Forward Air (NASDAQ: FWRD) announced on November 9, 2026, during its third-quarter financial report, that it has paused the planned sale of its intermodal business unit. Management informed financial analysts on a quarterly earnings call that the intermodal division is "back on track," though the company remains open to future acquisition offers that reflect "fair value," according to reporting by FreightWaves.
The decision comes after Forward Air initiated a broader strategic review in early 2025 following mounting investor pressure linked to its contested merger with Omni Logistics. In August 2026, during its second-quarter call, the company revealed that the potential loss of a key contract logistics customerโrepresenting roughly 10% of annual revenue, or approximately $250 millionโhad derailed initial plans to sell the entire enterprise to private investors. As a result, management redirected focus toward divesting its intermodal division along with two smaller Omni businesses.
Forward Air recently secured a two-year contract extending through 2028 to retain a major portion of the previously at-risk customer account. While the agreement permits the client to transition some business away between November and March, revenue generated from the retained portion is projected to grow and surpass the revenue recorded from that account in 2025.
For the third quarter of 2026, Forward Air reported consolidated revenue of $674 million, marking a 7% year-over-year increase. Consolidated adjusted EBITDA rose 31% year-over-year to $101 million. The company's expedited logistics unit, which incorporates less-than-truckload operations, generated $337 million in revenue, a 31% increase year-over-year. Tonnage within the unit expanded 16% year-over-year, supported by an 8% rise in shipments and a 7% gain in weight per shipment. Revenue per shipment excluding fuel increased 4% year-over-year, while yield excluding fuel dropped 3%.
Additionally, the Omni Logistics unit generated $312 million in revenue, down 8% year-over-year, while its adjusted EBITDA grew 8% to $35 million. The intermodal unit posted revenue of $63 million, up 9% year-over-year, with an EBITDA margin of 8.2%. Forward Air ended the quarter with $1.6 billion in net debt, representing a leverage ratio of 4.7 times last-twelve-month adjusted EBITDA, successfully complying with its 5.75x debt covenant limit. Following the financial release, Forward Air shares gained 7.7% in after-hours trading on November 9, 2026.
