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Side-by-side financial comparison of Automatic Data Processing (ADP) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Automatic Data Processing is the larger business by last-quarter revenue ($5.4B vs $631.2M, roughly 8.5× FORWARD AIR CORP). Automatic Data Processing runs the higher net margin — 19.8% vs -4.5%, a 24.3% gap on every dollar of revenue. On growth, Automatic Data Processing posted the faster year-over-year revenue change (6.2% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 1.0%).
Automatic Data Processing, Inc. (ADP) is an American multinational provider of cloud-based human resources management, payroll processing, and professional employer organization (PEO) services, headquartered in Roseland, New Jersey.
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
ADP vs FWRD — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $631.2M |
| Net Profit | $1.1B | $-28.3M |
| Gross Margin | 46.1% | — |
| Operating Margin | 25.8% | -0.5% |
| Net Margin | 19.8% | -4.5% |
| Revenue YoY | 6.2% | -0.3% |
| Net Profit YoY | 10.3% | 22.2% |
| EPS (diluted) | $2.62 | $-0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.4B | $631.2M | ||
| Q3 25 | $5.2B | $631.8M | ||
| Q2 25 | $5.1B | $618.8M | ||
| Q1 25 | $5.6B | $613.3M | ||
| Q4 24 | $5.0B | $632.8M | ||
| Q3 24 | $4.8B | $655.9M | ||
| Q2 24 | $4.8B | $643.7M | ||
| Q1 24 | $5.3B | $541.8M |
| Q4 25 | $1.1B | $-28.3M | ||
| Q3 25 | $1.0B | $-16.3M | ||
| Q2 25 | $910.7M | $-12.6M | ||
| Q1 25 | $1.2B | $-50.6M | ||
| Q4 24 | $963.2M | $-36.4M | ||
| Q3 24 | $956.3M | $-73.4M | ||
| Q2 24 | $829.3M | $-645.4M | ||
| Q1 24 | $1.2B | $-61.7M |
| Q4 25 | 46.1% | — | ||
| Q3 25 | 45.2% | — | ||
| Q2 25 | 45.1% | — | ||
| Q1 25 | 47.7% | — | ||
| Q4 24 | 45.7% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 44.8% | — | ||
| Q1 24 | 47.3% | — |
| Q4 25 | 25.8% | -0.5% | ||
| Q3 25 | 25.3% | 2.4% | ||
| Q2 25 | 23.2% | 3.2% | ||
| Q1 25 | 29.2% | 0.8% | ||
| Q4 24 | 25.0% | 12.0% | ||
| Q3 24 | 25.6% | 3.5% | ||
| Q2 24 | 22.8% | -170.2% | ||
| Q1 24 | 29.4% | -12.1% |
| Q4 25 | 19.8% | -4.5% | ||
| Q3 25 | 19.6% | -2.6% | ||
| Q2 25 | 17.8% | -2.0% | ||
| Q1 25 | 22.5% | -8.3% | ||
| Q4 24 | 19.1% | -5.8% | ||
| Q3 24 | 19.8% | -11.2% | ||
| Q2 24 | 17.4% | -100.3% | ||
| Q1 24 | 22.6% | -11.4% |
| Q4 25 | $2.62 | $-0.90 | ||
| Q3 25 | $2.49 | $-0.52 | ||
| Q2 25 | $2.23 | $-0.41 | ||
| Q1 25 | $3.06 | $-1.68 | ||
| Q4 24 | $2.35 | $-1.69 | ||
| Q3 24 | $2.34 | $-2.66 | ||
| Q2 24 | $2.01 | $-23.47 | ||
| Q1 24 | $2.88 | $-2.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5B | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $6.4B | $113.3M |
| Total Assets | $84.6B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.5B | $106.0M | ||
| Q3 25 | $7.9B | $140.4M | ||
| Q2 25 | $7.8B | $95.1M | ||
| Q1 25 | $2.7B | $116.3M | ||
| Q4 24 | $2.2B | $104.9M | ||
| Q3 24 | $7.3B | $136.6M | ||
| Q2 24 | $3.3B | $84.9M | ||
| Q1 24 | $3.3B | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $6.4B | $113.3M | ||
| Q3 25 | $6.4B | $139.8M | ||
| Q2 25 | $6.2B | $151.8M | ||
| Q1 25 | $5.9B | $154.6M | ||
| Q4 24 | $5.1B | $201.7M | ||
| Q3 24 | $5.3B | $226.1M | ||
| Q2 24 | $4.5B | $283.8M | ||
| Q1 24 | $4.6B | $926.1M |
| Q4 25 | $84.6B | $2.7B | ||
| Q3 25 | $54.3B | $2.8B | ||
| Q2 25 | $53.4B | $2.8B | ||
| Q1 25 | $56.4B | $2.8B | ||
| Q4 24 | $64.1B | $2.8B | ||
| Q3 24 | $49.5B | $3.1B | ||
| Q2 24 | $54.4B | $3.1B | ||
| Q1 24 | $64.2B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1B | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 1.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $642.3M | $52.7M | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.5B | $27.6M | ||
| Q4 24 | $1.2B | $-23.2M | ||
| Q3 24 | $824.4M | $51.2M | ||
| Q2 24 | $1.3B | $-45.2M | ||
| Q1 24 | $1.5B | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 1.07× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 1.58× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | — | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 1.57× | — | ||
| Q1 24 | 1.26× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADP
| HCM | $2.2B | 42% |
| PEO Zero Margin Benefits Pass Throughs | $1.1B | 21% |
| HRO | $979.3M | 18% |
| Global | $709.3M | 13% |
| Interest On Funds Held For Clients | $308.6M | 6% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
