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Forward Air FWRD Expedited Freight — Purchased transportation

Other segment segments

Omni Logistics
$190.17M+2.8%
Intermodal
$22.09M+10.2%

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Other financials

Income statement

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Revenue$673.0M+8.8%
Operating income-$201.3M-1,131%
Net income-$207.3M-1,547%
EPS (diluted)-$6.38-1,456%

Balance sheet

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Cash & equivalents$139.4M+46.3%
Total debt$2.1B-2.4%
Total equity-$115.4M-176%
Total assets$2.4B-12.7%

Cash flow

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Operating cash flow$45.7M+65.6%
CapEx$3.2M-32.3%
Free cash flow$38.8M+147%

Valuation

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Market cap$653.66M-27.1%
Enterprise value$2.62B-11.3%
P/S0.3×-0.1×

Profitability

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Gross margin48.7%
Operating margin-6.6%-8.5pp
Net margin-11.4%+21.6pp
FCF margin0.6%+0.3pp

Returns & leverage

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Return on equity-77.6%-25.2pp
Debt / equity26.5×+12.6×
Current ratio1.3×+0.1×

Where this comes from

Reported directly by Forward Air in its filing.

Tagged under the XBRL concept us-gaap:OperatingCostsAndExpenses.

The source filing: Forward Air’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 4:07 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-053329
Three Months Ended June 30, 2026Expedited FreightOmni LogisticsIntermodalCorporate and EliminationsTotal
Intersegment revenues43,2011,096(44,297)
Total consolidated revenues319,062338,54759,724(44,297)673,036
Less:
Purchased transportation167,936190,16622,087(44,297)335,892
Salaries, wages and employee benefits57,56862,22613,783(3,537)130,040
Operating leases16,41627,4666,10027050,252
Depreciation and amortization8,49523,8783,8822,00738,262
Insurance and claims10,0182761,7991,58513,678

Item 1. Financial Statements

FAQ

What is Forward Air's expedited freight — purchased transportation?
Forward Air (FWRD) reported expedited freight — purchased transportation of $167.94M in Q2 2026.
How has Forward Air's expedited freight — purchased transportation changed year-over-year?
Forward Air's expedited freight — purchased transportation increased by 34.9% year-over-year, from $124.45M to $167.94M.
What is the long-term trend for Forward Air's expedited freight — purchased transportation?
Over 3 years (2022 to 2025), Forward Air's expedited freight — purchased transportation has grown at a -7.7% compound annual growth rate (CAGR), from $624.99M to $491.92M.
What does expedited freight — purchased transportation mean?
This represents the costs incurred by the segment for utilizing third-party carriers or independent contractors to move freight. It is a key indicator of the company's asset-light strategy and reliance on external capacity to manage network volume.

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