Forward Air leaders are still considering a review of the company’s operations and whether a sale or merger could happen, executives said on an earnings call Monday.
The strategic alternative review, which began in early January, is progressing, CFO Jamie Pierson said, stressing that the company isn’t letting possible outcomes influence the fundamentals of the newly merged company.
If M&A were to occur, company leaders prefer that it not involve piecemeal sales of the business. Pierson said the value of the collective whole is greater than the sum of individual parts, but CEO Shawn Stewart suggested they weren’t ruling anything out.
“To unwind it, I think, would be value destructive, but there might be one that we would consider,” Stewart said.
Forward Air acquired Omni Logistics in January 2024 following a tumultuous process that involved a 2023 lawsuit from Omni to force the deal to close. The company posted a nearly $1 billion net loss from continuing operations in Q2 2024, driven almost entirely by the new Omni segment.
That hit made the financial challenges last quarter seem paltry. In Q2 2025, the transportation provider posted a net loss of nearly $20.4 million.
“We posted yet another solid quarter; even in this challenging environment, our team continues to deliver,” Stewart said in a news release, adding that the company is well positioned to improve earnings and cash flow once the market normalizes.
About 70% of the company's revenue comes from its ground transportation segment, covering expedited LTL, TL, brokerage services and other offerings. The merger is allowing synergy between Forward Air and Omni especially in that segment, and Stewart said the Omni sales team is benefitting from the larger organization with its product offerings now and can help drive growth.
“Not only is everybody laser-focused on their product value streams, but consistently on the Omni side really working on the synergy selling of all of our great products around the world, and that focus is really starting to take hold,” he said.
