Forward Air Corporation · NASDAQ:FWRD
Forward Air — Q2 2026 Earnings Presentation
38 slides from Forward Air's earnings presentation, Aug 5, 2026
Slide 1: Forward Air Corporation Earnings Presentation 2Q26
Forward Air Corporation Earnings Presentation 2Q26 August 5, 2026
Slide 2: Statements & Disclaimers
Earnings Presentation Statements & Disclaimers Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as U.S. Priv
Slide 3: Agenda
Earnings Presentation Agenda 01 Combined Overview 02 2Q26 Results 03 Liquidity, Leverage and Cash Flow 04 Investment Rationale 05 Closing Summary 06 Appendix 3
Slide 4: Combined Overview
Earnings Presentation Combined Overview 4
Slide 5: Who We Are: A Story of Transformation and Excellence
Combined Overview Who We Are: A Story of Transformation and Excellence Our Heritage Forward Air's revolutionary expedited ground freight network, established in 1981, and Omni’s innovative logistics solutions, founded in 2000, represent decades of excellence in logistics innovation. Our Combined Str
Slide 6: By the Numbers
Combined Overview By the Numbers All figures for FY25 $2.5B $307M 6K+ 2K+ FY 2025 Revenue FY 2025 CEBITDA1 Total Employees Freight Handlers2 3.7M+ 0.1% 230+ 21 Total Shipments3 Claims Ratio4 Global Facilities Countries 1. Consolidated EBITDA (“CEBITDA”). Reconciliation of Non-GAAP financial measures
Slide 7: Our key product groups provide end-to-end capabilities
Combined Overview Our key product groups provide end-to-end capabilities All figures for FY25 ~ 63% ~ 13% ~ 9% ~ 15% of revenue of revenue of revenue of revenue Ground Transportation Air & Ocean Customs Intermodal Drayage Contract Logistics • Expedited Less-Than-Truckload (LTL) • Next Flight Out /Ti
Slide 8: Scalable global footprint
Combined Overview Scalable global footprint All figures for FY25 FY25 Revenue % by Customer Region1 ~8% <1% ~2% • ~10% of revenue generated outside of the United States1 United States Americas (ex U.S.) • 230+ global facilities in 21 countries APAC • No single customer represents more than 10% of re
Slide 9: 2Q26 Results
Earnings Presentation 2Q26 Results 9
Slide 10: 2Q26 Highlights
2Q26 Results 2Q26 Highlights In millions, except for LTM Net Leverage 2Q26 $673 $43 $93 $401 5.2x Adjusted Operating Revenue Consolidated EBITDA2 Liquidity LTM Net Leverage3 Income1 13.8% Margin 1. Excluding impairment of goodwill; Reconciliation of Non-GAAP financial measures available in the Appen
Slide 11: Consolidated Results by Quarter
2Q26 Results | Consolidated Consolidated Results by Quarter In millions, except for margin Revenue Consolidated EBITDA1 & Consolidated EBITDA Margin %1 $673 $632 $631 $619 2 2 2 22 2 2 $582 0 2 2 2. 2. 2. 2.2 . 2 2 2 2 2 2 2 2 2 2 2Q25 3Q25 4Q25 1Q26 2Q26 1. Reconciliation of Non-GAAP financial meas
Slide 12: Expedited Freight Segment Results by Quarter
2Q26 Results | Expedited Freight Expedited Freight Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Reconc
Slide 13: Expedited Freight Segment: Year over year pricing and margin
2Q26 Results | Expedited Freight Expedited Freight Segment: Year over year pricing and margin Revenue per CWT, ex fuel1,2 & Revenue per Shipment, ex fuel1,2 & Reported EBITDA Margin3 Reported EBITDA Margin3 +2.9% • Revenue per CWT, ex fuel, was impacted -2.3% by the strategy to fill underutilized ca
Slide 14: Expedited Freight Segment Financial Results
2Q26 Results | Expedited Freight Expedited Freight Segment Financial Results 2Q 2026 2Q 2025 Change Revenue1 $319 $258 23.8% Operating Income1 $35 $20 79.0% Operating Ratio 89.1% 92.4% 3.4% Reported EBITDA1 $43 $30 45.3% Reported EBITDA Margin 13.6% 11.6% 2.0% LTL Shipments per Workday2 11.7 11.5 1.
