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Forward Air FWRD Intermodal — Impairment of goodwill

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Expedited Freight
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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$487.34M-46.4%
Enterprise value$2.46B-17.4%
P/S0.2×-0.2×

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:GoodwillImpairmentLoss.

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
Balance as of December 31, 2025Expedited FreightOmni LogisticsIntermodalTotal
Goodwill$167,406$1,272,403$136,986$1,576,795
Accumulated impairment charges (1)(25,686)(1,028,397)(1,054,083)
Reported goodwill as of December 31, 2025141,720244,006136,986522,712
Impairment(244,006)(244,006)
Balance as of June 30, 2026
Goodwill$167,406$1,272,403$136,986$1,576,795
Accumulated impairment charges(25,686)(1,272,403)(1,298,089)
Reported goodwill as of June 30, 2026$141,720$136,986$278,706

Item 1. Financial Statements

FAQ

What is Forward Air's intermodal — impairment of goodwill?
Forward Air (FWRD) reported intermodal — impairment of goodwill of $0 in Q2 2026.
What does intermodal — impairment of goodwill mean?
A non-cash charge recognized when the carrying value of goodwill associated with the Intermodal segment exceeds its implied fair value. This indicates a potential decline in the long-term economic prospects or competitive advantage of the segment.

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