Form 8-K

8-K — FORWARD AIR CORP

Accession: 0001628280-26-032056

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0000912728

SIC: 4731 (ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fwrd-20260507.htm (Primary)

EX-99.1 (exhibit991q12026pressrelea.htm)

EX-99.2 (fwrd1q26earningspresenta.htm)

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8-K

8-K (Primary)

Filename: fwrd-20260507.htm · Sequence: 1

fwrd-20260507

0000912728false00009127282026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 8-K

______________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

FORWARD AIR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware 62-1120025

(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)

3200 Olympus Boulevard Suite 300 Dallas TX 75019

(Address of principal executive offices) (Zip Code)

000-22490

(Commission File Number)

Registrant’s telephone number, including area code: (817) 552-5270

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value FWRD NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 7, 2026, Forward Air Corporation (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. On May 7, 2026, the Company also posted an earnings presentation on the Company’s Investor Relations website at ir.forwardaircorp.com.

The information furnished under this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished as part of this Report.

No. Exhibit

99.1

Press Release of Forward Air Corporation, dated May 7, 2026

99.2

Forward Air Q1 2026 Earnings and Business Update Presentation Slides

104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FORWARD AIR CORPORATION

Date: May 7, 2026

By: /s/ Shawn Stewart

Name:

Title: Shawn Stewart

President and Chief Executive Officer

EX-99.1

Filename: exhibit991q12026pressrelea.htm · Sequence: 2

Document

NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FIRST QUARTER 2026 RESULTS

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 – (BUSINESS WIRE) – May 7, 2026 – 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.”

Three Months Ended

(in thousands, except per share data) March 31, 2026 March 31, 2025 Change Percent Change

Operating revenues $ 582,046 $ 613,281 $ (31,235) (5.1) %

Income from operations $ 20,441 $ 4,763 $ 15,678 329.2 %

Operating margin 3.5 % 0.8 % 270 bps

Net loss $ (40,198) $ (61,191) $ 20,993 34.3 %

Net loss per diluted share $ (1.09) $ (1.68) $ 0.59 35.1 %

Cash provided by operating activities $ 45,738 $ 27,615 $ 18,123 65.6 %

Non-GAAP Financial Measures: 1

Consolidated EBITDA $ 70,378 $ 73,311 $ (2,933) (4.0) %

Free cash flow $ 40,220 $ 16,400 $ 23,820 145.2 %

1 Reconciliation of these non-GAAP financial measures are provided below the financial tables.

Review of Financial Results

Forward Air will hold a conference call to discuss first quarter 2026 results on Thursday, May 7 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

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

Three Months Ended

March 31, 2026 March 31, 2025

Operating revenues:

Expedited Freight $ 272,707 $ 249,381

Omni Logistics 302,418 323,470

Intermodal 53,092 62,492

Corporate — 142

Eliminations (46,171) (22,204)

Operating revenues 582,046 613,281

Operating expenses:

Purchased transportation 283,777 304,262

Salaries, wages and employee benefits 115,576 141,915

Operating leases 49,713 48,792

Depreciation and amortization 38,521 37,360

Insurance and claims 13,498 15,007

Fuel expense 4,927 5,649

Other operating expenses 55,593 55,533

Total operating expenses 561,605 608,518

Income from operations:

Expedited Freight 20,046 15,634

Omni Logistics 730 3,375

Intermodal 1,224 5,542

Other Operations (1,559) (19,788)

Income from operations 20,441 4,763

Other expense:

Interest expense, net (43,587) (45,547)

Foreign exchange gain (loss) 1,698 (922)

Other (expense) income, net (16,957) 104

Total other expense (58,846) (46,365)

Loss from operations before income taxes (38,405) (41,602)

Income tax expense 1,793 19,589

Net loss (40,198) (61,191)

Net loss attributable to noncontrolling interest (5,879) (10,554)

Net loss attributable to Forward Air $ (34,319) $ (50,637)

Basic and diluted net loss per share attributable to Forward Air $ (1.09) $ (1.68)

Expedited Freight Segment Information

(In thousands)

(Unaudited)

Three Months Ended

March 31, 2026 Percent of Revenue March 31, 2025 Percent of Revenue Change Percent Change

Operating revenues:

Network1

$ 188,177 69.0 % $ 190,162 76.3 % $ (1,985) (1.0) %

Truckload 62,544 22.9 39,255 15.7 23,289 59.3

Other 21,986 8.1 19,964 8.0 2,022 10.1

Total operating revenues 272,707 100.0 249,381 100.0 23,326 9.4

Operating expenses:

