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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $614.5M, roughly 1.0× Cloudflare, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -4.5%, a 2.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -0.3%). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% 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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
FWRD vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $614.5M |
| Net Profit | $-28.3M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | -0.5% | -8.0% |
| Net Margin | -4.5% | -2.0% |
| Revenue YoY | -0.3% | 33.6% |
| Net Profit YoY | 22.2% | 6.0% |
| EPS (diluted) | $-0.90 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $631.8M | $562.0M | ||
| Q2 25 | $618.8M | $512.3M | ||
| Q1 25 | $613.3M | $479.1M | ||
| Q4 24 | $632.8M | $459.9M | ||
| Q3 24 | $655.9M | $430.1M | ||
| Q2 24 | $643.7M | $401.0M | ||
| Q1 24 | $541.8M | $378.6M |
| Q4 25 | $-28.3M | $-12.1M | ||
| Q3 25 | $-16.3M | $-1.3M | ||
| Q2 25 | $-12.6M | $-50.4M | ||
| Q1 25 | $-50.6M | $-38.5M | ||
| Q4 24 | $-36.4M | $-12.8M | ||
| Q3 24 | $-73.4M | $-15.3M | ||
| Q2 24 | $-645.4M | $-15.1M | ||
| Q1 24 | $-61.7M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | -0.5% | -8.0% | ||
| Q3 25 | 2.4% | -6.7% | ||
| Q2 25 | 3.2% | -13.1% | ||
| Q1 25 | 0.8% | -11.1% | ||
| Q4 24 | 12.0% | -7.5% | ||
| Q3 24 | 3.5% | -7.2% | ||
| Q2 24 | -170.2% | -8.7% | ||
| Q1 24 | -12.1% | -14.4% |
| Q4 25 | -4.5% | -2.0% | ||
| Q3 25 | -2.6% | -0.2% | ||
| Q2 25 | -2.0% | -9.8% | ||
| Q1 25 | -8.3% | -8.0% | ||
| Q4 24 | -5.8% | -2.8% | ||
| Q3 24 | -11.2% | -3.6% | ||
| Q2 24 | -100.3% | -3.8% | ||
| Q1 24 | -11.4% | -9.4% |
| Q4 25 | $-0.90 | $-0.03 | ||
| Q3 25 | $-0.52 | $0.00 | ||
| Q2 25 | $-0.41 | $-0.15 | ||
| Q1 25 | $-1.68 | $-0.11 | ||
| Q4 24 | $-1.69 | $-0.05 | ||
| Q3 24 | $-2.66 | $-0.04 | ||
| Q2 24 | $-23.47 | $-0.04 | ||
| Q1 24 | $-2.81 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $1.5B |
| Total Assets | $2.7B | $6.0B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $943.5M | ||
| Q3 25 | $140.4M | $1.1B | ||
| Q2 25 | $95.1M | $1.5B | ||
| Q1 25 | $116.3M | $204.5M | ||
| Q4 24 | $104.9M | $147.7M | ||
| Q3 24 | $136.6M | $182.9M | ||
| Q2 24 | $84.9M | $157.0M | ||
| Q1 24 | $152.0M | $254.4M |
| 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 | $1.5B | ||
| Q3 25 | $139.8M | $1.3B | ||
| Q2 25 | $151.8M | $1.2B | ||
| Q1 25 | $154.6M | $1.4B | ||
| Q4 24 | $201.7M | $1.0B | ||
| Q3 24 | $226.1M | $973.1M | ||
| Q2 24 | $283.8M | $881.5M | ||
| Q1 24 | $926.1M | $797.2M |
| Q4 25 | $2.7B | $6.0B | ||
| Q3 25 | $2.8B | $5.8B | ||
| Q2 25 | $2.8B | $5.6B | ||
| Q1 25 | $2.8B | $3.7B | ||
| Q4 24 | $2.8B | $3.3B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.1B | $2.9B | ||
| Q1 24 | $4.0B | $2.8B |
| 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 | — | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | 1.3% | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $190.4M | ||
| Q3 25 | $52.7M | $167.1M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | $27.6M | $145.8M | ||
| Q4 24 | $-23.2M | $127.3M | ||
| Q3 24 | $51.2M | $104.7M | ||
| Q2 24 | $-45.2M | $74.8M | ||
| Q1 24 | $-51.7M | $73.6M |
| Q4 25 | — | $105.2M | ||
| Q3 25 | $48.6M | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | $15.7M | $59.9M | ||
| Q4 24 | $-30.5M | $54.2M | ||
| Q3 24 | $40.7M | $54.5M | ||
| Q2 24 | $-59.6M | $45.2M | ||
| Q1 24 | $-56.7M | $41.5M |
| Q4 25 | — | 17.1% | ||
| Q3 25 | 7.7% | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | 2.6% | 12.5% | ||
| Q4 24 | -4.8% | 11.8% | ||
| Q3 24 | 6.2% | 12.7% | ||
| Q2 24 | -9.3% | 11.3% | ||
| Q1 24 | -10.5% | 11.0% |
| Q4 25 | 1.3% | 13.9% | ||
| Q3 25 | 0.7% | 15.1% | ||
| Q2 25 | 0.8% | 11.7% | ||
| Q1 25 | 1.9% | 17.9% | ||
| Q4 24 | 1.1% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 2.2% | 7.4% | ||
| Q1 24 | 0.9% | 8.5% |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
