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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Lightspeed Commerce Inc. (LSPD). Click either name above to swap in a different company.
Lightspeed Commerce Inc. is the larger business by last-quarter revenue ($823.4M vs $631.2M, roughly 1.3× FORWARD AIR CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -11.1%, a 6.6% gap on every dollar of revenue. Over the past eight quarters, Lightspeed Commerce Inc.'s revenue compounded faster (89.1% CAGR vs 7.9%).
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.
Lightspeed Commerce is a point-of-sale and e-commerce software provider based in Montreal, Quebec, Canada. It was founded in 2005 by Dax da Silva, who was its CEO until February 2022. It has offices in Montreal, New York, Ottawa, Toronto, London, Belfast, Amsterdam, Berlin, Geneva, Ghent, Melbourne, Ulyanovsk, Yerevan and Tbilisi. It offers its services to retail, restaurant, and hospitality businesses.
FWRD vs LSPD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $823.4M |
| Net Profit | $-28.3M | $-91.3M |
| Gross Margin | — | 41.1% |
| Operating Margin | -0.5% | -14.1% |
| Net Margin | -4.5% | -11.1% |
| Revenue YoY | -0.3% | — |
| Net Profit YoY | 22.2% | — |
| 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.
| Q4 25 | $631.2M | $823.4M | ||
| Q3 25 | $631.8M | $543.3M | ||
| Q2 25 | $618.8M | $266.1M | ||
| Q1 25 | $613.3M | $253.4M | ||
| Q4 24 | $632.8M | $679.1M | ||
| Q3 24 | $655.9M | $439.4M | ||
| Q2 24 | $643.7M | $209.1M | ||
| Q1 24 | $541.8M | $230.2M |
| Q4 25 | $-28.3M | $-91.3M | ||
| Q3 25 | $-16.3M | $-64.7M | ||
| Q2 25 | $-12.6M | $-35.0M | ||
| Q1 25 | $-50.6M | $-575.9M | ||
| Q4 24 | $-36.4M | $-131.4M | ||
| Q3 24 | $-73.4M | $-91.2M | ||
| Q2 24 | $-645.4M | $-48.7M | ||
| Q1 24 | $-61.7M | $-32.5M |
| Q4 25 | — | 41.1% | ||
| Q3 25 | — | 41.0% | ||
| Q2 25 | — | 40.7% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 41.9% | ||
| Q2 24 | — | 42.0% | ||
| Q1 24 | — | 43.3% |
| Q4 25 | -0.5% | -14.1% | ||
| Q3 25 | 2.4% | -15.1% | ||
| Q2 25 | 3.2% | -16.6% | ||
| Q1 25 | 0.8% | -228.9% | ||
| Q4 24 | 12.0% | -23.8% | ||
| Q3 24 | 3.5% | -25.1% | ||
| Q2 24 | -170.2% | -27.9% | ||
| Q1 24 | -12.1% | -17.9% |
| Q4 25 | -4.5% | -11.1% | ||
| Q3 25 | -2.6% | -11.9% | ||
| Q2 25 | -2.0% | -13.2% | ||
| Q1 25 | -8.3% | -227.3% | ||
| Q4 24 | -5.8% | -19.4% | ||
| Q3 24 | -11.2% | -20.8% | ||
| Q2 24 | -100.3% | -23.3% | ||
| Q1 24 | -11.4% | -14.1% |
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | — | ||
| Q2 25 | $-0.41 | — | ||
| Q1 25 | $-1.68 | $0.10 | ||
| Q4 24 | $-1.69 | — | ||
| Q3 24 | $-2.66 | — | ||
| Q2 24 | $-23.47 | $-0.01 | ||
| Q1 24 | $-2.81 | $0.06 |
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 | — |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | — |
| Total Assets | $2.7B | — |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | — |
| 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 | — | ||
| Q3 25 | $139.8M | — | ||
| Q2 25 | $151.8M | — | ||
| Q1 25 | $154.6M | — | ||
| Q4 24 | $201.7M | — | ||
| Q3 24 | $226.1M | — | ||
| Q2 24 | $283.8M | — | ||
| Q1 24 | $926.1M | — |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $4.0B | — |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.81× | — |
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% |
LSPD
Segment breakdown not available.