Purchased transportation 141,683 52.0 120,680 48.4 21,003 17.4

Salaries, wages and employee benefits 55,650 20.4 52,577 21.1 3,073 5.8

Operating leases 15,528 5.7 15,433 6.2 95 0.6

Depreciation and amortization 8,312 3.0 10,379 4.2 (2,067) (19.9)

Insurance and claims 10,160 3.7 10,308 4.1 (148) (1.4)

Fuel expense 2,053 0.8 2,471 1.0 (418) (16.9)

Other operating expenses 19,275 7.4 21,899 8.7 (2,624) (12.0)

Total operating expenses 252,661 92.6 233,747 93.7 18,914 8.1

Income from operations $ 20,046 7.4 % $ 15,634 6.3 % $ 4,412 28.2 %

1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.

Expedited Freight Operating Statistics

Three Months Ended

March 31, 2026 March 31, 2025 Percent Change

Business days 63 63 — %

Tonnage1,2

Total pounds 598,454 610,635 (2.0)

Pounds per day 9,499 9,693 (2.0)

Shipments1,2

Total shipments 690 727 (5.1)

Shipments per day 11.0 11.5 (4.3)

Weight per shipment 867 840 3.2

Revenue per hundredweight3

$ 31.45 $ 31.19 0.8

Revenue per hundredweight, ex fuel3

$ 24.50 $ 24.76 (1.1)

Revenue per shipment3

$ 272.57 $ 262.04 4.0

Revenue per shipment, ex fuel3

$ 212.37 $ 208.03 2.1

1 In thousands

2 Excludes accessorial and Truckload products

3 Includes intercompany revenue between the Network and Truckload revenue streams

Omni Logistics Segment Information

(In thousands)

(Unaudited)

Three Months Ended

March 31, 2026 Percent of Revenue March 31, 2025 Percent of Revenue Change Percent Change

Operating Revenues:

Ground $ 135,987 45.0 % $ 172,094 53.2 % $ (36,107) (21.0) %

Contract Logistics 104,166 34.4 80,128 24.8 24,038 30.0

Air and Ocean 62,265 20.6 71,248 22.0 (8,983) (12.6)

Total operating revenues 302,418 100.0 323,470 100.0 (21,052) (6.5)

Operating expenses:

Purchased transportation 168,923 55.9 185,734 57.4 (16,811) (9.1)

Salaries, wages and employee benefits 53,396 17.7 56,783 17.6 (3,387) (6.0)

Operating leases 27,702 9.2 27,090 8.4 612 2.3

Depreciation and amortization 24,491 8.1 22,230 6.9 2,261 10.2

Insurance and claims 468 0.2 2,615 0.8 (2,147) (82.1)

Fuel expense 504 0.2 1,017 0.3 (513) (50.4)

Other operating expenses 26,204 8.7 24,626 7.6 1,578 6.4

Total operating expenses 301,688 99.8 320,095 99.0 (18,407) (5.8)

Income from operations $ 730 0.2 % $ 3,375 1.0 % $ (2,645) (78.4) %

Intermodal Segment Information

(In thousands)

(Unaudited)

Three Months Ended

March 31, 2026 Percent of Revenue March 31, 2025 Percent of Revenue Change Percent Change

Operating revenues $ 53,092 100.0 % $ 62,492 100.0 % $ (9,400) (15.0) %

Operating expenses:

Purchased transportation 19,342 36.4 20,176 32.3 (834) (4.1)

Salaries, wages and employee benefits 13,663 25.7 15,931 25.5 (2,268) (14.2)

Operating leases 5,781 10.9 5,778 9.2 3 0.1

Depreciation and amortization 4,153 7.8 4,720 7.6 (567) (12.0)

Insurance and claims 2,771 5.2 2,791 4.5 (20) (0.7)

Fuel expense 2,370 4.5 2,155 3.4 215 10.0

Other operating expenses 3,788 7.2 5,399 8.6 (1,611) (29.8)

Total operating expenses 51,868 97.7 56,950 91.1 (5,082) (8.9)

Income from operations $ 1,224 2.3 % $ 5,542 8.9 % $ (4,318) (77.9) %

Intermodal Operating Statistics

Three Months Ended

March 31, 2026 March 31, 2025 Percent Change

Drayage shipments 51,476 64,449 (20.1) %

Drayage revenue per shipment $ 876 $ 883 (0.8) %

Forward Air Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

March 31, 2026 December 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 141,022 $ 105,996

