Forward Air Corporation · NASDAQ:FWRD
Forward Air — Q3 2026 Earnings Presentation
37 slides from Forward Air's earnings presentation, Nov 9, 2026
Slide 1: Forward Air Corporation Earnings Presentation 3Q26
Forward Air Corporation Earnings Presentation 3Q26 November 9, 2026
Slide 2: Statements & Disclaimers
E a r n i n g s P r e s e n t a t i o n Statements & Disclaimers 2 Forward Looking Statements This presentation 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 ident
Slide 3: Agenda
01 Combined Overview 02 3Q26 Results 03 Liquidity, Leverage and Cash Flow 04 Investment Rationale 05 Closing Summary 06 Appendix E a r n i n g s P r e s e n t a t i o n Agenda 3
Slide 4: Combined Overview
E a r n i n g s P r e s e n t a t i o n Combined Overview 4
Slide 5: Who We Are: A Story of Transformation and Excellence
C o m b i n e d O v e r v i e w 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. Ou
Slide 6: By the Numbers
C o m b i n e d O v e r v i e w By the Numbers $2.5B FY 2025 Revenue $305M FY 2025 CEBITDA1 6K+ Total Employees 2K+ Freight Handlers2 3.7M+ Total Shipments3 0.1% Claims Ratio4 230+ Global Facilities 21 Countries 6 1. Consolidated EBITDA (“CEBITDA”). Reconciliation of Non-GAAP financial measures avai
Slide 7: Services: Ground Transportation, Air & Ocean, Customs, Intermodal, Contract Logistics
Ground Transportation Air & Ocean Customs Intermodal Drayage Contract Logistics • Expedited Less-Than-Truckload (LTL) Services • Full Truckload (FTL) Shipping • Brokerage Services • Pickup and Delivery • Cross border trucking services • Container Freight Station • Flatbed transportation • Oversized
Slide 8: Scalable global footprint
C o m b i n e d O v e r v i e w Scalable global footprint 1. Approximated split based on consolidated FY25 revenues by country from shipments directly transported under our control. 8 ~90% ~2% ~8% <1% United States Americas (ex U.S.) APAC EMEA • ~10% of revenue generated outside of the United States
Slide 9: 3Q26 Results
E a r n i n g s P r e s e n t a t i o n 3Q26 Results 9
Slide 10: 3Q26 Highlights
3 Q 2 6 R e s u l t s 3Q26 Highlights 3Q26 $674 Revenue $44 Operating Income $101 Consolidated EBITDA1 15.1% Margin $446 Liquidity 4.7x LTM Net Leverage2 10 1. Reconciliation of Non-GAAP financial measures available in the Appendix. 2. Calculated pursuant to Senior Secured Loan Credit Agreement. Det
Slide 11: Consolidated Results by Quarter
3 Q 2 6 R e s u l t s | C o n s o l i d a t e d Consolidated Results by Quarter 3Q26 Highest in Company History 1. Reconciliation of Non-GAAP financial measures available in the Appendix. Calculated pursuant to the Senior Secured Loan Credit Agreement. Prior-period figures adjusted to reflect the di
Slide 12: Expedited Freight Segment Results by Quarter
3 Q 2 6 R e s u l t s | E x p e d i t e d F r e i g h t Expedited Freight Segment Results by Quarter 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Segment Revenue1 Reported EBI
Slide 13: Expedited Freight: Year over year pricing and margin
3 Q 2 6 R e s u l t s | E x p e d i t e d F r e i g h t Expedited Freight Segment: Year over year pricing and margin 13 Revenue per CWT, ex fuel1,2 & Reported EBITDA Margin3 Revenue per Shipment, ex fuel1,2 & Reported EBITDA Margin3 $24.98 $24.30 $24.50 $24.26 $24.34 11.5% 10.1% 10.4% 13.6% 13.3% 3Q
Slide 14: Expedited Freight Segment Financial Results
