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Forward Air FWRD Operating Income

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Segments

By segment

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Omni Logistics-$230.01M-3,301%
Expedited Freight$34.89M+79.0%
Intermodal$6.1M+38.2%

Other financials

Income statement

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Revenue$673.0M+8.8%
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-24.8%
Enterprise value$2.62B-10.6%
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:OperatingIncomeLoss.

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
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Other operating expenses55,57443,407111,16798,940
Impairment of goodwill244,006244,006
Total operating expenses874,348599,3221,435,9531,207,840
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), net1,569(6,656)(15,388)(6,552)

Item 1. Financial Statements

FAQ

What is Forward Air's operating income?
Forward Air (FWRD) reported operating income of -$201.31M in Q2 2026.
How has Forward Air's operating income changed year-over-year?
Forward Air's operating income decreased by 1131.2% year-over-year, from $19.52M to -$201.31M.
What is the long-term trend for Forward Air's operating income?
Over 4 years (2021 to 2025), Forward Air's operating income has grown at a -28.1% compound annual growth rate (CAGR), from $147.03M to $39.29M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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