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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $424.8M, roughly 1.5× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -4.5%, a 26.3% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs -0.3%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% 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.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
FWRD vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $424.8M |
| Net Profit | $-28.3M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 38.6% |
| Net Margin | -4.5% | 21.8% |
| Revenue YoY | -0.3% | 12.5% |
| Net Profit YoY | 22.2% | 22.2% |
| EPS (diluted) | $-0.90 | $1.94 |
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 | $424.8M | ||
| Q3 25 | $631.8M | $154.1M | ||
| Q2 25 | $618.8M | $145.1M | ||
| Q1 25 | $613.3M | $206.0M | ||
| Q4 24 | $632.8M | $377.6M | ||
| Q3 24 | $655.9M | $134.1M | ||
| Q2 24 | $643.7M | $177.6M | ||
| Q1 24 | $541.8M | $191.6M |
| Q4 25 | $-28.3M | $92.7M | ||
| Q3 25 | $-16.3M | $-21.7M | ||
| Q2 25 | $-12.6M | $-27.2M | ||
| Q1 25 | $-50.6M | $8.0M | ||
| Q4 24 | $-36.4M | $75.9M | ||
| Q3 24 | $-73.4M | $-19.3M | ||
| Q2 24 | $-645.4M | $66.9M | ||
| Q1 24 | $-61.7M | $2.8M |
| Q4 25 | -0.5% | 38.6% | ||
| Q3 25 | 2.4% | -19.3% | ||
| Q2 25 | 3.2% | -17.7% | ||
| Q1 25 | 0.8% | 13.3% | ||
| Q4 24 | 12.0% | 36.8% | ||
| Q3 24 | 3.5% | -13.8% | ||
| Q2 24 | -170.2% | -5.0% | ||
| Q1 24 | -12.1% | 8.8% |
| Q4 25 | -4.5% | 21.8% | ||
| Q3 25 | -2.6% | -14.0% | ||
| Q2 25 | -2.0% | -18.7% | ||
| Q1 25 | -8.3% | 3.9% | ||
| Q4 24 | -5.8% | 20.1% | ||
| Q3 24 | -11.2% | -14.4% | ||
| Q2 24 | -100.3% | 37.7% | ||
| Q1 24 | -11.4% | 1.5% |
| Q4 25 | $-0.90 | $1.94 | ||
| Q3 25 | $-0.52 | $-0.46 | ||
| Q2 25 | $-0.41 | $-0.56 | ||
| Q1 25 | $-1.68 | $0.17 | ||
| Q4 24 | $-1.69 | $1.56 | ||
| Q3 24 | $-2.66 | $-0.40 | ||
| Q2 24 | $-23.47 | $1.32 | ||
| 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 | $157.1M |
| Total DebtLower is stronger | $1.7B | $554.6M |
| Stockholders' EquityBook value | $113.3M | $36.0M |
| Total Assets | $2.7B | $1.8B |
| Debt / EquityLower = less leverage | 14.89× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $157.1M | ||
| Q3 25 | $140.4M | $29.9M | ||
| Q2 25 | $95.1M | $43.0M | ||
| Q1 25 | $116.3M | $89.0M | ||
| Q4 24 | $104.9M | $54.9M | ||
| Q3 24 | $136.6M | $37.3M | ||
| Q2 24 | $84.9M | $33.3M | ||
| Q1 24 | $152.0M | $28.0M |
| Q4 25 | $1.7B | $554.6M | ||
| Q3 25 | $1.7B | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | — | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M | ||
| Q1 24 | $1.7B | $602.5M |
| Q4 25 | $113.3M | $36.0M | ||
| Q3 25 | $139.8M | $-65.8M | ||
| Q2 25 | $151.8M | $-13.3M | ||
| Q1 25 | $154.6M | $9.5M | ||
| Q4 24 | $201.7M | $10.3M | ||
| Q3 24 | $226.1M | $-48.7M | ||
| Q2 24 | $283.8M | $-23.2M | ||
| Q1 24 | $926.1M | $-94.6M |
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $2.8B | $1.7B | ||
| Q2 25 | $2.8B | $1.7B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $2.8B | $1.6B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $3.1B | $1.6B | ||
| Q1 24 | $4.0B | $1.5B |
| Q4 25 | 14.89× | 15.40× | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | — | 56.61× | ||
| 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 | — | $164.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $164.4M | ||
| Q3 25 | $52.7M | $19.8M | ||
| Q2 25 | — | $-27.0M | ||
| Q1 25 | $27.6M | $56.8M | ||
| Q4 24 | $-23.2M | $112.9M | ||
| Q3 24 | $51.2M | $-27.4M | ||
| Q2 24 | $-45.2M | $212.0K | ||
| Q1 24 | $-51.7M | $5.8M |
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-30.5M | — | ||
| Q3 24 | $40.7M | — | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -4.8% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 7.07× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 2.08× |
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% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
