FWRD 8-K

Forward Air Corp (FWRD)

8-K 2026-08-05 For: 2026-08-05

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Added on August 05, 2026

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No.						Exhibit
99.1						Press Release of Forward Air Corporation, dated August 5, 2026
99.2						Forward Air Q2 2026 Earnings and Business Update Presentation Slides
104						Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document)


	FORWARD AIR CORPORATION

Date: August 5, 2026	By:	/s/ Shawn Stewart
	Name:	Shawn Stewart
	Title:	President and Chief Executive Officer



	Three Months Ended June 30,
(in thousands, except per share data)	2026			2025			$ Change		% Change
Operating revenues	$	673,036		$	618,844		$	54,192	8.8	%
Operating (loss) income	$	(201,312)		$	19,522		$	(220,834)	nm
Operating margin	(29.9)		%	3.2		%	(3,310) bps

Loss from continuing operations	$	(243,856)		$	(20,364)		$	(223,492)	nm
Net loss from continuing per diluted share	$	(6.33)		$	(0.41)		$	(5.92)	nm
Net cash (used in) provided by operating activities	$	(4,883)		$	(13,217)		$	8,334	63.1	%

Non-GAAP Financial Measures: (1)
Consolidated EBITDA	$	92,985		$	79,081		$	13,904	17.6	%
Adjusted operating income	$	42,694		$	19,522		$	23,172	118.7	%
Free cash flow	$	(6,971)		$	(17,157)		$	10,186	59.4	%


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Operating revenues:
Expedited Freight	$	319,062	$	257,696	$	591,769	$	507,077
Omni Logistics	338,547		328,316		640,965		651,786
Intermodal	59,724		59,146		112,816		121,638
Corporate and Eliminations	(44,297)		(26,314)		(90,468)		(48,376)
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		—		244,006		—
Total operating expenses	874,348		599,322		1,435,953		1,207,840

Operating (loss) income:
Expedited Freight	34,893		19,495		54,939		35,129
Omni Logistics	(230,010)		7,186		(229,280)		10,561
Intermodal	6,101		4,415		7,325		9,957
Corporate and Eliminations	(12,296)		(11,574)		(13,855)		(31,362)
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)		—		(2,075)		—
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	$	(6.33)	$	(0.41)	$	(7.49)	$	(2.09)
Discontinued operations	(0.05)		—		(0.05)		—
Net loss per basic and diluted share	$	(6.38)	$	(0.41)	$	(7.54)	$	(2.09)


	Three Months Ended June 30,
	2026		% of Revenue		2025		% of Revenue		$ Change		% Change
Operating revenues:
Network (1)	$	225,971	70.8	%	$	193,829	75.2	%	$	32,142	16.6	%
Truckload	69,237		21.7	%	42,636		16.5	%	26,601		62.4	%
Other	23,854		7.5	%	21,231		8.3	%	2,623		12.4	%
Total operating revenues	319,062		100.0	%	257,696		100.0	%	61,366		23.8	%

Operating expenses:
Purchased transportation	167,936		52.6	%	124,448		48.3	%	43,488		34.9	%
Salaries, wages and employee benefits	57,568		18.0	%	53,938		20.9	%	3,630		6.7	%
Operating leases	16,416		5.1	%	17,355		6.7	%	(939)		(5.4)	%
Depreciation and amortization	8,495		2.7	%	10,357		4.0	%	(1,862)		(18.0)	%
Insurance and claims	10,018		3.1	%	10,693		4.1	%	(675)		(6.3)	%
Fuel expense	3,668		1.1	%	2,518		1.0	%	1,150		45.7	%
Other operating expenses	20,068		6.5	%	18,892		7.4	%	1,176		6.2	%

Total operating expenses	284,169		89.1	%	238,201		92.4	%	45,968		19.3	%
Operating income	$	34,893	10.9	%	$	19,495	7.6	%	$	15,398	79.0	%


