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Side-by-side financial comparison of Axon Enterprise (AXON) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $631.2M, roughly 1.3× FORWARD AIR CORP). Axon Enterprise runs the higher net margin — 0.3% vs -4.5%, a 4.8% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs -0.3%). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 7.9%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
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.
AXON vs FWRD — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $631.2M |
| Net Profit | $2.7M | $-28.3M |
| Gross Margin | 57.9% | — |
| Operating Margin | -6.3% | -0.5% |
| Net Margin | 0.3% | -4.5% |
| Revenue YoY | 38.9% | -0.3% |
| Net Profit YoY | -98.0% | 22.2% |
| EPS (diluted) | $0.02 | $-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 | $796.7M | $631.2M | ||
| Q3 25 | $710.6M | $631.8M | ||
| Q2 25 | $668.5M | $618.8M | ||
| Q1 25 | $603.6M | $613.3M | ||
| Q4 24 | $573.4M | $632.8M | ||
| Q3 24 | $544.3M | $655.9M | ||
| Q2 24 | $504.1M | $643.7M | ||
| Q1 24 | $460.7M | $541.8M |
| Q4 25 | $2.7M | $-28.3M | ||
| Q3 25 | $-2.2M | $-16.3M | ||
| Q2 25 | $36.1M | $-12.6M | ||
| Q1 25 | $88.0M | $-50.6M | ||
| Q4 24 | $136.0M | $-36.4M | ||
| Q3 24 | $67.0M | $-73.4M | ||
| Q2 24 | $40.8M | $-645.4M | ||
| Q1 24 | $133.2M | $-61.7M |
| Q4 25 | 57.9% | — | ||
| Q3 25 | 60.1% | — | ||
| Q2 25 | 60.4% | — | ||
| Q1 25 | 60.6% | — | ||
| Q4 24 | 60.5% | — | ||
| Q3 24 | 60.8% | — | ||
| Q2 24 | 60.3% | — | ||
| Q1 24 | 56.4% | — |
| Q4 25 | -6.3% | -0.5% | ||
| Q3 25 | -0.3% | 2.4% | ||
| Q2 25 | -0.2% | 3.2% | ||
| Q1 25 | -1.5% | 0.8% | ||
| Q4 24 | -2.6% | 12.0% | ||
| Q3 24 | 4.4% | 3.5% | ||
| Q2 24 | 6.5% | -170.2% | ||
| Q1 24 | 3.5% | -12.1% |
| Q4 25 | 0.3% | -4.5% | ||
| Q3 25 | -0.3% | -2.6% | ||
| Q2 25 | 5.4% | -2.0% | ||
| Q1 25 | 14.6% | -8.3% | ||
| Q4 24 | 23.7% | -5.8% | ||
| Q3 24 | 12.3% | -11.2% | ||
| Q2 24 | 8.1% | -100.3% | ||
| Q1 24 | 28.9% | -11.4% |
| Q4 25 | $0.02 | $-0.90 | ||
| Q3 25 | $-0.03 | $-0.52 | ||
| Q2 25 | $0.44 | $-0.41 | ||
| Q1 25 | $1.08 | $-1.68 | ||
| Q4 24 | $1.68 | $-1.69 | ||
| Q3 24 | $0.86 | $-2.66 | ||
| Q2 24 | $0.53 | $-23.47 | ||
| Q1 24 | $1.73 | $-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 | $1.7B | $106.0M |
| Total DebtLower is stronger | $1.8B | $1.7B |
| Stockholders' EquityBook value | $3.2B | $113.3M |
| Total Assets | $7.0B | $2.7B |
| Debt / EquityLower = less leverage | 0.56× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $106.0M | ||
| Q3 25 | $2.4B | $140.4M | ||
| Q2 25 | $2.1B | $95.1M | ||
| Q1 25 | $2.2B | $116.3M | ||
| Q4 24 | $788.1M | $104.9M | ||
| Q3 24 | $1.0B | $136.6M | ||
| Q2 24 | $968.9M | $84.9M | ||
| Q1 24 | $964.1M | $152.0M |
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $680.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $3.2B | $113.3M | ||
| Q3 25 | $3.0B | $139.8M | ||
| Q2 25 | $2.7B | $151.8M | ||
| Q1 25 | $2.6B | $154.6M | ||
| Q4 24 | $2.3B | $201.7M | ||
| Q3 24 | $2.1B | $226.1M | ||
| Q2 24 | $1.9B | $283.8M | ||
| Q1 24 | $1.8B | $926.1M |
| Q4 25 | $7.0B | $2.7B | ||
| Q3 25 | $6.7B | $2.8B | ||
| Q2 25 | $6.2B | $2.8B | ||
| Q1 25 | $6.1B | $2.8B | ||
| Q4 24 | $4.5B | $2.8B | ||
| Q3 24 | $4.0B | $3.1B | ||
| Q2 24 | $3.7B | $3.1B | ||
| Q1 24 | $3.6B | $4.0B |
| Q4 25 | 0.56× | 14.89× | ||
| Q3 25 | 0.66× | 12.05× | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | — | ||
| 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 | $217.2M | — |
| Free Cash FlowOCF − Capex | $155.4M | — |
| FCF MarginFCF / Revenue | 19.5% | — |
| Capex IntensityCapex / Revenue | 7.8% | 1.3% |
| Cash ConversionOCF / Net Profit | 79.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | — | ||
| Q3 25 | $60.0M | $52.7M | ||
| Q2 25 | $-91.7M | — | ||
| Q1 25 | $25.8M | $27.6M | ||
| Q4 24 | $250.2M | $-23.2M | ||
| Q3 24 | $91.3M | $51.2M | ||
| Q2 24 | $82.8M | $-45.2M | ||
| Q1 24 | $-15.9M | $-51.7M |
| Q4 25 | $155.4M | — | ||
| Q3 25 | $33.4M | $48.6M | ||
| Q2 25 | $-114.7M | — | ||
| Q1 25 | $932.0K | $15.7M | ||
| Q4 24 | $225.4M | $-30.5M | ||
| Q3 24 | $64.8M | $40.7M | ||
| Q2 24 | $71.4M | $-59.6M | ||
| Q1 24 | $-32.1M | $-56.7M |
| Q4 25 | 19.5% | — | ||
| Q3 25 | 4.7% | 7.7% | ||
| Q2 25 | -17.2% | — | ||
| Q1 25 | 0.2% | 2.6% | ||
| Q4 24 | 39.3% | -4.8% | ||
| Q3 24 | 11.9% | 6.2% | ||
| Q2 24 | 14.2% | -9.3% | ||
| Q1 24 | -7.0% | -10.5% |
| Q4 25 | 7.8% | 1.3% | ||
| Q3 25 | 3.7% | 0.7% | ||
| Q2 25 | 3.4% | 0.8% | ||
| Q1 25 | 4.1% | 1.9% | ||
| Q4 24 | 4.3% | 1.1% | ||
| Q3 24 | 4.9% | 1.6% | ||
| Q2 24 | 2.2% | 2.2% | ||
| Q1 24 | 3.5% | 0.9% |
| Q4 25 | 79.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -2.54× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | -0.12× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
