Forward Air's stock fell 8.4% despite record earnings, as analysts remain split on its future.

Forward Air (FWRD) shares dropped 8.4% to $25.48 on February 23, 2026, amid unusually low trading volume, after reporting quarterly earnings that vastly exceeded expectations with an EPS of $999.00 versus a forecast of ($0.26). The company, which provides expedited ground logistics across North America, operates terminals and rail ramps in the U.S., Canada, and Puerto Rico. Despite a negative return on equity and net margin, analyst ratings remain mixed—three "Buy," one "Hold," two "Sell"—leading to a consensus "Hold" rating and a $35.00 average price target. Institutional ownership stands at 97.03%, and Caxton Associates increased its stake in the second quarter.