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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS THIRD QUARTER 2025 RESULTS
Omni Segment Reports Strongest Results Since the Acquisition

Continued Stable to Improving Margins at the Expedited Freight Segment

Strong Cash From Operations Contributing to Liquidity in Excess of $400 million

DALLAS – (BUSINESS WIRE) – November 5, 2025 – Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months ended September 30, 2025, as presented in the tables below.

“I am pleased with Forward Air’s performance, delivering another consecutive quarter of solid results, which we achieved in the face of an extended freight recession,” said Shawn Stewart, Chief Executive Officer. “In the third quarter, we reported operating income of $15 million and Consolidated EBITDA of $78 million. Optimizing our cost structure to operate more efficiently remains a top priority and in the third quarter, we implemented additional cost reduction initiatives that primarily included rightsizing our business in alignment with current freight demand and our ongoing transformation strategy.

“The solid results for the quarter were led by the Omni segment, which posted its highest revenue and reported EBITDA, excluding the impact of goodwill, since the acquisition. An increase in demand for its diversified service offerings were the primary drivers in a $5 million increase in this segment’s revenue to $340 million when compared to a year ago. Reported EBITDA also increased by $6 million to $33 million over this period.

“The Expedited Freight segment’s reported EBITDA margin of 11.5 percent is the second highest since the fourth quarter of 2023. We are also executing our transformation strategy with rigor and discipline and achieved a milestone in the quarter - integrating our U.S. and Canadian businesses operations to operate under a regional reporting structure, which lays the groundwork for the creation of One Ground Network. This consists of integrating key service lines such as linehaul, pickup and delivery, brokerage and expedited services into a single, streamlined structure that is more cohesive, agile and customer centric. We expect this to be a seamless and reliable experience for our customers with the goal of further enhancing our award-winning service,” concluded Stewart.

Jamie Pierson, Chief Financial Officer added, “We reported consolidated revenue of $632 million in the third quarter compared to $656 million a year ago. Income from operations was $15 million compared to $23 million in the same period a year ago.

“For the third quarter, Consolidated EBITDA, a non-GAAP measure calculated pursuant to our Term Loan Credit Agreement, was $78 million compared to $86 million for the same period last year. Correspondingly, the last twelve months Consolidated EBITDA as of September 30, 2025, was $299 million.

“Liquidity at the end of the third quarter was $413 million compared to $368 million at the end of the second quarter. Through the first three quarters of the year, cash provided by operations totaled $67 million, which is a $113 million improvement compared to the $46 million used by operations in the same period last year.” concluded Pierson.



Three Months Ended
(in thousands, except per share data)September 30, 2025September 30, 2024ChangePercent Change
Operating revenue$631,763 $655,937 $(24,174)(3.7)%
Income (loss) from continuing operations
$15,007 $22,697 $(7,690)(33.9)%
Operating margin2.4 %3.5 %-110 bps
Loss from continuing operations$(23,757)$(34,198)$10,441 30.5 %
Net loss from continuing operations per diluted share$(0.52)$(2.62)$2.10 80.2 %
Cash provided by operating activities$52,714 $51,154 $1,560 3.0 %
Non-GAAP Financial Measures: 1
Consolidated EBITDA$77,676 $86,092 $(8,416)(9.8)%
Free cash flow$48,893 $41,827 $7,066 16.9 %
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables.

Review of Financial Results

Forward will hold a conference call to discuss third quarter 2025 results on Wednesday, November 5, 2025 at 4:30 p.m. ET. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, or by dialing (800) 267-6316, Access Code: FWRDQ325.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at ir.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.