3 Q 2 6 R e s u l t s | E x p e d i t e d F r e i g h t Expedited Freight Segment Financial Results 3Q 2026 3Q 2025 Change Revenue1 $337 $259 30.5% Operating Income1 $36 $19 87.5% Operating Ratio 89.2% 92.5% 3.3% Reported EBITDA1 $45 $30 52.1% Reported EBITDA Margin 13.3% 11.5% 1.9% LTL Shipments pe
Slide 15: Expedited Freight Segment: Continued superior service
0.18% 0.14% 0.12% 0.13% 0.13% 0.15% 0.12% 0.11% 0.08% 0.07% 0.05% 2021 2022 2023 2024 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 3 Q 2 6 R e s u l t s | E x p e d i t e d F r e i g h t Expedited Freight Segment: Continued superior service 15 Expedited Freight Segment Claims Ratio1 • Industry-leading claims
Slide 16: Omni Logistics Segment Results by Quarter
3 Q 2 6 R e s u l t s | O m n i L o g i s t i c s Omni Logistics Segment Results by Quarter Continued Strong Results and Improved Margins Reported EBITDA2 & Reported EBITDA Margin %2Segment Revenue1 16 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. R
Slide 17: Omni Segment Financial Results
Omni Segment Financial Results 3Q 2026 3Q 2025 Change Revenue1 $312 $340 (8.0%) Operating Income1 $12 $10 25.2% Operating Ratio 96.1% 97.1% 1.0% Reported EBITDA1 $35 $33 8.4% Reported EBITDA Margin 11.3% 9.6% 1.7% 3 Q 2 6 R e s u l t s | O m n i L o g i s t i c s 17 1. In millions
Slide 18: Intermodal Segment Results by Quarter
3 Q 2 6 R e s u l t s | I n t e r m o d a l Intermodal Segment Results by Quarter Continued Industry Leading Margins 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Reported EBIT
Slide 19: Intermodal Segment Financial Results
Intermodal Segment Financial Results 3Q 2026 3Q 2025 Change Revenue1 $63 $58 8.8% Operating Income1 $5 $4 26.4% Operating Ratio 91.8% 93.0% 1.2% Reported EBITDA1 $9 $8 6.6% Reported EBITDA Margin 14.3% 14.5% (0.3%) Drayage Shipments 62,028 60,976 1.7% Drayage Revenue per Shipment $986 $864 14.1% 3 Q
Slide 20: Liquidity, Leverage and Cash Flow
E a r n i n g s P r e s e n t a t i o n Liquidity, Leverage and Cash Flow 20
Slide 21: Resilient cash generation
L i q u i d i t y , L e v e r a g e a n d C a s h F l o w Resilient cash generation 1. Non-GAAP financial metrics. “Operating Cash Flow” and “Unlevered Free Cash Flow” represent the change in Unrestricted Cash less discrete items identified on this slide. 2. Includes remaining Transaction & Integrat
Slide 22: YTD 2026 Cash Bridge
L i q u i d i t y , L e v e r a g e a n d C a s h F l o w YTD 2026 Cash Bridge 22 Change in Cash 1. Non-GAAP financial metric. “Operating Cash Flow” and “Unlevered Free Cash Flow” represent the change in Unrestricted Cash less discrete items identified on this slide. 2. Includes remaining Transactio
Slide 23: Liquidity and Leverage
$273 $261 $261 $261 $261 $123 $91 $115 $112 $170 $17 $15 $26 $27 $15 3Q25 4Q25 1Q26 2Q26 3Q26 L i q u i d i t y , L e v e r a g e a n d C a s h F l o w Liquidity and Leverage Lowest Leverage Since Omni Transaction Closed Net Leverage1 Net Leverage Ratio1 Required Covenant Leverage Ratio1 Net Cash1,3
Slide 24: No debt maturities over the next 4 years
L i q u i d i t y , L e v e r a g e a n d C a s h F l o w No debt maturities over the next 4 years 1. Credit Facility undrawn as of 9/30/2026 other than $39 million letters of credit issued through facility. 24 $300 $1,045 $725 2026 2027 2028 2029 (Jan) 2030 (Dec) 2031 (Oct) Revolving Credit Facilit
Slide 25: Investment Rationale
E a r n i n g s P r e s e n t a t i o n Investment Rationale 25
Slide 26: Laying the foundation for future profitable growth
