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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) 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 $414.7M, roughly 1.5× BILL Holdings, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -4.5%, a 3.9% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -0.3%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 7.9%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
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.
BILL vs FWRD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $631.2M |
| Net Profit | $-2.6M | $-28.3M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | -0.5% |
| Net Margin | -0.6% | -4.5% |
| Revenue YoY | 14.4% | -0.3% |
| Net Profit YoY | -107.7% | 22.2% |
| EPS (diluted) | $-0.03 | $-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 | $414.7M | $631.2M | ||
| Q3 25 | $395.7M | $631.8M | ||
| Q2 25 | $383.3M | $618.8M | ||
| Q1 25 | $358.2M | $613.3M | ||
| Q4 24 | $362.6M | $632.8M | ||
| Q3 24 | $358.4M | $655.9M | ||
| Q2 24 | $343.7M | $643.7M | ||
| Q1 24 | $323.0M | $541.8M |
| Q4 25 | $-2.6M | $-28.3M | ||
| Q3 25 | $-3.0M | $-16.3M | ||
| Q2 25 | $-7.1M | $-12.6M | ||
| Q1 25 | $-11.6M | $-50.6M | ||
| Q4 24 | $33.5M | $-36.4M | ||
| Q3 24 | $8.9M | $-73.4M | ||
| Q2 24 | $7.6M | $-645.4M | ||
| Q1 24 | $31.8M | $-61.7M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -4.4% | -0.5% | ||
| Q3 25 | -5.2% | 2.4% | ||
| Q2 25 | -5.8% | 3.2% | ||
| Q1 25 | -8.1% | 0.8% | ||
| Q4 24 | -6.0% | 12.0% | ||
| Q3 24 | -2.1% | 3.5% | ||
| Q2 24 | -6.5% | -170.2% | ||
| Q1 24 | -8.6% | -12.1% |
| Q4 25 | -0.6% | -4.5% | ||
| Q3 25 | -0.7% | -2.6% | ||
| Q2 25 | -1.8% | -2.0% | ||
| Q1 25 | -3.2% | -8.3% | ||
| Q4 24 | 9.3% | -5.8% | ||
| Q3 24 | 2.5% | -11.2% | ||
| Q2 24 | 2.2% | -100.3% | ||
| Q1 24 | 9.8% | -11.4% |
| Q4 25 | $-0.03 | $-0.90 | ||
| Q3 25 | $-0.03 | $-0.52 | ||
| Q2 25 | $0.02 | $-0.41 | ||
| Q1 25 | $-0.11 | $-1.68 | ||
| Q4 24 | $-0.06 | $-1.69 | ||
| Q3 24 | $0.08 | $-2.66 | ||
| Q2 24 | $0.37 | $-23.47 | ||
| Q1 24 | $0.00 | $-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 | $1.1B | $106.0M |
| Total DebtLower is stronger | $1.8B | $1.7B |
| Stockholders' EquityBook value | $3.8B | $113.3M |
| Total Assets | $10.1B | $2.7B |
| Debt / EquityLower = less leverage | 0.48× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $106.0M | ||
| Q3 25 | $1.1B | $140.4M | ||
| Q2 25 | $1.0B | $95.1M | ||
| Q1 25 | $1.0B | $116.3M | ||
| Q4 24 | $1.6B | $104.9M | ||
| Q3 24 | $853.5M | $136.6M | ||
| Q2 24 | $985.9M | $84.9M | ||
| Q1 24 | $952.5M | $152.0M |
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | $1.7B |
| Q4 25 | $3.8B | $113.3M | ||
| Q3 25 | $3.9B | $139.8M | ||
| Q2 25 | $3.9B | $151.8M | ||
| Q1 25 | $3.9B | $154.6M | ||
| Q4 24 | $3.8B | $201.7M | ||
| Q3 24 | $4.0B | $226.1M | ||
| Q2 24 | $4.1B | $283.8M | ||
| Q1 24 | $4.1B | $926.1M |
| Q4 25 | $10.1B | $2.7B | ||
| Q3 25 | $10.2B | $2.8B | ||
| Q2 25 | $10.1B | $2.8B | ||
| Q1 25 | $9.6B | $2.8B | ||
| Q4 24 | $9.7B | $2.8B | ||
| Q3 24 | $9.0B | $3.1B | ||
| Q2 24 | $9.2B | $3.1B | ||
| Q1 24 | $9.1B | $4.0B |
| Q4 25 | 0.48× | 14.89× | ||
| Q3 25 | 0.48× | 12.05× | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | 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 | $105.3M | — |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | — | ||
| Q3 25 | $96.9M | $52.7M | ||
| Q2 25 | $83.8M | — | ||
| Q1 25 | $99.5M | $27.6M | ||
| Q4 24 | $78.7M | $-23.2M | ||
| Q3 24 | $88.6M | $51.2M | ||
| Q2 24 | $78.6M | $-45.2M | ||
| Q1 24 | $66.8M | $-51.7M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | $48.6M | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | $15.7M | ||
| Q4 24 | $78.3M | $-30.5M | ||
| Q3 24 | $88.6M | $40.7M | ||
| Q2 24 | $78.4M | $-59.6M | ||
| Q1 24 | $66.8M | $-56.7M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | 7.7% | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | 2.6% | ||
| Q4 24 | 21.6% | -4.8% | ||
| Q3 24 | 24.7% | 6.2% | ||
| Q2 24 | 22.8% | -9.3% | ||
| Q1 24 | 20.7% | -10.5% |
| Q4 25 | 0.4% | 1.3% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.7% | 0.8% | ||
| Q1 25 | 0.3% | 1.9% | ||
| Q4 24 | 0.1% | 1.1% | ||
| Q3 24 | 0.0% | 1.6% | ||
| Q2 24 | 0.1% | 2.2% | ||
| Q1 24 | 0.0% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