About Forward Air Corporation

Forward is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.
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Forward Air Corporation
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited, in thousands, except per share data)
 Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Operating revenues:
Expedited Freight$258,554 $284,707 $765,631 $849,284 
Omni Logistics339,584 334,538 991,370 871,232 
Intermodal58,332 57,412 179,970 173,003 
Eliminations(24,707)(20,720)(73,083)(52,103)
Operating revenues631,763 655,937 1,863,888 1,841,416 
Operating expenses:
Purchased transportation316,390 332,469 923,952 931,072 
Salaries, wages and employee benefits131,909 133,516 419,314 406,382 
Operating leases52,150 48,810 150,448 133,871 
Depreciation and amortization37,748 25,893 111,914 106,321 
Insurance and claims12,719 17,382 43,261 44,961 
Fuel expense5,029 4,855 15,956 15,960 
Other operating expenses60,811 55,564 159,751 234,175 
Impairment of goodwill— 14,751 — 1,107,465 
Total operating expenses616,756 633,240 1,824,596 2,980,207 
Income (loss) from continuing operations:
Expedited Freight19,445 19,269 54,574 60,713 
Omni Logistics9,749 1,136 20,310 (1,133,323)
Intermodal4,102 4,091 14,059 12,994 
Other Operations(18,289)(1,799)(49,651)(79,175)
Income from continuing operations15,007 22,697 39,292 (1,138,791)
Other expense:    
Interest expense, net(44,775)(52,770)(135,648)(140,788)
Foreign exchange loss(539)(2,812)(6,114)(1,912)
Other income (expense), net6,935 (11)383 38 
Total other expense(38,379)(55,593)(141,379)(142,662)
Loss from continuing operations before income taxes(23,372)(32,896)(102,087)(1,281,453)
Income tax (benefit) expense385 1,302 3,225 (191,990)
Loss from continuing operations(23,757)(34,198)(105,312)(1,089,463)
Loss from discontinued operations, net of tax— (1,137)— (6,013)
Net loss(23,757)(35,335)$(105,312)$(1,095,476)
Net income (loss) attributable to noncontrolling interest(7,507)38,073 (25,842)(314,923)
Net loss attributable to Forward Air$(16,250)$(73,408)$(79,470)$(780,553)
Basic and diluted loss per share attributable to Forward Air:
  
     Continuing operations$(0.52)$(2.62)$(2.60)$(28.73)
     Discontinued operation— (0.04)— (0.22)
Net loss per basic and diluted share
$(0.52)$(2.66)$(2.60)$(28.95)
Net loss$(23,757)$(35,335)$(105,312)$(1,095,476)
Other comprehensive loss:
Foreign currency translation adjustments30 176 4,856 (824)
Comprehensive loss$(23,727)$(35,159)$(100,456)$(1,096,300)
Comprehensive income (loss) attributable to noncontrolling interest$(7,507)$38,073 $(25,842)$(314,923)
Comprehensive loss attributable to Forward Air$(16,220)$(73,232)$(74,614)$(781,377)
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Expedited Freight Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 September 30, 2025Percent of RevenueSeptember 30, 2024Percent of RevenueChangePercent Change
Operating revenue:
Network1
$194,035 75.0 %$217,289 76.3 %$(23,254)(10.7)%
Truckload42,401 16.4 43,635 15.3 (1,234)(2.8)
Other22,118 8.6 23,783 8.4 (1,665)(7.0)
Total operating revenue258,554 100.0 284,707 100.0 (26,153)(9.2)
Operating expenses:
Purchased transportation125,265 48.4 140,035 49.2 (14,770)(10.5)
Salaries, wages and employee benefits54,403 21.0 59,426 20.9 (5,023)(8.5)
Operating leases15,797 6.1 15,556 5.5 241 1.5 
Depreciation and amortization10,160 3.9 10,481 3.7 (321)(3.1)
Insurance and claims10,415 4.0 11,672 4.1 (1,257)(10.8)
Fuel expense2,155 0.8 2,113 0.7 42 2.0 
Other operating expenses20,914 8.3 26,155 9.1 (5,241)(20.0)
Total operating expenses239,109 92.5 265,438 93.2 (26,329)(9.9)
Income from operations$19,445 7.5 %$19,269 6.8 %$176 0.9 %
1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.