	June 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	139,448	$	105,996

Accounts receivable, net	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	274,670		297,882
Operating lease right-of-use assets	361,426		412,535
Goodwill	278,706		522,712
Other intangible assets, net	860,915		906,791
Other long-term assets	52,012		58,023
Total assets	$	2,410,845	$	2,718,944
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
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	—		—
Common stock	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


	Three Months Ended				Six Months Ended				Last Twelve Months
	June 30,				June 30,
(in thousands)	2026		2025		2026		2025		June 30, 2026
Net loss	$	(245,931)	$	(20,364)	$	(286,129)	$	(81,555)	$	(346,299)
Interest expense, net	43,721		45,326		87,308		90,873		177,182
Income tax (benefit) expense	(174)		(16,749)		1,619		2,840		(6,693)
Depreciation and amortization	38,262		36,806		76,783		74,166		155,255
Reported EBITDA	(164,122)		45,019		(120,419)		86,324		(20,555)
Impairment of goodwill	244,006		—		244,006		—		244,006
Loss from discontinued operations, net of tax	2,075		—		2,075		—		2,075
Transaction and integration costs	4,709		5,949		7,523		19,875		19,097
Severance costs	1,114		830		1,654		2,404		4,993
Change in Tax Receivable Agreement liability	(1,219)		6,864		15,488		6,864		6,878
Optimization project costs	152		691		152		1,722		20,840
Gain on disposition of business, net	(2,874)		—		(2,874)		—		(2,874)
Proforma savings	—		4,352		—		8,704		5,413
Proforma dispositions	1,078		953		1,498		864		612
Other	8,066		14,423		14,680		25,546		38,079
Consolidated EBITDA	$	92,985	$	79,081	$	163,783	$	152,303	$	318,564


000-22490
(Commission File Number)


	Three Months Ended
	June 30,
	2026		2025		% Change
Business days	64		64		—	%

Tonnage (1)
Total pounds	665,073		623,394		6.7	%
Pounds per day	10,392		9,741		6.7	%

Shipments (1)
Total shipments	749		739		1.4	%
Shipments per day	11.7		11.5		1.7	%

Weight per shipment	888		843		5.3	%

Revenue per hundredweight (2)	$	33.98	$	31.09	9.3	%
Revenue per hundredweight, ex fuel (2)	$	24.26	$	24.82	(2.3)	%

Revenue per shipment (2)	$	301.75	$	261.82	15.3	%
Revenue per shipment, ex fuel (2)	$	215.41	$	209.24	2.9	%


	Three Months Ended June 30,
	2026		% of Revenue		2025		% of Revenue		$ Change		% Change
Operating revenues:
Ground	$	132,854	39.2	%	$	155,430	47.3	%	$	(22,576)	(14.5)	%
Contract Logistics	112,332		33.2	%	97,469		29.7	%	14,863		15.2	%
Air and Ocean	93,361		27.6	%	75,417		23.0	%	17,944		23.8	%
Total operating revenues	338,547		100.0	%	328,316		100.0	%	10,231		3.1	%

Operating expenses:
Purchased transportation	190,166		56.2	%	185,040		56.4	%	5,126		2.8	%
Salaries, wages and employee benefits	62,226		18.4	%	61,584		18.8	%	642		1.0	%
Operating leases	27,466		8.1	%	25,686		7.8	%	1,780		6.9	%
Depreciation and amortization	23,878		7.1	%	22,419		6.8	%	1,459		6.5	%
Insurance and claims	276		0.1	%	1,248		0.4	%	(972)		(77.9)	%
Fuel expense	457		0.1	%	888		0.3	%	(431)		(48.5)	%
Other operating expenses	20,082		5.9	%	24,265		7.4	%	(4,183)		(17.2)	%
Impairment of goodwill	244,006		72.1	%	—		—	%	244,006		nm
Total operating expenses	568,557		167.9	%	321,130		97.8	%	247,427		77.0	%
Operating (loss) income	$	(230,010)	(67.9)	%	$	7,186	2.2	%	$	(237,196)	nm


	Three Months Ended
	June 30,
	2026		2025		% Change
Drayage shipments	61,909		62,313		(0.6)	%
Drayage revenue per shipment	$	942	$	862	9.3	%