Forward Air Reports Record Revenue Amid Significant Goodwill Impairment
On August 5, Forward Air (NASDAQ:FWRD) reported a record $673 million in second-quarter revenue, an increase of 8.8% compared to the same period last year. However, this achievement was overshadowed by a $244 million non-cash goodwill impairment charge related to its Omni Logistics segment, resulting in a $201 million operating loss for the quarter. Despite the impairment, Forward Air's core operations showed strong performance across all segments. Adjusted operating income reached $42.7 million—more than double from 2025—and consolidated EBITDA rose to $93 million, up by $14 million year-over-year. The Expedited Freight and Intermodal divisions both delivered their best results in recent quarters. The impairment significantly impacted the company's operating margin, dragging it down to -29.9% compared with 3.2% a year ago. While liquidity improved slightly at quarter-end, cash generation remains an issue as net cash used in operations and free cash flow are still negative but have shown improvement from prior-year levels.
Tickers: $FWRD
Topics: EBITDA growth goodwill impairment operating loss revenue