Forward Air (FWRD) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly operating revenue of $673 million, up 8.8% year-over-year, driven by Expedited Freight growth and improvements in Omni Logistics and Intermodal segments.

• Consolidated EBITDA reached $93 million, the highest in two and a half years, with margin at 13.8%.

• Operating loss of $201 million due to a $244 million non-cash goodwill impairment in Omni Logistics; adjusted operating income was $43 million, more than double last year.

• Significant progress on customer retention, with an MOU to retain up to 75% of a major customer's business.

• Completed sale of two non-core assets, streamlining operations and supporting deleveraging.

Financial highlights

• Q2 2026 operating revenues: $673 million, up $54.2 million year-over-year.

• Consolidated EBITDA: $93 million (13.8% margin), up from $79 million (12.8%) in Q2 2025.

• Expedited Freight revenue: $319 million (+23.8% YoY), EBITDA: $43 million (+45.3% YoY), margin: 13.6%.

• Omni Logistics revenue: $339 million (+3.1% YoY), EBITDA: $38 million (+27.9% YoY), margin: 11.2%.

• Intermodal revenue: $60 million (+1% YoY), EBITDA: $10 million (+12% YoY), margin: 16.7%.

Outlook and guidance

• Board continues to explore non-core asset sales, including Intermodal and Omni Logistics units, to optimize portfolio and reduce leverage.

• Customer transition expected to begin December 2026, with potential to retain 50-75% of prior service revenues.

• Strategic focus on sustainable growth, margin improvement, and deleveraging.

• Ongoing integration of Omni Logistics expected to drive further synergies and operational efficiencies.

• Freight market fundamentals are improving, with tightening capacity and constructive demand indicators.