Forward Air Corporation Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Segment Reporting (Tables)

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment results from operations for the three months ended March 31, 2026 and 2025 are as follows:


For the Three Months Ended March 31, 2026	Expedited Freight		Omni Logistics		Intermodal		Corporate		Consolidated
External revenues	$	227,173	$	302,418	$	52,455	$	—	$	582,046
Intersegment revenues	45,534		—		637		—		46,171
	272,707		302,418		53,092		—		628,217

Reconciliation of revenue
Elimination of intersegmental revenues									(46,171)
Total consolidated revenues									$	582,046

Less:
Purchased transportation	141,683		168,923		19,342		—
Salaries, wages and employee benefits	55,650		53,396		13,663		(7,133)
Operating leases	15,528		27,702		5,781		702
Depreciation and amortization	8,312		24,491		4,153		1,565
Insurance and claims	10,160		468		2,771		99
Fuel expense	2,053		504		2,370		—
Other operating expenses	19,275		26,204		3,788		6,326

Segment profit (loss)	20,046		730		1,224		(1,559)		20,441

Reconciliation of segment profit or loss
Interest expense, net									(43,587)
Foreign exchange gain (loss)									1,698
Other (expense) income, net									(16,957)
Loss before income taxes									$	(38,405)


For the Three Months Ended March 31, 2025	Expedited Freight		Omni Logistics		Intermodal		Corporate		Consolidated
External revenues	$	227,196	$	323,470	$	62,473	$	142	$	613,281
Intersegment revenues	22,185		—		19		—		22,204
	249,381		323,470		62,492		142		635,485

Reconciliation of revenue
Elimination of intersegmental revenues									(22,204)
Total consolidated revenues									$	613,281

Less:
Purchased transportation	120,680		185,734		20,176		(124)
Salaries, wages and employee benefits	52,577		56,783		15,931		16,624
Operating leases	15,433		27,090		5,778		491
Depreciation and amortization	10,379		22,230		4,720		31
Insurance and claims	10,308		2,615		2,791		(707)
Fuel expense	2,471		1,017		2,155		6
Other operating expenses	21,899		24,626		5,399		3,609
Segment profit (loss)	15,634		3,375		5,542		(19,788)		4,763

Reconciliation of segment profit or loss
Interest expense, net									(45,547)
Foreign exchange gain (loss)									(922)
Other (expense) income, net									104

Loss before income taxes									$	(41,602)

Disaggregated external revenues by segment for the three months ended March 31, 2026 and 2025 are as follows:


For the Three Months Ended March 31, 2026	Expedited Freight		Omni Logistics		Intermodal		Consolidated
Ground	$	227,173	$	135,987	$	—	$	363,160
Contract Logistics	—		104,166		—		104,166
Air and Ocean	—		62,265		—		62,265
Intermodal	—		—		52,455		52,455
Total operating revenues	$	227,173	$	302,418	$	52,455	$	582,046

For the Three Months Ended March 31, 2025	Expedited Freight		Omni Logistics		Intermodal		Corporate		Consolidated
Ground	$	227,196	$	172,094	$	—	$	142	$	399,432
Contract Logistics	—		80,128		—		—		80,128
Air and Ocean	—		71,248		—		—		71,248
Intermodal	—		—		62,473		—		62,473
Total operating revenues	$	227,196	$	323,470	$	62,473	$	142	$	613,281

Operating revenues from the individual services within the Expedited Freight segment are further sub-disaggregated for the three months ended March 31, 2026 and 2025 in the table below:


	Three Months Ended
	March 31, 2026		March 31, 2025
Operating revenues:
Network1	$	188,177	$	190,162
Truckload	62,544		39,255
Other	21,986		19,964
Total operating revenues	$	272,707	$	249,381

1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.