Slide 15: Expedited Freight Segment: Continued superior service
2Q26 Results | Expedited Freight Expedited Freight Segment: Continued superior service Expedited Freight Segment Claims Ratio1 • Industry-leading claims ratio of ~0.1% • Superior service to 96% of all continental United States zip codes • Maintaining priority focus on customer service during integra
Slide 16: Omni Logistics Segment Results by Quarter
2Q26 Results | Omni Logistics Omni Logistics Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin %2 $360 $340 $339 $328 $302 2Q25 3Q25 4Q25 1Q26 2Q26 2 2 2 2 2 2 2 1. Segment totals do not include intercompany eliminations or corporate
Slide 17: Omni Segment Financial Results
2Q26 Results | Omni Logistics Omni Segment Financial Results 2Q 2026 2Q 2025 Change Revenue1 $339 $328 3.1% Adjusted Operating Income1,2 $14 $7 nm3 Operating Ratio 95.9% 97.8% 1.9% Reported EBITDA1,2 $38 $30 27.9% Reported EBITDA Margin 11.2% 9.0% 2.2% 1. In millions 2. Reconciliation of Non-GAAP fi
Slide 18: Intermodal Segment Results by Quarter
2Q26 Results | Intermodal Intermodal Segment Results by Quarter In millions, except for margin Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin %2 $59 $60 $58 $53 $51 2Q25 3Q25 4Q25 1Q26 2Q26 2 2 2 2 2 2 2 1. Segment totals do not include intercompany eliminations or corporate unallocated
Slide 19: Intermodal Segment Financial Results
2Q26 Results | Intermodal Intermodal Segment Financial Results 2Q 2026 2Q 2025 Change Revenue1 $60 $59 1.0% Operating Income1 $6 $4 38.2% Operating Ratio 89.8% 92.5% 2.8% Reported EBITDA1 $10 $9 12.0% Reported EBITDA Margin 16.7% 15.1% 1.6% Drayage Shipments 61,909 62,313 (0.6%) Drayage Revenue per
Slide 20: Liquidity, Leverage and Cash Flow
Earnings Presentation Liquidity, Leverage and Cash Flow 20
Slide 21: Resilient cash generation
Liquidity, Leverage and Cash Flow Resilient cash generation In millions Operating Cash Flow1 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Change in Cash $11 ($21) $45 ($34) $35 ($2) (+) Debt Service 25 59 24 58 23 57 (-) Proceeds from the sale of a Business, net -- -- -- -- -- (9) $79 Unlevered Free Cash Flow1 $37
Slide 22: 1H26 Cash Bridge
Liquidity, Leverage and Cash Flow 1H26 Cash Bridge In millions Change in Cash $9 $46 • 1H26: $104M of operating cash flow more $58 than covered $80M of debt service, growing $141 $139 cash $33M Year-to-date ($23) ($57) $106 • $9M of net proceeds from the sale of a business supplemented internally ge
Slide 23: Liquidity and Leverage
Liquidity, Leverage and Cash Flow Liquidity and Leverage In millions Liquidity5 Net Leverage1 $368 $413 $367 $402 $401 Gross Cash* 6.00x $95 $140 $106 $141 $139 $17 $26 $27 * * * 5.5x 5.5x 5.5x 5.4x 5.2x $16 $15 * * <$1 $123 $79 $91 $115 $112 2Q25 3Q25 4Q25 1Q26 2Q26 Net Leverage Ratio1 Required Cov
Slide 24: No debt maturities over the next 4 years
Liquidity, Leverage and Cash Flow No debt maturities over the next 4 years In millions Debt maturities by year $1,045 $725 No Long-Term Debt Maturities Until December 2030 $300 2026 2027 2028 2029 2030 2031 (Jan) (Dec) (Oct) Revolving Credit Facility First Lien Term Loan Senior Secured Notes 1. Cred
Slide 25: Investment Rationale
Earnings Presentation Investment Rationale 25
Slide 26: Laying the foundation for future profitable growth
Investment Rationale Laying the foundation for future profitable growth Strong brand, customer value Robust North American LTL network with international logistics capabilities proposition and loyalty Superior service with consistently low claims ratio of 0.1%1 Differentiated and diversified Highly
Slide 27: Meaningful upside as we close margin gap with peers
