vs
Side-by-side financial comparison of Krispy Kreme, Inc. (DNUT) 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 $392.4M, roughly 1.6× Krispy Kreme, Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -7.1%, a 2.6% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -2.9%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -5.9%).
Krispy Kreme, Inc. is an American multinational doughnut company and coffeehouse chain. Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores. Steady growth preceded an ambitious expansion as a public company in the period 2000 to 2016, which ultimately proved unprofitable. In 2016, the company retur...
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.
DNUT vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.4M | $631.2M |
| Net Profit | $-27.8M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | -1.9% | -0.5% |
| Net Margin | -7.1% | -4.5% |
| Revenue YoY | -2.9% | -0.3% |
| Net Profit YoY | -23.8% | 22.2% |
| EPS (diluted) | $-0.18 | $-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 | $392.4M | $631.2M | ||
| Q3 25 | $375.3M | $631.8M | ||
| Q2 25 | $379.8M | $618.8M | ||
| Q1 25 | $375.2M | $613.3M | ||
| Q4 24 | $404.0M | $632.8M | ||
| Q3 24 | $379.9M | $655.9M | ||
| Q2 24 | $438.8M | $643.7M | ||
| Q1 24 | $442.7M | $541.8M |
| Q4 25 | $-27.8M | $-28.3M | ||
| Q3 25 | $-19.4M | $-16.3M | ||
| Q2 25 | $-435.3M | $-12.6M | ||
| Q1 25 | $-33.3M | $-50.6M | ||
| Q4 24 | $-22.4M | $-36.4M | ||
| Q3 24 | $39.6M | $-73.4M | ||
| Q2 24 | $-5.5M | $-645.4M | ||
| Q1 24 | $-8.5M | $-61.7M |
| Q4 25 | -1.9% | -0.5% | ||
| Q3 25 | -1.9% | 2.4% | ||
| Q2 25 | -114.4% | 3.2% | ||
| Q1 25 | -5.4% | 0.8% | ||
| Q4 24 | -2.8% | 12.0% | ||
| Q3 24 | -4.2% | 3.5% | ||
| Q2 24 | 1.6% | -170.2% | ||
| Q1 24 | 2.7% | -12.1% |
| Q4 25 | -7.1% | -4.5% | ||
| Q3 25 | -5.2% | -2.6% | ||
| Q2 25 | -114.6% | -2.0% | ||
| Q1 25 | -8.9% | -8.3% | ||
| Q4 24 | -5.6% | -5.8% | ||
| Q3 24 | 10.4% | -11.2% | ||
| Q2 24 | -1.3% | -100.3% | ||
| Q1 24 | -1.9% | -11.4% |
| Q4 25 | $-0.18 | $-0.90 | ||
| Q3 25 | $-0.11 | $-0.52 | ||
| Q2 25 | $-2.55 | $-0.41 | ||
| Q1 25 | $-0.20 | $-1.68 | ||
| Q4 24 | $-0.13 | $-1.69 | ||
| Q3 24 | $0.23 | $-2.66 | ||
| Q2 24 | $-0.03 | $-23.47 | ||
| Q1 24 | $-0.05 | $-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 | $42.4M | $106.0M |
| Total DebtLower is stronger | $911.9M | $1.7B |
| Stockholders' EquityBook value | $650.1M | $113.3M |
| Total Assets | $2.6B | $2.7B |
| Debt / EquityLower = less leverage | 1.40× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.4M | $106.0M | ||
| Q3 25 | $30.7M | $140.4M | ||
| Q2 25 | $21.3M | $95.1M | ||
| Q1 25 | $18.7M | $116.3M | ||
| Q4 24 | $29.0M | $104.9M | ||
| Q3 24 | $25.4M | $136.6M | ||
| Q2 24 | $28.6M | $84.9M | ||
| Q1 24 | $33.1M | $152.0M |
| Q4 25 | $911.9M | $1.7B | ||
| Q3 25 | $906.2M | $1.7B | ||
| Q2 25 | $889.4M | — | ||
| Q1 25 | $935.0M | — | ||
| Q4 24 | $844.5M | — | ||
| Q3 24 | $804.6M | — | ||
| Q2 24 | $895.0M | — | ||
| Q1 24 | $881.8M | $1.7B |
| Q4 25 | $650.1M | $113.3M | ||
| Q3 25 | $670.3M | $139.8M | ||
| Q2 25 | $693.6M | $151.8M | ||
| Q1 25 | $1.1B | $154.6M | ||
| Q4 24 | $1.1B | $201.7M | ||
| Q3 24 | $1.2B | $226.1M | ||
| Q2 24 | $1.1B | $283.8M | ||
| Q1 24 | $1.2B | $926.1M |
| Q4 25 | $2.6B | $2.7B | ||
| Q3 25 | $2.6B | $2.8B | ||
| Q2 25 | $2.6B | $2.8B | ||
| Q1 25 | $3.1B | $2.8B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.2B | $3.1B | ||
| Q1 24 | $3.2B | $4.0B |
| Q4 25 | 1.40× | 14.89× | ||
| Q3 25 | 1.35× | 12.05× | ||
| Q2 25 | 1.28× | — | ||
| Q1 25 | 0.85× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.79× | — | ||
| Q1 24 | 0.76× | 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 | $45.0M | — |
| Free Cash FlowOCF − Capex | $27.9M | — |
| FCF MarginFCF / Revenue | 7.1% | — |
| Capex IntensityCapex / Revenue | 4.4% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-64.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.0M | — | ||
| Q3 25 | $42.3M | $52.7M | ||
| Q2 25 | $-32.5M | — | ||
| Q1 25 | $-20.8M | $27.6M | ||
| Q4 24 | $27.0M | $-23.2M | ||
| Q3 24 | $3.3M | $51.2M | ||
| Q2 24 | $33.2M | $-45.2M | ||
| Q1 24 | $-17.7M | $-51.7M |
| Q4 25 | $27.9M | — | ||
| Q3 25 | $15.5M | $48.6M | ||
| Q2 25 | $-60.8M | — | ||
| Q1 25 | $-46.7M | $15.7M | ||
| Q4 24 | $-6.9M | $-30.5M | ||
| Q3 24 | $-22.9M | $40.7M | ||
| Q2 24 | $1.6M | $-59.6M | ||
| Q1 24 | $-46.8M | $-56.7M |
| Q4 25 | 7.1% | — | ||
| Q3 25 | 4.1% | 7.7% | ||
| Q2 25 | -16.0% | — | ||
| Q1 25 | -12.5% | 2.6% | ||
| Q4 24 | -1.7% | -4.8% | ||
| Q3 24 | -6.0% | 6.2% | ||
| Q2 24 | 0.4% | -9.3% | ||
| Q1 24 | -10.6% | -10.5% |
| Q4 25 | 4.4% | 1.3% | ||
| Q3 25 | 7.1% | 0.7% | ||
| Q2 25 | 7.4% | 0.8% | ||
| Q1 25 | 6.9% | 1.9% | ||
| Q4 24 | 8.4% | 1.1% | ||
| Q3 24 | 6.9% | 1.6% | ||
| Q2 24 | 7.2% | 2.2% | ||
| Q1 24 | 6.6% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.08× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DNUT
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
