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Side-by-side financial comparison of FLOWERS FOODS INC (FLO) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
FLOWERS FOODS INC is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 2.0× FORWARD AIR CORP). On growth, FLOWERS FOODS INC posted the faster year-over-year revenue change (11.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -11.6%).
Flowers Foods, headquartered in Thomasville, Georgia, is a producer and marketer of packaged bakery foods in the United States. The company operates 44 bakeries across 19 states that produce a variety of products, including bread, buns, rolls, snack cakes, pastries, and tortillas. As of February 2013, Flowers Foods had grown to be the "second-largest baking company in the United States."
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.
FLO vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $631.2M |
| Net Profit | — | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | — | -0.5% |
| Net Margin | — | -4.5% |
| Revenue YoY | 11.0% | -0.3% |
| Net Profit YoY | — | 22.2% |
| EPS (diluted) | — | $-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 | $1.2B | $631.2M | ||
| Q3 25 | $1.2B | $631.8M | ||
| Q2 25 | $1.6B | $618.8M | ||
| Q1 25 | — | $613.3M | ||
| Q4 24 | $1.2B | $632.8M | ||
| Q3 24 | $1.2B | $655.9M | ||
| Q2 24 | $1.6B | $643.7M | ||
| Q1 24 | — | $541.8M |
| Q4 25 | $39.5M | $-28.3M | ||
| Q3 25 | $58.4M | $-16.3M | ||
| Q2 25 | $53.0M | $-12.6M | ||
| Q1 25 | — | $-50.6M | ||
| Q4 24 | $65.0M | $-36.4M | ||
| Q3 24 | $67.0M | $-73.4M | ||
| Q2 24 | $73.0M | $-645.4M | ||
| Q1 24 | — | $-61.7M |
| Q4 25 | 5.4% | -0.5% | ||
| Q3 25 | 7.5% | 2.4% | ||
| Q2 25 | 5.5% | 3.2% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 7.6% | 12.0% | ||
| Q3 24 | 7.8% | 3.5% | ||
| Q2 24 | 6.4% | -170.2% | ||
| Q1 24 | — | -12.1% |
| Q4 25 | 3.2% | -4.5% | ||
| Q3 25 | 4.7% | -2.6% | ||
| Q2 25 | 3.4% | -2.0% | ||
| Q1 25 | — | -8.3% | ||
| Q4 24 | 5.5% | -5.8% | ||
| Q3 24 | 5.5% | -11.2% | ||
| Q2 24 | 4.6% | -100.3% | ||
| Q1 24 | — | -11.4% |
| Q4 25 | $0.19 | $-0.90 | ||
| Q3 25 | $0.28 | $-0.52 | ||
| Q2 25 | $0.25 | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | $0.31 | $-1.69 | ||
| Q3 24 | $0.32 | $-2.66 | ||
| Q2 24 | $0.34 | $-23.47 | ||
| Q1 24 | — | $-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 | $12.1M | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | — | $113.3M |
| Total Assets | $4.2B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.7M | $106.0M | ||
| Q3 25 | $11.0M | $140.4M | ||
| Q2 25 | $7.3M | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | $15.0M | $104.9M | ||
| Q3 24 | $6.9M | $136.6M | ||
| Q2 24 | $15.8M | $84.9M | ||
| Q1 24 | — | $152.0M |
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $1.4B | $113.3M | ||
| Q3 25 | $1.4B | $139.8M | ||
| Q2 25 | $1.4B | $151.8M | ||
| Q1 25 | — | $154.6M | ||
| Q4 24 | $1.4B | $201.7M | ||
| Q3 24 | $1.4B | $226.1M | ||
| Q2 24 | $1.4B | $283.8M | ||
| Q1 24 | — | $926.1M |
| Q4 25 | $4.3B | $2.7B | ||
| Q3 25 | $4.3B | $2.8B | ||
| Q2 25 | $4.3B | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $3.4B | $2.8B | ||
| Q3 24 | $3.4B | $3.1B | ||
| Q2 24 | $3.4B | $3.1B | ||
| Q1 24 | — | $4.0B |
| Q4 25 | 1.25× | 14.89× | ||
| Q3 25 | 1.23× | 12.05× | ||
| Q2 25 | 1.26× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 0.77× | — | ||
| Q2 24 | 0.76× | — | ||
| 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 | $125.4M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $54.4M | — | ||
| Q3 25 | $130.8M | $52.7M | ||
| Q2 25 | $135.6M | — | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | $113.9M | $-23.2M | ||
| Q3 24 | $63.3M | $51.2M | ||
| Q2 24 | $105.1M | $-45.2M | ||
| Q1 24 | — | $-51.7M |
| Q4 25 | $30.4M | — | ||
| Q3 25 | $100.0M | $48.6M | ||
| Q2 25 | $110.1M | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | $88.6M | $-30.5M | ||
| Q3 24 | $35.4M | $40.7M | ||
| Q2 24 | $71.8M | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | 2.5% | — | ||
| Q3 25 | 8.0% | 7.7% | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 7.4% | -4.8% | ||
| Q3 24 | 2.9% | 6.2% | ||
| Q2 24 | 4.6% | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | 2.0% | 1.3% | ||
| Q3 25 | 2.5% | 0.7% | ||
| Q2 25 | 1.6% | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 2.3% | 1.6% | ||
| Q2 24 | 2.1% | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | 1.38× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 2.56× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.75× | — | ||
| Q3 24 | 0.94× | — | ||
| Q2 24 | 1.44× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLO
Segment breakdown not available.
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