Accounts receivable, net 330,699 343,559

Other receivables 3,077 6,147

Prepaid expenses 29,453 28,045

Other current assets 38,105 37,254

Total current assets 542,356 521,001

Property and equipment, net of accumulated depreciation and amortization of $348,946 in 2026 and $340,021 in 2025

286,652 297,882

Operating lease right-of-use assets 402,712 412,535

Goodwill 522,712 522,712

Other acquired intangibles, net of accumulated amortization of $324,223 in 2026 and $301,453 in 2025

884,021 906,791

Other long-term assets 57,426 58,023

Total assets $ 2,695,879 $ 2,718,944

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable $ 103,693 $ 121,752

Accrued expenses 133,142 114,422

Other current liabilities 76,937 69,130

Current portion of finance lease obligations 15,317 15,995

Current portion of operating lease liabilities 112,808 107,026

Total current liabilities 441,897 428,325

Finance lease obligations, less current portion 18,851 22,387

Long-term debt 1,690,253 1,687,248

Liabilities under tax receivable agreement 28,255 11,548

Operating lease liabilities, less current portion 313,153 327,011

Other long-term liabilities 56,221 53,540

Deferred income taxes 24,973 27,221

Shareholders' equity:

Preferred stock — —

Common stock 316 313

Additional paid-in capital 564,626 559,551

Accumulated deficit (482,911) (447,100)

Accumulated other comprehensive (loss) income (1,030) 580

Total Forward Air shareholders' equity 81,001 113,344

Noncontrolling interest 41,275 48,320

Total shareholders' equity 122,276 161,664

Total liabilities and shareholders' equity $ 2,695,879 $ 2,718,944

Forward Air Corporation

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three Months Ended

March 31, 2026 March 31, 2025

Operating activities:

Net loss $ (40,198) $ (61,191)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 38,521 37,360

Share-based compensation expense 3,541 2,958

Provision for revenue adjustments 731 647

Deferred income tax benefit (2,170) (2,792)

Other 3,870 3,799

Changes in operating assets and liabilities:

Accounts receivable 11,863 (21,145)

Other receivables 2,052 (434)

Other current and noncurrent assets (3,097) 767

Accounts payable and accrued expenses 30,625 67,646

Net cash provided by operating activities 45,738 27,615

Investing activities:

Proceeds from sale of property and equipment 1,428 691

Purchases of property and equipment (6,946) (11,906)

Other — (24)

Net cash used in investing activities (5,518) (11,239)

Financing activities:

Repayments of finance lease obligations (4,225) (4,431)

Proceeds from credit facility — 25,000

Payments on credit facility — (25,000)

Payment of minimum tax withholdings on share-based awards and other (685) (894)

Net cash used in financing activities (4,910) (5,325)

Effect of exchange rate changes on cash (284) 357

Net increase in cash and cash equivalents 35,026 11,408

Cash and cash equivalents at beginning of period 105,996 105,266

Cash and cash equivalents at end of period $ 141,022 $ 116,674

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):

Three Months Ended

March 31, 2026 March 31, 2025

Net loss $ (40,198) $ (61,191)

Interest expense 43,587 45,547

Income tax expense 1,793 19,589

Depreciation and amortization 38,521 37,360

Reported EBITDA 43,703 41,305

Transaction and integration costs 2,814 13,926

Severance costs 540 1,574

Change in TRA Liability 16,707 —

Optimization project costs — 1,031

Proforma savings — 4,352

Other 6,614 11,123

Consolidated EBITDA $ 70,378 $ 73,311

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):

Three Months Ended

March 31, 2026 March 31, 2025

Net cash provided by operating activities $ 45,738 $ 27,615

Proceeds from sale of property and equipment 1,428 691

Purchases of property and equipment (6,946) (11,906)

Free cash flow $ 40,220 $ 16,400

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.

Contact:

Investors:

Tony Carreño

investorrelations@forwardair.com

Media:

Hannah Weeg

HWeeg@forwardair.com

EX-99.2

Filename: fwrd1q26earningspresenta.htm · Sequence: 3

fwrd1q26earningspresenta

Forward Air Corporation Earnings Presentation 1Q26 May 7, 2026

E a r n i n g s P r e s e n t a t i o n Statements & Disclaimers 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 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 presentation relate to: expectations regarding customer demand for services of Forward Air Corporation (“Forward,” “we,” “us” or “our”); our outlook on the freight market; our expectations regarding operational and administrative transformations after the Omni acquisition; our projections with respect to revenue growth following the realization of such synergies; our goals to achieve sustainable growth and long-term profitability; and our future debt service requirements. 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 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, evolving macroeconomic factors, including the imposition of additional tariffs, potential escalation from trading partners, the uncertainty surrounding trade policy, including the extent to which increased tariffs will affect our operations and strategic plan, and our limited visibility into the impact of tariffs on third-party shipments, 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 presentation 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. Non-GAAP Measures To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), we have included Adjusted EBITDA, Adjusted EBITDA Margin %, Consolidated EBITDA, Consolidated EBITDA Margin %, Net Leverage Ratio, Net Debt, Reported EBITDA, Reported EBITDA Margin %, LTM Reported EBITDA, LTM Reported EBITDA Margin, Unlevered Free Cash Flow, Operating Cash Flow, Excluding Impairment of Goodwill, each a non-GAAP financial measure (each, a “Non-GAAP Measure”), in this presentation. The reconciliation of each Non-GAAP Measure to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found in the Appendix to this presentation. Because each Non-GAAP Measure excludes certain items as described herein, it may not be indicative of the results that Forward expects to recognize for future periods. As a result, each Non-GAAP Measure should be considered in addition to, and not a substitute for, financial information prepared in accordance with GAAP. The Company is also providing Consolidated EBITDA, Liquidity, and Net Leverage Ratio calculated in accordance with Forward’s credit agreement as we believe it provides investors with important information regarding our liquidity, financial condition and compliance with our obligations under our credit agreement. 2

01 Combined Overview 02 1Q26 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

E a r n i n g s P r e s e n t a t i o n Combined Overview 4

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. Our Combined Strength Together, we have created a logistics powerhouse that combines Forward Air's robust North American LTL network with Omni's global logistics solutions, delivering unprecedented value and capabilities to our customers. Our Future This strategic union positions us as a leading force in global logistics, offering comprehensive solutions that span continents and streamline supply chains. 5

C o m b i n e d O v e r v i e w By the Numbers $2.5B FY 2025 Revenue $307M 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 available in the Appendix. 2. Freight handlers included in Total Employees. 3. Total Ground, Intermodal, Air and Ocean shipments per year managed by Expedited Freight, Omni Logistics and Intermodal segments. 4. Combined claims ratio for Expedited Freight and Omni Logistics. Calculated as claims amount paid divided by revenue for FY25. All figures for FY25

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 and specialized equipment • High Value Cargo • Hand Carry • Next Flight Out /Time Critical/ Hand Carry • Express Air - 3 to 5 day • Economy Air - 5 to 8 day • Customs Brokerage • Air Charter • Full Container Load (FCL) • Less than Container Load (LCL) • Multimodal Air/Ocean/Ground Freight Solutions • Project cargo (oversized/non- containerized) • Nationwide port and rail drayage of domestic and international containers • Secured container storage • Rail intermodal (domestic and international containers) • Yard hostling / jockey services • Focus on high value, value-added services, supply chain solutions • Servicing high-tech, data center, medical and complex verticals for supply chain and end customer distribution • End-to-end capability for reverse logistics solutions including in-house sorting and repairs • Product testing • Wholesale fulfillment – Pick and pack • eCommerce fulfillment services Customs Brokerage Free Trade Zone and Bonded Warehouse C o m b i n e d O v e r v i e w Our key product groups provide end-to-end capabilities 7 ~ 63% of revenue Legacy Forward Expedited Freight and Intermodal, and Omni Logistics ground freight Omni Logistics air and ocean forwarding, warehousing & distribution and value-added service All figures for FY25 ~ 13% of revenue ~ 9% of revenue ~ 15% of revenue

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 States1 • 230+ global facilities in 21 countries • No single customer represents more than 10% of revenue • Top 10 customers account for ~28% of revenue FY25 Revenue % by Customer Region1 All figures for FY25

E a r n i n g s P r e s e n t a t i o n 1Q26 Results 9

1 Q 2 6 R e s u l t s 1Q26 Highlights 1Q26 $582 Revenue $20 Operating Income $70 Consolidated EBITDA1 12.1% Margin $402 Liquidity 5.4x LTM Net Leverage2 10 1. Reconciliation of Non-GAAP financial measures available in the Appendix. 2. Calculated pursuant to Senior Secured Loan Credit Agreement. Details in the Liquidity, Leverage and Cash Flow section of this presentation. In millions, except for LTM Net Leverage

