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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $420.0M, roughly 1.5× Gaming & Leisure Properties, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs -4.5%, a 61.5% gap on every dollar of revenue. On growth, Gaming & Leisure Properties, Inc. posted the faster year-over-year revenue change (6.3% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 5.0%).
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.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
FWRD vs GLPI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $420.0M |
| Net Profit | $-28.3M | $239.4M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 79.4% |
| Net Margin | -4.5% | 57.0% |
| Revenue YoY | -0.3% | 6.3% |
| Net Profit YoY | 22.2% | 40.5% |
| 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.
| Q1 26 | — | $420.0M | ||
| Q4 25 | $631.2M | $407.0M | ||
| Q3 25 | $631.8M | $397.6M | ||
| Q2 25 | $618.8M | $394.9M | ||
| Q1 25 | $613.3M | $395.2M | ||
| Q4 24 | $632.8M | $389.6M | ||
| Q3 24 | $655.9M | $385.3M | ||
| Q2 24 | $643.7M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $-28.3M | $275.4M | ||
| Q3 25 | $-16.3M | $241.2M | ||
| Q2 25 | $-12.6M | $151.4M | ||
| Q1 25 | $-50.6M | $165.2M | ||
| Q4 24 | $-36.4M | $223.6M | ||
| Q3 24 | $-73.4M | $184.7M | ||
| Q2 24 | $-645.4M | $208.3M |
| Q1 26 | — | 79.4% | ||
| Q4 25 | -0.5% | 89.3% | ||
| Q3 25 | 2.4% | 84.8% | ||
| Q2 25 | 3.2% | 61.3% | ||
| Q1 25 | 0.8% | 65.5% | ||
| Q4 24 | 12.0% | 79.1% | ||
| Q3 24 | 3.5% | 70.4% | ||
| Q2 24 | -170.2% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | -4.5% | 67.6% | ||
| Q3 25 | -2.6% | 60.7% | ||
| Q2 25 | -2.0% | 38.4% | ||
| Q1 25 | -8.3% | 41.8% | ||
| Q4 24 | -5.8% | 57.4% | ||
| Q3 24 | -11.2% | 47.9% | ||
| Q2 24 | -100.3% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.90 | $0.96 | ||
| Q3 25 | $-0.52 | $0.85 | ||
| Q2 25 | $-0.41 | $0.54 | ||
| Q1 25 | $-1.68 | $0.60 | ||
| Q4 24 | $-1.69 | $0.79 | ||
| Q3 24 | $-2.66 | $0.67 | ||
| Q2 24 | $-23.47 | $0.77 |
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 | $274.5M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $5.0B |
| Total Assets | $2.7B | $13.8B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | $560.8M | ||
| Q3 24 | $136.6M | $560.8M | ||
| Q2 24 | $84.9M | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $7.2B | ||
| Q3 25 | $1.7B | $7.2B | ||
| Q2 25 | — | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $113.3M | $4.6B | ||
| Q3 25 | $139.8M | $4.6B | ||
| Q2 25 | $151.8M | $4.6B | ||
| Q1 25 | $154.6M | $4.2B | ||
| Q4 24 | $201.7M | $4.3B | ||
| Q3 24 | $226.1M | $4.3B | ||
| Q2 24 | $283.8M | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $2.7B | $12.9B | ||
| Q3 25 | $2.8B | $12.8B | ||
| Q2 25 | $2.8B | $12.5B | ||
| Q1 25 | $2.8B | $12.1B | ||
| Q4 24 | $2.8B | $13.1B | ||
| Q3 24 | $3.1B | $12.7B | ||
| Q2 24 | $3.1B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 1.56× | ||
| Q3 25 | 12.05× | 1.57× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | 1.74× | ||
| Q2 24 | — | 1.60× |
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% |
GLPI
Segment breakdown not available.
