Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Operations and Comprehensive Loss

v3.25.3
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Operating revenue $ 631,763 $ 655,937 $ 1,863,888 $ 1,841,416
Operating expenses:        
Purchased transportation 316,390 332,469 923,952 931,072
Salaries, wages and employee benefits 131,909 133,516 419,314 406,382
Operating leases 52,150 48,810 150,448 133,871
Depreciation and amortization 37,748 25,893 111,914 106,321
Insurance and claims 12,719 17,382 43,261 44,961
Fuel expense 5,029 4,855 15,956 15,960
Other operating expenses 60,811 55,564 159,751 234,175
Impairment of goodwill 0 14,751 0 1,107,465
Total operating expenses 616,756 633,240 1,824,596 2,980,207
Income from continuing operations 15,007 22,697 39,292 (1,138,791)
Other income and expenses:        
Interest expense, net (44,775) (52,770) (135,648) (140,788)
Foreign exchange loss (539) (2,812) (6,114) (1,912)
Other income (expense), net 6,935 (11) 383 38
Total other expense (38,379) (55,593) (141,379) (142,662)
Loss from continuing operations before income taxes (23,372) (32,896) (102,087) (1,281,453)
Income tax (benefit) expense 385 1,302 3,225 (191,990)
Loss from continuing operations (23,757) (34,198) (105,312) (1,089,463)
Loss from discontinued operations, net of tax 0 (1,137) 0 (6,013)
Net loss (23,757) (35,335) (105,312) (1,095,476)
Net income (loss) attributable to noncontrolling interest (7,507) 38,073 (25,842) (314,923)
Net loss attributable to Forward Air $ (16,250) $ (73,408) $ (79,470) $ (780,553)
Basic and diluted net loss per share attributable to Forward Air:        
Continuing operations, basic (in dollars per share) $ (0.52) $ (2.62) $ (2.60) $ (28.73)
Continuing operations, diluted (in dollars per share) (0.52) (2.62) (2.60) (28.73)
Discontinued operations, basic (in dollars per share) 0 (0.04) 0 (0.22)
Discontinued operations, diluted (in dollars per share) 0 (0.04) 0 (0.22)
Net loss per basic share (in dollars per share) (0.52) (2.66) (2.60) (28.95)
Net loss per diluted share (in dollars per share) $ (0.52) $ (2.66) $ (2.60) $ (28.95)
Net loss $ (23,757) $ (35,335) $ (105,312) $ (1,095,476)
Other comprehensive loss:        
Foreign currency translation adjustments 30 176 4,856 (824)
Comprehensive loss (23,727) (35,159) (100,456) (1,096,300)
Comprehensive income (loss) attributable to noncontrolling interest (7,507) 38,073 (25,842) (314,923)
Comprehensive loss attributable to Forward Air $ (16,220) $ (73,232) $ (74,614) $ (781,377)