$613 $619 $632 $631 $582 1Q25 2Q25 3Q25 4Q25 1Q26 1 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 1. Reconciliation of Non-GAAP financial measures available in the Appendix. Calculated pursuant to the Senior Secured Loan Credit Agreement. Revenue Consolidated EBITDA1 & Consolidated EBITDA Margin %1 11 In millions, except for margin 2 22 2 2 2 2 2 $73 $78 $79 $77 $70 11.9% 12.6% 12.5% 12.2% 12.1% 1Q25 2Q25 3Q25 4Q25 1Q26

1 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. Excludes impairment of goodwill. Segment Revenue1 Reported EBITDA2 & Reported EBITDA Margin2 12 In millions, except for margin $249 $258 $259 $247 $273 1Q25 2Q25 3Q25 4Q25 1Q26 $26 $30 $30 $25 $28 10.4% 11.6% 11.5% 10.1% 10.4% 1Q25 2Q25 3Q25 4Q25 1Q26

1 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 $24.76 $24.82 $24.98 $24.30 $24.50 10.4% 11.6% 11.5% 10.1% 10.4% 1Q25 2Q25 3Q25 4Q25 1Q26 Revenue per CWT, ex fuel Reported EBITDA Margin -1.1% $208 $209 $210 $206 $212 10.4% 11.6% 11.5% 10.1% 10.4% 1Q25 2Q25 3Q25 4Q25 1Q26 Revenue per Shipment, ex fuel Reported EBITDA Margin +2.1% 1. Excludes accessorial and Truckload products. 2. Includes intercompany revenue between the Network and Truckload revenue streams. 3. Reconciliation of Non-GAAP financial measures available in the Appendix. • In 1Q26, lapped the pricing action completed in 1Q25 • Reported EBITDA margin of 10.4% consistent year-over-year • Increase in revenue per shipment, ex fuel favorably impacted by 3.2% increase in weight per shipment

1 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 1Q 2026 1Q 2025 Change Revenue $273 $249 9.4% Operating Income $20 $16 28.2% Operating Ratio 92.6% 93.7% 1.1% Reported EBITDA $28 $26 9.0% Reported EBITDA Margin 10.4% 10.4% 0.0% 11.0 LTL Shipments per Workday1 LTL Tonnage per Workday1 LTL Revenue per Shipment ex-fuel 9,499 $212 In millions, except for margin 14 1. In thousands

0.18% 0.14% 0.12% 0.13% 0.13% 0.15% 0.12% 0.11% 0.08% 2021 2022 2023 2024 1Q25 2Q25 3Q25 4Q25 1Q26 1 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 ratio of ~0.1% • Superior service to 96% of all continental United States zip codes • Maintaining priority focus on customer service during integration and transformation 1. Expedited Freight segment only. Calculated as claims amount paid divided by revenue.

1 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 Reported EBITDA2 & Reported EBITDA Margin %2Segment Revenue1 16 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Excludes impairment of goodwill. $323 $328 $340 $360 $302 1Q25 2Q25 3Q25 4Q25 1Q26 In millions, except for margin $26 $30 $33 $36 $25 7.9% 9.0% 9.6% 10.0% 8.3% 1Q25 2Q25 3Q25 4Q25 1Q26

Omni Segment Financial Results 1Q 2026 1Q 2025 Change Revenue $302 $323 (6.5%) Operating Income $1 $3 NM Operating Ratio 99.8% 99.0% (0.8%) Reported EBITDA $25 $26 (1.5%) Reported EBITDA Margin 8.3% 7.9% 0.4% 1 Q 2 6 R e s u l t s | O m n i L o g i s t i c s In millions, except for margin 17

1 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 1. Segment totals do not include intercompany eliminations or corporate unallocated expenses 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Reported EBITDA2 & Reported EBITDA Margin %2Segment Revenue1 $62 $59 $58 $51 $53 1Q25 2Q25 3Q25 4Q25 1Q26 In millions, except for margin 18 $10 $9 $8 $7 $5 16.4% 15.1% 14.5% 14.2% 10.1% 1Q25 2Q25 3Q25 4Q25 1Q26

