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Side-by-side financial comparison of FIRST CITIZENS BANCSHARES INC (FCNCA) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
FIRST CITIZENS BANCSHARES INC is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.7× FORWARD AIR CORP). FIRST CITIZENS BANCSHARES INC runs the higher net margin — 49.1% vs -4.5%, a 53.6% gap on every dollar of revenue. On growth, FIRST CITIZENS BANCSHARES INC posted the faster year-over-year revenue change (3.5% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -33.5%).
Citizens Financial Group, Inc. is an American bank holding company, headquartered in Providence, Rhode Island. The company owns the bank Citizens Bank, N.A., which operates in the U.S. states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Virginia, as well as Washington, DC.
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.
FCNCA vs FWRD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $631.2M |
| Net Profit | $534.0M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | — | -0.5% |
| Net Margin | 49.1% | -4.5% |
| Revenue YoY | 3.5% | -0.3% |
| Net Profit YoY | 10.6% | 22.2% |
| EPS (diluted) | $42.63 | $-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 | $1.1B | — | ||
| Q4 25 | $2.4B | $631.2M | ||
| Q3 25 | $2.4B | $631.8M | ||
| Q2 25 | $2.4B | $618.8M | ||
| Q1 25 | $2.3B | $613.3M | ||
| Q4 24 | $2.4B | $632.8M | ||
| Q3 24 | $2.4B | $655.9M | ||
| Q2 24 | $2.5B | $643.7M |
| Q1 26 | $534.0M | — | ||
| Q4 25 | $580.0M | $-28.3M | ||
| Q3 25 | $568.0M | $-16.3M | ||
| Q2 25 | $575.0M | $-12.6M | ||
| Q1 25 | $483.0M | $-50.6M | ||
| Q4 24 | $700.0M | $-36.4M | ||
| Q3 24 | $639.0M | $-73.4M | ||
| Q2 24 | $707.0M | $-645.4M |
| Q1 26 | — | — | ||
| Q4 25 | 33.3% | -0.5% | ||
| Q3 25 | 30.9% | 2.4% | ||
| Q2 25 | 31.9% | 3.2% | ||
| Q1 25 | 28.3% | 0.8% | ||
| Q4 24 | 30.6% | 12.0% | ||
| Q3 24 | 35.7% | 3.5% | ||
| Q2 24 | 39.8% | -170.2% |
| Q1 26 | 49.1% | — | ||
| Q4 25 | 23.8% | -4.5% | ||
| Q3 25 | 23.3% | -2.6% | ||
| Q2 25 | 24.2% | -2.0% | ||
| Q1 25 | 21.0% | -8.3% | ||
| Q4 24 | 29.1% | -5.8% | ||
| Q3 24 | 26.1% | -11.2% | ||
| Q2 24 | 28.7% | -100.3% |
| Q1 26 | $42.63 | — | ||
| Q4 25 | $45.33 | $-0.90 | ||
| Q3 25 | $43.08 | $-0.52 | ||
| Q2 25 | $42.36 | $-0.41 | ||
| Q1 25 | $34.47 | $-1.68 | ||
| Q4 24 | $49.19 | $-1.69 | ||
| Q3 24 | $43.42 | $-2.66 | ||
| Q2 24 | $47.54 | $-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 | — | $106.0M |
| Total DebtLower is stronger | $34.0B | $1.7B |
| Stockholders' EquityBook value | $22.0B | $113.3M |
| Total Assets | $236.0B | $2.7B |
| Debt / EquityLower = less leverage | 1.54× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $106.0M | ||
| Q3 25 | — | $140.4M | ||
| Q2 25 | — | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | — | $136.6M | ||
| Q2 24 | — | $84.9M |
| Q1 26 | $34.0B | — | ||
| Q4 25 | $35.8B | $1.7B | ||
| Q3 25 | $38.3B | $1.7B | ||
| Q2 25 | $37.6B | — | ||
| Q1 25 | $38.0B | — | ||
| Q4 24 | $36.7B | — | ||
| Q3 24 | $36.8B | — | ||
| Q2 24 | $37.1B | — |
| Q1 26 | $22.0B | — | ||
| Q4 25 | $22.2B | $113.3M | ||
| Q3 25 | $22.0B | $139.8M | ||
| Q2 25 | $22.3B | $151.8M | ||
| Q1 25 | $22.3B | $154.6M | ||
| Q4 24 | $22.2B | $201.7M | ||
| Q3 24 | $22.8B | $226.1M | ||
| Q2 24 | $22.5B | $283.8M |
| Q1 26 | $236.0B | — | ||
| Q4 25 | $229.7B | $2.7B | ||
| Q3 25 | $233.5B | $2.8B | ||
| Q2 25 | $229.7B | $2.8B | ||
| Q1 25 | $228.8B | $2.8B | ||
| Q4 24 | $223.7B | $2.8B | ||
| Q3 24 | $220.6B | $3.1B | ||
| Q2 24 | $219.8B | $3.1B |
| Q1 26 | 1.54× | — | ||
| Q4 25 | 1.61× | 14.89× | ||
| Q3 25 | 1.74× | 12.05× | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.65× | — | ||
| Q3 24 | 1.61× | — | ||
| Q2 24 | 1.65× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCNCA
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