I n v e s t m e n t R a t i o n a l e Laying the foundation for future profitable growth Strong brand, customer value proposition and loyalty Robust North American LTL network with international logistics capabilities Superior service with consistently low claims ratio of 0.1%1 Differentiated and di
Slide 27: Meaningful upside as we close margin gap with peers
7.4% 7.5% 7.7% 8.9% 10.0% 32.4% 24.8% 18.5% 13.3% 11.7% 11.5% 10.6% 9.8% 5.9% 5.5% 4.4% 0.5% 14.1% 14.0% 13.8% 11.7% 11.4% 3Q25 4Q25 1Q26 2Q26 3Q26 Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 1 Comp 2 Comp 3 Comp 4 I n v e s t m e n t R a t i o n a l e Meaningful upsid
Slide 28: Closing Summary
E a r n i n g s P r e s e n t a t i o n Closing Summary 01 Reports highest quarterly revenue in company history in consecutive quarters 02 Expedited Freight segment leads strong quarter and reports best results since the beginning of 2024 03 Execution at all three segments contributed to strong quar
Slide 29: Appendix
E a r n i n g s P r e s e n t a t i o n Appendix 29
Slide 30: Quarterly Net Income to Adjusted and Consolidated EBITDA Reconciliation
A p p e n d i x 30 1. Non-GAAP financial measures. Totals may not foot due to rounding. 2. Consolidated EBITDA calculated pursuant to the Senior Secured Loan Credit Agreement. 3. Net of transaction costs incurred at closing; excludes disposition-related costs expensed in prior periods. 4. Primarily
Slide 31: LTM Net Income to Adjusted and Consolidated EBITDA Reconciliation
A p p e n d i x 311. Non-GAAP financial measures. Totals may not foot due to rounding. 2. Consolidated EBITDA calculated pursuant to the Senior Secured Loan Credit Agreement. 3. Net of transaction costs incurred at closing; excludes disposition-related costs expensed in prior periods. 4. Primarily c
Slide 32: Consolidated LTM Financials by Quarter
A p p e n d i x Consolidated LTM Financials by Quarter 32 1. Totals may not foot due to rounding. 2. Excluding impairment of goodwill and non-operating items. In millions, except for margin Consolidated1 LTM 3Q25 LTM 4Q25 LTM 1Q26 LTM 2Q26 LTM 3Q26 Operating revenue $2,497 $2,495 $2,464 $2,518 $2,56
Slide 33: Segment Performance – Expedited Freight
A p p e n d i x Segment Performance – Expedited Freight 33 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Totals may not foot due to rounding. In millions, except for margin Expedited Freight1,2 3Q25 4Q25 1Q26 2Q26 3Q26 LTM 2Q26 LTM 3Q26 Operating re
Slide 34: Segment Performance – Omni Logistics
A p p e n d i x Segment Performance – Omni Logistics 34 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Totals may not foot due to rounding. 3. Reported EBITDA and Reported EBITDA Margin shown excluding impairment of goodwill. In millions, except for
Slide 35: Segment Performance – Intermodal
A p p e n d i x Segment Performance – Intermodal 35 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses. 2. Totals may not foot due to rounding. In millions, except for margin Intermodal1,2 3Q25 4Q25 1Q26 2Q26 3Q26 LTM 2Q26 LTM 3Q26 Operating revenue $58 $51
Slide 36: Expedited Freight Segment Operating Metrics
A p p e n d i x Expedited Freight Segment Operating Metrics 36 Shipments per Day1 Weight per Shipment Revenue per Shipment, excluding fuel1,2 In thousands In pounds (9.0)% (10.9)% (15.4)% (12.3)% (9.0)% (4.3)% 1.7% 7.9% YoY % change 5.0% 1.6% 2.7% (1.9)% (1.2)% 3.2% 5.3% 6.9% YoY % change 4.0% 4.1%
Slide 37: IR Contact
Forward Air Corporation (NASDAQ: FWRD) IR Contact | Tony Carreño investorrelations@forwardair.com https://ir.forwardaircorp.com