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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $631.2M, roughly 2.0× FORWARD AIR CORP). Graham Holdings Co runs the higher net margin — 8.7% vs -4.5%, a 13.2% gap on every dollar of revenue. On growth, Graham Holdings Co posted the faster year-over-year revenue change (0.4% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 4.2%).
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.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
FWRD vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.3B |
| Net Profit | $-28.3M | $108.7M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 3.8% |
| Net Margin | -4.5% | 8.7% |
| Revenue YoY | -0.3% | 0.4% |
| Net Profit YoY | 22.2% | -80.2% |
| EPS (diluted) | $-0.90 | $24.76 |
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 | $631.2M | $1.3B | ||
| Q3 25 | $631.8M | $1.3B | ||
| Q2 25 | $618.8M | $1.2B | ||
| Q1 25 | $613.3M | $1.2B | ||
| Q4 24 | $632.8M | $1.2B | ||
| Q3 24 | $655.9M | $1.2B | ||
| Q2 24 | $643.7M | $1.2B | ||
| Q1 24 | $541.8M | $1.2B |
| Q4 25 | $-28.3M | $108.7M | ||
| Q3 25 | $-16.3M | $122.9M | ||
| Q2 25 | $-12.6M | $36.7M | ||
| Q1 25 | $-50.6M | $23.9M | ||
| Q4 24 | $-36.4M | $548.8M | ||
| Q3 24 | $-73.4M | $72.5M | ||
| Q2 24 | $-645.4M | $-21.0M | ||
| Q1 24 | $-61.7M | $124.4M |
| Q4 25 | -0.5% | 3.8% | ||
| Q3 25 | 2.4% | 5.2% | ||
| Q2 25 | 3.2% | 6.0% | ||
| Q1 25 | 0.8% | 4.1% | ||
| Q4 24 | 12.0% | 5.8% | ||
| Q3 24 | 3.5% | 6.8% | ||
| Q2 24 | -170.2% | 2.2% | ||
| Q1 24 | -12.1% | 3.1% |
| Q4 25 | -4.5% | 8.7% | ||
| Q3 25 | -2.6% | 9.6% | ||
| Q2 25 | -2.0% | 3.0% | ||
| Q1 25 | -8.3% | 2.0% | ||
| Q4 24 | -5.8% | 44.1% | ||
| Q3 24 | -11.2% | 6.0% | ||
| Q2 24 | -100.3% | -1.8% | ||
| Q1 24 | -11.4% | 10.8% |
| Q4 25 | $-0.90 | $24.76 | ||
| Q3 25 | $-0.52 | $27.91 | ||
| Q2 25 | $-0.41 | $8.35 | ||
| Q1 25 | $-1.68 | $5.45 | ||
| Q4 24 | $-1.69 | $124.05 | ||
| Q3 24 | $-2.66 | $16.42 | ||
| Q2 24 | $-23.47 | $-4.79 | ||
| Q1 24 | $-2.81 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $4.8B |
| Total Assets | $2.7B | $8.4B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $267.0M | ||
| Q3 25 | $140.4M | $190.8M | ||
| Q2 25 | $95.1M | $176.2M | ||
| Q1 25 | $116.3M | $156.7M | ||
| Q4 24 | $104.9M | $260.9M | ||
| Q3 24 | $136.6M | $244.4M | ||
| Q2 24 | $84.9M | $140.7M | ||
| Q1 24 | $152.0M | $130.9M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $4.8B | ||
| Q3 25 | $139.8M | $4.5B | ||
| Q2 25 | $151.8M | $4.4B | ||
| Q1 25 | $154.6M | $4.3B | ||
| Q4 24 | $201.7M | $4.3B | ||
| Q3 24 | $226.1M | $4.0B | ||
| Q2 24 | $283.8M | $4.0B | ||
| Q1 24 | $926.1M | $4.0B |
| Q4 25 | $2.7B | $8.4B | ||
| Q3 25 | $2.8B | $7.9B | ||
| Q2 25 | $2.8B | $7.6B | ||
| Q1 25 | $2.8B | $7.6B | ||
| Q4 24 | $2.8B | $7.7B | ||
| Q3 24 | $3.1B | $7.4B | ||
| Q2 24 | $3.1B | $7.2B | ||
| Q1 24 | $4.0B | $7.3B |
| 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 | — | $28.3M |
| Free Cash FlowOCF − Capex | — | $5.0M |
| FCF MarginFCF / Revenue | — | 0.4% |
| Capex IntensityCapex / Revenue | 1.3% | 1.9% |
| Cash ConversionOCF / Net Profit | — | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.3M | ||
| Q3 25 | $52.7M | $178.1M | ||
| Q2 25 | — | $94.8M | ||
| Q1 25 | $27.6M | $46.0M | ||
| Q4 24 | $-23.2M | $116.3M | ||
| Q3 24 | $51.2M | $237.6M | ||
| Q2 24 | $-45.2M | $52.0M | ||
| Q1 24 | $-51.7M | $1.1M |
| Q4 25 | — | $5.0M | ||
| Q3 25 | $48.6M | $161.8M | ||
| Q2 25 | — | $78.0M | ||
| Q1 25 | $15.7M | $30.5M | ||
| Q4 24 | $-30.5M | $91.1M | ||
| Q3 24 | $40.7M | $219.4M | ||
| Q2 24 | $-59.6M | $33.7M | ||
| Q1 24 | $-56.7M | $-20.2M |
| Q4 25 | — | 0.4% | ||
| Q3 25 | 7.7% | 12.6% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | 2.6% | 2.6% | ||
| Q4 24 | -4.8% | 7.3% | ||
| Q3 24 | 6.2% | 18.2% | ||
| Q2 24 | -9.3% | 2.8% | ||
| Q1 24 | -10.5% | -1.8% |
| Q4 25 | 1.3% | 1.9% | ||
| Q3 25 | 0.7% | 1.3% | ||
| Q2 25 | 0.8% | 1.4% | ||
| Q1 25 | 1.9% | 1.3% | ||
| Q4 24 | 1.1% | 2.0% | ||
| Q3 24 | 1.6% | 1.5% | ||
| Q2 24 | 2.2% | 1.5% | ||
| Q1 24 | 0.9% | 1.8% |
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 2.58× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 3.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