Intermodal Segment Financial Results 1Q 2026 1Q 2025 Change Revenue $53 $62 (15.0%) Operating Income $1 $6 (77.9%) Operating Ratio 97.7% 91.1% (6.6%) Reported EBITDA $5 $10 (47.6%) Reported EBITDA Margin 10.1% 16.4% (6.3%) 51,476 Drayage Shipments Drayage Revenue per Shipment $876 1 Q 2 6 R e s u l t s | I n t e r m o d a l 19

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

1Q25 2Q25 3Q25 4Q25 1Q26 Change in Unrestricted Cash $11 ($21) $45 ($34) $35 (+) Debt Service 25 59 24 58 23 (+) Term Loan Paydown 0 0 0 0 0 (-) LC Release 0 0 0 0 0 Unlevered Free Cash Flow1 $37 $38 $70 $24 $58 (+) Transaction/Integration Fees 9 14 10 8 0 (+) Earnouts & Purchase Price Adjustments 0 0 0 0 0 Operating Cash Flow1 $46 $52 $79 $32 $58 $46 $52 $79 $32 $58 1Q25 2Q25 3Q25 4Q25 1Q26 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 despite freight recession 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 & Integration Fees. 21 • Asset-light business model with meaningful upside as cost savings measures are recognized Operating Cash Flow1 In millions 2

$106 $58 ($23) $141 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 1Q26 Cash Bridge 22 Change in Unrestricted Cash 1. Non-GAAP financial metric. “Operating Cash Flow” represents the change in Unrestricted Cash less discrete items identified on this slide. 2. Includes remaining Transaction & Integration Fees. • Operating cash flow1, 2 of $58M in 1Q26 compared to $37M in 1Q25 • Unrestricted cash balance increased $35M from 4Q25 to 1Q26 In millions 12/31 Unrestricted Cash Balance Operating Cash Flow1, 2 Debt Service 3/31 Unrestricted Cash Balance

$277 $273 $273 $261 $261 $101 $79 $123 $91 $115 <$1 <$1 <$1 $15 $16 $17 $15 $26 1Q25 2Q25 3Q25 4Q25 1Q26 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 Net Leverage1 Net Leverage Ratio1 Required Covenant Leverage Ratio1 Net Cash1,3 Revolving Credit Facility4 Restricted Cash Deduction Foreign Subsidiary Deduction * 23 * * * * 1. Calculated pursuant to Senior Secured Loan Credit Agreement. 2. Includes Term Loan, Senior Secured Notes, and Revolving Credit Facility, excludes finance leases. 3. Excludes foreign subsidiaries and restricted cash. 4. Undrawn revolver balance. 5. Totals may not foot due to rounding. 6. 1Q25 through 3Q25 ratios have been updated to reflect proforma EBITDA add-backs of cost saving initiatives taken in 3Q25 and 4Q25. In millions 5.2x 5.5x 5.4x 5.5x 5.4x 6.25x 1Q25 2Q25 3Q25 4Q25 1Q26 Liquidity5 $393 $368 $413 $367 $402 Gross Cash* $117 $95 $140 $106 $141 in millions 1Q25 2Q25 3Q25 4Q25 1Q26 Term Loan B $1,045 $1,045 $1,045 $1,045 $1,045 Senior Sec. Notes $725 $725 $725 $725 $725 First Lien Debt2 $1,770 $1,770 $1,770 $1,770 $1,770 Net Cash1,3 $101 $78 $123 $91 $115 Net Debt $1,669 $1,692 $1,647 $1,679 $1,654 Consolidated LTM EBITDA1.6 $321 $310 $303 $307 $304 Net Leverage Ratio1 5.2x 5.5x 5.4x 5.5x 5.4x

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 3/31/2026 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 Facility First Lien Term Loan Senior Secured Notes No Long-Term Debt Maturities Until December 2030 Debt maturities by year In millions

E a r n i n g s P r e s e n t a t i o n Investment Rationale 25

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 diversified solutions with global scale Highly customizable and specialized service offering of vertically-integrated solutions Scalable growth with over 230 global facilities in 21 countries Rationalized cost structure poised for profitable growth Asset-light business model with normalizing free cash flow generation Improved consolidated Reported EBITDA margin, excluding goodwill, by 320 basis points in 2025 compared to 20242 26 1. Combined claims ratio for Expedited Freight and Omni as of FY25. Calculated as claims amount paid divided by revenue for FY25. 2. Reconciliation of Non-GAAP financial measures available in the Appendix. Excludes impairment of goodwill.

