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FMR LLC reported passive ownership of common stock of Forward Air Corp. FMR LLC and Abigail P. Johnson are each listed as beneficial owners of 2,008,264.35 shares of common stock, representing 6.4% of the class. FMR LLC is reported to have sole voting power over 1,993,042 shares and sole dispositive power over 2,008,264.35 shares, with no shared voting or dispositive power. Abigail P. Johnson is shown with sole dispositive power over the same 2,008,264.35 shares but no voting power. One or more other persons have rights to receive dividends or sale proceeds from these securities, but no such person has an interest of more than five percent of the outstanding common stock.
Forward Air Corporation, an asset-light freight and logistics provider, generated Q2 2026 operating revenues of $673.0 million, up 8.8% year over year, led by higher tonnage and pricing in Expedited Freight and modest growth in Omni Logistics.
A non-cash $244.0 million goodwill impairment in Omni Logistics drove an operating loss of $201.3 million and a Q2 net loss attributable to Forward Air of $207.3 million, with a $241.6 million loss for the first half of 2026. Shareholders’ equity turned to a $122.7 million deficit; cash was $139.4 million, long‑term debt $1.69 billion, revolver availability $261 million, and operating cash flow for the half $40.9 million.
The company is executing a strategic review, including sales of two Omni Logistics business units, one closed in July 2026 for about $16.5 million with an expected $8–10 million gain, and is evaluating further non-core divestitures. Its largest customer contributed about 12% of 2026 year‑to‑date revenue; a July memorandum of understanding indicates Forward Air would retain roughly half, and potentially up to three‑quarters, of 2025 services revenue, with the remainder expected to transition to other suppliers beginning in December 2026.
Forward Air Corporation reported Q2 2026 results highlighted by record consolidated operating revenue of $673.0 million, up 8.8% year over year, and Consolidated EBITDA of $93.0 million, 17.6% higher than a year ago. Adjusted operating income excluding a goodwill impairment was $42.7 million, more than double Q2 2025.
GAAP results were dominated by a non-cash goodwill impairment charge of $244.0 million in the Omni Logistics segment, producing an operating loss of $201.3 million and net loss attributable to Forward Air of $207.3 million, or $6.38 per diluted share, versus a $0.41 loss per share a year earlier. Total shareholders’ equity moved to a deficit of $122.7 million from equity of $161.7 million at year end 2025.
The Expedited Freight segment posted revenue of $319.1 million, up 23.8%, and operating income of $34.9 million with a 10.9% margin, supported by higher tonnage and revenue per shipment. Omni Logistics grew revenue 3.1% to $338.5 million and, excluding impairment, delivered higher Reported EBITDA and margin. Intermodal revenue was stable at $59.7 million with operating income rising to $6.1 million and drayage revenue per shipment up 9.3%.
Liquidity was $401 million at June 30, 2026, including $139 million of cash and $261 million of availability under the credit facility. Last twelve months Consolidated EBITDA under the credit agreement was $318.6 million and net leverage stood at 5.2x.
Forward Air Corporation has a new Schedule 13G reporting group institutional ownership. FFI Fund Ltd., FYI Ltd., and Olifant Fund, Ltd., all Cayman Islands exempted companies, and Bracebridge Capital, LLC, a Delaware investment manager, report aggregate beneficial ownership of 1,608,505 shares of common stock. This represents approximately 5.1% of the company’s outstanding common stock, based on 31,625,046 shares outstanding as of April 29, 2026. FFI holds 1,127,575 shares (3.6%), FYI 238,032 shares (0.8%), and Olifant 242,898 shares (0.8%). The funds each retain voting and dispositive power over the shares they directly own, while Bracebridge, as investment manager, has shared voting and dispositive power over the full 1,608,505 shares and disclaims beneficial ownership except to the extent of its pecuniary interest.
Forward Air Corporation entered into a non-binding memorandum of understanding with one of its largest customers covering services the customer had planned to shift to other providers. This customer generated approximately $250 million of revenue for the fiscal year ended December 31, 2025.
Under the MOU, Forward Air expects to retain at least half of this business, with the potential to retain an additional approximate 25%, and the contract term for retained services is extended for no less than two years. Services expected to move to other providers are anticipated to begin transitioning later in 2026, with most changes occurring in December 2026 and through 2027, subject to negotiating a definitive agreement.
Forward Air Corporation reported leadership and compensation changes effective July 10, 2026. Jerome Lorrain resigned as Executive Chairman of the Board but will continue to serve as a member of the Board. His outstanding restricted stock awards were amended so that continued service as a director counts as “Service,” allowing those awards to remain outstanding and vest according to their original schedules while he remains on the Board.
Mr. Lorrain’s outstanding performance-based equity awards and a special one-time equity award tied to goals relating to the company’s ongoing strategic review were not amended and will be forfeited as of the effective date due to his cessation of service as Executive Chairman. He also did not receive an annual equity award for 2026 under the non-employee director compensation program, and no other compensatory arrangements were made in connection with his transition. The Board appointed current director Christine M. Gorjanc as independent Chair of the Board, and the company states her appointment was not made pursuant to any arrangement with another person and that there are no related-party transactions requiring disclosure.
BlackRock, Inc. amended its Schedule 13G to report beneficial ownership of 1,698,107 shares of Forward Air Corp, representing 5.4% of the class as of 06/30/2026. The filing shows sole voting power over 1,659,854 shares and sole dispositive power over 1,698,107 shares; the amendment was signed 07/08/2026.
FORWARD AIR CORP filed an initial ownership report for executive Zhu Yanqing, President, Asia Pacific. The filing shows beneficial ownership of 4,950 unvested restricted stock awards (RSAs) of common stock. These RSAs vest in three equal annual installments on each anniversary of the grant date, contingent on Zhu’s continued service to the company.
FORWARD AIR CORP executive reports existing equity stake. President, LATAM, Fabio de Moraes Mendunekas reports beneficial ownership of 7,005 shares of common stock in the form of unvested restricted stock awards. These awards vest in three equal annual installments on each grant-date anniversary, contingent on continued service.
FORWARD AIR CORP executive Jonathan Van Altena, President, Europe, has filed an initial ownership report showing beneficial ownership of 6,231 shares of Common Stock through unvested restricted stock awards (RSAs).
The 6,231 RSAs vest in three equal annual installments on each grant-date anniversary, as long as he continues to serve the company through each vesting date. The filing does not report any stock purchases or sales; it simply records his existing equity-based compensation.