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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $403.4M, roughly 1.6× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -4.5%, a 6.5% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $403.4M |
| Net Profit | $-28.3M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 5.5% |
| Net Margin | -4.5% | 2.0% |
| Revenue YoY | -0.3% | 12.8% |
| Net Profit YoY | 22.2% | 641.9% |
| EPS (diluted) | $-0.90 | $0.34 |
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 | $403.4M | ||
| Q3 25 | $631.8M | $39.5M | ||
| Q2 25 | $618.8M | $204.0M | ||
| Q1 25 | $613.3M | $424.2M | ||
| Q4 24 | $632.8M | $357.8M | ||
| Q3 24 | $655.9M | $53.3M | ||
| Q2 24 | $643.7M | $227.3M | ||
| Q1 24 | $541.8M | $430.0M |
| Q4 25 | $-28.3M | $8.2M | ||
| Q3 25 | $-16.3M | $-8.8M | ||
| Q2 25 | $-12.6M | $-1.8M | ||
| Q1 25 | $-50.6M | $-14.2M | ||
| Q4 24 | $-36.4M | $1.1M | ||
| Q3 24 | $-73.4M | $-7.5M | ||
| Q2 24 | $-645.4M | $25.5M | ||
| Q1 24 | $-61.7M | $37.9M |
| Q4 25 | -0.5% | 5.5% | ||
| Q3 25 | 2.4% | -69.5% | ||
| Q2 25 | 3.2% | -11.1% | ||
| Q1 25 | 0.8% | 7.6% | ||
| Q4 24 | 12.0% | 3.7% | ||
| Q3 24 | 3.5% | -15.5% | ||
| Q2 24 | -170.2% | 23.0% | ||
| Q1 24 | -12.1% | 18.5% |
| Q4 25 | -4.5% | 2.0% | ||
| Q3 25 | -2.6% | -22.3% | ||
| Q2 25 | -2.0% | -0.9% | ||
| Q1 25 | -8.3% | -3.4% | ||
| Q4 24 | -5.8% | 0.3% | ||
| Q3 24 | -11.2% | -14.1% | ||
| Q2 24 | -100.3% | 11.2% | ||
| Q1 24 | -11.4% | 8.8% |
| Q4 25 | $-0.90 | $0.34 | ||
| Q3 25 | $-0.52 | $-0.37 | ||
| Q2 25 | $-0.41 | $-0.08 | ||
| Q1 25 | $-1.68 | $-0.59 | ||
| Q4 24 | $-1.69 | $0.05 | ||
| Q3 24 | $-2.66 | $-0.31 | ||
| Q2 24 | $-23.47 | $1.07 | ||
| Q1 24 | $-2.81 | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $-282.1M |
| Total Assets | $2.7B | $1.5B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $81.3M | ||
| Q3 25 | $140.4M | $48.6M | ||
| Q2 25 | $95.1M | $144.6M | ||
| Q1 25 | $116.3M | $96.5M | ||
| Q4 24 | $104.9M | $107.8M | ||
| Q3 24 | $136.6M | $52.3M | ||
| Q2 24 | $84.9M | $89.1M | ||
| Q1 24 | $152.0M | $40.0M |
| 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 | $-282.1M | ||
| Q3 25 | $139.8M | $-294.2M | ||
| Q2 25 | $151.8M | $-281.4M | ||
| Q1 25 | $154.6M | $-283.4M | ||
| Q4 24 | $201.7M | $-273.1M | ||
| Q3 24 | $226.1M | $-277.5M | ||
| Q2 24 | $283.8M | $-266.3M | ||
| Q1 24 | $926.1M | $-294.0M |
| Q4 25 | $2.7B | $1.5B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $2.8B | $1.4B | ||
| Q3 24 | $3.1B | $1.4B | ||
| Q2 24 | $3.1B | $1.3B | ||
| Q1 24 | $4.0B | $1.4B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | — | $32.4M |
| Free Cash FlowOCF − Capex | — | $31.6M |
| FCF MarginFCF / Revenue | — | 7.8% |
| Capex IntensityCapex / Revenue | 1.3% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $32.4M | ||
| Q3 25 | $52.7M | $-85.0M | ||
| Q2 25 | — | $49.7M | ||
| Q1 25 | $27.6M | $6.3M | ||
| Q4 24 | $-23.2M | $61.8M | ||
| Q3 24 | $51.2M | $-26.2M | ||
| Q2 24 | $-45.2M | $108.4M | ||
| Q1 24 | $-51.7M | $4.0M |
| Q4 25 | — | $31.6M | ||
| Q3 25 | $48.6M | $-85.3M | ||
| Q2 25 | — | $49.4M | ||
| Q1 25 | $15.7M | $3.9M | ||
| Q4 24 | $-30.5M | $61.2M | ||
| Q3 24 | $40.7M | $-26.5M | ||
| Q2 24 | $-59.6M | $108.0M | ||
| Q1 24 | $-56.7M | $3.9M |
| Q4 25 | — | 7.8% | ||
| Q3 25 | 7.7% | -216.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | 2.6% | 0.9% | ||
| Q4 24 | -4.8% | 17.1% | ||
| Q3 24 | 6.2% | -49.7% | ||
| Q2 24 | -9.3% | 47.5% | ||
| Q1 24 | -10.5% | 0.9% |
| Q4 25 | 1.3% | 0.2% | ||
| Q3 25 | 0.7% | 0.9% | ||
| Q2 25 | 0.8% | 0.2% | ||
| Q1 25 | 1.9% | 0.6% | ||
| Q4 24 | 1.1% | 0.1% | ||
| Q3 24 | 1.6% | 0.7% | ||
| Q2 24 | 2.2% | 0.2% | ||
| Q1 24 | 0.9% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.25× | ||
| Q1 24 | — | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
