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Side-by-side financial comparison of ECARX Holdings Inc. (ECX) 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 $323.3M, roughly 2.0× ECARX Holdings Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -21.4%, a 16.9% gap on every dollar of revenue. On growth, ECARX Holdings Inc. posted the faster year-over-year revenue change (6.5% vs -0.3%).
ECARX Holdings Inc. is a global mobility technology provider specializing in integrated smart vehicle solutions, including in-vehicle infotainment systems, advanced driver assistance technologies, and connected car cloud services. It primarily partners with automotive manufacturers across the world, with a strong operational presence in the Chinese and European markets.
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.
ECX vs FWRD — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $323.3M | $631.2M |
| Net Profit | $-69.1M | $-28.3M |
| Gross Margin | 15.5% | — |
| Operating Margin | -20.2% | -0.5% |
| Net Margin | -21.4% | -4.5% |
| Revenue YoY | 6.5% | -0.3% |
| Net Profit YoY | 12.8% | 22.2% |
| EPS (diluted) | $-0.20 | $-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 | — | $631.2M | ||
| Q3 25 | — | $631.8M | ||
| Q2 25 | $323.3M | $618.8M | ||
| Q1 25 | — | $613.3M | ||
| Q4 24 | — | $632.8M | ||
| Q3 24 | — | $655.9M | ||
| Q2 24 | $303.5M | $643.7M | ||
| Q1 24 | — | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | — | $-16.3M | ||
| Q2 25 | $-69.1M | $-12.6M | ||
| Q1 25 | — | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | — | $-73.4M | ||
| Q2 24 | $-79.2M | $-645.4M | ||
| Q1 24 | — | $-61.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 22.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | -20.2% | 3.2% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | -22.2% | -170.2% | ||
| Q1 24 | — | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | — | -2.6% | ||
| Q2 25 | -21.4% | -2.0% | ||
| Q1 25 | — | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | — | -11.2% | ||
| Q2 24 | -26.1% | -100.3% | ||
| Q1 24 | — | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | $-0.20 | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | $-0.23 | $-23.47 | ||
| Q1 24 | — | $-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 | $86.2M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $-293.7M | $113.3M |
| Total Assets | $494.9M | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | — | $140.4M | ||
| Q2 25 | $86.2M | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $136.6M | ||
| Q2 24 | $108.4M | $84.9M | ||
| Q1 24 | — | $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 | — | $113.3M | ||
| Q3 25 | — | $139.8M | ||
| Q2 25 | $-293.7M | $151.8M | ||
| Q1 25 | — | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | — | $226.1M | ||
| Q2 24 | $-198.5M | $283.8M | ||
| Q1 24 | — | $926.1M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | $494.9M | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | $555.0M | $3.1B | ||
| Q1 24 | — | $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 | $-82.0M | — |
| Free Cash FlowOCF − Capex | $-86.5M | — |
| FCF MarginFCF / Revenue | -26.7% | — |
| Capex IntensityCapex / Revenue | 1.4% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $52.7M | ||
| Q2 25 | $-82.0M | — | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | — | $51.2M | ||
| Q2 24 | $-57.1M | $-45.2M | ||
| Q1 24 | — | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | $-86.5M | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | $-64.9M | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | -26.7% | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | -21.4% | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | 1.4% | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | 2.6% | 2.2% | ||
| Q1 24 | — | 0.9% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ECX
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
