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Side-by-side financial comparison of BREAD FINANCIAL HOLDINGS, INC. (BFH) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
BREAD FINANCIAL HOLDINGS, INC. is the larger business by last-quarter revenue ($975.0M vs $631.2M, roughly 1.5× FORWARD AIR CORP). On growth, BREAD FINANCIAL HOLDINGS, INC. posted the faster year-over-year revenue change (5.4% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -0.8%).
Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.
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.
BFH vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $975.0M | $631.2M |
| Net Profit | — | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 4.9% | -0.5% |
| Net Margin | — | -4.5% |
| Revenue YoY | 5.4% | -0.3% |
| Net Profit YoY | — | 22.2% |
| EPS (diluted) | $1.21 | $-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 | $975.0M | $631.2M | ||
| Q3 25 | $971.0M | $631.8M | ||
| Q2 25 | $929.0M | $618.8M | ||
| Q1 25 | $970.0M | $613.3M | ||
| Q4 24 | $925.0M | $632.8M | ||
| Q3 24 | $983.0M | $655.9M | ||
| Q2 24 | $939.0M | $643.7M | ||
| Q1 24 | $991.0M | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $188.0M | $-16.3M | ||
| Q2 25 | $139.0M | $-12.6M | ||
| Q1 25 | $138.0M | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $2.0M | $-73.4M | ||
| Q2 24 | $133.0M | $-645.4M | ||
| Q1 24 | $134.0M | $-61.7M |
| Q4 25 | 4.9% | -0.5% | ||
| Q3 25 | 20.2% | 2.4% | ||
| Q2 25 | 18.7% | 3.2% | ||
| Q1 25 | 20.3% | 0.8% | ||
| Q4 24 | -2.9% | 12.0% | ||
| Q3 24 | 4.1% | 3.5% | ||
| Q2 24 | 19.2% | -170.2% | ||
| Q1 24 | 19.0% | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | 19.4% | -2.6% | ||
| Q2 25 | 15.0% | -2.0% | ||
| Q1 25 | 14.2% | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 0.2% | -11.2% | ||
| Q2 24 | 14.2% | -100.3% | ||
| Q1 24 | 13.5% | -11.4% |
| Q4 25 | $1.21 | $-0.90 | ||
| Q3 25 | $3.96 | $-0.52 | ||
| Q2 25 | $2.94 | $-0.41 | ||
| Q1 25 | $2.78 | $-1.68 | ||
| Q4 24 | $0.08 | $-1.69 | ||
| Q3 24 | $0.05 | $-2.66 | ||
| Q2 24 | $2.66 | $-23.47 | ||
| Q1 24 | $2.70 | $-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 | $3.6B | $106.0M |
| Total DebtLower is stronger | $4.3B | $1.7B |
| Stockholders' EquityBook value | $3.3B | $113.3M |
| Total Assets | $22.7B | $2.7B |
| Debt / EquityLower = less leverage | 1.29× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.6B | $106.0M | ||
| Q3 25 | $3.8B | $140.4M | ||
| Q2 25 | $3.8B | $95.1M | ||
| Q1 25 | $4.2B | $116.3M | ||
| Q4 24 | $4.0B | $104.9M | ||
| Q3 24 | $3.5B | $136.6M | ||
| Q2 24 | $4.1B | $84.9M | ||
| Q1 24 | $3.8B | $152.0M |
| Q4 25 | $4.3B | $1.7B | ||
| Q3 25 | $3.8B | $1.7B | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $3.3B | $113.3M | ||
| Q3 25 | $3.3B | $139.8M | ||
| Q2 25 | $3.2B | $151.8M | ||
| Q1 25 | $3.1B | $154.6M | ||
| Q4 24 | $3.1B | $201.7M | ||
| Q3 24 | $3.1B | $226.1M | ||
| Q2 24 | $3.2B | $283.8M | ||
| Q1 24 | $3.0B | $926.1M |
| Q4 25 | $22.7B | $2.7B | ||
| Q3 25 | $21.7B | $2.8B | ||
| Q2 25 | $21.8B | $2.8B | ||
| Q1 25 | $22.4B | $2.8B | ||
| Q4 24 | $22.9B | $2.8B | ||
| Q3 24 | $21.7B | $3.1B | ||
| Q2 24 | $22.1B | $3.1B | ||
| Q1 24 | $22.3B | $4.0B |
| Q4 25 | 1.29× | 14.89× | ||
| Q3 25 | 1.14× | 12.05× | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 1.47× | — | ||
| 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 | $568.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $568.0M | — | ||
| Q3 25 | $605.0M | $52.7M | ||
| Q2 25 | $526.0M | — | ||
| Q1 25 | $393.0M | $27.6M | ||
| Q4 24 | $479.0M | $-23.2M | ||
| Q3 24 | $456.0M | $51.2M | ||
| Q2 24 | $477.0M | $-45.2M | ||
| Q1 24 | $447.0M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 3.22× | — | ||
| Q2 25 | 3.78× | — | ||
| Q1 25 | 2.85× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 228.00× | — | ||
| Q2 24 | 3.59× | — | ||
| Q1 24 | 3.34× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFH
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
