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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Lazard, Inc. (LAZ). Click either name above to swap in a different company.
Lazard, Inc. is the larger business by last-quarter revenue ($779.4M vs $631.2M, roughly 1.2× FORWARD AIR CORP). Lazard, Inc. runs the higher net margin — 13.0% vs -4.5%, a 17.4% gap on every dollar of revenue. On growth, Lazard, Inc. posted the faster year-over-year revenue change (17.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 4.9%).
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.
Lazard Inc. is an American financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.
FWRD vs LAZ — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $779.4M |
| Net Profit | $-28.3M | $101.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 11.5% |
| Net Margin | -4.5% | 13.0% |
| Revenue YoY | -0.3% | 17.0% |
| Net Profit YoY | 22.2% | 67.0% |
| EPS (diluted) | $-0.90 | $0.91 |
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 | — | $779.4M | ||
| Q4 25 | $631.2M | $929.4M | ||
| Q3 25 | $631.8M | $770.8M | ||
| Q2 25 | $618.8M | $817.2M | ||
| Q1 25 | $613.3M | $669.2M | ||
| Q4 24 | $632.8M | $839.0M | ||
| Q3 24 | $655.9M | $807.4M | ||
| Q2 24 | $643.7M | $708.0M |
| Q1 26 | — | $101.0M | ||
| Q4 25 | $-28.3M | $49.9M | ||
| Q3 25 | $-16.3M | $71.2M | ||
| Q2 25 | $-12.6M | $55.3M | ||
| Q1 25 | $-50.6M | $60.4M | ||
| Q4 24 | $-36.4M | $86.3M | ||
| Q3 24 | $-73.4M | $107.9M | ||
| Q2 24 | $-645.4M | $49.9M |
| Q1 26 | — | 11.5% | ||
| Q4 25 | -0.5% | 9.1% | ||
| Q3 25 | 2.4% | 12.3% | ||
| Q2 25 | 3.2% | 11.4% | ||
| Q1 25 | 0.8% | 8.2% | ||
| Q4 24 | 12.0% | 12.8% | ||
| Q3 24 | 3.5% | 20.0% | ||
| Q2 24 | -170.2% | 9.0% |
| Q1 26 | — | 13.0% | ||
| Q4 25 | -4.5% | 5.4% | ||
| Q3 25 | -2.6% | 9.2% | ||
| Q2 25 | -2.0% | 6.8% | ||
| Q1 25 | -8.3% | 9.0% | ||
| Q4 24 | -5.8% | 10.3% | ||
| Q3 24 | -11.2% | 13.4% | ||
| Q2 24 | -100.3% | 7.0% |
| Q1 26 | — | $0.91 | ||
| Q4 25 | $-0.90 | $0.44 | ||
| Q3 25 | $-0.52 | $0.65 | ||
| Q2 25 | $-0.41 | $0.52 | ||
| Q1 25 | $-1.68 | $0.56 | ||
| Q4 24 | $-1.69 | $0.82 | ||
| Q3 24 | $-2.66 | $1.02 | ||
| Q2 24 | $-23.47 | $0.49 |
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 | $1.0B |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $872.5M |
| Total Assets | $2.7B | $4.2B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $106.0M | $1.5B | ||
| Q3 25 | $140.4M | $1.2B | ||
| Q2 25 | $95.1M | $978.3M | ||
| Q1 25 | $116.3M | $908.6M | ||
| Q4 24 | $104.9M | $1.3B | ||
| Q3 24 | $136.6M | $1.2B | ||
| Q2 24 | $84.9M | $847.6M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $1.7B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $872.5M | ||
| Q4 25 | $113.3M | $873.7M | ||
| Q3 25 | $139.8M | $841.5M | ||
| Q2 25 | $151.8M | $741.6M | ||
| Q1 25 | $154.6M | $603.0M | ||
| Q4 24 | $201.7M | $636.2M | ||
| Q3 24 | $226.1M | $624.3M | ||
| Q2 24 | $283.8M | $458.7M |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.7B | $4.9B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $2.8B | $4.5B | ||
| Q1 25 | $2.8B | $4.2B | ||
| Q4 24 | $2.8B | $4.8B | ||
| Q3 24 | $3.1B | $4.8B | ||
| Q2 24 | $3.1B | $4.5B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 1.93× | ||
| Q3 25 | 12.05× | 2.01× | ||
| Q2 25 | — | 2.28× | ||
| Q1 25 | — | 2.80× | ||
| Q4 24 | — | 2.65× | ||
| Q3 24 | — | 2.97× | ||
| Q2 24 | — | 4.04× |
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% |
LAZ
| Financial Advisory | $356.2M | 46% |
| Asset Management | $308.8M | 40% |
| Other | $106.4M | 14% |
| Corporate | $8.0M | 1% |
