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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
BOYD GAMING CORP is the larger business by last-quarter revenue ($997.4M vs $631.2M, roughly 1.6× FORWARD AIR CORP). BOYD GAMING CORP runs the higher net margin — 10.5% vs -4.5%, a 14.9% gap on every dollar of revenue. On growth, BOYD GAMING CORP posted the faster year-over-year revenue change (0.6% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
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.
BYD vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $631.2M |
| Net Profit | $104.3M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | -0.5% |
| Net Margin | 10.5% | -4.5% |
| Revenue YoY | 0.6% | -0.3% |
| Net Profit YoY | -5.9% | 22.2% |
| EPS (diluted) | $1.37 | $-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 | $997.4M | — | ||
| Q4 25 | $1.1B | $631.2M | ||
| Q3 25 | $1.0B | $631.8M | ||
| Q2 25 | $1.0B | $618.8M | ||
| Q1 25 | $991.6M | $613.3M | ||
| Q4 24 | $1.0B | $632.8M | ||
| Q3 24 | $961.2M | $655.9M | ||
| Q2 24 | $967.5M | $643.7M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $-28.3M | ||
| Q3 25 | $1.4B | $-16.3M | ||
| Q2 25 | $151.5M | $-12.6M | ||
| Q1 25 | $111.4M | $-50.6M | ||
| Q4 24 | $170.5M | $-36.4M | ||
| Q3 24 | $131.1M | $-73.4M | ||
| Q2 24 | $139.8M | $-645.4M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | -0.5% | ||
| Q3 25 | 13.9% | 2.4% | ||
| Q2 25 | 23.4% | 3.2% | ||
| Q1 25 | 20.2% | 0.8% | ||
| Q4 24 | 25.1% | 12.0% | ||
| Q3 24 | 22.9% | 3.5% | ||
| Q2 24 | 23.5% | -170.2% |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | -4.5% | ||
| Q3 25 | 143.4% | -2.6% | ||
| Q2 25 | 14.6% | -2.0% | ||
| Q1 25 | 11.2% | -8.3% | ||
| Q4 24 | 16.4% | -5.8% | ||
| Q3 24 | 13.6% | -11.2% | ||
| Q2 24 | 14.5% | -100.3% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $-0.90 | ||
| Q3 25 | $17.81 | $-0.52 | ||
| Q2 25 | $1.84 | $-0.41 | ||
| Q1 25 | $1.31 | $-1.68 | ||
| Q4 24 | $1.89 | $-1.69 | ||
| Q3 24 | $1.43 | $-2.66 | ||
| Q2 24 | $1.47 | $-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 | — | $113.3M |
| Total Assets | — | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $106.0M | ||
| Q3 25 | $319.1M | $140.4M | ||
| Q2 25 | $320.1M | $95.1M | ||
| Q1 25 | $311.5M | $116.3M | ||
| Q4 24 | $316.7M | $104.9M | ||
| Q3 24 | $286.3M | $136.6M | ||
| Q2 24 | $280.8M | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $113.3M | ||
| Q3 25 | $2.7B | $139.8M | ||
| Q2 25 | $1.4B | $151.8M | ||
| Q1 25 | $1.3B | $154.6M | ||
| Q4 24 | $1.6B | $201.7M | ||
| Q3 24 | $1.6B | $226.1M | ||
| Q2 24 | $1.7B | $283.8M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $2.7B | ||
| Q3 25 | $6.5B | $2.8B | ||
| Q2 25 | $6.6B | $2.8B | ||
| Q1 25 | $6.5B | $2.8B | ||
| Q4 24 | $6.4B | $2.8B | ||
| Q3 24 | $6.3B | $3.1B | ||
| Q2 24 | $6.3B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | 2.56× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.73× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BYD
| Gaming | $650.5M | 65% |
| Online reimbursements | $135.4M | 14% |
| Food & beverage | $75.8M | 8% |
| Other | $63.5M | 6% |
| Room | $45.9M | 5% |
| Management fee | $26.2M | 3% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