7.3% 7.8% 7.4% 7.6% 8.4% 31.4% 23.4% 18.6% 14.1% 11.2% 10.9% 10.4% 9.2% 5.5% 5.3% 4.2% 0.6% 15.1% 14.3% 13.6% 13.3% 11.1% 1Q25 2Q25 3Q25 4Q25 1Q26 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 upside as we close margin gap with peers 1. For comparability purposes, Reported EBITDA Margin is calculated as Operating Income plus depreciation & amortization and impairment of goodwill. 2. Using 4Q25 LTM figures for peers and Forward Air segments. 3. Segment averages are weighted based on revenue (excludes Forward segments). 4. Reconciliation of Non-GAAP financial measures available in the Appendix. 19.7% Average3 5.2% Average3 13.1% Average3 27 Forward Consolidated Less-than-Truckload 3PL / Freight Forwarders Truckload / Intermodal LTM Reported EBITDA margin1,4 LTM 4Q25 Peer and Forward Segment Reported EBITDA Margin1,2 Ex pe di te d Fr ei gh t O m ni Lo gi st ic s In te rm od al C om bi ne d LTM 4Q25 Peers versus FWRD by segment

E a r n i n g s P r e s e n t a t i o n Closing Summary 01 Recognized for delivering award winning service 02 Expedited Freight segment’s first quarter Reported EBITDA results improved year-over-year and sequentially 03 Omni Logistics segment improved Reported EBITDA margin year-over- year 04 Liquidity remains strong increasing to over $400 million 05 Seeing the benefits of diversified product portfolio 28

E a r n i n g s P r e s e n t a t i o n Appendix 29

A p p e n d i x 30 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 Net Income to Adjusted and Consolidated EBITDA Reconciliation Adjusted & Consolidated EBITDA Reconciliation 1Q25 2Q25 3Q25 4Q25 1Q26 LTM (3/31/2026) Net (loss) income from continuing operations ($61) ($20) ($24) ($36) ($40) ($121) Interest expense 46 45 45 45 44 179 Income tax (benefit) expense 20 (17) 0 (9) 2 (23) Depreciation and amortization 37 37 38 41 39 154 Reported EBITDA1,2 $41 $45 $59 $41 $44 $189 Impairment of goodwill -- -- -- -- -- -- Transaction and integration costs 14 6 6 6 3 20 Change in TRA Liability -- 7 (6) (3) 17 15 Severance costs 2 1 3 1 1 5 Optimization project costs 1 1 1 -- (0) 2 Abandoned software project costs -- -- -- 20 -- 20 Other 11 14 12 11 7 44 Adjusted EBITDA1,2 $69 $74 $75 $76 $70 $294 Pro forma synergies -- -- -- -- -- -- Pro forma savings -- -- -- -- -- -- Adjusted EBITDA Excluding Cost Reduction1,2 $69 $74 $75 $76 $70 $294 3Q 2025 Cost Reduction Initiatives 3 3 3 -- -- 6 4Q 2025 Cost Reduction Initiatives 1 1 1 1 -- 4 Consolidated EBITDA1,2 $73 $78 $79 $77 $70 $304 Consolidated First Lien Indebtedness 1,770 Net Cash & Cash Equivalents (115) Net Debt $1,654 Consolidated First Lien Net Leverage Ratio 5.4x

A p p e n d i x Segment Performance – Expedited Freight 31 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 1Q25 2Q25 3Q25 4Q25 1Q26 LTM 1Q26 Operating revenue $249 $258 $259 $247 $273 $1,036 Operating expenses Purchased transportation 121 124 125 122 142 513 Salaries, wages, and employee benefits 53 54 54 50 56 213 Operating leases 15 17 16 16 16 64 Depreciation and amortization 10 10 10 10 8 39 Insurance and claims 10 11 10 9 10 41 Fuel expense 2 3 2 2 2 9 Other operating expenses 22 19 21 24 19 83 Total operating expenses 234 238 239 232 253 962 Income (loss) from operations $16 $20 $19 $15 $20 $74 (+) Depreciation and amortization 10 10 10 10 8 39 Reported EBITDA $26 $30 $30 $25 $28 $113 Reported EBITDA Margin % 10.4% 11.6% 11.5% 10.1% 10.4% 10.9%