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Expedited Freight Operating Statistics
Three Months Ended
September 30, 2025September 30, 2024Percent Change
Business days64 64 — %
Tonnage1,2
    Total pounds612,449 713,213 (14.1)
    Pounds per day9,570 11,144 (14.1)
Shipments1,2
    Total shipments729 831 (12.3)
    Shipments per day11.4 13.0 (12.3)
Weight per shipment841 858 (2.0)
Revenue per hundredweight3
$31.70 $30.47 4.0 
Revenue per hundredweight, ex fuel3
$24.98 $24.09 3.7 
Revenue per shipment3
$266.48 $261.55 1.9 
Revenue per shipment, ex fuel3
$209.99 $206.73 1.6 
1 In thousands
2 Excludes accessorial and Truckload products
3 Includes intercompany revenue between the Network and Truckload revenue streams

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Omni Logistics Segment Information
(In thousands)
(Unaudited)
Three Months Ended
September 30, 2025Percent of Revenue September 30, 2024Percent of Revenue ChangePercent Change
Operating revenue$339,584 100.0 %334,538 100.0 %5,046 1.5 %
Operating expenses:
Purchased transportation196,312 57.8 194,853 58.2 1,459 0.7 
Salaries, wages and employee benefits58,373 17.2 55,151 16.5 3,222 5.8 
Operating leases29,979 8.8 27,586 8.2 2,393 8.7 
Depreciation and amortization22,832 6.7 10,830 3.2 12,002 110.8 
Insurance and claims(59)— 3,488 1.0 (3,547)(101.7)
Fuel expense874 0.3 800 0.2 74 9.3 
Other operating expenses21,524 6.3 25,943 7.8 (4,419)(17.0)
Impairment of goodwill— — 14,751 4.4 (14,751)(100.0)
Total operating expenses329,835 97.1 333,402 99.7 (3,567)(1.1)
Income (loss) from operations9,749 2.9 %1,136 0.3 %8,613 758.2 %



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Intermodal Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 September 30, 2025Percent of RevenueSeptember 30, 2024Percent of RevenueChangePercent Change
Operating revenue$58,332 100.0 %$57,412 100.0 %$920 1.6 %
Operating expenses:
Purchased transportation19,331 33.1 18,300 31.9 1,031 5.6 
Salaries, wages and employee benefits14,198 24.3 14,506 25.3 (308)(2.1)
Operating leases6,288 10.8 5,668 9.9 620 10.9 
Depreciation and amortization4,382 7.5 4,582 8.0 (200)(4.4)
Insurance and claims2,900 5.0 2,528 4.4 372 14.7 
Fuel expense1,999 3.4 1,942 3.4 57 2.9 
Other operating expenses5,132 8.9 5,795 10.0 (663)(11.4)
Total operating expenses54,230 93.0 53,321 92.9 909 1.7 
Income from operations$4,102 7.0 %$4,091 7.1 %$11 0.3 %

Intermodal Operating Statistics
Three Months Ended
September 30, 2025September 30, 2024Percent Change
Drayage shipments60,976 62,616 (2.6)%
Drayage revenue per shipment$864 $824 4.9 %

