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Side-by-side financial comparison of Axos Financial, Inc. (AX) 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 $392.2M, roughly 1.6× Axos Financial, Inc.). Axos Financial, Inc. runs the higher net margin — 31.8% vs -4.5%, a 36.3% gap on every dollar of revenue. Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (16.1% CAGR vs 7.9%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
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.
AX vs FWRD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $631.2M |
| Net Profit | $124.7M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | — | -0.5% |
| Net Margin | 31.8% | -4.5% |
| Revenue YoY | — | -0.3% |
| Net Profit YoY | 18.5% | 22.2% |
| EPS (diluted) | $2.15 | $-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 | $392.2M | — | ||
| Q4 25 | $385.1M | $631.2M | ||
| Q3 25 | $323.4M | $631.8M | ||
| Q2 25 | $321.4M | $618.8M | ||
| Q1 25 | $308.8M | $613.3M | ||
| Q4 24 | $307.9M | $632.8M | ||
| Q3 24 | $320.7M | $655.9M | ||
| Q2 24 | $290.9M | $643.7M |
| Q1 26 | $124.7M | — | ||
| Q4 25 | $128.4M | $-28.3M | ||
| Q3 25 | $112.4M | $-16.3M | ||
| Q2 25 | $110.7M | $-12.6M | ||
| Q1 25 | $105.2M | $-50.6M | ||
| Q4 24 | $104.7M | $-36.4M | ||
| Q3 24 | $112.3M | $-73.4M | ||
| Q2 24 | $104.9M | $-645.4M |
| Q1 26 | — | — | ||
| Q4 25 | 45.6% | -0.5% | ||
| Q3 25 | 46.3% | 2.4% | ||
| Q2 25 | 48.5% | 3.2% | ||
| Q1 25 | 47.9% | 0.8% | ||
| Q4 24 | 48.8% | 12.0% | ||
| Q3 24 | 49.6% | 3.5% | ||
| Q2 24 | 49.6% | -170.2% |
| Q1 26 | 31.8% | — | ||
| Q4 25 | 33.3% | -4.5% | ||
| Q3 25 | 34.7% | -2.6% | ||
| Q2 25 | 34.4% | -2.0% | ||
| Q1 25 | 34.1% | -8.3% | ||
| Q4 24 | 34.0% | -5.8% | ||
| Q3 24 | 35.0% | -11.2% | ||
| Q2 24 | 36.0% | -100.3% |
| Q1 26 | $2.15 | — | ||
| Q4 25 | $2.22 | $-0.90 | ||
| Q3 25 | $1.94 | $-0.52 | ||
| Q2 25 | $1.89 | $-0.41 | ||
| Q1 25 | $1.81 | $-1.68 | ||
| Q4 24 | $1.80 | $-1.69 | ||
| Q3 24 | $1.93 | $-2.66 | ||
| Q2 24 | $1.75 | $-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 | $3.1B | $113.3M |
| Total Assets | $29.2B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $106.0M | ||
| Q3 25 | $2.6B | $140.4M | ||
| Q2 25 | $1.9B | $95.1M | ||
| Q1 25 | $2.0B | $116.3M | ||
| Q4 24 | $2.4B | $104.9M | ||
| Q3 24 | $2.6B | $136.6M | ||
| Q2 24 | $2.0B | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | — | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $113.3M | ||
| Q3 25 | $2.8B | $139.8M | ||
| Q2 25 | $2.7B | $151.8M | ||
| Q1 25 | $2.6B | $154.6M | ||
| Q4 24 | $2.5B | $201.7M | ||
| Q3 24 | $2.4B | $226.1M | ||
| Q2 24 | $2.3B | $283.8M |
| Q1 26 | $29.2B | — | ||
| Q4 25 | $28.2B | $2.7B | ||
| Q3 25 | $27.4B | $2.8B | ||
| Q2 25 | $24.8B | $2.8B | ||
| Q1 25 | $24.0B | $2.8B | ||
| Q4 24 | $23.7B | $2.8B | ||
| Q3 24 | $23.6B | $3.1B | ||
| Q2 24 | $22.9B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
