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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $631.2M, roughly 1.6× FORWARD AIR CORP). Liberty Energy Inc. runs the higher net margin — 2.2% vs -4.5%, a 6.7% gap on every dollar of revenue. On growth, Liberty Energy Inc. posted the faster year-over-year revenue change (4.5% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -6.2%).
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.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
FWRD vs LBRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.0B |
| Net Profit | $-28.3M | $22.6M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 2.2% |
| Net Margin | -4.5% | 2.2% |
| Revenue YoY | -0.3% | 4.5% |
| Net Profit YoY | 22.2% | — |
| EPS (diluted) | $-0.90 | $0.14 |
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 | — | $1.0B | ||
| Q4 25 | $631.2M | $1.0B | ||
| Q3 25 | $631.8M | $947.4M | ||
| Q2 25 | $618.8M | $1.0B | ||
| Q1 25 | $613.3M | $977.5M | ||
| Q4 24 | $632.8M | $943.6M | ||
| Q3 24 | $655.9M | $1.1B | ||
| Q2 24 | $643.7M | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $-28.3M | $13.7M | ||
| Q3 25 | $-16.3M | $43.1M | ||
| Q2 25 | $-12.6M | $71.0M | ||
| Q1 25 | $-50.6M | $20.1M | ||
| Q4 24 | $-36.4M | $51.9M | ||
| Q3 24 | $-73.4M | $73.8M | ||
| Q2 24 | $-645.4M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.6% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 22.1% | ||
| Q1 25 | — | 22.1% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -0.5% | 1.9% | ||
| Q3 25 | 2.4% | -0.3% | ||
| Q2 25 | 3.2% | 3.6% | ||
| Q1 25 | 0.8% | 1.9% | ||
| Q4 24 | 12.0% | 2.6% | ||
| Q3 24 | 3.5% | 9.4% | ||
| Q2 24 | -170.2% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -4.5% | 1.3% | ||
| Q3 25 | -2.6% | 4.5% | ||
| Q2 25 | -2.0% | 6.8% | ||
| Q1 25 | -8.3% | 2.1% | ||
| Q4 24 | -5.8% | 5.5% | ||
| Q3 24 | -11.2% | 6.5% | ||
| Q2 24 | -100.3% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $-0.90 | $0.08 | ||
| Q3 25 | $-0.52 | $0.26 | ||
| Q2 25 | $-0.41 | $0.43 | ||
| Q1 25 | $-1.68 | $0.12 | ||
| Q4 24 | $-1.69 | $0.31 | ||
| Q3 24 | $-2.66 | $0.44 | ||
| Q2 24 | $-23.47 | $0.64 |
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 | $699.1M |
| Total DebtLower is stronger | $1.7B | $7.1M |
| Stockholders' EquityBook value | $113.3M | $1.9B |
| Total Assets | $2.7B | $4.4B |
| Debt / EquityLower = less leverage | 14.89× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $106.0M | $27.6M | ||
| Q3 25 | $140.4M | $13.5M | ||
| Q2 25 | $95.1M | $19.6M | ||
| Q1 25 | $116.3M | $24.1M | ||
| Q4 24 | $104.9M | $20.0M | ||
| Q3 24 | $136.6M | $23.0M | ||
| Q2 24 | $84.9M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $1.7B | $246.6M | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $190.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $113.3M | $2.1B | ||
| Q3 25 | $139.8M | $2.1B | ||
| Q2 25 | $151.8M | $2.0B | ||
| Q1 25 | $154.6M | $2.0B | ||
| Q4 24 | $201.7M | $2.0B | ||
| Q3 24 | $226.1M | $2.0B | ||
| Q2 24 | $283.8M | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $2.7B | $3.6B | ||
| Q3 25 | $2.8B | $3.5B | ||
| Q2 25 | $2.8B | $3.4B | ||
| Q1 25 | $2.8B | $3.4B | ||
| Q4 24 | $2.8B | $3.3B | ||
| Q3 24 | $3.1B | $3.3B | ||
| Q2 24 | $3.1B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 14.89× | 0.12× | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
LBRT
Segment breakdown not available.
