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Side-by-side financial comparison of Equity Residential (EQR) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Equity Residential is the larger business by last-quarter revenue ($781.9M vs $631.2M, roughly 1.2× FORWARD AIR CORP). Equity Residential runs the higher net margin — 48.9% vs -4.5%, a 53.4% gap on every dollar of revenue. On growth, Equity Residential posted the faster year-over-year revenue change (2.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 3.4%).
Equity Residential is a United States–based publicly traded real estate investment trust that invests in apartments.
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.
EQR vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $781.9M | $631.2M |
| Net Profit | $382.1M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 50.6% | -0.5% |
| Net Margin | 48.9% | -4.5% |
| Revenue YoY | 2.0% | -0.3% |
| Net Profit YoY | -8.8% | 22.2% |
| EPS (diluted) | $1.01 | $-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 | $781.9M | $631.2M | ||
| Q3 25 | $782.4M | $631.8M | ||
| Q2 25 | $768.8M | $618.8M | ||
| Q1 25 | $760.8M | $613.3M | ||
| Q4 24 | $766.8M | $632.8M | ||
| Q3 24 | $748.3M | $655.9M | ||
| Q2 24 | $734.2M | $643.7M | ||
| Q1 24 | $730.8M | $541.8M |
| Q4 25 | $382.1M | $-28.3M | ||
| Q3 25 | $289.1M | $-16.3M | ||
| Q2 25 | $192.4M | $-12.6M | ||
| Q1 25 | $256.6M | $-50.6M | ||
| Q4 24 | $419.1M | $-36.4M | ||
| Q3 24 | $143.4M | $-73.4M | ||
| Q2 24 | $177.5M | $-645.4M | ||
| Q1 24 | $295.8M | $-61.7M |
| Q4 25 | 50.6% | -0.5% | ||
| Q3 25 | 38.5% | 2.4% | ||
| Q2 25 | 26.6% | 3.2% | ||
| Q1 25 | 35.7% | 0.8% | ||
| Q4 24 | 57.2% | 12.0% | ||
| Q3 24 | 20.1% | 3.5% | ||
| Q2 24 | 25.3% | -170.2% | ||
| Q1 24 | 42.0% | -12.1% |
| Q4 25 | 48.9% | -4.5% | ||
| Q3 25 | 36.9% | -2.6% | ||
| Q2 25 | 25.0% | -2.0% | ||
| Q1 25 | 33.7% | -8.3% | ||
| Q4 24 | 54.7% | -5.8% | ||
| Q3 24 | 19.2% | -11.2% | ||
| Q2 24 | 24.2% | -100.3% | ||
| Q1 24 | 40.5% | -11.4% |
| Q4 25 | $1.01 | $-0.90 | ||
| Q3 25 | $0.76 | $-0.52 | ||
| Q2 25 | $0.50 | $-0.41 | ||
| Q1 25 | $0.67 | $-1.68 | ||
| Q4 24 | $1.10 | $-1.69 | ||
| Q3 24 | $0.38 | $-2.66 | ||
| Q2 24 | $0.47 | $-23.47 | ||
| Q1 24 | $0.77 | $-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 | $55.9M | $106.0M |
| Total DebtLower is stronger | $8.2B | $1.7B |
| Stockholders' EquityBook value | $11.0B | $113.3M |
| Total Assets | $20.7B | $2.7B |
| Debt / EquityLower = less leverage | 0.75× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $55.9M | $106.0M | ||
| Q3 25 | $93.1M | $140.4M | ||
| Q2 25 | $31.3M | $95.1M | ||
| Q1 25 | $39.8M | $116.3M | ||
| Q4 24 | $62.3M | $104.9M | ||
| Q3 24 | $28.6M | $136.6M | ||
| Q2 24 | $38.3M | $84.9M | ||
| Q1 24 | $44.5M | $152.0M |
| Q4 25 | $8.2B | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $11.0B | $113.3M | ||
| Q3 25 | $11.1B | $139.8M | ||
| Q2 25 | $11.0B | $151.8M | ||
| Q1 25 | $11.0B | $154.6M | ||
| Q4 24 | $11.0B | $201.7M | ||
| Q3 24 | $10.9B | $226.1M | ||
| Q2 24 | $11.0B | $283.8M | ||
| Q1 24 | $11.1B | $926.1M |
| Q4 25 | $20.7B | $2.7B | ||
| Q3 25 | $21.1B | $2.8B | ||
| Q2 25 | $21.0B | $2.8B | ||
| Q1 25 | $20.6B | $2.8B | ||
| Q4 24 | $20.8B | $2.8B | ||
| Q3 24 | $20.9B | $3.1B | ||
| Q2 24 | $19.8B | $3.1B | ||
| Q1 24 | $19.9B | $4.0B |
| Q4 25 | 0.75× | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.74× | — | ||
| 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 | $387.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 1.01× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $387.0M | — | ||
| Q3 25 | $476.7M | $52.7M | ||
| Q2 25 | $359.5M | — | ||
| Q1 25 | $425.5M | $27.6M | ||
| Q4 24 | $354.2M | $-23.2M | ||
| Q3 24 | $401.4M | $51.2M | ||
| Q2 24 | $396.9M | $-45.2M | ||
| Q1 24 | $421.0M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 1.01× | — | ||
| Q3 25 | 1.65× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.66× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 2.80× | — | ||
| Q2 24 | 2.24× | — | ||
| Q1 24 | 1.42× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EQR
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
