Forward Air (FWRD) — Research Notes as of 2026-11-01

A note on sourcing: The most recent reported results are Q2 2026 (reported August 5, 2026). Q3 2026 results are upcoming and unreleased. Figures for the latest quarter vary slightly across aggregators (e.g., net loss is cited as ~$244M in [2] vs. a pre-tax loss of ~$244M / ~-$239M continuing operations in [13]); I note where this occurs. Stock price is ~$17.62 (as of Oct 30, 2026) [4], [7], with market cap roughly $595–$604M [background], [8].

Key Recent Catalysts (August–October 2026)