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Side-by-side financial comparison of COMMERCE BANCSHARES INC (CBSH) 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 $475.7M, roughly 1.3× COMMERCE BANCSHARES INC). COMMERCE BANCSHARES INC runs the higher net margin — 29.8% vs -4.5%, a 34.3% gap on every dollar of revenue. On growth, COMMERCE BANCSHARES INC posted the faster year-over-year revenue change (11.1% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 7.1%).
Commerce Bancshares, Inc. is a regional bank holding company headquartered in Missouri, with principal offices in Kansas City and St. Louis. It is the corporate parent of Commerce Bank, which offers a diversified line of financial services, including business and personal banking, wealth management and investments through its affiliated companies.
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.
CBSH vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $475.7M | $631.2M |
| Net Profit | $141.6M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | — | -0.5% |
| Net Margin | 29.8% | -4.5% |
| Revenue YoY | 11.1% | -0.3% |
| Net Profit YoY | 10.5% | 22.2% |
| EPS (diluted) | $0.96 | $-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 | $475.7M | — | ||
| Q4 25 | $449.4M | $631.2M | ||
| Q3 25 | $441.0M | $631.8M | ||
| Q2 25 | $445.8M | $618.8M | ||
| Q1 25 | $428.1M | $613.3M | ||
| Q4 24 | $422.1M | $632.8M | ||
| Q3 24 | $421.4M | $655.9M | ||
| Q2 24 | $414.5M | $643.7M |
| Q1 26 | $141.6M | — | ||
| Q4 25 | $140.7M | $-28.3M | ||
| Q3 25 | $141.5M | $-16.3M | ||
| Q2 25 | $152.5M | $-12.6M | ||
| Q1 25 | $131.6M | $-50.6M | ||
| Q4 24 | $136.1M | $-36.4M | ||
| Q3 24 | $138.0M | $-73.4M | ||
| Q2 24 | $139.6M | $-645.4M |
| Q1 26 | — | — | ||
| Q4 25 | 40.8% | -0.5% | ||
| Q3 25 | 41.9% | 2.4% | ||
| Q2 25 | 44.0% | 3.2% | ||
| Q1 25 | 39.2% | 0.8% | ||
| Q4 24 | 41.2% | 12.0% | ||
| Q3 24 | 42.4% | 3.5% | ||
| Q2 24 | 43.4% | -170.2% |
| Q1 26 | 29.8% | — | ||
| Q4 25 | 31.3% | -4.5% | ||
| Q3 25 | 32.1% | -2.6% | ||
| Q2 25 | 34.2% | -2.0% | ||
| Q1 25 | 30.7% | -8.3% | ||
| Q4 24 | 32.2% | -5.8% | ||
| Q3 24 | 32.8% | -11.2% | ||
| Q2 24 | 33.7% | -100.3% |
| Q1 26 | $0.96 | — | ||
| Q4 25 | $0.86 | $-0.90 | ||
| Q3 25 | $1.06 | $-0.52 | ||
| Q2 25 | $1.14 | $-0.41 | ||
| Q1 25 | $0.98 | $-1.68 | ||
| Q4 24 | $0.83 | $-1.69 | ||
| Q3 24 | $1.01 | $-2.66 | ||
| Q2 24 | $1.03 | $-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 | $4.3B | $113.3M |
| Total Assets | $35.7B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $106.0M | ||
| Q3 25 | — | $140.4M | ||
| Q2 25 | — | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $136.6M | ||
| Q2 24 | — | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $4.3B | — | ||
| Q4 25 | $3.8B | $113.3M | ||
| Q3 25 | $3.8B | $139.8M | ||
| Q2 25 | $3.6B | $151.8M | ||
| Q1 25 | $3.5B | $154.6M | ||
| Q4 24 | $3.3B | $201.7M | ||
| Q3 24 | $3.4B | $226.1M | ||
| Q2 24 | $3.1B | $283.8M |
| Q1 26 | $35.7B | — | ||
| Q4 25 | $32.9B | $2.7B | ||
| Q3 25 | $32.3B | $2.8B | ||
| Q2 25 | $32.3B | $2.8B | ||
| Q1 25 | $32.4B | $2.8B | ||
| Q4 24 | $32.0B | $2.8B | ||
| Q3 24 | $31.5B | $3.1B | ||
| Q2 24 | $30.6B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBSH
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
