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Side-by-side financial comparison of Fidelity National Financial, Inc. (FNF) 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 $544.0M, roughly 1.2× Fidelity National Financial, Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -21.5%, a 17.0% gap on every dollar of revenue. On growth, Fidelity National Financial, Inc. posted the faster year-over-year revenue change (10.3% vs -0.3%). Over the past eight quarters, Fidelity National Financial, Inc.'s revenue compounded faster (13.7% CAGR vs 7.9%).
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
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.
FNF vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $544.0M | $631.2M |
| Net Profit | $-117.0M | $-28.3M |
| Gross Margin | — | — |
| Operating Margin | 82.9% | -0.5% |
| Net Margin | -21.5% | -4.5% |
| Revenue YoY | 10.3% | -0.3% |
| Net Profit YoY | -126.0% | 22.2% |
| EPS (diluted) | $-0.44 | $-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 | $544.0M | $631.2M | ||
| Q3 25 | $553.0M | $631.8M | ||
| Q2 25 | $547.0M | $618.8M | ||
| Q1 25 | $455.0M | $613.3M | ||
| Q4 24 | $493.0M | $632.8M | ||
| Q3 24 | $506.0M | $655.9M | ||
| Q2 24 | $504.0M | $643.7M | ||
| Q1 24 | $421.0M | $541.8M |
| Q4 25 | $-117.0M | $-28.3M | ||
| Q3 25 | $358.0M | $-16.3M | ||
| Q2 25 | $278.0M | $-12.6M | ||
| Q1 25 | $83.0M | $-50.6M | ||
| Q4 24 | $450.0M | $-36.4M | ||
| Q3 24 | $266.0M | $-73.4M | ||
| Q2 24 | $306.0M | $-645.4M | ||
| Q1 24 | $248.0M | $-61.7M |
| Q4 25 | 82.9% | -0.5% | ||
| Q3 25 | 81.9% | 2.4% | ||
| Q2 25 | 69.8% | 3.2% | ||
| Q1 25 | 24.4% | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 61.9% | 3.5% | ||
| Q2 24 | 90.9% | -170.2% | ||
| Q1 24 | 78.6% | -12.1% |
| Q4 25 | -21.5% | -4.5% | ||
| Q3 25 | 64.7% | -2.6% | ||
| Q2 25 | 50.8% | -2.0% | ||
| Q1 25 | 18.2% | -8.3% | ||
| Q4 24 | 91.3% | -5.8% | ||
| Q3 24 | 52.6% | -11.2% | ||
| Q2 24 | 60.7% | -100.3% | ||
| Q1 24 | 58.9% | -11.4% |
| Q4 25 | $-0.44 | $-0.90 | ||
| Q3 25 | $1.33 | $-0.52 | ||
| Q2 25 | $1.02 | $-0.41 | ||
| Q1 25 | $0.30 | $-1.68 | ||
| Q4 24 | $1.65 | $-1.69 | ||
| Q3 24 | $0.97 | $-2.66 | ||
| Q2 24 | $1.12 | $-23.47 | ||
| Q1 24 | $0.91 | $-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 | $2.6B | $106.0M |
| Total DebtLower is stronger | $4.4B | $1.7B |
| Stockholders' EquityBook value | $7.4B | $113.3M |
| Total Assets | $109.0B | $2.7B |
| Debt / EquityLower = less leverage | 0.59× | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.6B | $106.0M | ||
| Q3 25 | $3.5B | $140.4M | ||
| Q2 25 | $3.3B | $95.1M | ||
| Q1 25 | $4.5B | $116.3M | ||
| Q4 24 | $3.5B | $104.9M | ||
| Q3 24 | $5.0B | $136.6M | ||
| Q2 24 | $4.9B | $84.9M | ||
| Q1 24 | $3.5B | $152.0M |
| Q4 25 | $4.4B | $1.7B | ||
| Q3 25 | $4.4B | $1.7B | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $3.9B | $1.7B |
| Q4 25 | $7.4B | $113.3M | ||
| Q3 25 | $8.4B | $139.8M | ||
| Q2 25 | $7.9B | $151.8M | ||
| Q1 25 | $7.9B | $154.6M | ||
| Q4 24 | $7.8B | $201.7M | ||
| Q3 24 | $8.1B | $226.1M | ||
| Q2 24 | $7.3B | $283.8M | ||
| Q1 24 | $7.1B | $926.1M |
| Q4 25 | $109.0B | $2.7B | ||
| Q3 25 | $106.6B | $2.8B | ||
| Q2 25 | $102.3B | $2.8B | ||
| Q1 25 | $98.2B | $2.8B | ||
| Q4 24 | $95.4B | $2.8B | ||
| Q3 24 | $94.7B | $3.1B | ||
| Q2 24 | $88.8B | $3.1B | ||
| Q1 24 | $84.5B | $4.0B |
| Q4 25 | 0.59× | 14.89× | ||
| Q3 25 | 0.53× | 12.05× | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 0.55× | 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 | $1.5B | — |
| 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 | $1.5B | — | ||
| Q3 25 | $1.3B | $52.7M | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.1B | $27.6M | ||
| Q4 24 | $1.5B | $-23.2M | ||
| Q3 24 | $2.4B | $51.2M | ||
| Q2 24 | $1.4B | $-45.2M | ||
| Q1 24 | $1.6B | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 3.66× | — | ||
| Q2 25 | 6.82× | — | ||
| Q1 25 | 13.43× | — | ||
| Q4 24 | 3.32× | — | ||
| Q3 24 | 8.89× | — | ||
| Q2 24 | 4.45× | — | ||
| Q1 24 | 6.42× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
