vs
Side-by-side financial comparison of Extra Space Storage (EXR) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Extra Space Storage is the larger business by last-quarter revenue ($856.0M vs $631.2M, roughly 1.4× FORWARD AIR CORP). Extra Space Storage runs the higher net margin — 28.2% vs -4.5%, a 32.6% gap on every dollar of revenue. On growth, Extra Space Storage posted the faster year-over-year revenue change (4.4% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 2.8%).
Extra Space Storage Inc. is an American real estate investment trust headquartered in Cottonwood Heights, Utah that invests in self storage facilities. The company rents storage units, including climate controlled units, drive-up units, lockers, boat storage, RV storage and business storage under the brands Extra Space Storage, Life Storage, and Storage Express. As of March 28, 2024 the company owned and/or operated 3,714 locations in 43 states, and Washington, D.C. comprising approximately 2.
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.
EXR vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $856.0M | $631.2M |
| Net Profit | $241.0M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 42.9% | -0.5% |
| Net Margin | 28.2% | -4.5% |
| Revenue YoY | 4.4% | -0.3% |
| Net Profit YoY | -11.4% | 22.2% |
| EPS (diluted) | $1.14 | $-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 | $856.0M | — | ||
| Q4 25 | $857.5M | $631.2M | ||
| Q3 25 | $858.5M | $631.8M | ||
| Q2 25 | $841.6M | $618.8M | ||
| Q1 25 | $820.0M | $613.3M | ||
| Q4 24 | $821.9M | $632.8M | ||
| Q3 24 | $824.8M | $655.9M | ||
| Q2 24 | $810.7M | $643.7M |
| Q1 26 | $241.0M | — | ||
| Q4 25 | $287.4M | $-28.3M | ||
| Q3 25 | $166.0M | $-16.3M | ||
| Q2 25 | $249.7M | $-12.6M | ||
| Q1 25 | $270.9M | $-50.6M | ||
| Q4 24 | $262.5M | $-36.4M | ||
| Q3 24 | $193.2M | $-73.4M | ||
| Q2 24 | $185.9M | $-645.4M |
| Q1 26 | — | — | ||
| Q4 25 | 73.0% | — | ||
| Q3 25 | 72.6% | — | ||
| Q2 25 | 73.0% | — | ||
| Q1 25 | 72.7% | — | ||
| Q4 24 | 73.1% | — | ||
| Q3 24 | 74.7% | — | ||
| Q2 24 | 75.7% | — |
| Q1 26 | 42.9% | — | ||
| Q4 25 | 43.3% | -0.5% | ||
| Q3 25 | 32.5% | 2.4% | ||
| Q2 25 | 44.4% | 3.2% | ||
| Q1 25 | 47.4% | 0.8% | ||
| Q4 24 | 46.2% | 12.0% | ||
| Q3 24 | 36.7% | 3.5% | ||
| Q2 24 | 37.6% | -170.2% |
| Q1 26 | 28.2% | — | ||
| Q4 25 | 33.5% | -4.5% | ||
| Q3 25 | 19.3% | -2.6% | ||
| Q2 25 | 29.7% | -2.0% | ||
| Q1 25 | 33.0% | -8.3% | ||
| Q4 24 | 31.9% | -5.8% | ||
| Q3 24 | 23.4% | -11.2% | ||
| Q2 24 | 22.9% | -100.3% |
| Q1 26 | $1.14 | — | ||
| Q4 25 | $1.35 | $-0.90 | ||
| Q3 25 | $0.78 | $-0.52 | ||
| Q2 25 | $1.18 | $-0.41 | ||
| Q1 25 | $1.28 | $-1.68 | ||
| Q4 24 | $1.23 | $-1.69 | ||
| Q3 24 | $0.91 | $-2.66 | ||
| Q2 24 | $0.88 | $-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 | $139.0M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | — | $113.3M |
| Total Assets | $29.1B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $139.0M | — | ||
| Q4 25 | $138.9M | $106.0M | ||
| Q3 25 | $111.9M | $140.4M | ||
| Q2 25 | $125.0M | $95.1M | ||
| Q1 25 | $119.6M | $116.3M | ||
| Q4 24 | $138.2M | $104.9M | ||
| Q3 24 | $88.9M | $136.6M | ||
| Q2 24 | $77.0M | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $13.4B | $113.3M | ||
| Q3 25 | $13.6B | $139.8M | ||
| Q2 25 | $13.8B | $151.8M | ||
| Q1 25 | $13.9B | $154.6M | ||
| Q4 24 | $13.9B | $201.7M | ||
| Q3 24 | $14.0B | $226.1M | ||
| Q2 24 | $14.2B | $283.8M |
| Q1 26 | $29.1B | — | ||
| Q4 25 | $29.3B | $2.7B | ||
| Q3 25 | $29.2B | $2.8B | ||
| Q2 25 | $29.4B | $2.8B | ||
| Q1 25 | $29.0B | $2.8B | ||
| Q4 24 | $28.8B | $2.8B | ||
| Q3 24 | $28.1B | $3.1B | ||
| Q2 24 | $27.8B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXR
| Property rental | $733.2M | 86% |
| Tenant reinsurance | $89.1M | 10% |
| Management fees and other income | $33.7M | 4% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