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Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 September 30, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$140,354 $104,903 
Restricted cash and restricted cash equivalents— 363 
Accounts receivable, net341,414 322,291 
Prepaid expenses30,830 29,053 
Other current assets39,890 15,890 
Total current assets552,488 472,500 
Property and equipment, net of accumulated depreciation and amortization of $317,420 in 2025 and $292,855 in 2024
309,830 326,188 
Operating lease right-of-use assets411,562 410,084 
Goodwill522,712 522,712 
Other acquired intangibles, net of accumulated amortization of $282,266 in 2025 and $212,905 in 2024
929,894 999,216 
Other long term assets67,712 71,941 
Total assets$2,794,198 $2,802,641 
Liabilities and Shareholders' Equity 
Current liabilities: 
Accounts payable$124,835 $105,692 
Accrued expenses146,785 119,836 
Other current liabilities70,492 45,148 
Current portion of debt and finance lease obligations16,511 16,930 
Current portion of operating lease liabilities101,418 96,440 
Total current liabilities460,041 384,046 
Finance lease obligations, less current portion26,087 30,858 
Long-term debt, less current portion1,684,319 1,675,930 
Liabilities under tax receivable agreement14,131 13,295 
Operating lease liabilities, less current portion327,938 325,640 
Other long-term liabilities48,396 48,835 
Deferred income taxes37,444 38,169 
Shareholders' equity:
Preferred stock— — 
Common stock312 298 
Additional paid-in capital556,101 542,392 
Accumulated deficit(418,753)(338,230)
Accumulated other comprehensive (loss) income2,124 (2,732)
Total Forward Air shareholders' equity139,784 201,728 
Noncontrolling interest56,058 84,140 
Total shareholders' equity195,842 285,868 
Total liabilities and shareholders' equity$2,794,198 $2,802,641 
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Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
September 30, 2025September 30, 2024
Operating activities:
Net loss from continuing operations$(23,757)$(34,198)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization37,748 25,893 
Impairment of goodwill— 14,751 
Share-based compensation expense3,380 2,901 
Provision for revenue adjustments682 602 
Deferred income tax (benefit) expense4,202 (33,552)
Other(3,461)(2,173)
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable1,054 8,215 
Other receivables(582)628 
Other current and noncurrent assets(5,337)38,422 
Accounts payable and accrued expenses38,785 29,665 
Net cash provided by (used in) operating activities of continuing operations52,714 51,154 
Investing activities:
Proceeds from sale of property and equipment294 1,087 
Purchases of property and equipment(4,115)(10,414)
Other(31)(145)
Net cash used in investing activities of continuing operations(3,852)(9,472)
Financing activities:
Repayments of finance lease obligations(3,610)(6,212)
Proceeds from common stock issued under employee stock purchase plan— (14)
Payment of minimum tax withholdings on share-based awards(52)(211)
Net cash used in financing activities of continuing operations(3,662)(6,437)
Effect of exchange rate changes on cash(153)(607)
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations45,047 (34,638)
Cash from discontinued operation:
Net cash used in operating activities of discontinued operations— (1,137)
Net increase (decrease) in cash and cash equivalents, and restricted cash and restricted cash equivalents45,047 33,501 
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period95,307 104,655 
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period$140,354 $138,156 
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Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30, 2025September 30, 2024
Operating activities:
Net loss from continuing operations$(105,312)$(1,089,463)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization111,914 106,321 
Impairment of goodwill— 1,107,465 
Share-based compensation expense11,049 8,088 
Provision for revenue adjustments2,319 2,761 
Deferred income tax benefit (523)(197,156)
Other11,011 4,296 
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable(15,891)(34,050)
Other receivables(273)6,159 
Other current and noncurrent assets4,382 (18,215)
Accounts payable and accrued expenses48,436 58,024 
Net cash provided by (used in) operating activities of continuing operations67,112 (45,770)
Investing activities:
Proceeds from sale of property and equipment1,789 2,493 
Purchases of property and equipment(20,765)(29,810)
Purchase of a business, net of cash acquired— (1,565,242)
Other— (319)
Net cash used in investing activities of continuing operations(18,976)(1,592,878)
Financing activities:
Repayments of finance lease obligations(12,986)(15,339)
Proceeds from credit facility85,000 — 
Payments on credit facility(85,000)(80,000)
Payment of debt issuance costs— (60,591)
Payment of earn-out liability— (12,247)
Proceeds from common stock issued under employee stock purchase plan434 355 
Payment of minimum tax withholdings on share-based awards(1,053)(1,572)
Net cash used in financing activities of continuing operations(13,605)(169,394)
Effect of exchange rate changes on cash557 138 
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations35,088 (1,807,904)
Cash from discontinued operation:
Net cash used in operating activities of discontinued operations— (6,013)
Net increase (decrease) in cash and cash equivalents, and restricted cash and restricted cash equivalents35,088 (1,813,917)
Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period 105,266 1,952,073 
Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period$140,354 $138,156 
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Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

In this press release, the Company includes financial measures that are derived on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.

