Forward Air Corporation filed its Form 10-Q for the quarterly period ended September 30, 2026 with the Securities and Exchange Commission on November 9, 2026, reporting a third-quarter net income attributable to the company of $11.379 million and a nine-month net loss attributable to the company of $230.240 million.

Key Highlights

  • Third-quarter operating revenues: $673.861 million for the three months ended September 30, 2026, compared to $631.763 million in the same period of 2025, according to the filing.
  • Third-quarter net income attributable to Forward Air: $11.379 million, or $0.34 per basic and diluted share, versus a net loss of $16.250 million, or $(0.52) per share, in the third quarter of 2025.
  • Goodwill impairment: The filing reported a $244.006 million impairment of goodwill recorded in the nine months ended September 30, 2026, with no comparable charge in the same period of 2025.
  • Nine-month net loss attributable to Forward Air: $(230.240) million, or $(7.06) per basic and diluted share, for the nine months ended September 30, 2026.
  • Total shareholders' deficit: Total shareholders' (deficit) equity stood at $(108.941) million as of September 30, 2026, compared to equity of $161.664 million as of December 31, 2025.
  • Long-term debt: $1.696511 billion as of September 30, 2026, per the condensed consolidated balance sheet.
  • Shares outstanding: As of November 4, 2026, there were 33,752,531 shares of common stock outstanding.

Forward Air Reports Return to Quarterly Profitability Amid Goodwill Impairment Charge

Forward Air Corporation (NASDAQ:FWRD) reported operating revenues of $673.861 million for the three months ended September 30, 2026, an increase from $631.763 million in the third quarter of 2025, according to the quarterly report. Total operating expenses for the quarter were $629.966 million, yielding operating income of $43.895 million, compared to operating income of $15.007 million in the year-ago period. Net income attributable to Forward Air for the quarter was $11.379 million, or $0.34 per basic and diluted share.

For the nine months ended September 30, 2026, the company disclosed operating revenues of $1.928943 billion versus $1.863888 billion in the same period of 2025. The filing reported total operating expenses of $2.065919 billion for the nine-month period, which included a $244.006 million goodwill impairment charge not present in the prior-year period. This contributed to an operating loss of $136.976 million and a net loss attributable to Forward Air of $230.240 million, or $(7.06) per basic and diluted share, for the nine months ended September 30, 2026. The nine-month results also included a loss from discontinued operations of $2.075 million, net of tax.

On the balance sheet as of September 30, 2026, the company reported total assets of $2.432484 billion, down from $2.718944 billion at December 31, 2025. The filing attributed part of the decline in total assets to goodwill falling to $278.706 million from $522.712 million at December 31, 2025. Cash and cash equivalents increased to $184.932 million from $105.996 million at year-end 2025. Long-term debt was reported at $1.696511 billion. Total shareholders' (deficit) equity was $(108.941) million as of September 30, 2026, compared to equity of $161.664 million at December 31, 2025. The accumulated deficit widened to $(679.001) million from $(447.100) million at December 31, 2025.

What Was Disclosed

Forward Air filed its unaudited quarterly report covering the period ended September 30, 2026, disclosing a return to profitability in the third quarter, a $244.006 million goodwill impairment charge recorded in the first nine months, a nine-month net loss attributable to the company of $230.240 million, and a total shareholders' deficit of $108.941 million.