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Side-by-side financial comparison of F5, Inc. (FFIV) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
F5, Inc. is the larger business by last-quarter revenue ($811.7M vs $631.2M, roughly 1.3× FORWARD AIR CORP). F5, Inc. runs the higher net margin — 18.2% vs -4.5%, a 22.7% gap on every dollar of revenue. On growth, F5, Inc. posted the faster year-over-year revenue change (11.0% vs -0.3%). Over the past eight quarters, F5, Inc.'s revenue compounded faster (8.0% CAGR vs 7.9%).
F5, Inc. is an American technology company specializing in application security, multi-cloud management, online fraud prevention, application delivery networking (ADN), application availability and performance, and network security, access, and authorization.
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.
FFIV vs FWRD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $811.7M | $631.2M |
| Net Profit | $148.0M | $-28.3M |
| Gross Margin | 81.4% | — |
| Operating Margin | 22.1% | -0.5% |
| Net Margin | 18.2% | -4.5% |
| Revenue YoY | 11.0% | -0.3% |
| Net Profit YoY | 1.5% | 22.2% |
| EPS (diluted) | $2.58 | $-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 | $811.7M | — | ||
| Q4 25 | $822.5M | $631.2M | ||
| Q3 25 | $810.1M | $631.8M | ||
| Q2 25 | $780.4M | $618.8M | ||
| Q1 25 | $731.1M | $613.3M | ||
| Q4 24 | $766.5M | $632.8M | ||
| Q3 24 | $746.7M | $655.9M | ||
| Q2 24 | $695.5M | $643.7M |
| Q1 26 | $148.0M | — | ||
| Q4 25 | $180.1M | $-28.3M | ||
| Q3 25 | $190.5M | $-16.3M | ||
| Q2 25 | $189.9M | $-12.6M | ||
| Q1 25 | $145.5M | $-50.6M | ||
| Q4 24 | $166.4M | $-36.4M | ||
| Q3 24 | $165.3M | $-73.4M | ||
| Q2 24 | $144.1M | $-645.4M |
| Q1 26 | 81.4% | — | ||
| Q4 25 | 81.5% | — | ||
| Q3 25 | 82.2% | — | ||
| Q2 25 | 81.0% | — | ||
| Q1 25 | 80.7% | — | ||
| Q4 24 | 81.7% | — | ||
| Q3 24 | 80.8% | — | ||
| Q2 24 | 80.4% | — |
| Q1 26 | 22.1% | — | ||
| Q4 25 | 26.0% | -0.5% | ||
| Q3 25 | 25.4% | 2.4% | ||
| Q2 25 | 25.2% | 3.2% | ||
| Q1 25 | 21.7% | 0.8% | ||
| Q4 24 | 26.8% | 12.0% | ||
| Q3 24 | 25.6% | 3.5% | ||
| Q2 24 | 23.4% | -170.2% |
| Q1 26 | 18.2% | — | ||
| Q4 25 | 21.9% | -4.5% | ||
| Q3 25 | 23.5% | -2.6% | ||
| Q2 25 | 24.3% | -2.0% | ||
| Q1 25 | 19.9% | -8.3% | ||
| Q4 24 | 21.7% | -5.8% | ||
| Q3 24 | 22.1% | -11.2% | ||
| Q2 24 | 20.7% | -100.3% |
| Q1 26 | $2.58 | — | ||
| Q4 25 | $3.10 | $-0.90 | ||
| Q3 25 | $3.25 | $-0.52 | ||
| Q2 25 | $3.25 | $-0.41 | ||
| Q1 25 | $2.48 | $-1.68 | ||
| Q4 24 | $2.82 | $-1.69 | ||
| Q3 24 | $2.79 | $-2.66 | ||
| Q2 24 | $2.44 | $-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 | $1.4B | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $3.6B | $113.3M |
| Total Assets | $6.5B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.2B | $106.0M | ||
| Q3 25 | $1.3B | $140.4M | ||
| Q2 25 | $1.4B | $95.1M | ||
| Q1 25 | $1.3B | $116.3M | ||
| Q4 24 | $1.2B | $104.9M | ||
| Q3 24 | $1.1B | $136.6M | ||
| Q2 24 | $935.6M | $84.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.5B | $113.3M | ||
| Q3 25 | $3.6B | $139.8M | ||
| Q2 25 | $3.5B | $151.8M | ||
| Q1 25 | $3.3B | $154.6M | ||
| Q4 24 | $3.2B | $201.7M | ||
| Q3 24 | $3.1B | $226.1M | ||
| Q2 24 | $3.0B | $283.8M |
| Q1 26 | $6.5B | — | ||
| Q4 25 | $6.3B | $2.7B | ||
| Q3 25 | $6.3B | $2.8B | ||
| Q2 25 | $6.1B | $2.8B | ||
| Q1 25 | $5.9B | $2.8B | ||
| Q4 24 | $5.9B | $2.8B | ||
| Q3 24 | $5.6B | $3.1B | ||
| Q2 24 | $5.4B | $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 | $525.1M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 3.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $525.1M | — | ||
| Q4 25 | $159.2M | — | ||
| Q3 25 | $208.1M | $52.7M | ||
| Q2 25 | $282.2M | — | ||
| Q1 25 | $256.6M | $27.6M | ||
| Q4 24 | $202.8M | $-23.2M | ||
| Q3 24 | $246.5M | $51.2M | ||
| Q2 24 | $159.0M | $-45.2M |
| Q1 26 | — | — | ||
| Q4 25 | $149.5M | — | ||
| Q3 25 | $191.9M | $48.6M | ||
| Q2 25 | $273.7M | — | ||
| Q1 25 | $246.1M | $15.7M | ||
| Q4 24 | $194.7M | $-30.5M | ||
| Q3 24 | $240.4M | $40.7M | ||
| Q2 24 | $153.1M | $-59.6M |
| Q1 26 | — | — | ||
| Q4 25 | 18.2% | — | ||
| Q3 25 | 23.7% | 7.7% | ||
| Q2 25 | 35.1% | — | ||
| Q1 25 | 33.7% | 2.6% | ||
| Q4 24 | 25.4% | -4.8% | ||
| Q3 24 | 32.2% | 6.2% | ||
| Q2 24 | 22.0% | -9.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 1.3% | ||
| Q3 25 | 2.0% | 0.7% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | 1.4% | 1.9% | ||
| Q4 24 | 1.1% | 1.1% | ||
| Q3 24 | 0.8% | 1.6% | ||
| Q2 24 | 0.8% | 2.2% |
| Q1 26 | 3.55× | — | ||
| Q4 25 | 0.88× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 1.76× | — | ||
| Q4 24 | 1.22× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FFIV
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
