--- title: "Forward Air | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 673.04 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295005870.md" datetime: "2026-08-05T20:03:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295005870.md) - [en](https://longbridge.com/en/news/295005870.md) - [zh-HK](https://longbridge.com/zh-HK/news/295005870.md) --- # Forward Air | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 673.04 M Revenue: As of FY2026 Q2, the actual value is USD 673.04 M, beating the estimate of USD 633.13 M. EPS: As of FY2026 Q2, the actual value is USD -6.38, missing the estimate of USD -0.325. EBIT: As of FY2026 Q2, the actual value is USD -201.31 M. Forward Air Corporation reported its financial results for the three months ended June 30, 2026, achieving its highest quarterly operating revenue in company history. The company’s liquidity remained robust at $401 million, consisting of $139 million in cash and $261 million of availability under its credit facility, an improvement of $33 million compared to the second quarter of 2025. ### Consolidated Financial Performance - **Operating Revenues**: $673,036 thousand, an 8.8% increase from $618,844 thousand in the prior year period. - **Operating (Loss) Income**: - $201,312 thousand, compared to $19,522 thousand in the prior year period. - **Operating Margin**: -29.9%, compared to 3.2% in the prior year period. - **Consolidated EBITDA**: $92,985 thousand, up 17.6% from $79,081 thousand in the prior year period. - **Adjusted Operating Income (Non-GAAP)**: $42,694 thousand, an increase of 118.7% from $19,522 thousand in the prior year period. - **Impairment of Goodwill**: A non-cash goodwill impairment charge of $244,006 thousand was included, related to the Omni Logistics segment. ### Cash Flow and Liquidity - **Net Cash (Used in) Provided by Operating Activities**: - $4,883 thousand, which is a 63.1% improvement compared to - $13,217 thousand in the prior year period. - **Free Cash Flow (Non-GAAP)**: - $6,971 thousand, a 59.4% improvement compared to - $17,157 thousand in the prior year period. - **Operating Cash Flow (2Q26)**: $46 million. - **Unlevered Free Cash Flow (2Q26)**: $46 million. - **Change in cash (2Q26)**: - $2 million, with debt service at $57 million. - **Operating Cash Flow (First Half 2026)**: $104 million, covering $80 million of debt service and growing cash by $33 million year-to-date. - **Cash Balance**: $139 million as of June 30, 2026, supplemented by $9 million net proceeds from the sale of a business. - **Liquidity**: Remained robust at $401 million in 2Q26. - **Net Debt**: $1,658 million, resulting in a Net Leverage Ratio of 5.2x with Consolidated LTM EBITDA of $319 million. - **Debt Maturities**: No long-term debt maturities until December 2030. ### Segment Performance #### Expedited Freight Segment - **Operating Revenues**: $319,062 thousand, a 23.8% increase from $257,696 thousand. - Network revenue: $225,971 thousand, up 16.6%. - Truckload revenue: $69,237 thousand, up 62.4%. - Other revenue: $23,854 thousand, up 12.4%. - **Operating Expenses**: $284,169 thousand, up 19.3% from $238,201 thousand. - **Operating Income**: $34,893 thousand, a 79.0% increase from $19,495 thousand, with an operating margin of 10.9%. - **Operating Ratio**: Improved by 3.4% to 89.1%. - **Reported EBITDA**: Increased by 45.3% to $43 million, with a Reported EBITDA Margin of 13.6%. - **Operational Metrics**: - Total pounds: 665,073 thousand, up 6.7%. - Pounds per day: 10,392 thousand, up 6.7%. - Total shipments: 749 thousand, up 1.4%. - Shipments per day: 11.7 thousand, up 1.7%. - Weight per shipment: 888, up 5.3%. - Revenue per hundredweight: $33.98, up 9.3%. - Revenue per shipment: $301.75, up 15.3%. - LTL Revenue per Shipment ex-fuel: $215, up 2.9%. - Claims ratio: Approximately 0.1%. #### Omni Logistics Segment - **Operating Revenues**: $338,547 thousand, a 3.1% increase from $328,316 thousand. - Ground revenue: $132,854 thousand, a -14.5% decrease. - Contract Logistics revenue: $112,332 thousand, up 15.2%. - Air and Ocean revenue: $93,361 thousand, up 23.8%. - **Operating Expenses**: $568,557 thousand, up 77.0% from $321,130 thousand, including the $244,006 thousand goodwill impairment. - **Operating (Loss) Income**: - $230,010 thousand, compared to $7,186 thousand in the prior year period. - **Adjusted Operating Income**: $14 million, compared to $7 million in 2Q25. - **Operating Ratio**: Improved by 1.9% to 95.9%. - **Reported EBITDA**: $38 million, a 27.9% increase from $30 million in 2Q25, with a Reported EBITDA Margin of 11.2%. #### Intermodal Segment - **Operating Revenues**: $59,724 thousand, a 1.0% increase from $59,146 thousand. - **Operating Expenses**: $53,623 thousand, a -2.0% decrease from $54,731 thousand. - **Operating Income**: $6,101 thousand, a 38.2% increase from $4,415 thousand, with an operating margin of 10.2%. - **Operating Ratio**: Improved by 2.8% to 89.8%. - **Reported EBITDA**: Increased by 12.0% to $10 million, with a Reported EBITDA Margin of 16.7%. - **Operational Metrics**: - Drayage shipments: 61,909, a -0.6% decrease. - Drayage revenue per shipment: $942, up 9.3%. ### Outlook/Guidance Management expressed satisfaction with the solid quarter, noting momentum from transformational efforts and an improving freight market. The company plans to continue executing its strategy to deliver sustainable, long-term value for stakeholders as market conditions improve. The Intermodal segment is anticipated to benefit from a strong pipeline and recently implemented strategic rate increases. ### Related Stocks - [FWRD.US](https://longbridge.com/en/quote/FWRD.US.md) ## Related News & Research - [Forward Air Q2 operating revenue rises, beats estimates but posts loss on impairment](https://longbridge.com/en/news/295007876.md) - [IAMGOLD Announces Closing of Sale of Its Interest in the Bambadji Joint Venture in Senegal | IAG Stock News](https://longbridge.com/en/news/295452220.md) - [Boeing sells eVTOL subsidiaries, takes stake in Archer](https://longbridge.com/en/news/295403367.md) - [We just had the busiest day for commercial air travel ever. 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