Investment Rationale Meaningful upside as we close margin gap with peers Forward Consolidated Less-than-Truckload 3PL / Freight Forwarders Truckload / Intermodal 31.3% LTM 1Q26 for Peers and FWRD segments 23.9% 19.7% 13.1% Average3 18.5% Average3 13.6% 14.1% 14.1% 13.6% 13.2% 11.0% 10.9% 10.5% 5.4%
Slide 28: Closing Summary
Earnings Presentation Closing Summary 01 Reports highest quarterly operating revenue in company history Expedited Freight segment leads strong quarter and reports best results 02 since the beginning of 2024 Intermodal segment reports best Reported EBITDA in five quarters and 03 best margin in six qu
Slide 29: Appendix
Earnings Presentation Appendix 29
Slide 30: Quarterly Net Income to Adjusted and Consolidated EBITDA Reconciliation
Appendix Quarterly Net Income to Adjusted and Consolidated EBITDA In millions, except for margin Reconciliation LTM Adjusted & Consolidated EBITDA Reconciliation 2Q25 3Q25 4Q25 1Q26 2Q26 (6/30/2026) Net (loss) income ($20) ($24) ($36) ($40) ($246) ($346) Interest expense 45 45 45 44 44 177 Income ta
Slide 31: LTM Net Income to Adjusted and Consolidated EBITDA Reconciliation
Appendix LTM Net Income to Adjusted and Consolidated EBITDA In millions Reconciliation Adjusted & Consolidated EBITDA LTM 2Q25 LTM 3Q25 LTM 4Q25 LTM 1Q26 LTM 2Q26 Reconciliation Net (loss) income ($151) ($141) ($142) ($121) ($346) Interest expense 192 184 181 179 177 Income tax (benefit) expense 71
Slide 32: Consolidated LTM Financials by Quarter
Appendix Consolidated LTM Financials by Quarter In millions, except for margin Consolidated1 LTM 2Q25 LTM 3Q25 LTM 4Q25 LTM 1Q26 LTM 2Q26 Operating revenue $2,521 $2,497 $2,495 $2,464 $2,518 Operating expenses Purchased transportation 1,260 1,243 1,244 1,224 1,257 Salaries, wages, and employee benef
Slide 33: GAAP to Non-GAAP Reconciliation
Appendix GAAP to Non-GAAP Reconciliation In millions Adjusted Operating Income Reconciliation 2Q26 Operating Loss ($201) (+) Impairment of Goodwill $244 Adjusted Operating Income $ 43 33
Slide 34: Segment Performance – Expedited Freight
Appendix Segment Performance – Expedited Freight In millions, except for margin Expedited Freight1,2 2Q25 3Q25 4Q25 1Q26 2Q26 LTM 1Q26 LTM 2Q26 Operating revenue $258 $259 $247 $273 $319 $1,036 $1,097 Operating expenses Purchased transportation 124 125 122 142 168 513 556 Salaries, wages, and employ
Slide 35: Segment Performance – Omni Logistics
Appendix Segment Performance – Omni Logistics In millions, except for margin Omni Logistics 1,2 2Q25 3Q25 4Q25 1Q26 2Q26 LTM 1Q26 LTM 2Q26 Operating revenue $328 $340 $360 $302 $339 $1,330 $1,340 Operating expenses Purchased transportation 185 196 208 169 190 758 763 Salaries, wages, and employee be
Slide 36: Segment Performance – Intermodal
Appendix Segment Performance – Intermodal In millions, except for margin Intermodal1,2 2Q25 3Q25 4Q25 1Q26 2Q26 LTM 1Q26 LTM 2Q26 Operating revenue $59 $58 $51 $53 $60 $221 $222 Operating expenses Purchased transportation 20 19 17 19 22 76 78 Salaries, wages, and employee benefits 15 14 12 14 14 55
Slide 37: Expedited Freight Segment Operating Metrics
Appendix Expedited Freight Segment Operating Metrics In thousands In pounds Shipments per Day1 Weight per Shipment Revenue per Shipment, excluding fuel1,2 13.0 12.2 888 11.5 11.5 11.4 11.7 867 11.1 11.0 858 856 $212 $215 840 843 841 846 $207 $203 $208 $209 $210 $206 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q2
Slide 38: Forward Air Corporation (NASDAQ: FWRD) IR Contact
Forward Air Corporation (NASDAQ: FWRD) IR Contact | Tony Carreño investorrelations@forwardair.com https://ir.forwardaircorp.com