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Side-by-side financial comparison of COVENANT LOGISTICS GROUP, INC. (CVLG) 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 $307.2M, roughly 2.1× COVENANT LOGISTICS GROUP, INC.). COVENANT LOGISTICS GROUP, INC. runs the higher net margin — 1.4% vs -4.5%, a 5.9% gap on every dollar of revenue. On growth, COVENANT LOGISTICS GROUP, INC. posted the faster year-over-year revenue change (14.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 3.4%).
Covenant Logistics Group, Inc. is an American company focused on truckload shipping. The company is headquartered in Chattanooga, Tennessee, and is publicly traded on the New York Stock Exchange. The company provides temperature controlled trucking, regional delivery, and longhaul team driver delivery.
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.
CVLG vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $307.2M | $631.2M |
| Net Profit | $4.4M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 2.0% | -0.5% |
| Net Margin | 1.4% | -4.5% |
| Revenue YoY | 14.0% | -0.3% |
| Net Profit YoY | -32.7% | 22.2% |
| EPS (diluted) | $0.17 | $-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 | $307.2M | — | ||
| Q4 25 | $295.4M | $631.2M | ||
| Q3 25 | $296.9M | $631.8M | ||
| Q2 25 | $302.9M | $618.8M | ||
| Q1 25 | $269.4M | $613.3M | ||
| Q4 24 | $277.3M | $632.8M | ||
| Q3 24 | $287.9M | $655.9M | ||
| Q2 24 | $287.5M | $643.7M |
| Q1 26 | $4.4M | — | ||
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $9.1M | $-16.3M | ||
| Q2 25 | $9.8M | $-12.6M | ||
| Q1 25 | $6.6M | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $13.0M | $-73.4M | ||
| Q2 24 | $12.2M | $-645.4M |
| Q1 26 | 2.0% | — | ||
| Q4 25 | -8.2% | -0.5% | ||
| Q3 25 | 2.7% | 2.4% | ||
| Q2 25 | 3.8% | 3.2% | ||
| Q1 25 | 2.8% | 0.8% | ||
| Q4 24 | 3.1% | 12.0% | ||
| Q3 24 | 5.6% | 3.5% | ||
| Q2 24 | 5.4% | -170.2% |
| Q1 26 | 1.4% | — | ||
| Q4 25 | — | -4.5% | ||
| Q3 25 | 3.1% | -2.6% | ||
| Q2 25 | 3.2% | -2.0% | ||
| Q1 25 | 2.4% | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 4.5% | -11.2% | ||
| Q2 24 | 4.2% | -100.3% |
| Q1 26 | $0.17 | — | ||
| Q4 25 | $-0.68 | $-0.90 | ||
| Q3 25 | $0.35 | $-0.52 | ||
| Q2 25 | $0.36 | $-0.41 | ||
| Q1 25 | $0.24 | $-1.68 | ||
| Q4 24 | $0.25 | $-1.69 | ||
| Q3 24 | $0.47 | $-2.66 | ||
| Q2 24 | $0.44 | $-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 | $407.6M | $113.3M |
| Total Assets | $1.0B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $4.9M | $106.0M | ||
| Q3 25 | $2.7M | $140.4M | ||
| Q2 25 | $143.0K | $95.1M | ||
| Q1 25 | $11.2M | $116.3M | ||
| Q4 24 | $35.6M | $104.9M | ||
| Q3 24 | $35.2M | $136.6M | ||
| Q2 24 | $1.3M | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | $261.7M | $1.7B | ||
| Q3 25 | $233.3M | $1.7B | ||
| Q2 25 | $245.8M | — | ||
| Q1 25 | $216.3M | — | ||
| Q4 24 | $221.6M | — | ||
| Q3 24 | $231.4M | — | ||
| Q2 24 | $235.0M | — |
| Q1 26 | $407.6M | — | ||
| Q4 25 | $404.0M | $113.3M | ||
| Q3 25 | $423.7M | $139.8M | ||
| Q2 25 | $416.9M | $151.8M | ||
| Q1 25 | $443.6M | $154.6M | ||
| Q4 24 | $438.3M | $201.7M | ||
| Q3 24 | $431.6M | $226.1M | ||
| Q2 24 | $419.4M | $283.8M |
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.0B | $2.7B | ||
| Q3 25 | $1.0B | $2.8B | ||
| Q2 25 | $1.0B | $2.8B | ||
| Q1 25 | $980.0M | $2.8B | ||
| Q4 24 | $997.6M | $2.8B | ||
| Q3 24 | $1.0B | $3.1B | ||
| Q2 24 | $995.0M | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.65× | 14.89× | ||
| Q3 25 | 0.55× | 12.05× | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVLG
| Freight revenue | $281.9M | 92% |
| Fuel surcharge revenue | $25.2M | 8% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
