Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 141,022 $ 105,996
Accounts receivable, less allowance of $4,609 in 2026 and $3,749 in 2025 330,699 343,559
Other receivables 3,077 6,147
Prepaid expenses 29,453 28,045
Other current assets 38,105 37,254
Total current assets 542,356 521,001
Property and equipment, net of accumulated depreciation and amortization of $348,946 in 2026 and $340,021in 2025 286,652 297,882
Operating lease right-of-use assets 402,712 412,535
Goodwill 522,712 522,712
Other acquired intangibles, net of accumulated amortization of $324,223 in 2026 and $301,453 in 2025 884,021 906,791
Other long-term assets 57,426 58,023
Total assets 2,695,879 2,718,944
Current liabilities:    
Accounts payable 103,693 121,752
Accrued expenses 133,142 114,422
Other current liabilities 76,937 69,130
Current portion of finance lease obligations 15,317 15,995
Current portion of operating lease liabilities 112,808 107,026
Total current liabilities 441,897 428,325
Finance lease obligations, less current portion 18,851 22,387
Long-term debt 1,690,253 1,687,248
Liabilities under tax receivable agreement 28,255 11,548
Operating lease liabilities, less current portion 313,153 327,011
Other long-term liabilities 56,221 53,540
Deferred income taxes 24,973 27,221
Shareholders' equity:    
Preferred stock, value 0 0
Common stock, $0.01 par value: Authorized shares - 50,000,000; issued and outstanding shares - 31,598,268 as of March 31, 2026 and 31,326,561 as of December 31, 2025 316 313
Additional paid-in capital 564,626 559,551
Accumulated deficit (482,911) (447,100)
Accumulated other comprehensive (loss) income (1,030) 580
Total Forward Air shareholders' equity 81,001 113,344
Noncontrolling interest 41,275 48,320
Total shareholders' equity 122,276 161,664
Total liabilities and shareholders' equity 2,695,879 2,718,944
Preferred Class B    
Shareholders' equity:    
Preferred stock, value $ 0 $ 0