Forward Air Q1 op income rises to $20M; net loss $40M; customer transition risk ~$250M rev

FORWARD AIR CORP

2026-Q1 EPS reported -$1.09 revenue$582,046,000

Q1 revenue $582M (-5.1% YoY); income from operations $20.4M vs $4.8M YoY; net loss $40.2M ($1.09 loss per share) improved from $61.2M loss.
Expedited Freight EBITDA $28M (10.4% margin); Omni $25M (8.3%); Intermodal $5M (10.1%) down from $10M YoY.
Liquidity $402M ($141M cash + $261M availability); cash from ops $46M vs $28M YoY.
One customer (~$250M 2025 revenue) may transition business starting early 2027; no termination notice yet.
Board ended strategic sale review with no proposals; now pursuing sale of Intermodal segment and two smaller Omni businesses.

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