Forward Air’s (FWRD) Record Revenue Comes With a Massive Asterisk
Forward Air (FWRD) reported record Q2 revenue of $673M, up 8.8% YoY, but posted a $201M operating loss due to a $244M goodwill impairment in its Omni Logistics segment. Adjusted operating income doubled to $42.7M, and EBITDA improved by $14M YoY. All segments showed growth, with liquidity increasing to $401M. The impairment reduced operating margin to -29.9%, and net loss widened to $243.9M. Free cash flow remained negative at -$7M.


