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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
FIRST HORIZON CORP is the larger business by last-quarter revenue ($888.0M vs $631.2M, roughly 1.4× FORWARD AIR CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs -4.5%, a 33.9% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs -0.3%). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs 7.9%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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.
FHN vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $631.2M |
| Net Profit | $261.0M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 38.5% | -0.5% |
| Net Margin | 29.4% | -4.5% |
| Revenue YoY | 21.8% | -0.3% |
| Net Profit YoY | 57.2% | 22.2% |
| EPS (diluted) | $0.51 | $-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 | $888.0M | $631.2M | ||
| Q3 25 | $889.0M | $631.8M | ||
| Q2 25 | $830.0M | $618.8M | ||
| Q1 25 | $812.0M | $613.3M | ||
| Q4 24 | $729.0M | $632.8M | ||
| Q3 24 | $827.0M | $655.9M | ||
| Q2 24 | — | $643.7M | ||
| Q1 24 | $819.0M | $541.8M |
| Q4 25 | $261.0M | $-28.3M | ||
| Q3 25 | $262.0M | $-16.3M | ||
| Q2 25 | $241.0M | $-12.6M | ||
| Q1 25 | $218.0M | $-50.6M | ||
| Q4 24 | $166.0M | $-36.4M | ||
| Q3 24 | $218.0M | $-73.4M | ||
| Q2 24 | — | $-645.4M | ||
| Q1 24 | $192.0M | $-61.7M |
| Q4 25 | 38.5% | -0.5% | ||
| Q3 25 | 38.7% | 2.4% | ||
| Q2 25 | 37.2% | 3.2% | ||
| Q1 25 | 35.1% | 0.8% | ||
| Q4 24 | 28.8% | 12.0% | ||
| Q3 24 | 34.0% | 3.5% | ||
| Q2 24 | — | -170.2% | ||
| Q1 24 | 31.0% | -12.1% |
| Q4 25 | 29.4% | -4.5% | ||
| Q3 25 | 29.5% | -2.6% | ||
| Q2 25 | 29.0% | -2.0% | ||
| Q1 25 | 26.8% | -8.3% | ||
| Q4 24 | 22.8% | -5.8% | ||
| Q3 24 | 26.4% | -11.2% | ||
| Q2 24 | — | -100.3% | ||
| Q1 24 | 23.4% | -11.4% |
| Q4 25 | $0.51 | $-0.90 | ||
| Q3 25 | $0.50 | $-0.52 | ||
| Q2 25 | $0.45 | $-0.41 | ||
| Q1 25 | $0.41 | $-1.68 | ||
| Q4 24 | $0.29 | $-1.69 | ||
| Q3 24 | $0.40 | $-2.66 | ||
| Q2 24 | — | $-23.47 | ||
| Q1 24 | $0.33 | $-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 | — | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $8.8B | $113.3M |
| Total Assets | $83.9B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| 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 24 | — | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $8.8B | $113.3M | ||
| Q3 25 | $8.9B | $139.8M | ||
| Q2 25 | $9.0B | $151.8M | ||
| Q1 25 | $8.7B | $154.6M | ||
| Q4 24 | $8.8B | $201.7M | ||
| Q3 24 | $9.0B | $226.1M | ||
| Q2 24 | — | $283.8M | ||
| Q1 24 | $8.9B | $926.1M |
| Q4 25 | $83.9B | $2.7B | ||
| Q3 25 | $83.2B | $2.8B | ||
| Q2 25 | $82.1B | $2.8B | ||
| Q1 25 | $81.5B | $2.8B | ||
| Q4 24 | $82.2B | $2.8B | ||
| Q3 24 | $82.6B | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $81.8B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $396.0M | — |
| Free Cash FlowOCF − Capex | $389.0M | — |
| FCF MarginFCF / Revenue | 43.8% | — |
| Capex IntensityCapex / Revenue | 0.8% | 1.3% |
| Cash ConversionOCF / Net Profit | 1.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | — | ||
| Q3 25 | $-200.0M | $52.7M | ||
| Q2 25 | $83.0M | — | ||
| Q1 25 | $349.0M | $27.6M | ||
| Q4 24 | $191.0M | $-23.2M | ||
| Q3 24 | $389.0M | $51.2M | ||
| Q2 24 | — | $-45.2M | ||
| Q1 24 | $838.0M | $-51.7M |
| Q4 25 | $389.0M | — | ||
| Q3 25 | $-208.0M | $48.6M | ||
| Q2 25 | $74.0M | — | ||
| Q1 25 | $340.0M | $15.7M | ||
| Q4 24 | $174.0M | $-30.5M | ||
| Q3 24 | $383.0M | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | $828.0M | $-56.7M |
| Q4 25 | 43.8% | — | ||
| Q3 25 | -23.4% | 7.7% | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 41.9% | 2.6% | ||
| Q4 24 | 23.9% | -4.8% | ||
| Q3 24 | 46.3% | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | 101.1% | -10.5% |
| Q4 25 | 0.8% | 1.3% | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | 1.1% | 1.9% | ||
| Q4 24 | 2.3% | 1.1% | ||
| Q3 24 | 0.7% | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | 1.2% | 0.9% |
| Q4 25 | 1.52× | — | ||
| Q3 25 | -0.76× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 1.60× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.36× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
