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FWRDForward Air CorporationSell5.7·$17.91

Forward Air (FWRD) Q3 2026 earnings — TrendMatrix coverage

BEAT+407.1% vs estimateEPS $0.66 vs $0.13 estCurrent verdict Sell 5.7/10

Reported

Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Full disclosure · Editorial policy

Event detail · Q3 2026

Key numbers

Adjusted EPS
$0.66
Estimate
$0.13
Surprise
+407.1%
Revenue (period 2026-09-30)
$673.9M
Score today
5.7/10

Revenue source: xbrl.

Report record · Q3 2026

How the report landed

Forward Air (FWRD) beat the $0.13 estimate with adjusted EPS of $0.66 — a large 407.1% upside surprise.

Around the report

Coverage in the report window

  • Stifel Reiterates Buy on Forward Air, Raises Price Target to $28 — benzinga, 2026-11-10
  • Forward Air Corporation Reports Financial Results — fiscal.ai, 2026-11-09
  • Forward Air Q3 2026 Earnings Call Transcript — benzinga, 2026-11-09
Current read · as of 2026-11-10

Where TrendMatrix's rating stands now

TrendMatrix currently rates FWRD Sell at 5.7/10; no pre/post engine snapshot brackets this report.

4 of the last 4 quarters beat the estimate; this quarter's +407.1% surprise compares with a +394.7% four-quarter average.

What argues against it

  • Quality below floor (2.9 < 4.0)
  • Value-trap signals (3/5): High leverage (D/E 3.4), Material insider selling (9 sells, 0.06% of cap), Negative free cash flow
  • Death cross — 50-day MA below 200-day MA

This section and the ones below it reflect TrendMatrix’s latest engine read — they update after the report date and are not frozen to it.

Current engine read

The levels TrendMatrix's engine tracks

Current price
$17.91
Price target
$22.10
Stop
$16.66
Upside to target
+23.4%
Reward-to-risk
1.6:1

Model outputs from TrendMatrix’s engine as of 2026-11-10 — shown for context, not personalized investment advice.

Industrials context

FWRD at TrendMatrix's latest read

Industrial quarters are order-book stories — backlog and book-to-bill color how the market reads the reported number.

Industry
Integrated Freight & Logistics
Market cap
$596.2M
P/E (fwd)
33.3
52-week range
$7.86–$31.18
Off 52-week high
42.6%
RSI (14)
62
Volume vs avg
0.76×
Score today
5.7/10

EPS and the estimate come from Yahoo Finance’s earnings calendar, captured around the report date. That EPS is the adjusted figure analysts forecast, so it can differ from the GAAP diluted EPS in the company’s filing, and consensus estimates vary between data providers. Revenue comes from SEC XBRL company facts where available, yfinance-provisional otherwise. Not a buy/sell rating, a price target, or investment advice — see the current verdict on the stock’s main page for TrendMatrix’s live read.

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