us and they should not place undue reliance on any forward-looking statement, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507938295/en/ Contacts Investors: Tony Carreño [email protected] Media: Hannah Weeg [email protected]

Interested in Forward Air Corporation? Here are five stocks we like better. Management says one of its largest customers is discussing transitioning a significant portion of business beginning in early 2027; the customer accounted for roughly $250 million of 2025 revenue but Forward Air expects the actual loss to be less and no formal notice has been delivered. The board is pivoting to divest non‑core assets, marketing the Intermodal unit and two legacy Omni businesses (about $394 million of 2025 revenue total), with the Omni sales expected in the next 60–90 days and Intermodal targeted by year‑end. Q1 operating income rose to $20 million (from $5 million a year ago) while consolidated EBITDA held at about $70 million, and liquidity ended the quarter at roughly $402 million (including $141 million cash); management noted tightening capacity and early signs of volume recovery but remains cautious. 7 Short Squeeze Stocks to Look Into for Your Portfolio Forward Air (NASDAQ:FWRD) used its first-quarter 2026 earnings call to outline a potential transition of business from a major customer, provide an update on its strategic alternatives review, and discuss operating performance amid what management described as a still-challenging freight environment. President and CEO Shawn Stewart said the company is in discussions with “one of our largest customers” that is considering transitioning “a significant portion of their business to other providers,” although he emphasized that “no formal notices have been delivered” and that the scope and timing remain under discussion. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Stewart said Forward Air currently anticipates that “the majority of what will ultimately transition will start in early 2027 and take place throughout the balance of the year.” He added that management believes the potential shift has “little, if anything, to do with the impeccable level of service that we provide them,” and instead reflects the customer’s “internal diversification strategy.” On the Q&A portion of the call, Stewart said the relationship is “very good” and described the work for the customer as “quite diverse and dynamic,” primarily “in contract logistics and some transportation.” CFO Jamie Pierson also said the company does not see “any meaningful impacts to the current year” and described the conversations as “positive” so far. → Years in the Making, AMD’s Upside Movement Has Just Begun Later, Stewart clarified that the customer generated about “$250” million of Forward Air’s 2025 revenue, but said the company was disclosing “holistic” revenue for context and that it “does not by any means… state that we’re losing $250.” Stewart added, “It will be less than that.” Stewart said the company’s board began a comprehensive strategic alternatives review in January 2025 to maximize shareholder value, and that Forward Air engaged in “extensive negotiations and discussions with multiple parties.” However, he said “no actionable proposals for sale of the company were received,” citing “a variety of factors,” including the customer development discussed on the call. → Light Speed Returns: Corning Cashes In on NVIDIA Growth Forward Air is now “pivoting” to pursue sales of non-core assets. Stewart said the company is targeting the Intermodal segment and “two of our smaller legacy Omni businesses,” which together represented “approximately $394 million of our 2025 revenue.” He said the intended outcome is to “delever the balance sheet” and further focus around “service-sensitive logistics” across air, ocean, ground, and contract logistics. Pierson provided additional timing details, saying the company anticipates the two smaller legacy Omni divestitures could close “in the next 60-90 days,” while the Intermodal process is “just kicking… off,” with an expectation to sell that business “by the end of the year.” When asked which Omni units are being sold, Pierson said he would not disclose the names due to confidentiality with potential buyers. He added that of the $390 million-plus revenue tied to the assets being marketed, “$230 is Intermodal,” implying roughly $160 million relates to the two legacy Omni businesses. Stewart said the company reported first-quarter operating income of $20 million, up from $5 million a year earlier. He said consolidated EBITDA as calculated under the credit agreement was $70 million, compared to $73 million last year. Pierson said consolidated EBITDA of $70 million compared with $73 million in the prior-year quarter, noting that the year-ago comparison benefited from $4 million of annualized cost reduction initiatives that were actioned in the second half of 2025 and reflected in historical consolidated EBITDA under the credit agreement’s mechanics. On an adjusted EBITDA basis, Pierson said Forward Air reported $70 million, compared with $69 million in the first quarter of last year. Pierson discussed segment performance: Expedited Freight: EBITDA of $28 million versus $26 million a year ago, with the “exact same margin of 10.4%.” He also noted sequential improvement from $25 million and a 10.1% margin in the fourth quarter of 2025. Omni Logistics: Reported EBITDA of $25 million, “in line” with $26 million a year ago. Pierson said margin improved, attributing it to higher contract logistics volume with higher margins, offset by lower air and ocean volumes that carry lower margins. Intermodal: EBITDA of $5 million and margin of 10.1%, down from $10 million and 16.4% a year ago. Pierson cited reduced port activity and international trade-related softness among several core customers, which pressured shipments and revenue per shipment. On Intermodal’s business model, Stewart described it as “mainly port and rail head drayage” along with container yard management and storage. He said the segment uses owner-operators and includes owned and leased chassis. Pierson said net cash provided by operating activities was $46 million in the first quarter, up from $28 million a year earlier. He said liquidity ended the quarter at $402 million, comprised of $141 million in cash and $261 million in revolver availability. Pierson called $141 million the “highest ending cash balance in the past eight quarters.” Addressing credit agreement headroom, Pierson said Forward Air ended the quarter with “$40 million in cushion,” and reiterated that the company had “over $400 million in liquidity.” In prepared remarks, Stewart said domestic transportation supply has tightened, driven by increased regulatory and enforcement actions that have accelerated carrier exits, particularly among smaller operators. He also pointed to manufacturing PMIs remaining in expansion territory for four consecutive months as an indicator that the industrial economy may be nearing an “inflection point,” while noting that macro risks remain, including geopolitical tensions and fuel-price volatility. During Q&A, Pierson said that “over the last two weeks of the quarter” and “going into April,” the company saw “a fairly strong volume environment,” while cautioning he did not want to “preordain that the recovery’s here.” On pricing, Stewart said he felt “really strong” about pricing across the business and emphasized consistent margins and profitability. Pierson added that the company is “not pricing for yield” or “for volume,” but “for profitability.” Stewart also addressed a question about Amazon’s supply chain services announcement, saying there was “no correlation” between Amazon and the customer discussions. He said Forward Air is “not so susceptible” to the announcement “by our volumes,” adding that management will monitor developments but is “not overly concerned today.” Stewart closed by saying the company has navigated a challenging environment “with discipline and focus,” while taking steps to strengthen the business and improve performance. Forward Air Corporation is a leading North American provider of expedited ground transportation and related logistics services, specializing in time-sensitive shipments. The company offers a comprehensive suite of solutions including less-than-truckload (LTL) expedited freight, consolidation and distribution services, container drayage, and final-mile delivery. By integrating transportation management with warehousing, inventory control, and technology-driven tracking, Forward Air supports customers across a variety of industries such as manufacturing, retail, automotive and chemicals. Founded in 1981 and headquartered in Greeneville, Tennessee, Forward Air has developed a broad network of service centers, terminals and rail ramps throughout the United States, Canada and Puerto Rico. The article "Forward Air Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Management is navigating a potential transition of business from a top customer representing approximately $250 million in 2025 revenue, attributed to the client's internal risk management and supplier diversification rather than service failures. The company is pivoting its strategic review toward the sale of non-core assets, specifically the Intermodal segment and two legacy Omni businesses, after receiving no actionable proposals for a full company sale. Operating income improved to $20 million from $5 million year-over-year, driven by the execution of a transformation plan and operational overhauls despite a weak industry backdrop. Domestic transportation supply is tightening due to increased regulatory enforcement and carrier exits, which management believes is rebalancing the market toward more favorable dynamics. The OmniLogistics segment saw margin expansion to 8.3% as management intentionally shifted volume toward higher-margin contract logistics while lower-margin air and ocean volumes decreased. Intermodal performance was pressured by reduced port activity and international trade softness, leading to a decline in EBITDA margin from 16.4% to 10.1%. Management anticipates that the majority of the potential customer business transition will start in early 2027, and the company is pursuing a sale of non-core assets to help offset the potential impact. The company is cautiously optimistic about a freight recovery, citing four consecutive months of manufacturing PMI expansion and declining inventory-to-sales ratios as leading indicators. Strategic asset sales of Intermodal and Omni units, which represented $394 million of 2025 revenue, are intended to deleverage the balance sheet and sharpen focus on core expedited logistics. Macroeconomic risks, including sustained high fuel prices and geopolitical tensions in the Middle East, could potentially dampen industrial demand and delay a full market recovery. Management expects capacity to tighten further in the second half of the year as additional smaller drayage carriers exit the market due to financial distress. Ending cash balance reached $141 million, the highest in eight quarters, providing a liquidity cushion of $40 million relative to credit agreement covenants. The company reported $402 million in total liquidity, positioning it at the upper end of its peer group as a percentage of total assets and LTM revenue. Consolidated EBITDA for the first quarter was $70 million, compared to $73 million in the prior year; the prior year's results were favorably impacted by $4 million of annualized cost reduction initiatives as permitted by the credit agreement. Management flagged that while no formal notice of termination has been received from the large customer, the uncertainty impacted the outcome of the strategic alternatives process. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management clarified that the $250 million figure represents the total 2025 spend and that they are actively negotiating to retain a portion of that business. The transition is expected to be a slow process with no meaningful impact expected in 2026 due to the complexity of the services provided. The assets targeted for sale include port and railhead drayage operations and two smaller legacy units, totaling approximately $394 million in revenue. The primary goal of these divestitures is to reduce debt and refocus on the core expedited ground network where the company has the strongest competitive advantage. Management is prioritizing profitability over pure volume or yield, noting that spot rates have risen 40% and tender rejections have doubled recently. They expressed confidence in maintaining pricing discipline and stated they will not take 'desperate' actions to backfill potential volume losses at the expense of margins. Management stated there is no correlation between the Amazon announcement and their specific customer transition discussions. While respecting Amazon's entry, they do not believe their specific expedited volumes are currently susceptible to the new service offering. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.