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Side-by-side financial comparison of Dolby Laboratories, Inc. (DLB) 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 $395.6M, roughly 1.6× Dolby Laboratories, Inc.). Dolby Laboratories, Inc. runs the higher net margin — 24.0% vs -4.5%, a 28.5% gap on every dollar of revenue. On growth, Dolby Laboratories, Inc. posted the faster year-over-year revenue change (7.1% vs -0.3%). Over the past eight quarters, Dolby Laboratories, Inc.'s revenue compounded faster (13.9% CAGR vs 7.9%).
Dolby Laboratories, Inc. is an American technology corporation specializing in audio noise reduction, audio encoding/compression, spatial audio, and high-dynamic-range television (HDR) imaging. Dolby licenses its technologies to consumer electronics manufacturers.
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.
DLB vs FWRD — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $395.6M | $631.2M |
| Net Profit | $94.9M | $-28.3M |
| Gross Margin | 88.7% | — |
| Operating Margin | 28.5% | -0.5% |
| Net Margin | 24.0% | -4.5% |
| Revenue YoY | 7.1% | -0.3% |
| Net Profit YoY | 3.4% | 22.2% |
| EPS (diluted) | $0.99 | $-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.
| Q2 26 | $395.6M | — | ||
| Q1 26 | $346.7M | — | ||
| Q4 25 | $346.7M | $631.2M | ||
| Q3 25 | $307.0M | $631.8M | ||
| Q2 25 | $315.5M | $618.8M | ||
| Q1 25 | $369.6M | $613.3M | ||
| Q4 24 | $357.0M | $632.8M | ||
| Q3 24 | $304.8M | $655.9M |
| Q2 26 | $94.9M | — | ||
| Q1 26 | $53.3M | — | ||
| Q4 25 | $53.3M | $-28.3M | ||
| Q3 25 | $49.3M | $-16.3M | ||
| Q2 25 | $46.1M | $-12.6M | ||
| Q1 25 | $91.8M | $-50.6M | ||
| Q4 24 | $67.8M | $-36.4M | ||
| Q3 24 | $58.6M | $-73.4M |
| Q2 26 | 88.7% | — | ||
| Q1 26 | 87.5% | — | ||
| Q4 25 | 87.5% | — | ||
| Q3 25 | 87.1% | — | ||
| Q2 25 | 86.1% | — | ||
| Q1 25 | 90.3% | — | ||
| Q4 24 | 88.6% | — | ||
| Q3 24 | 88.8% | — |
| Q2 26 | 28.5% | — | ||
| Q1 26 | 17.9% | — | ||
| Q4 25 | 17.9% | -0.5% | ||
| Q3 25 | 9.7% | 2.4% | ||
| Q2 25 | 15.1% | 3.2% | ||
| Q1 25 | 29.2% | 0.8% | ||
| Q4 24 | 22.4% | 12.0% | ||
| Q3 24 | 15.2% | 3.5% |
| Q2 26 | 24.0% | — | ||
| Q1 26 | 15.4% | — | ||
| Q4 25 | 15.4% | -4.5% | ||
| Q3 25 | 16.1% | -2.6% | ||
| Q2 25 | 14.6% | -2.0% | ||
| Q1 25 | 24.8% | -8.3% | ||
| Q4 24 | 19.0% | -5.8% | ||
| Q3 24 | 19.2% | -11.2% |
| Q2 26 | $0.99 | — | ||
| Q1 26 | $0.55 | — | ||
| Q4 25 | $0.55 | $-0.90 | ||
| Q3 25 | $0.50 | $-0.52 | ||
| Q2 25 | $0.48 | $-0.41 | ||
| Q1 25 | $0.94 | $-1.68 | ||
| Q4 24 | $0.70 | $-1.69 | ||
| Q3 24 | $0.59 | $-2.66 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $594.7M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $2.6B | $113.3M |
| Total Assets | $3.2B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $594.7M | — | ||
| Q1 26 | $644.6M | — | ||
| Q4 25 | $644.6M | $106.0M | ||
| Q3 25 | $702.6M | $140.4M | ||
| Q2 25 | $699.3M | $95.1M | ||
| Q1 25 | $626.6M | $116.3M | ||
| Q4 24 | $520.8M | $104.9M | ||
| Q3 24 | $482.0M | $136.6M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — |
| Q2 26 | $2.6B | — | ||
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $113.3M | ||
| Q3 25 | $2.6B | $139.8M | ||
| Q2 25 | $2.6B | $151.8M | ||
| Q1 25 | $2.6B | $154.6M | ||
| Q4 24 | $2.5B | $201.7M | ||
| Q3 24 | $2.5B | $226.1M |
| Q2 26 | $3.2B | — | ||
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $2.7B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $3.2B | $2.8B | ||
| Q1 25 | $3.2B | $2.8B | ||
| Q4 24 | $3.2B | $2.8B | ||
| Q3 24 | $3.1B | $3.1B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — |
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 | $147.3M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 1.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | $147.3M | — | ||
| Q1 26 | $54.8M | — | ||
| Q4 25 | $54.8M | — | ||
| Q3 25 | $472.2M | $52.7M | ||
| Q2 25 | $67.7M | — | ||
| Q1 25 | $174.9M | $27.6M | ||
| Q4 24 | $106.8M | $-23.2M | ||
| Q3 24 | $327.3M | $51.2M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $50.2M | — | ||
| Q3 25 | $435.9M | $48.6M | ||
| Q2 25 | $61.3M | — | ||
| Q1 25 | $168.0M | $15.7M | ||
| Q4 24 | $100.0M | $-30.5M | ||
| Q3 24 | $297.2M | $40.7M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 14.5% | — | ||
| Q3 25 | 142.0% | 7.7% | ||
| Q2 25 | 19.4% | — | ||
| Q1 25 | 45.5% | 2.6% | ||
| Q4 24 | 28.0% | -4.8% | ||
| Q3 24 | 97.5% | 6.2% |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 1.3% | ||
| Q3 25 | 11.8% | 0.7% | ||
| Q2 25 | 2.0% | 0.8% | ||
| Q1 25 | 1.9% | 1.9% | ||
| Q4 24 | 1.9% | 1.1% | ||
| Q3 24 | 9.8% | 1.6% |
| Q2 26 | 1.55× | — | ||
| Q1 26 | 1.03× | — | ||
| Q4 25 | 1.03× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 1.91× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 5.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLB
| Licensing | $372.2M | 94% |
| Products and services | $23.4M | 6% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
