v3.25.4
Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Property and Equipment
Property and equipment as of December 31, 2025 and 2024 consisted of the following:
December 31, 2025December 31, 2024
Land$26,517 $26,517 
Buildings and improvements95,855 95,801 
Equipment370,039 364,412 
Leasehold improvements86,768 68,459 
Computer software54,677 47,456 
Construction in progress4,047 16,398 
Total property and equipment637,903 619,043 
Less accumulated depreciation and amortization(340,021)(292,855)
Total property and equipment, net$297,882 $326,188 
Schedule of Goodwill
Changes in the carrying amount of goodwill during the years ended December 31, 2025, 2024 and 2023 are summarized as follows:
Expedited Freight
Omni Logistics
IntermodalConsolidated
Balance as of December 31, 2023$141,720 $— $136,986 $278,706 
Acquisition— 1,272,403 — 1,272,403 
Impairment — (1,028,397)— (1,028,397)
Balance as of December 31, 2024$141,720 $244,006 $136,986 $522,712 
Acquisition— — — — 
Impairment— — — — 
Balance as of December 31, 2025$141,720 $244,006 $136,986 $522,712 
Schedule of Weighted-Average Useful Life of Acquired Intangible Assets The acquired intangible assets have a weighted-average useful life as follows:
Intangible AssetsWeighted-Average Useful Life
Customer relationships14 years
Non-compete agreements4 years
Trade names5 years
The estimated useful life of Omni acquired intangible assets as of the acquisition date are summarized in the following table:
Years
Customer relationships14 years
Non-compete agreements4 years
Trademarks and other
5 years
Schedule of Finite-lived Intangible Assets Amortization Expense
Changes in the carrying amount of acquired intangible assets during 2025 and 2024 are summarized as follows:

Gross Carrying Amount
Customer Relationships1
Non-Compete AgreementsTrade NamesTotal
Balance as of December 31, 2023$253,914 $6,407 $1,500 $261,821 
Acquisition903,800 23,400 23,100 950,300 
Balance as of December 31, 2024$1,157,714 $29,807 $24,600 $1,212,121 
Expired agreements— (3,877)— (3,877)
Balance as of December 31, 2025$1,157,714 $25,930 $24,600 $1,208,244 
1Carrying value as of December 31, 2025, 2024, and 2023 is inclusive of $16,501 of accumulated impairment.

Accumulated Amortization
Customer RelationshipsNon-Compete AgreementsTrade NamesTotal
Balance as of December 31, 2023$118,993 $6,539 $1,500 $127,032 
Amortization expense74,926 6,712 4,235 85,873 
Balance as of December 31, 2024$193,919 $13,251 $5,735 $212,905 
Amortization expense80,489 7,316 4,620 92,425 
Expired agreements— (3,877)— (3,877)
Balance as of December 31, 2025$274,408 $16,690 $10,355 $301,453 
Schedule of Accrued Expenses
Accrued expenses as of December 31, 2025 and 2024 consisted of the following:
December 31, 2025December 31, 2024
Accrued payroll and related items$47,384 $54,313 
Insurance and claims accruals24,943 23,021 
Payables to Leased Capacity Providers12,170 11,493 
Accrued interest payable
29,925 31,009 
Accrued expenses$114,422 $119,836 
Schedule of Other Current Liabilities
Other current liabilities as of December 31, 2025 and 2024 consisted of the following:
December 31, 2025December 31, 2024
Tax liabilities
$4,382 $5,946 
Accrued legal and professional fees6,868 11,041 
Deferred revenue
13,184 9,899 
Other liabilities44,696 18,262 
Other current liabilities$69,130 $45,148 
Schedule of Net Income (Loss) per Share
A reconciliation of net (loss) income attributable to Forward Air and weighted-average common shares outstanding for purposes of calculating basic and diluted net income (loss) per share during the years ended December 31, 2025, 2024 and 2023 is as follows:
202520242023
Numerator:
Net (loss) income$(141,725)$(1,131,228)$167,351 
Less, net (loss) income from continuing operations attributable to noncontrolling interest(33,929)(314,259)— 
Less, (loss) income from discontinued operations net of tax— (6,387)124,548 
Adjustments to net (loss) income attributable to the Company — 26,552 — 
Net (loss) income attributable to Forward Air$(107,796)$(837,134)$42,803 
(Loss) income allocated to participating securities from continuing operations— — (220)
(Loss) income allocated to participating securities from discontinued operations— — (639)
(Loss) income allocated to participating securities— — (859)
Numerator for basic and diluted net (loss) income per share for continuing operations$(107,796)$(837,134)$42,583 
Numerator for basic and diluted net (loss) income per share for discontinued operations$— $(6,387)$123,909 
Denominator:
Denominator for basic net (loss) income per share - weighted-average number of common shares outstanding30,718 27,540 25,913 
Dilutive effect of stock awards— — 90 
Denominator for diluted net (loss) income per share - weighted-average number of common shares and common share equivalents outstanding30,718 27,540 26,003 
Basic net (loss) income per share:
    Continuing operations$(3.51)$(30.40)$1.64 
    Discontinued operations— (0.23)4.78 
Net (loss) income per basic share$(3.51)$(30.63)$6.42 
Diluted net (loss) income per share:
    Continuing operations$(3.51)$(30.40)$1.64 
    Discontinued operations— (0.23)4.77 
Net (loss) income per diluted share1
$(3.51)$(30.63)$6.40 
1 Rounding may impact summation of amounts.
Schedule of Anti-Dilutive Shares Not Included in Calculation of Net Income per Diluted Share
The number of shares that were not included in the calculation of net income (loss) per diluted share because to do so would have been anti-dilutive for the years ended December 31, 2025, 2024 and 2023 are as follows:
202520242023
Anti-dilutive stock options31 280 112 
Anti-dilutive performance shares490 5 18 
Anti-dilutive restricted shares and deferred stock units542 154 67 
Total anti-dilutive shares1,063 439 197