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Side-by-side financial comparison of EXELIXIS, INC. (EXEL) 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 $598.7M, roughly 1.1× EXELIXIS, INC.). EXELIXIS, INC. runs the higher net margin — 40.8% vs -4.5%, a 45.3% gap on every dollar of revenue. On growth, EXELIXIS, INC. posted the faster year-over-year revenue change (5.6% vs -0.3%). Over the past eight quarters, EXELIXIS, INC.'s revenue compounded faster (18.7% CAGR vs 7.9%).
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
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.
EXEL vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.7M | $631.2M |
| Net Profit | $244.5M | $-28.3M |
| Gross Margin | 95.6% | — |
| Operating Margin | 39.3% | -0.5% |
| Net Margin | 40.8% | -4.5% |
| Revenue YoY | 5.6% | -0.3% |
| Net Profit YoY | 74.8% | 22.2% |
| EPS (diluted) | $0.89 | $-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 | $598.7M | — | ||
| Q4 25 | $597.8M | $631.2M | ||
| Q3 25 | $568.3M | $631.8M | ||
| Q2 25 | $555.4M | $618.8M | ||
| Q1 25 | $566.8M | $613.3M | ||
| Q4 24 | — | $632.8M | ||
| Q3 24 | $539.5M | $655.9M | ||
| Q2 24 | $637.2M | $643.7M |
| Q1 26 | $244.5M | — | ||
| Q4 25 | $193.6M | $-28.3M | ||
| Q3 25 | $184.8M | $-16.3M | ||
| Q2 25 | $159.6M | $-12.6M | ||
| Q1 25 | $139.9M | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $118.0M | $-73.4M | ||
| Q2 24 | $226.1M | $-645.4M |
| Q1 26 | 95.6% | — | ||
| Q4 25 | 96.9% | — | ||
| Q3 25 | 96.6% | — | ||
| Q2 25 | 96.5% | — | ||
| Q1 25 | 96.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 96.8% | — | ||
| Q2 24 | 97.2% | — |
| Q1 26 | 39.3% | — | ||
| Q4 25 | 39.6% | -0.5% | ||
| Q3 25 | 37.6% | 2.4% | ||
| Q2 25 | 33.6% | 3.2% | ||
| Q1 25 | 28.8% | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 25.2% | 3.5% | ||
| Q2 24 | 43.3% | -170.2% |
| Q1 26 | 40.8% | — | ||
| Q4 25 | 32.4% | -4.5% | ||
| Q3 25 | 32.5% | -2.6% | ||
| Q2 25 | 28.7% | -2.0% | ||
| Q1 25 | 24.7% | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 21.9% | -11.2% | ||
| Q2 24 | 35.5% | -100.3% |
| Q1 26 | $0.89 | — | ||
| Q4 25 | $0.69 | $-0.90 | ||
| Q3 25 | $0.65 | $-0.52 | ||
| Q2 25 | $0.55 | $-0.41 | ||
| Q1 25 | $0.47 | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | $0.40 | $-2.66 | ||
| Q2 24 | $0.77 | $-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 | $1.1B | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $2.2B | $113.3M |
| Total Assets | $2.8B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $988.5M | $106.0M | ||
| Q3 25 | $791.1M | $140.4M | ||
| Q2 25 | $1.0B | $95.1M | ||
| Q1 25 | $1.1B | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | $1.2B | $136.6M | ||
| Q2 24 | $1.0B | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.2B | $113.3M | ||
| Q3 25 | $2.0B | $139.8M | ||
| Q2 25 | $2.1B | $151.8M | ||
| Q1 25 | $2.2B | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | $2.3B | $226.1M | ||
| Q2 24 | $2.1B | $283.8M |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | $2.7B | ||
| Q3 25 | $2.7B | $2.8B | ||
| Q2 25 | $2.8B | $2.8B | ||
| Q1 25 | $2.9B | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $3.0B | $3.1B | ||
| Q2 24 | $2.8B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $333.5M | — |
| Free Cash FlowOCF − Capex | $332.4M | — |
| FCF MarginFCF / Revenue | 55.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.36× | — |
| TTM Free Cash FlowTrailing 4 quarters | $875.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $333.5M | — | ||
| Q4 25 | $290.3M | — | ||
| Q3 25 | $49.0M | $52.7M | ||
| Q2 25 | $211.4M | — | ||
| Q1 25 | $240.3M | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | $271.3M | $51.2M | ||
| Q2 24 | $119.5M | $-45.2M |
| Q1 26 | $332.4M | — | ||
| Q4 25 | $288.8M | — | ||
| Q3 25 | $46.2M | $48.6M | ||
| Q2 25 | $208.5M | — | ||
| Q1 25 | $236.3M | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | $263.1M | $40.7M | ||
| Q2 24 | $113.0M | $-59.6M |
| Q1 26 | 55.5% | — | ||
| Q4 25 | 48.3% | — | ||
| Q3 25 | 8.1% | 7.7% | ||
| Q2 25 | 37.5% | — | ||
| Q1 25 | 41.7% | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | 48.8% | 6.2% | ||
| Q2 24 | 17.7% | -9.3% |
| Q1 26 | 0.2% | — | ||
| Q4 25 | 0.2% | 1.3% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 0.5% | 0.8% | ||
| Q1 25 | 0.7% | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 1.5% | 1.6% | ||
| Q2 24 | 1.0% | 2.2% |
| Q1 26 | 1.36× | — | ||
| Q4 25 | 1.50× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 1.32× | — | ||
| Q1 25 | 1.72× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.30× | — | ||
| Q2 24 | 0.53× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXEL
| Cabometyx | $544.7M | 91% |
| Collaboration | $52.1M | 9% |
| Collaborative Arrangementwith Takeda | $5.9M | 1% |
| Cometriq | $1.8M | 0% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
