LTL, intermodal & global logistics

Forward Air revenue reaches a record as intermodal sale process is paused

November 9, 2026 · Source: Forward Air / SEC / FreightWaves

Forward Air reported record quarterly revenue of $674 million and $44 million in operating income for the third quarter. Expedited LTL revenue rose 30.5%, while management told analysts it paused the planned intermodal sale because the unit is back near operating targets; the company remains open to an offer at what it considers fair value, so the business has not been permanently withdrawn from consideration.

Summary and practical context by RoadHouse Recruiting · Reviewed November 10, 2026

Two semi-trucks traveling on a highway — Illustrative photo; not the specific event or location reported. Photo: Bhargav Panchal / Unsplash.

Revenue and operating income improved sharply

Forward reported $674 million in consolidated operating revenue, up from $632 million a year earlier, and $44 million in operating income versus $15 million. Income from continuing operations was $9.1 million compared with a $23.8 million loss. Consolidated EBITDA, calculated under the company's credit agreement, increased 30.7% to $101.5 million; it is a non-GAAP measure and should be read with the filed reconciliation.

Expedited LTL volume rose while yield per hundredweight softened

The Expedited Freight segment produced $337 million in revenue, up 30.5%, with LTL shipments per workday up 7.9% and tonnage per workday up 15.6%. Revenue per shipment excluding fuel rose 4.3% to $219, but revenue per hundredweight excluding fuel fell 2.6% to $24.34 because average shipment weight increased. For shippers, that mix matters more than the headline revenue gain when assessing lane-level pricing.

Intermodal improved, and the sale is paused—not cancelled

Intermodal revenue rose 8.8% to $63 million, shipments increased 1.7% and drayage revenue per shipment rose 14.1% to $986. FreightWaves reports management said on the earnings call that the planned sale is paused because the unit is back on track, while the company remains willing to consider an offer reflecting fair value. The filed presentation still discusses risks around a possible sale, confirming that no completed divestiture or permanent cancellation has been announced.

Leverage improved but remains substantial

Forward reported $1.60 billion of net debt and a 4.7-times net leverage ratio, down from 5.5 times a year earlier. Liquidity increased to $446 million, and the presentation shows no long-term debt maturities until December 2030. The quarter improved financial flexibility, but the debt load remains a central constraint on strategy and capital allocation.

What customers and capacity partners should watch

Customers should monitor whether heavier freight, network utilization and the retained major-customer agreement affect service or pricing by lane. Drayage partners and intermodal customers should not assume ownership will change: the sale process is paused, and any later transaction would require a separate announcement. Carriers should continue using existing contacts and payment processes unless Forward issues operational instructions.

Understanding the update

Forward's SEC-filed release and presentation supply the financial and operating data. FreightWaves independently reports management's earnings-call comments about pausing the intermodal sale. The sale status is therefore described as a current strategic position, not a completed transaction or irreversible decision.

What it means for drivers and carriers

Forward's LTL and intermodal businesses improved in Q3, but the company is still managing high leverage and strategic uncertainty; operational partners should separate current performance from any future asset-sale decision.

Questions to consider

Will higher shipment weights continue to pressure revenue per hundredweight?
Does management restart the intermodal sale if valuation improves?
Can operating cash flow reduce leverage without disrupting network investment?

Read the original reporting

This page provides an original summary and practical commentary. The linked source contains the full reporting. Older stories reflect information available on their published dates.

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