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Side-by-side financial comparison of ASSOCIATED BANC-CORP (ASB) 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 $383.0M, roughly 1.6× ASSOCIATED BANC-CORP). ASSOCIATED BANC-CORP runs the higher net margin — 31.2% vs -4.5%, a 35.7% gap on every dollar of revenue. Over the past eight quarters, ASSOCIATED BANC-CORP's revenue compounded faster (9.1% CAGR vs 7.9%).
Associated Banc-Corp is a U.S. regional bank holding company providing retail banking, commercial banking, commercial real estate lending, private banking and specialized financial services. Headquartered in Green Bay, Wisconsin, Associated is a Midwest bank with from more than 220 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas.
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.
ASB vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $383.0M | $631.2M |
| Net Profit | $119.6M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | — | -0.5% |
| Net Margin | 31.2% | -4.5% |
| Revenue YoY | — | -0.3% |
| Net Profit YoY | 566.6% | 22.2% |
| EPS (diluted) | $0.70 | $-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.
| Q1 26 | $383.0M | — | ||
| Q4 25 | $310.0M | $631.2M | ||
| Q3 25 | $305.2M | $631.8M | ||
| Q2 25 | $300.0M | $618.8M | ||
| Q1 25 | $285.9M | $613.3M | ||
| Q4 24 | $270.3M | $632.8M | ||
| Q3 24 | $329.7M | $655.9M | ||
| Q2 24 | $321.8M | $643.7M |
| Q1 26 | $119.6M | — | ||
| Q4 25 | $137.1M | $-28.3M | ||
| Q3 25 | $124.7M | $-16.3M | ||
| Q2 25 | $111.2M | $-12.6M | ||
| Q1 25 | $101.7M | $-50.6M | ||
| Q4 24 | $-161.6M | $-36.4M | ||
| Q3 24 | $88.0M | $-73.4M | ||
| Q2 24 | $115.6M | $-645.4M |
| Q1 26 | — | — | ||
| Q4 25 | 52.6% | -0.5% | ||
| Q3 25 | 50.5% | 2.4% | ||
| Q2 25 | 46.5% | 3.2% | ||
| Q1 25 | 42.3% | 0.8% | ||
| Q4 24 | -65.8% | 12.0% | ||
| Q3 24 | 32.8% | 3.5% | ||
| Q2 24 | 32.0% | -170.2% |
| Q1 26 | 31.2% | — | ||
| Q4 25 | 44.2% | -4.5% | ||
| Q3 25 | 40.9% | -2.6% | ||
| Q2 25 | 37.1% | -2.0% | ||
| Q1 25 | 35.6% | -8.3% | ||
| Q4 24 | -59.8% | -5.8% | ||
| Q3 24 | 26.7% | -11.2% | ||
| Q2 24 | 35.9% | -100.3% |
| Q1 26 | $0.70 | — | ||
| Q4 25 | $0.80 | $-0.90 | ||
| Q3 25 | $0.73 | $-0.52 | ||
| Q2 25 | $0.65 | $-0.41 | ||
| Q1 25 | $0.59 | $-1.68 | ||
| Q4 24 | $-1.10 | $-1.69 | ||
| Q3 24 | $0.56 | $-2.66 | ||
| Q2 24 | $0.74 | $-23.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $5.0B | $113.3M |
| Total Assets | $45.6B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $106.0M | ||
| Q3 25 | — | $140.4M | ||
| Q2 25 | — | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $136.6M | ||
| Q2 24 | — | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $594.1M | $1.7B | ||
| Q2 25 | $593.5M | — | ||
| Q1 25 | $591.4M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $844.3M | — | ||
| Q2 24 | $536.1M | — |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $113.3M | ||
| Q3 25 | $4.9B | $139.8M | ||
| Q2 25 | $4.8B | $151.8M | ||
| Q1 25 | $4.7B | $154.6M | ||
| Q4 24 | $4.6B | $201.7M | ||
| Q3 24 | $4.4B | $226.1M | ||
| Q2 24 | $4.2B | $283.8M |
| Q1 26 | $45.6B | — | ||
| Q4 25 | $45.2B | $2.7B | ||
| Q3 25 | $44.5B | $2.8B | ||
| Q2 25 | $44.0B | $2.8B | ||
| Q1 25 | $43.3B | $2.8B | ||
| Q4 24 | $43.0B | $2.8B | ||
| Q3 24 | $42.2B | $3.1B | ||
| Q2 24 | $41.6B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.20× | 14.89× | ||
| Q3 25 | 0.12× | 12.05× | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.13× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASB
| Net Interest Income | $307.2M | 80% |
| Noninterest Income | $75.9M | 20% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
