$FWRD

FORWARD AIR CORP

CIK:0000912728|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Operating revenues	$ 673,036	$ 618,844	$ 1,255,082	$ 1,232,125
Operating expenses:
Purchased transportation	335,892	303,300	619,669	607,562
Salaries, wages and employee benefits	130,040	145,490	245,616	287,405
Operating leases	50,252	49,505	99,965	98,298
Depreciation and amortization	38,262	36,806	76,783	74,166
Insurance and claims	13,678	15,536	27,176	30,542
Fuel expense	6,644	5,278	11,571	10,927
Other operating expenses	55,574	43,407	111,167	98,940
Impairment of goodwill	244,006	0	244,006	0
Total operating expenses	874,348	599,322	1,435,953	1,207,840
Operating (loss) income	(201,312)	19,522	(180,871)	24,285
Other income and expenses:
Interest expense, net	(43,721)	(45,326)	(87,308)	(90,873)
Foreign exchange (loss) gain	(566)	(4,653)	1,132	(5,575)
Other income (expense), net	1,569	(6,656)	(15,388)	(6,552)
Total other expense	(42,718)	(56,635)	(101,564)	(103,000)
Loss from continuing operations before income taxes	(244,030)	(37,113)	(282,435)	(78,715)
Income tax (benefit) expense	(174)	(16,749)	1,619	2,840
Loss from continuing operations	(243,856)	(20,364)	(284,054)	(81,555)
Loss from discontinued operations, net of tax	(2,075)	0	(2,075)	0
Net loss	(245,931)	(20,364)	(286,129)	(81,555)
Net loss attributable to noncontrolling interest	(38,631)	(7,781)	(44,510)	(18,335)
Net loss attributable to Forward Air	$ (207,300)	$ (12,583)	$ (241,619)	$ (63,220)
Basic and diluted net loss per share attributable to Forward Air:
Continuing operations, basic (in dollars per share)	$ (6.33)	$ (0.41)	$ (7.49)	$ (2.09)
Continuing operations, diluted (in dollars per share)	(6.33)	(0.41)	(7.49)	(2.09)
Discontinued operations, basic (in dollars per share)	(0.05)	0	(0.05)	0
Discontinued operations, diluted (in dollars per share)	(0.05)	0	(0.05)	0
Net loss per basic share (in dollars per share)	(6.38)	(0.41)	(7.54)	(2.09)
Net loss per diluted share (in dollars per share)	$ (6.38)	$ (0.41)	$ (7.54)	$ (2.09)
Loss from continuing operations	$ (245,931)	$ (20,364)	$ (286,129)	$ (81,555)
Other comprehensive loss:
Foreign currency translation adjustments	(135)	4,561	(2,181)	4,826
Comprehensive loss	(246,066)	(15,803)	(288,310)	(76,729)
Comprehensive loss attributable to noncontrolling interest	(38,535)	(7,781)	(44,850)	(18,335)
Comprehensive loss attributable to Forward Air	$ (207,531)	$ (8,022)	$ (243,460)	$ (58,394)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net loss	$ (286,129)	$ (81,555)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	76,783	74,166
Impairment of goodwill	244,006	0
Share-based compensation expense	4,032	7,669
Change in Tax Receivable Agreement liability	15,488	6,864
Deferred income tax benefit	(2,774)	(4,725)
Non-cash interest expense	7,227	6,846
Gain on sale of business	(3,649)	0
Other	4,191	2,399
Changes in operating assets and liabilities:
Accounts receivable	(36,020)	(16,945)
Other receivables	(499)	309
Other current and noncurrent assets	932	9,719
Accounts payable, accrued expenses and other current liabilities	17,267	9,651
Net cash provided by operating activities	40,855	14,398
INVESTING ACTIVITIES:
Proceeds from sale of property and equipment	2,553	1,495
Purchases of property and equipment	(10,159)	(16,650)
Proceeds from sale of business, net	8,739	0
Other	0	31
Net cash provided by (used in) investing activities	1,133	(15,124)
FINANCING ACTIVITIES:
Repayments of finance lease obligations	(8,374)	(9,376)
Proceeds from borrowings under credit facility	0	85,000
Repayments of borrowings under credit facility	0	(85,000)
Proceeds from common stock issued under employee stock purchase plan	734	434
Payment of minimum tax withholdings on share-based awards and other	(805)	(1,001)
Net cash used in financing activities	(8,445)	(9,943)
Effect of exchange rate changes on cash	(91)	710
NET CHANGE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS	33,452	(9,959)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	105,996	105,266
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	139,448	95,307
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents
Cash and cash equivalents	139,448	95,128
Restricted cash and restricted cash equivalents	0	179
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$ 139,448	$ 95,307

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 139,448	$ 105,996
Accounts receivable, less allowance of $5,369 in 2026 and $3,749 in 2025	369,469	343,559
Other receivables	6,104	6,147
Prepaid expenses	26,465	28,045
Other current assets	41,630	37,254
Total current assets	583,116	521,001
Property and equipment, net of accumulated depreciation and amortization of $352,920 in 2026 and $340,021 in 2025	274,670	297,882
Operating lease right-of-use assets	361,426	412,535
Goodwill	278,706	522,712
Other intangible assets, net of accumulated amortization of $346,229 in 2026 and $301,453 in 2025	860,915	906,791
Other long-term assets	52,012	58,023
Total assets	2,410,845	2,718,944
Current liabilities:
Accounts payable	118,651	121,752
Accrued expenses	118,551	114,422
Other current liabilities	81,911	69,130
Current portion of finance lease obligations	14,961	15,995
Current portion of operating lease liabilities	107,497	107,026
Total current liabilities	441,571	428,325
Long-term debt	1,693,340	1,687,248
Liabilities under Tax Receivable Agreement	26,794	11,548
Finance lease obligations, less current portion	16,804	22,387
Operating lease liabilities, less current portion	277,379	327,011
Deferred income taxes	24,358	27,221
Other long-term liabilities	53,265	53,540
Total liabilities	2,533,511	2,557,280
Shareholders' (deficit) equity:
Preferred stock, value	0	0
Common stock, $0.01 par value; 50,000 shares authorized; 33,736 and 31,327 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	337	313
Additional paid-in capital	575,818	559,551
Accumulated deficit	(690,324)	(447,100)
Accumulated other comprehensive income	(1,261)	580
Total Forward Air shareholders' (deficit) equity	(115,430)	113,344
Noncontrolling interest	(7,236)	48,320
Total shareholders' (deficit) equity	(122,666)	161,664
Total liabilities and shareholders' (deficit) equity	2,410,845	2,718,944
Preferred Class B
Shareholders' (deficit) equity:
Preferred stock, value	$ 0	$ 0