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Side-by-side financial comparison of Chefs' Warehouse, Inc. (CHEF) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Chefs' Warehouse, Inc. is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.7× FORWARD AIR CORP). Chefs' Warehouse, Inc. runs the higher net margin — 1.6% vs -4.5%, a 6.1% gap on every dollar of revenue. On growth, Chefs' Warehouse, Inc. posted the faster year-over-year revenue change (11.4% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 5.3%).
Chefs' Warehouse, Inc. is a leading North American specialty food distributor that primarily serves independent restaurants, fine dining venues, hotels, catering firms, and other foodservice operators. It offers a curated portfolio of over 150,000 products including artisanal ingredients, specialty meats, seafood, dairy, pastries, and imported gourmet goods tailored for professional chefs.
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.
CHEF vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $631.2M |
| Net Profit | $17.4M | $-28.3M |
| Gross Margin | 24.3% | — |
| Operating Margin | 3.1% | -0.5% |
| Net Margin | 1.6% | -4.5% |
| Revenue YoY | 11.4% | -0.3% |
| Net Profit YoY | 68.8% | 22.2% |
| EPS (diluted) | $0.40 | $-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 | $1.1B | — | ||
| Q4 25 | $1.1B | $631.2M | ||
| Q3 25 | $1.0B | $631.8M | ||
| Q2 25 | $1.0B | $618.8M | ||
| Q1 25 | $950.7M | $613.3M | ||
| Q4 24 | $1.0B | $632.8M | ||
| Q3 24 | $931.5M | $655.9M | ||
| Q2 24 | $954.7M | $643.7M |
| Q1 26 | $17.4M | — | ||
| Q4 25 | $21.7M | $-28.3M | ||
| Q3 25 | $19.1M | $-16.3M | ||
| Q2 25 | $21.2M | $-12.6M | ||
| Q1 25 | $10.3M | $-50.6M | ||
| Q4 24 | $23.9M | $-36.4M | ||
| Q3 24 | $14.1M | $-73.4M | ||
| Q2 24 | $15.5M | $-645.4M |
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.2% | — | ||
| Q3 25 | 24.2% | — | ||
| Q2 25 | 24.6% | — | ||
| Q1 25 | 23.8% | — | ||
| Q4 24 | 24.3% | — | ||
| Q3 24 | 24.1% | — | ||
| Q2 24 | 24.0% | — |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 3.8% | -0.5% | ||
| Q3 25 | 3.8% | 2.4% | ||
| Q2 25 | 3.9% | 3.2% | ||
| Q1 25 | 2.4% | 0.8% | ||
| Q4 24 | 4.5% | 12.0% | ||
| Q3 24 | 3.4% | 3.5% | ||
| Q2 24 | 3.5% | -170.2% |
| Q1 26 | 1.6% | — | ||
| Q4 25 | 1.9% | -4.5% | ||
| Q3 25 | 1.9% | -2.6% | ||
| Q2 25 | 2.1% | -2.0% | ||
| Q1 25 | 1.1% | -8.3% | ||
| Q4 24 | 2.3% | -5.8% | ||
| Q3 24 | 1.5% | -11.2% | ||
| Q2 24 | 1.6% | -100.3% |
| Q1 26 | $0.40 | — | ||
| Q4 25 | $0.50 | $-0.90 | ||
| Q3 25 | $0.44 | $-0.52 | ||
| Q2 25 | $0.49 | $-0.41 | ||
| Q1 25 | $0.25 | $-1.68 | ||
| Q4 24 | $0.56 | $-1.69 | ||
| Q3 24 | $0.34 | $-2.66 | ||
| Q2 24 | $0.37 | $-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 | $122.7M | $106.0M |
| Total DebtLower is stronger | $750.4M | $1.7B |
| Stockholders' EquityBook value | $608.6M | $113.3M |
| Total Assets | $2.0B | $2.7B |
| Debt / EquityLower = less leverage | 1.23× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $122.7M | — | ||
| Q4 25 | $121.0M | $106.0M | ||
| Q3 25 | $65.1M | $140.4M | ||
| Q2 25 | $96.9M | $95.1M | ||
| Q1 25 | $116.5M | $116.3M | ||
| Q4 24 | $114.7M | $104.9M | ||
| Q3 24 | $50.7M | $136.6M | ||
| Q2 24 | $38.3M | $84.9M |
| Q1 26 | $750.4M | — | ||
| Q4 25 | $720.3M | $1.7B | ||
| Q3 25 | $711.7M | $1.7B | ||
| Q2 25 | $690.2M | — | ||
| Q1 25 | $681.1M | — | ||
| Q4 24 | $688.7M | — | ||
| Q3 24 | $666.6M | — | ||
| Q2 24 | $660.8M | — |
| Q1 26 | $608.6M | — | ||
| Q4 25 | $604.3M | $113.3M | ||
| Q3 25 | $576.6M | $139.8M | ||
| Q2 25 | $557.7M | $151.8M | ||
| Q1 25 | $541.6M | $154.6M | ||
| Q4 24 | $537.6M | $201.7M | ||
| Q3 24 | $480.3M | $226.1M | ||
| Q2 24 | $461.9M | $283.8M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $2.7B | ||
| Q3 25 | $1.9B | $2.8B | ||
| Q2 25 | $1.9B | $2.8B | ||
| Q1 25 | $1.8B | $2.8B | ||
| Q4 24 | $1.9B | $2.8B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.7B | $3.1B |
| Q1 26 | 1.23× | — | ||
| Q4 25 | 1.19× | 14.89× | ||
| Q3 25 | 1.23× | 12.05× | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.28× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 1.43× | — |
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 | $38.3M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.7% | 1.3% |
| Cash ConversionOCF / Net Profit | 2.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $38.3M | — | ||
| Q4 25 | $73.9M | — | ||
| Q3 25 | $-8.7M | $52.7M | ||
| Q2 25 | $14.5M | — | ||
| Q1 25 | $49.6M | $27.6M | ||
| Q4 24 | $73.0M | $-23.2M | ||
| Q3 24 | $19.8M | $51.2M | ||
| Q2 24 | $29.3M | $-45.2M |
| Q1 26 | — | — | ||
| Q4 25 | $65.8M | — | ||
| Q3 25 | $-19.7M | $48.6M | ||
| Q2 25 | $4.5M | — | ||
| Q1 25 | $37.2M | $15.7M | ||
| Q4 24 | $64.6M | $-30.5M | ||
| Q3 24 | $11.8M | $40.7M | ||
| Q2 24 | $13.3M | $-59.6M |
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | — | ||
| Q3 25 | -1.9% | 7.7% | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 3.9% | 2.6% | ||
| Q4 24 | 6.3% | -4.8% | ||
| Q3 24 | 1.3% | 6.2% | ||
| Q2 24 | 1.4% | -9.3% |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 0.7% | 1.3% | ||
| Q3 25 | 1.1% | 0.7% | ||
| Q2 25 | 1.0% | 0.8% | ||
| Q1 25 | 1.3% | 1.9% | ||
| Q4 24 | 0.8% | 1.1% | ||
| Q3 24 | 0.9% | 1.6% | ||
| Q2 24 | 1.7% | 2.2% |
| Q1 26 | 2.20× | — | ||
| Q4 25 | 3.41× | — | ||
| Q3 25 | -0.46× | — | ||
| Q2 25 | 0.68× | — | ||
| Q1 25 | 4.82× | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.89× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CHEF
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
