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Side-by-side financial comparison of ACUITY INC. (DE) (AYI) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
ACUITY INC. (DE) is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.8× FORWARD AIR CORP). ACUITY INC. (DE) runs the higher net margin — 10.5% vs -4.5%, a 15.0% gap on every dollar of revenue. On growth, ACUITY INC. (DE) posted the faster year-over-year revenue change (20.2% vs -0.3%). Over the past eight quarters, ACUITY INC. (DE)'s revenue compounded faster (12.4% CAGR vs 7.9%).
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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.
AYI vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $631.2M |
| Net Profit | $120.5M | $-28.3M |
| Gross Margin | 48.4% | — |
| Operating Margin | 14.0% | -0.5% |
| Net Margin | 10.5% | -4.5% |
| Revenue YoY | 20.2% | -0.3% |
| Net Profit YoY | 12.9% | 22.2% |
| EPS (diluted) | $3.82 | $-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 | $1.1B | $631.2M | ||
| Q3 25 | $1.2B | $631.8M | ||
| Q2 25 | $1.2B | $618.8M | ||
| Q1 25 | $1.0B | $613.3M | ||
| Q4 24 | $951.6M | $632.8M | ||
| Q3 24 | $1.0B | $655.9M | ||
| Q2 24 | $968.1M | $643.7M | ||
| Q1 24 | $905.9M | $541.8M |
| Q4 25 | $120.5M | $-28.3M | ||
| Q3 25 | $114.0M | $-16.3M | ||
| Q2 25 | $98.4M | $-12.6M | ||
| Q1 25 | $77.5M | $-50.6M | ||
| Q4 24 | $106.7M | $-36.4M | ||
| Q3 24 | $118.9M | $-73.4M | ||
| Q2 24 | $113.9M | $-645.4M | ||
| Q1 24 | $89.2M | $-61.7M |
| Q4 25 | 48.4% | — | ||
| Q3 25 | 48.9% | — | ||
| Q2 25 | 48.4% | — | ||
| Q1 25 | 46.5% | — | ||
| Q4 24 | 47.2% | — | ||
| Q3 24 | 47.3% | — | ||
| Q2 24 | 46.7% | — | ||
| Q1 24 | 45.5% | — |
| Q4 25 | 14.0% | -0.5% | ||
| Q3 25 | 14.9% | 2.4% | ||
| Q2 25 | 11.9% | 3.2% | ||
| Q1 25 | 11.0% | 0.8% | ||
| Q4 24 | 14.0% | 12.0% | ||
| Q3 24 | 15.2% | 3.5% | ||
| Q2 24 | 15.0% | -170.2% | ||
| Q1 24 | 13.0% | -12.1% |
| Q4 25 | 10.5% | -4.5% | ||
| Q3 25 | 9.4% | -2.6% | ||
| Q2 25 | 8.3% | -2.0% | ||
| Q1 25 | 7.7% | -8.3% | ||
| Q4 24 | 11.2% | -5.8% | ||
| Q3 24 | 11.5% | -11.2% | ||
| Q2 24 | 11.8% | -100.3% | ||
| Q1 24 | 9.8% | -11.4% |
| Q4 25 | $3.82 | $-0.90 | ||
| Q3 25 | $3.61 | $-0.52 | ||
| Q2 25 | $3.12 | $-0.41 | ||
| Q1 25 | $2.45 | $-1.68 | ||
| Q4 24 | $3.35 | $-1.69 | ||
| Q3 24 | $3.77 | $-2.66 | ||
| Q2 24 | $3.62 | $-23.47 | ||
| Q1 24 | $2.84 | $-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 | $376.1M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $2.8B | $113.3M |
| Total Assets | $4.7B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $376.1M | $106.0M | ||
| Q3 25 | $422.5M | $140.4M | ||
| Q2 25 | $371.8M | $95.1M | ||
| Q1 25 | $397.9M | $116.3M | ||
| Q4 24 | $935.6M | $104.9M | ||
| Q3 24 | $845.8M | $136.6M | ||
| Q2 24 | $699.0M | $84.9M | ||
| Q1 24 | $578.9M | $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 | $2.8B | $113.3M | ||
| Q3 25 | $2.7B | $139.8M | ||
| Q2 25 | $2.6B | $151.8M | ||
| Q1 25 | $2.5B | $154.6M | ||
| Q4 24 | $2.5B | $201.7M | ||
| Q3 24 | $2.4B | $226.1M | ||
| Q2 24 | $2.3B | $283.8M | ||
| Q1 24 | $2.1B | $926.1M |
| Q4 25 | $4.7B | $2.7B | ||
| Q3 25 | $4.8B | $2.8B | ||
| Q2 25 | $4.6B | $2.8B | ||
| Q1 25 | $4.6B | $2.8B | ||
| Q4 24 | $3.9B | $2.8B | ||
| Q3 24 | $3.8B | $3.1B | ||
| Q2 24 | $3.6B | $3.1B | ||
| Q1 24 | $3.5B | $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 | $140.8M | — |
| Free Cash FlowOCF − Capex | $114.8M | — |
| FCF MarginFCF / Revenue | 10.0% | — |
| Capex IntensityCapex / Revenue | 2.3% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.17× | — |
| TTM Free Cash FlowTrailing 4 quarters | $534.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $140.8M | — | ||
| Q3 25 | $202.5M | $52.7M | ||
| Q2 25 | $207.3M | — | ||
| Q1 25 | $59.4M | $27.6M | ||
| Q4 24 | $132.2M | $-23.2M | ||
| Q3 24 | $174.1M | $51.2M | ||
| Q2 24 | $152.5M | $-45.2M | ||
| Q1 24 | $102.6M | $-51.7M |
| Q4 25 | $114.8M | — | ||
| Q3 25 | $177.7M | $48.6M | ||
| Q2 25 | $192.3M | — | ||
| Q1 25 | $49.7M | $15.7M | ||
| Q4 24 | $113.3M | $-30.5M | ||
| Q3 24 | $151.1M | $40.7M | ||
| Q2 24 | $140.5M | $-59.6M | ||
| Q1 24 | $88.2M | $-56.7M |
| Q4 25 | 10.0% | — | ||
| Q3 25 | 14.7% | 7.7% | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 4.9% | 2.6% | ||
| Q4 24 | 11.9% | -4.8% | ||
| Q3 24 | 14.6% | 6.2% | ||
| Q2 24 | 14.5% | -9.3% | ||
| Q1 24 | 9.7% | -10.5% |
| Q4 25 | 2.3% | 1.3% | ||
| Q3 25 | 2.1% | 0.7% | ||
| Q2 25 | 1.3% | 0.8% | ||
| Q1 25 | 1.0% | 1.9% | ||
| Q4 24 | 2.0% | 1.1% | ||
| Q3 24 | 2.2% | 1.6% | ||
| Q2 24 | 1.2% | 2.2% | ||
| Q1 24 | 1.6% | 0.9% |
| Q4 25 | 1.17× | — | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 2.11× | — | ||
| Q1 25 | 0.77× | — | ||
| Q4 24 | 1.24× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | 1.34× | — | ||
| Q1 24 | 1.15× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AYI
| Sales Channel Through Independent Sales Network | $616.7M | 54% |
| Acuity Intelligent Spaces | $248.1M | 22% |
| QSCLLC | $95.1M | 8% |
| Sales Channel Through Direct Sales Network | $70.6M | 6% |
| Sales Channel Through Original Equipment Manufacturer And Other | $49.1M | 4% |
| Sales Channel Through Corporate Accounts Network | $40.7M | 4% |
| Sales Channel Through Retail | $40.3M | 4% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