A p p e n d i x Segment Performance – Omni Logistics 32 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 margin Omni Logistics1,2 1Q25 2Q25 3Q25 4Q25 1Q26 LTM 1Q26 Operating revenue $323 $328 $340 $360 $302 $1,330 Operating expenses Purchased transportation 186 185 196 208 169 758 Salaries, wages, and employee benefits 57 62 58 55 53 229 Operating leases 27 26 30 32 28 115 Depreciation and amortization 22 22 23 26 24 96 Insurance and claims 3 1 (0) 1 0 3 Fuel expense 1 1 1 1 1 3 Other operating expenses 25 24 22 27 26 99 Impairment of goodwill - - - - - - Total operating expenses 320 321 330 350 302 1,303 Income (loss) from operations $3 $7 $10 $10 $1 $27 (+) Impairment of goodwill - - - - - - Adjusted income (loss) from operations $3 $7 $10 $10 $1 $27% (+) Depreciation and amortization 22 22 23 26 24 96 Reported EBITDA3 $26 $30 $33 $36 $25 $123 Reported EBITDA Margin %3 7.9% 9.0% 9.6% 10.0% 8.3% 9.3%

A p p e n d i x Segment Performance – Intermodal 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 Intermodal1,2 1Q25 2Q25 3Q25 4Q25 1Q26 LTM 1Q26 Operating revenue $62 $59 $58 $51 $53 $221 Operating expenses Purchased transportation 20 20 19 17 19 76 Salaries, wages, and employee benefits 16 15 14 12 14 55 Operating leases 6 5 6 5 6 22 Depreciation and amortization 5 5 4 4 4 17 Insurance and claims 3 3 3 3 3 12 Fuel expense 2 2 2 1 2 8 Other operating expenses 5 4 5 5 4 18 Total operating expenses 57 55 54 48 52 209 Income (loss) from operations $6 $4 $4 $3 $1 $13 (+) Depreciation and amortization 5 5 4 4 4 17 Reported EBITDA $10 $9 $8 $7 $5 $30 Reported EBITDA Margin % 16.4% 15.1% 14.5% 14.2% 10.1% 13.6%

A p p e n d i x Consolidated LTM Financials by Quarter 34 1. Totals may not foot due to rounding. 2. Reported EBITDA and Reported EBITDA Margin shown excluding impairment of goodwill and changes in TRA liability In millions, except for margin Consolidated1 LTM 1Q25 LTM 2Q25 LTM 3Q25 LTM 4Q25 LTM 1Q26 Operating revenue $2,546 $2,521 $2,497 $2,495 $2,464 Operating expenses Purchased transportation 1,278 1,260 1,243 1,244 1,224 Salaries, wages, and employee benefits 549 551 549 536 509 Operating leases 192 195 199 204 205 Depreciation and amortization 150 138 150 153 154 Insurance and claims 67 68 63 59 57 Fuel expense 22 21 21 20 19 Other operating expenses 252 230 235 243 243 Impairment of goodwill 1,028 (64) (79) - - Total operating expenses 3,538 2,398 2,382 2,459 2,412 Income (loss) from operations ($992) $123 $115 $36 $52 (+) Impairment of goodwill 1,028 (64) (79) - - (+) Change in TRA Liability/Other 3 (9) (1) (3) (17) Adjusted income (loss) from operations $39 $50 $35 $33 35 (+) Depreciation and amortization 150 138 150 153 154 Reported EBITDA2 $189 $187 $185 $186 $189 Reported EBITDA Margin %2 7.4% 7.4% 7.4% 7.5% 7.7%

A p p e n d i x Expedited Freight Segment Operating Metrics 35 Shipments per Day1 Weight per Shipment Revenue per Shipment, excluding fuel1,2 In thousands In pounds 3.4% (2.3)% (9.0)% (10.9)% (15.4)% (12.3)% (9.0)% (4.3)% YoY % change 2.5% 4.5% 5.0% 1.6% 2.7% (1.9)% (1.2)% 3.2% YoY % change 3.7% 4.0% 4.0% 4.1% 4.6% 1.6% 1.2% 2.1% YoY % change 1. Excludes accessorial and Truckload products. 2. Includes intercompany revenue between the Network and Truckload revenue streams. 13.6 13.0 12.2 11.5 11.5 11.4 11.1 11.0 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 821 858 856 840 843 841 846 867 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 $200 $207 $203 $208 $209 $210 $206 $212 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Forward Air Corporation (NASDAQ: FWRD) IR Contact | Tony Carreño investorrelations@forwardair.com https://ir.forwardaircorp.com

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