What is Forward Air's intermodal — operating leases?

Forward Air (FWRD) reported intermodal — operating leases of $6.1M in Q2 2026.

What does intermodal — operating leases mean?

This represents the total financial obligation associated with operating leases for assets such as equipment or facilities dedicated to the Intermodal segment. It reflects the company's reliance on leased versus owned assets to maintain its intermodal network capacity. Analyzing this metric provides insight into the segment's fixed cost structure and off-balance sheet financing commitments.

Forward Air (FWRD) Intermodal — Operating leases

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Other segment segments

Expedited Freight

$16.42M-5.4%

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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:OperatingLeaseExpense.

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, 2026	Expedited Freight	Omni Logistics	Intermodal	Corporate and Eliminations	Total
Less:
Purchased transportation	167,936	190,166	22,087	(44,297)	335,892
Salaries, wages and employee benefits	57,568	62,226	13,783	(3,537)	130,040
Operating leases	16,416	27,466	6,100	270	50,252
Depreciation and amortization	8,495	23,878	3,882	2,007	38,262
Insurance and claims	10,018	276	1,799	1,585	13,678
Fuel expense	3,668	457	2,541	(22)	6,644
Other operating expenses	20,068	20,082	3,431	11,993	55,574

Item 1. Financial Statements

FAQ

What is Forward Air's intermodal — operating leases?: Forward Air (FWRD) reported intermodal — operating leases of $6.1M in Q2 2026.
What does intermodal — operating leases mean?: This represents the total financial obligation associated with operating leases for assets such as equipment or facilities dedicated to the Intermodal segment. It reflects the company's reliance on leased versus owned assets to maintain its intermodal network capacity. Analyzing this metric provides insight into the segment's fixed cost structure and off-balance sheet financing commitments.