vs
Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) 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 $143.5M, roughly 4.4× FTAI Infrastructure Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -68.1%, a 63.6% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -0.3%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 7.9%).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
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.
FIP vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $631.2M |
| Net Profit | $-97.7M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | -0.5% |
| Net Margin | -68.1% | -4.5% |
| Revenue YoY | 77.7% | -0.3% |
| Net Profit YoY | 21.6% | 22.2% |
| EPS (diluted) | $-1.04 | $-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 | $143.5M | $631.2M | ||
| Q3 25 | $140.6M | $631.8M | ||
| Q2 25 | $122.3M | $618.8M | ||
| Q1 25 | $96.2M | $613.3M | ||
| Q4 24 | $80.8M | $632.8M | ||
| Q3 24 | $83.3M | $655.9M | ||
| Q2 24 | $84.9M | $643.7M | ||
| Q1 24 | $82.5M | $541.8M |
| Q4 25 | $-97.7M | $-28.3M | ||
| Q3 25 | $-104.5M | $-16.3M | ||
| Q2 25 | $-70.0M | $-12.6M | ||
| Q1 25 | $120.2M | $-50.6M | ||
| Q4 24 | $-124.7M | $-36.4M | ||
| Q3 24 | $-43.0M | $-73.4M | ||
| Q2 24 | $-48.1M | $-645.4M | ||
| Q1 24 | $-50.3M | $-61.7M |
| Q4 25 | -45.7% | -0.5% | ||
| Q3 25 | -70.8% | 2.4% | ||
| Q2 25 | -56.4% | 3.2% | ||
| Q1 25 | 81.8% | 0.8% | ||
| Q4 24 | -152.7% | 12.0% | ||
| Q3 24 | -51.7% | 3.5% | ||
| Q2 24 | -56.4% | -170.2% | ||
| Q1 24 | -58.8% | -12.1% |
| Q4 25 | -68.1% | -4.5% | ||
| Q3 25 | -74.4% | -2.6% | ||
| Q2 25 | -57.2% | -2.0% | ||
| Q1 25 | 125.0% | -8.3% | ||
| Q4 24 | -154.4% | -5.8% | ||
| Q3 24 | -51.6% | -11.2% | ||
| Q2 24 | -56.7% | -100.3% | ||
| Q1 24 | -60.9% | -11.4% |
| Q4 25 | $-1.04 | $-0.90 | ||
| Q3 25 | $-1.38 | $-0.52 | ||
| Q2 25 | $-0.73 | $-0.41 | ||
| Q1 25 | $0.89 | $-1.68 | ||
| Q4 24 | $-1.21 | $-1.69 | ||
| Q3 24 | $-0.45 | $-2.66 | ||
| Q2 24 | $-0.52 | $-23.47 | ||
| Q1 24 | $-0.54 | $-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 | $57.4M | $106.0M |
| Total DebtLower is stronger | $3.8B | $1.7B |
| Stockholders' EquityBook value | $21.3M | $113.3M |
| Total Assets | $5.7B | $2.7B |
| Debt / EquityLower = less leverage | 176.99× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $106.0M | ||
| Q3 25 | $34.7M | $140.4M | ||
| Q2 25 | $33.6M | $95.1M | ||
| Q1 25 | $26.3M | $116.3M | ||
| Q4 24 | $27.8M | $104.9M | ||
| Q3 24 | $20.3M | $136.6M | ||
| Q2 24 | $33.1M | $84.9M | ||
| Q1 24 | $23.0M | $152.0M |
| Q4 25 | $3.8B | $1.7B | ||
| Q3 25 | $3.7B | $1.7B | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | $1.7B |
| Q4 25 | $21.3M | $113.3M | ||
| Q3 25 | $181.1M | $139.8M | ||
| Q2 25 | $375.5M | $151.8M | ||
| Q1 25 | $476.2M | $154.6M | ||
| Q4 24 | $202.7M | $201.7M | ||
| Q3 24 | $370.8M | $226.1M | ||
| Q2 24 | $394.8M | $283.8M | ||
| Q1 24 | $402.5M | $926.1M |
| Q4 25 | $5.7B | $2.7B | ||
| Q3 25 | $5.5B | $2.8B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.1B | $2.8B | ||
| Q4 24 | $2.4B | $2.8B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.5B | $3.1B | ||
| Q1 24 | $2.3B | $4.0B |
| Q4 25 | 176.99× | 14.89× | ||
| Q3 25 | 20.59× | 12.05× | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | 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 | $-2.8M | — |
| Free Cash FlowOCF − Capex | $-68.6M | — |
| FCF MarginFCF / Revenue | -47.8% | — |
| Capex IntensityCapex / Revenue | 45.9% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | — | ||
| Q3 25 | $-24.4M | $52.7M | ||
| Q2 25 | $-5.2M | — | ||
| Q1 25 | $-85.7M | $27.6M | ||
| Q4 24 | $-8.1M | $-23.2M | ||
| Q3 24 | $14.2M | $51.2M | ||
| Q2 24 | $-17.6M | $-45.2M | ||
| Q1 24 | $-3.9M | $-51.7M |
| Q4 25 | $-68.6M | — | ||
| Q3 25 | $-90.7M | $48.6M | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-151.7M | $15.7M | ||
| Q4 24 | $-34.3M | $-30.5M | ||
| Q3 24 | $-11.7M | $40.7M | ||
| Q2 24 | $-32.1M | $-59.6M | ||
| Q1 24 | $-16.7M | $-56.7M |
| Q4 25 | -47.8% | — | ||
| Q3 25 | -64.5% | 7.7% | ||
| Q2 25 | -71.6% | — | ||
| Q1 25 | -157.7% | 2.6% | ||
| Q4 24 | -42.4% | -4.8% | ||
| Q3 24 | -14.0% | 6.2% | ||
| Q2 24 | -37.9% | -9.3% | ||
| Q1 24 | -20.3% | -10.5% |
| Q4 25 | 45.9% | 1.3% | ||
| Q3 25 | 47.2% | 0.7% | ||
| Q2 25 | 67.3% | 0.8% | ||
| Q1 25 | 68.6% | 1.9% | ||
| Q4 24 | 32.5% | 1.1% | ||
| Q3 24 | 31.1% | 1.6% | ||
| Q2 24 | 17.2% | 2.2% | ||
| Q1 24 | 15.6% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