For the three and nine months ended September 30, 2025 and 2024, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), and free cash flow.

All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value.

The Company is also providing Consolidated EBITDA calculated in accordance with our credit agreement as we believe it provides investors with important information regarding our financial condition and compliance with our obligations under our credit agreement.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, the Company’s financial results prepared in accordance with GAAP. The Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable U.S. GAAP measures set forth below.

With respect to the 2025 Consolidated EBITDA guidance, please note that the Company is not providing a quantitative reconciliation of Consolidated EBITDA to Net Income because it is not available without unreasonable efforts. The Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation, or to quantify the probable significance of these items. The adjustments required for any such reconciliation of the Company’s forward-looking non-GAAP financial measures cannot be accurately forecast by the Company, and therefore the reconciliation has been omitted.





















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The following is a reconciliation of net income to Consolidated EBITDA for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Loss from continuing operations$(23,757)$(34,198)$(105,312)$(1,089,463)
Interest expense44,775 52,770 135,648 140,788 
Income tax (benefit) expense385 1,302 3,225 (191,990)
Depreciation and amortization37,748 25,893 111,914 106,321 
Reported EBITDA59,151 45,767 145,475 (1,034,344)
Impairment of Goodwill— 14,751 — 1,107,465 
Transaction and integration costs5,814 (549)25,727 71,393 
Severance costs2,769 2,829 5,173 14,414 
Change in the TRA Liability(6,027)— 836 — 
Optimization project costs1,010 — 2,732 — 
Proforma synergies— 4,632 — 20,886 
Proforma savings2,713 5,800 8,717 27,574 
Other12,246 12,862 37,791 31,063 
Consolidated EBITDA$77,676 $86,092 $226,451 $238,451 

The following is a reconciliation of net cash provided by operating activities to free cash flow for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months EndedNine Months Ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net cash provided by operating activities$52,714 $51,154 $67,112 $(45,770)
Proceeds from sale of property and equipment294 1,087 1,789 2,493 
Purchases of property and equipment(4,115)(10,414)(20,765)(29,810)
Free cash flow$48,893 $41,827 $48,136 $(73,087)


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Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to expectations regarding the Company’s long-term growth; ability to achieve and accelerate synergy capture and eliminate costs from our structure; expectations regarding the Company’s expedited freight business; ability to achieve the intended benefits of the acquisition of Omni Logistics, including any revenue and cost synergies; the Company’s expectations regarding the Company’s financial performance, including Consolidated EBITDA, and the impact it may have on the business and results of operations; the Company’s beliefs regarding the key drivers of sustainable growth and long-term profitability and expectations regarding the Company's revenue growth strategies, including with respect to operational efficiency and cost control.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as tariffs, recessions, inflation, higher interest rates and downturns in customer business cycles, the Company's ability to achieve the expected strategic, financial and other benefits of the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected, the risk that operating costs, customer loss, management and employee retention and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) as a result of the acquisition of Omni Logistics may be greater than expected, continued weakening of the freight environment, future debt and financing levels, our ability to deleverage, including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition, and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

We caution readers that any forward-looking statement made by us in this press release is based only on information currently available to us and they should not place undue reliance on these forward-looking statements, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward- looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law.
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Contact:

Investors:
Tony Carreño
investorrelations@forwardair.com

Media:
Hannah Weeg
HWeeg@forwardair.com
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