Forward Air

Q2 FY2026 EarningsQ2 FY26 results presented a significant mixed picture: record revenue of $673.0M beat the $633.1M consensus by 6.3%, yet GAAP EPS of -$6.33 missed the -$0.325 mean estimate by a wide margin due to a $244.0M non-cash goodwill impairment charge. Despite the accounting loss, operational momentum was strong, with the Expedited Freight segment delivering its best performance in 2.5 years and adjusted operating income of $42.7M exceeding the implied consensus for EBIT ($36.2M). Free cash flow of -$7.0M outperformed the -$8.0M floor expected by analysts, while robust liquidity of $401M provides a buffer for ongoing transformation.