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Side-by-side financial comparison of Allegiant Travel CO (ALGT) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $595.5M, roughly 1.1× Allegiant Travel CO). Allegiant Travel CO runs the higher net margin — 5.4% vs -4.5%, a 9.9% gap on every dollar of revenue. On growth, Allegiant Travel CO posted the faster year-over-year revenue change (7.6% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 1.3%).
Allegiant Air, styled as allegiant, is an American low-cost airline headquartered in Las Vegas, Nevada. The airline focuses on serving leisure traffic from small and medium-sized cities which it considers to be underserved, using an ultra low-cost business model with minimal inclusions in fares and a greater number of add-on fees.
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.
ALGT vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $595.5M | $631.2M |
| Net Profit | $31.9M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 11.2% | -0.5% |
| Net Margin | 5.4% | -4.5% |
| Revenue YoY | 7.6% | -0.3% |
| Net Profit YoY | 114.8% | 22.2% |
| EPS (diluted) | $1.82 | $-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 | $595.5M | $631.2M | ||
| Q3 25 | $494.1M | $631.8M | ||
| Q2 25 | $617.9M | $618.8M | ||
| Q1 25 | $616.8M | $613.3M | ||
| Q4 24 | $553.6M | $632.8M | ||
| Q3 24 | $489.0M | $655.9M | ||
| Q2 24 | $594.5M | $643.7M | ||
| Q1 24 | $579.9M | $541.8M |
| Q4 25 | $31.9M | $-28.3M | ||
| Q3 25 | $-43.6M | $-16.3M | ||
| Q2 25 | $-65.2M | $-12.6M | ||
| Q1 25 | $32.1M | $-50.6M | ||
| Q4 24 | $-216.2M | $-36.4M | ||
| Q3 24 | $-36.8M | $-73.4M | ||
| Q2 24 | $13.7M | $-645.4M | ||
| Q1 24 | $-919.0K | $-61.7M |
| Q4 25 | 11.2% | -0.5% | ||
| Q3 25 | -5.5% | 2.4% | ||
| Q2 25 | -10.9% | 3.2% | ||
| Q1 25 | 10.5% | 0.8% | ||
| Q4 24 | -47.7% | 12.0% | ||
| Q3 24 | -5.4% | 3.5% | ||
| Q2 24 | 5.9% | -170.2% | ||
| Q1 24 | 2.7% | -12.1% |
| Q4 25 | 5.4% | -4.5% | ||
| Q3 25 | -8.8% | -2.6% | ||
| Q2 25 | -10.5% | -2.0% | ||
| Q1 25 | 5.2% | -8.3% | ||
| Q4 24 | -39.1% | -5.8% | ||
| Q3 24 | -7.5% | -11.2% | ||
| Q2 24 | 2.3% | -100.3% | ||
| Q1 24 | -0.2% | -11.4% |
| Q4 25 | $1.82 | $-0.90 | ||
| Q3 25 | $-2.41 | $-0.52 | ||
| Q2 25 | $-3.62 | $-0.41 | ||
| Q1 25 | $1.73 | $-1.68 | ||
| Q4 24 | $-12.12 | $-1.69 | ||
| Q3 24 | $-2.05 | $-2.66 | ||
| Q2 24 | $0.75 | $-23.47 | ||
| Q1 24 | $-0.07 | $-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 | $805.7M | $106.0M |
| Total DebtLower is stronger | $1.7B | $1.7B |
| Stockholders' EquityBook value | $1.1B | $113.3M |
| Total Assets | $4.2B | $2.7B |
| Debt / EquityLower = less leverage | 1.60× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $805.7M | $106.0M | ||
| Q3 25 | $956.7M | $140.4M | ||
| Q2 25 | $842.8M | $95.1M | ||
| Q1 25 | $878.6M | $116.3M | ||
| Q4 24 | $781.1M | $104.9M | ||
| Q3 24 | $759.3M | $136.6M | ||
| Q2 24 | $791.9M | $84.9M | ||
| Q1 24 | $809.9M | $152.0M |
| Q4 25 | $1.7B | $1.7B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.8B | $1.7B |
| Q4 25 | $1.1B | $113.3M | ||
| Q3 25 | $1.0B | $139.8M | ||
| Q2 25 | $1.1B | $151.8M | ||
| Q1 25 | $1.1B | $154.6M | ||
| Q4 24 | $1.1B | $201.7M | ||
| Q3 24 | $1.3B | $226.1M | ||
| Q2 24 | $1.3B | $283.8M | ||
| Q1 24 | $1.3B | $926.1M |
| Q4 25 | $4.2B | $2.7B | ||
| Q3 25 | $4.4B | $2.8B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.5B | $2.8B | ||
| Q4 24 | $4.4B | $2.8B | ||
| Q3 24 | $4.8B | $3.1B | ||
| Q2 24 | $4.9B | $3.1B | ||
| Q1 24 | $4.9B | $4.0B |
| Q4 25 | 1.60× | 14.89× | ||
| Q3 25 | 1.76× | 12.05× | ||
| Q2 25 | 1.68× | — | ||
| Q1 25 | 1.57× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 1.30× | — | ||
| Q1 24 | 1.35× | 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 | $112.2M | — |
| Free Cash FlowOCF − Capex | $90.4M | — |
| FCF MarginFCF / Revenue | 15.2% | — |
| Capex IntensityCapex / Revenue | 3.7% | 1.3% |
| Cash ConversionOCF / Net Profit | 3.51× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $112.2M | — | ||
| Q3 25 | $-6.1M | $52.7M | ||
| Q2 25 | $92.2M | — | ||
| Q1 25 | $191.4M | $27.6M | ||
| Q4 24 | $84.4M | $-23.2M | ||
| Q3 24 | $17.3M | $51.2M | ||
| Q2 24 | $68.9M | $-45.2M | ||
| Q1 24 | $167.8M | $-51.7M |
| Q4 25 | $90.4M | — | ||
| Q3 25 | $-121.7M | $48.6M | ||
| Q2 25 | $-10.5M | — | ||
| Q1 25 | $116.9M | $15.7M | ||
| Q4 24 | $24.0M | $-30.5M | ||
| Q3 24 | $-28.7M | $40.7M | ||
| Q2 24 | $7.0M | $-59.6M | ||
| Q1 24 | $35.9M | $-56.7M |
| Q4 25 | 15.2% | — | ||
| Q3 25 | -24.6% | 7.7% | ||
| Q2 25 | -1.7% | — | ||
| Q1 25 | 19.0% | 2.6% | ||
| Q4 24 | 4.3% | -4.8% | ||
| Q3 24 | -5.9% | 6.2% | ||
| Q2 24 | 1.2% | -9.3% | ||
| Q1 24 | 6.2% | -10.5% |
| Q4 25 | 3.7% | 1.3% | ||
| Q3 25 | 23.4% | 0.7% | ||
| Q2 25 | 16.6% | 0.8% | ||
| Q1 25 | 12.1% | 1.9% | ||
| Q4 24 | 10.9% | 1.1% | ||
| Q3 24 | 9.4% | 1.6% | ||
| Q2 24 | 10.4% | 2.2% | ||
| Q1 24 | 22.7% | 0.9% |
| Q4 25 | 3.51× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 5.96× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.03× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALGT
| Airrelatedrevenue | $307.1M | 52% |
| Scheduled Service Revenue | $267.1M | 45% |
| Cobrand Revenue | $21.3M | 4% |
| Other | $1.0K | 0% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
