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Side-by-side financial comparison of CrowdStrike (CRWD) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
CrowdStrike is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 2.0× FORWARD AIR CORP). CrowdStrike runs the higher net margin — -2.8% vs -4.5%, a 1.7% gap on every dollar of revenue. On growth, CrowdStrike posted the faster year-over-year revenue change (22.2% vs -0.3%). Over the past eight quarters, CrowdStrike's revenue compounded faster (20.8% CAGR vs 7.9%).
CrowdStrike Holdings, Inc. is an American cybersecurity technology company based in Austin, Texas. It provides endpoint security, threat intelligence, and cyberattack response services.
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.
CRWD vs FWRD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $631.2M |
| Net Profit | $-34.0M | $-28.3M |
| Gross Margin | 75.1% | — |
| Operating Margin | -5.6% | -0.5% |
| Net Margin | -2.8% | -4.5% |
| Revenue YoY | 22.2% | -0.3% |
| Net Profit YoY | -102.1% | 22.2% |
| EPS (diluted) | $-0.14 | $-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 | $1.2B | $631.2M | ||
| Q3 25 | $1.2B | $631.8M | ||
| Q2 25 | $1.1B | $618.8M | ||
| Q1 25 | $1.1B | $613.3M | ||
| Q4 24 | $1.0B | $632.8M | ||
| Q3 24 | $963.9M | $655.9M | ||
| Q2 24 | $921.0M | $643.7M | ||
| Q1 24 | $845.3M | $541.8M |
| Q4 25 | $-34.0M | $-28.3M | ||
| Q3 25 | $-77.7M | $-16.3M | ||
| Q2 25 | $-110.2M | $-12.6M | ||
| Q1 25 | $-92.3M | $-50.6M | ||
| Q4 24 | $-16.8M | $-36.4M | ||
| Q3 24 | $47.0M | $-73.4M | ||
| Q2 24 | $42.8M | $-645.4M | ||
| Q1 24 | $53.7M | $-61.7M |
| Q4 25 | 75.1% | — | ||
| Q3 25 | 73.5% | — | ||
| Q2 25 | 73.8% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 74.7% | — | ||
| Q3 24 | 75.4% | — | ||
| Q2 24 | 75.6% | — | ||
| Q1 24 | 75.3% | — |
| Q4 25 | -5.6% | -0.5% | ||
| Q3 25 | -9.7% | 2.4% | ||
| Q2 25 | -11.3% | 3.2% | ||
| Q1 25 | -8.1% | 0.8% | ||
| Q4 24 | -5.5% | 12.0% | ||
| Q3 24 | 1.4% | 3.5% | ||
| Q2 24 | 0.8% | -170.2% | ||
| Q1 24 | 3.5% | -12.1% |
| Q4 25 | -2.8% | -4.5% | ||
| Q3 25 | -6.6% | -2.6% | ||
| Q2 25 | -10.0% | -2.0% | ||
| Q1 25 | -8.7% | -8.3% | ||
| Q4 24 | -1.7% | -5.8% | ||
| Q3 24 | 4.9% | -11.2% | ||
| Q2 24 | 4.6% | -100.3% | ||
| Q1 24 | 6.4% | -11.4% |
| Q4 25 | $-0.14 | $-0.90 | ||
| Q3 25 | $-0.31 | $-0.52 | ||
| Q2 25 | $-0.44 | $-0.41 | ||
| Q1 25 | $-0.37 | $-1.68 | ||
| Q4 24 | $-0.07 | $-1.69 | ||
| Q3 24 | $0.19 | $-2.66 | ||
| Q2 24 | $0.17 | $-23.47 | ||
| Q1 24 | $0.23 | $-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 | $4.8B | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $4.0B | $113.3M |
| Total Assets | $10.0B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.8B | $106.0M | ||
| Q3 25 | $5.0B | $140.4M | ||
| Q2 25 | $4.6B | $95.1M | ||
| Q1 25 | $4.3B | $116.3M | ||
| Q4 24 | $4.3B | $104.9M | ||
| Q3 24 | $4.0B | $136.6M | ||
| Q2 24 | $3.7B | $84.9M | ||
| Q1 24 | $3.5B | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $4.0B | $113.3M | ||
| Q3 25 | $3.8B | $139.8M | ||
| Q2 25 | $3.5B | $151.8M | ||
| Q1 25 | $3.3B | $154.6M | ||
| Q4 24 | $3.1B | $201.7M | ||
| Q3 24 | $2.9B | $226.1M | ||
| Q2 24 | $2.5B | $283.8M | ||
| Q1 24 | $2.3B | $926.1M |
| Q4 25 | $10.0B | $2.7B | ||
| Q3 25 | $9.3B | $2.8B | ||
| Q2 25 | $8.7B | $2.8B | ||
| Q1 25 | $8.7B | $2.8B | ||
| Q4 24 | $7.8B | $2.8B | ||
| Q3 24 | $7.2B | $3.1B | ||
| Q2 24 | $6.8B | $3.1B | ||
| Q1 24 | $6.6B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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 | $397.5M | — |
| Free Cash FlowOCF − Capex | $314.1M | — |
| FCF MarginFCF / Revenue | 25.5% | — |
| Capex IntensityCapex / Revenue | 6.8% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $397.5M | — | ||
| Q3 25 | $332.8M | $52.7M | ||
| Q2 25 | $384.1M | — | ||
| Q1 25 | $345.7M | $27.6M | ||
| Q4 24 | $326.1M | $-23.2M | ||
| Q3 24 | $326.6M | $51.2M | ||
| Q2 24 | $383.2M | $-45.2M | ||
| Q1 24 | $347.0M | $-51.7M |
| Q4 25 | $314.1M | — | ||
| Q3 25 | $302.3M | $48.6M | ||
| Q2 25 | $298.4M | — | ||
| Q1 25 | $258.5M | $15.7M | ||
| Q4 24 | $247.4M | $-30.5M | ||
| Q3 24 | $287.4M | $40.7M | ||
| Q2 24 | $333.5M | $-59.6M | ||
| Q1 24 | $294.4M | $-56.7M |
| Q4 25 | 25.5% | — | ||
| Q3 25 | 25.9% | 7.7% | ||
| Q2 25 | 27.0% | — | ||
| Q1 25 | 24.4% | 2.6% | ||
| Q4 24 | 24.5% | -4.8% | ||
| Q3 24 | 29.8% | 6.2% | ||
| Q2 24 | 36.2% | -9.3% | ||
| Q1 24 | 34.8% | -10.5% |
| Q4 25 | 6.8% | 1.3% | ||
| Q3 25 | 2.6% | 0.7% | ||
| Q2 25 | 7.8% | 0.8% | ||
| Q1 25 | 8.2% | 1.9% | ||
| Q4 24 | 7.8% | 1.1% | ||
| Q3 24 | 4.1% | 1.6% | ||
| Q2 24 | 5.4% | 2.2% | ||
| Q1 24 | 6.2% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.95× | — | ||
| Q2 24 | 8.95× | — | ||
| Q1 24 | 6.46× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRWD
| Subscription And Circulation | $1.2B | 95% |
| Professional Services | $65.5M | 5% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
