Quarterly ResultAug 5, 2026, 04:17 PM
Forward Air Reports $(241.6)M Net Loss, $244M Goodwill Impairment
AI Summary
Forward Air reported a significant net loss of $(241.6) million for the six months ended June 30, 2026, primarily driven by a $244.0 million non-cash goodwill impairment charge related to its Omni Logistics segment. The company's operating results shifted from a $24.3 million income in the prior year to a $(180.9) million loss. Total assets declined, while cash and cash equivalents saw an increase, and long-term debt remained stable. The impairment was triggered by anticipated decreased revenues from a major customer and a sustained stock price decrease.
Key Highlights
- Recorded a $244.0M non-cash goodwill impairment charge for Omni Logistics segment.
- Net loss attributable to Forward Air was $(241.6M) for six months ended June 30, 2026.
- Operating loss was $(180.9M) for six months ended June 30, 2026, compared to $24.3M operating income in 2025.
- Total assets decreased to $2.41B as of June 30, 2026, from $2.72B at December 31, 2025.
- Cash and cash equivalents increased to $139.4M from $106.0M.
- Long-term debt was $1.69B as of June 30, 2026, slightly up from $1.68B.
- Net cash provided by operating activities increased to $40.9M from $14.4M.
- Completed the sale of a business unit within Omni Logistics, recognizing a $3.6M gain.
Price Impact
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