| Year | Festival | Category | Winner | Result |
|---|---|---|---|---|
| 1996 | SAG Awards | Outstanding Performance by a Cast in a Motion Picture | Ed Harris | Winner |
| 1996 | SAG Awards | Outstanding Performance by a Cast in a Motion Picture | Bill Paxton | Winner |
| 1996 | SAG Awards | Outstanding Performance by a Cast in a Motion Picture | Tom Hanks | Winner |
| 1996 | Oscars | Best Supporting Actress | Kathleen Quinlan | Nominated |
| 1995 | Golden Globes | Best Director | Ron Howard | Nominated |