Filing Flows › Forward Air (FWRD) › Q3 2026
Forward Air (FWRD) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 9, 2026
Forward Air (FWRD) reported revenue of $674M for the third quarter 2026 (Q3 2026), +7% from a year earlier and +0.1% from the quarter before. Operating margin was 6.5%, net earnings $11.4M (1.7% of revenue).
Forward Air, Q3 2026: revenue $674M (+7% year over year), operating margin 6.5%, net earnings $11.4M, operating cash flow $35.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $674M | +0.1% | +7% |
| Operating profit | $43.9M | — | +192% |
| Net earnings | $11.4M | — | — |
| Operating cash flow | $35.3M | — | -33% |
| Free cash flow | $33.3M | — | -32% |
What changed
Revenue was $673.9M in Q3 2026, up 7% year over year and roughly flat from the previous quarter. Ground was the largest line at 60% of revenue. Air and Ocean added $19.3M year over year (up 25%), 46% of the total change.
Operating profit was $43.9M, a 6.5% margin (up 4.1 points year over year). Of the extra revenue versus Q3 2025, 69% reached operating profit, above the 2% margin then. Total costs grew 2% against revenue growth of 7%. Net earnings were $11.4M ($9.1M including minority interests, which bore $2.3M of losses). The effective tax rate was 0.2%.
Operating cash flow was $35.3M (down 33% year over year), 387% of net income including minority interests. Non-cash charges added back $37.5M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items used $14.3M. After purchases of property and equipment, net ($2.0M), free cash flow as the company reports it was $33.3M.
Questions
What was Forward Air's revenue in the third quarter 2026?
Forward Air (FWRD) reported revenue of $674M for the third quarter 2026 (Q3 2026), +7% from a year earlier and +0.1% from the quarter before.
Was Forward Air profitable in the third quarter 2026?
Operating profit was $43.9M (6.5% of revenue) and net earnings $11.4M.
Source: Forward Air 10-Q on SEC EDGAR.