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Side-by-side financial comparison of Arhaus, Inc. (ARHS) 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 $364.8M, roughly 1.7× Arhaus, Inc.). Arhaus, Inc. runs the higher net margin — 4.1% vs -4.5%, a 8.6% gap on every dollar of revenue. On growth, Arhaus, Inc. posted the faster year-over-year revenue change (5.1% vs -0.3%). Over the past eight quarters, Arhaus, Inc.'s revenue compounded faster (11.2% CAGR vs 7.9%).
Arhaus, Inc.ARHSEarnings & Financial Report
Arhaus, Inc. is an upscale American home furnishings company headquartered in Boston Heights, Ohio. Founded in 1986 with a focus on sustainability and artisanship in product quality, Arhaus provides a diversified assortment of specialty goods and services addressing omnichannel direct-to-consumer and business-to-business residential and commercial operations.
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.
ARHS vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $364.8M | $631.2M |
| Net Profit | $15.1M | $-28.3M |
| Gross Margin | 38.1% | — |
| Operating Margin | 5.6% | -0.5% |
| Net Margin | 4.1% | -4.5% |
| Revenue YoY | 5.1% | -0.3% |
| Net Profit YoY | -29.1% | 22.2% |
| EPS (diluted) | $0.11 | $-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 | $364.8M | $631.2M | ||
| Q3 25 | $344.6M | $631.8M | ||
| Q2 25 | $358.4M | $618.8M | ||
| Q1 25 | $311.4M | $613.3M | ||
| Q4 24 | $347.0M | $632.8M | ||
| Q3 24 | $319.1M | $655.9M | ||
| Q2 24 | $309.8M | $643.7M | ||
| Q1 24 | $295.2M | $541.8M |
| Q4 25 | $15.1M | $-28.3M | ||
| Q3 25 | $12.2M | $-16.3M | ||
| Q2 25 | $35.1M | $-12.6M | ||
| Q1 25 | $4.9M | $-50.6M | ||
| Q4 24 | $21.3M | $-36.4M | ||
| Q3 24 | $9.9M | $-73.4M | ||
| Q2 24 | $22.2M | $-645.4M | ||
| Q1 24 | $15.1M | $-61.7M |
| Q4 25 | 38.1% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 41.4% | — | ||
| Q1 25 | 37.1% | — | ||
| Q4 24 | 40.0% | — | ||
| Q3 24 | 38.6% | — | ||
| Q2 24 | 40.1% | — | ||
| Q1 24 | 39.0% | — |
| Q4 25 | 5.6% | -0.5% | ||
| Q3 25 | 4.8% | 2.4% | ||
| Q2 25 | 13.0% | 3.2% | ||
| Q1 25 | 1.7% | 0.8% | ||
| Q4 24 | 8.2% | 12.0% | ||
| Q3 24 | 3.3% | 3.5% | ||
| Q2 24 | 9.5% | -170.2% | ||
| Q1 24 | 6.2% | -12.1% |
| Q4 25 | 4.1% | -4.5% | ||
| Q3 25 | 3.5% | -2.6% | ||
| Q2 25 | 9.8% | -2.0% | ||
| Q1 25 | 1.6% | -8.3% | ||
| Q4 24 | 6.1% | -5.8% | ||
| Q3 24 | 3.1% | -11.2% | ||
| Q2 24 | 7.2% | -100.3% | ||
| Q1 24 | 5.1% | -11.4% |
| Q4 25 | $0.11 | $-0.90 | ||
| Q3 25 | $0.09 | $-0.52 | ||
| Q2 25 | $0.25 | $-0.41 | ||
| Q1 25 | $0.03 | $-1.68 | ||
| Q4 24 | $0.15 | $-1.69 | ||
| Q3 24 | $0.07 | $-2.66 | ||
| Q2 24 | $0.16 | $-23.47 | ||
| Q1 24 | $0.11 | $-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 | $253.4M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $418.2M | $113.3M |
| Total Assets | $1.4B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $253.4M | $106.0M | ||
| Q3 25 | $262.2M | $140.4M | ||
| Q2 25 | $234.8M | $95.1M | ||
| Q1 25 | $214.4M | $116.3M | ||
| Q4 24 | $197.5M | $104.9M | ||
| Q3 24 | $177.7M | $136.6M | ||
| Q2 24 | $174.2M | $84.9M | ||
| Q1 24 | $233.2M | $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 | $418.2M | $113.3M | ||
| Q3 25 | $400.4M | $139.8M | ||
| Q2 25 | $385.6M | $151.8M | ||
| Q1 25 | $348.8M | $154.6M | ||
| Q4 24 | $343.7M | $201.7M | ||
| Q3 24 | $320.6M | $226.1M | ||
| Q2 24 | $309.3M | $283.8M | ||
| Q1 24 | $285.6M | $926.1M |
| Q4 25 | $1.4B | $2.7B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.3B | $2.8B | ||
| Q1 25 | $1.3B | $2.8B | ||
| Q4 24 | $1.2B | $2.8B | ||
| Q3 24 | $1.2B | $3.1B | ||
| Q2 24 | $1.2B | $3.1B | ||
| Q1 24 | $1.2B | $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 | $9.3M | — |
| Free Cash FlowOCF − Capex | $-8.8M | — |
| FCF MarginFCF / Revenue | -2.4% | — |
| Capex IntensityCapex / Revenue | 5.0% | 1.3% |
| Cash ConversionOCF / Net Profit | 0.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.3M | — | ||
| Q3 25 | $46.1M | $52.7M | ||
| Q2 25 | $34.9M | — | ||
| Q1 25 | $46.5M | $27.6M | ||
| Q4 24 | $31.7M | $-23.2M | ||
| Q3 24 | $31.1M | $51.2M | ||
| Q2 24 | $47.5M | $-45.2M | ||
| Q1 24 | $36.8M | $-51.7M |
| Q4 25 | $-8.8M | — | ||
| Q3 25 | $28.0M | $48.6M | ||
| Q2 25 | $20.9M | — | ||
| Q1 25 | $18.9M | $15.7M | ||
| Q4 24 | $13.0M | $-30.5M | ||
| Q3 24 | $4.6M | $40.7M | ||
| Q2 24 | $11.3M | $-59.6M | ||
| Q1 24 | $10.9M | $-56.7M |
| Q4 25 | -2.4% | — | ||
| Q3 25 | 8.1% | 7.7% | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 6.1% | 2.6% | ||
| Q4 24 | 3.7% | -4.8% | ||
| Q3 24 | 1.4% | 6.2% | ||
| Q2 24 | 3.6% | -9.3% | ||
| Q1 24 | 3.7% | -10.5% |
| Q4 25 | 5.0% | 1.3% | ||
| Q3 25 | 5.3% | 0.7% | ||
| Q2 25 | 3.9% | 0.8% | ||
| Q1 25 | 8.9% | 1.9% | ||
| Q4 24 | 5.4% | 1.1% | ||
| Q3 24 | 8.3% | 1.6% | ||
| Q2 24 | 11.7% | 2.2% | ||
| Q1 24 | 8.8% | 0.9% |
| Q4 25 | 0.62× | — | ||
| Q3 25 | 3.77× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 9.53× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 3.14× | — | ||
| Q2 24 | 2.14× | — | ||
| Q1 24 | 2.44× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
