Forward Air Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024


Year Ended December 31, 2024	Expedited Freight		Omni Logistics		Intermodal		Corporate		Consolidated
External revenues	$	1,044,938	$	1,196,841	$	232,319	$	164	$	2,474,262
Intersegment revenues	70,225		—		513		—		70,738
	1,115,163		1,196,841		232,832		164		2,545,000

Reconciliation of revenue
Elimination of intersegmental revenues									(70,738)
Total consolidated revenues									$	2,474,262

Less:
Purchase transportation	546,458		701,035		73,814		—
Salaries, wages and employee benefits	242,411		215,518		58,714		19,764
Operating leases	63,398		96,500		21,599		699
Depreciation and amortization	41,858		83,542		18,440		139
Insurance and claims	43,716		12,297		10,251		(1,582)
Fuel expense	9,733		3,149		8,578		—
Other operating expenses	99,638		101,206		22,511		86,153
Impairment of goodwill	—		1,028,397		—		—
Segment profit (loss)	67,951		(1,044,803)		18,925		(105,009)		(1,062,936)

Reconciliation of segment profit or loss
Interest expense, net									189,215
Foreign exchange loss (gain)									(1,093)
Other operations									(1,226)

Loss before income taxes									$	(1,249,832)


Year Ended December 31, 2023	Expedited Freight		Intermodal		Corporate		Consolidated
External revenues	$	1,096,810	$	273,925	$	—	$	1,370,735
Intersegment revenues	148		118		—		266
	1,096,958		274,043		—		1,371,001

Reconciliation of revenue
Elimination of intersegmental revenues							(266)
Total consolidated revenues							$	1,370,735

Less:
Purchase transportation	511,254		74,941		—
Salaries, wages and employee benefits	226,528		66,925		(5,621)
Operating leases	61,728		25,685		—
Depreciation and amortization	37,414		19,991		—
Insurance and claims	38,294		10,320		1,519
Fuel expense	10,884		11,121		—
Other operating expenses	94,545		39,733		57,530

Segment profit (loss)	116,311		25,327		(53,428)		88,210

Reconciliation of segment profit or loss
Interest expense, net							(31,571)
Foreign exchange loss (gain)							—
Other operations							—

Income before income taxes							$	56,639


Year Ended December 31, 2022	Expedited Freight		Intermodal		Corporate		Consolidated
External revenues	$	1,259,936	$	419,698	$	—	$	1,679,634
Intersegment revenues	185		20		—		205
	1,260,121		419,718		—		1,679,839

Reconciliation of revenue
Elimination of intersegmental revenues							(205)
Total consolidated revenues							1,679,839
							$	1,679,634
Less:
Purchase transportation	624,994		105,656		34
Salaries, wages and employee benefits	233,876		73,406		4,523
Operating leases	53,339		31,950		(1)
Depreciation and amortization	27,058		15,393		(101)
Insurance and claims	33,924		9,087		(4,468)
Fuel expense	10,962		15,993		—
Other operating expenses	83,385		111,359		(1,853)

Segment profit (loss)	192,583		56,874		(1,866)		247,591

Reconciliation of segment profit or loss
Interest expense, net							(5,138)
Foreign exchange loss (gain)							—
Other operations							—

Income before income taxes							$	242,453

Revenue from the individual services within the Expedited Freight segment for the years ended December 31, 2024, 2023 and 2022 were as follows:

Assets from each segment for the years ended December 31, 2024, 2023 were as follows: