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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and OCEANEERING INTERNATIONAL INC (OII). Click either name above to swap in a different company.
OCEANEERING INTERNATIONAL INC is the larger business by last-quarter revenue ($692.4M vs $631.2M, roughly 1.1× FORWARD AIR CORP). OCEANEERING INTERNATIONAL INC runs the higher net margin — 5.2% vs -4.5%, a 9.7% gap on every dollar of revenue. On growth, OCEANEERING INTERNATIONAL INC posted the faster year-over-year revenue change (3.6% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 1.8%).
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.
Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments.
FWRD vs OII — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $692.4M |
| Net Profit | $-28.3M | $36.1M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | — |
| Net Margin | -4.5% | 5.2% |
| Revenue YoY | -0.3% | 3.6% |
| Net Profit YoY | 22.2% | -28.3% |
| EPS (diluted) | $-0.90 | $0.36 |
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 | — | $692.4M | ||
| Q4 25 | $631.2M | $668.6M | ||
| Q3 25 | $631.8M | $742.9M | ||
| Q2 25 | $618.8M | $698.2M | ||
| Q1 25 | $613.3M | $674.5M | ||
| Q4 24 | $632.8M | $713.5M | ||
| Q3 24 | $655.9M | $679.8M | ||
| Q2 24 | $643.7M | $668.8M |
| Q1 26 | — | $36.1M | ||
| Q4 25 | $-28.3M | $177.7M | ||
| Q3 25 | $-16.3M | $71.3M | ||
| Q2 25 | $-12.6M | $54.4M | ||
| Q1 25 | $-50.6M | $50.4M | ||
| Q4 24 | $-36.4M | $56.1M | ||
| Q3 24 | $-73.4M | $41.2M | ||
| Q2 24 | $-645.4M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 21.3% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | — | 19.9% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 18.0% |
| Q1 26 | — | — | ||
| Q4 25 | -0.5% | 9.8% | ||
| Q3 25 | 2.4% | 11.6% | ||
| Q2 25 | 3.2% | 11.3% | ||
| Q1 25 | 0.8% | 10.9% | ||
| Q4 24 | 12.0% | 10.9% | ||
| Q3 24 | 3.5% | 10.5% | ||
| Q2 24 | -170.2% | 9.0% |
| Q1 26 | — | 5.2% | ||
| Q4 25 | -4.5% | 26.6% | ||
| Q3 25 | -2.6% | 9.6% | ||
| Q2 25 | -2.0% | 7.8% | ||
| Q1 25 | -8.3% | 7.5% | ||
| Q4 24 | -5.8% | 7.9% | ||
| Q3 24 | -11.2% | 6.1% | ||
| Q2 24 | -100.3% | 5.2% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $-0.90 | $1.75 | ||
| Q3 25 | $-0.52 | $0.71 | ||
| Q2 25 | $-0.41 | $0.54 | ||
| Q1 25 | $-1.68 | $0.49 | ||
| Q4 24 | $-1.69 | $0.55 | ||
| Q3 24 | $-2.66 | $0.40 | ||
| Q2 24 | $-23.47 | $0.34 |
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 | $488.8M |
| Stockholders' EquityBook value | $113.3M | $1.1B |
| Total Assets | $2.7B | $2.6B |
| Debt / EquityLower = less leverage | 14.89× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $106.0M | $695.9M | ||
| Q3 25 | $140.4M | $7.0M | ||
| Q2 25 | $95.1M | $7.0M | ||
| Q1 25 | $116.3M | $7.0M | ||
| Q4 24 | $104.9M | $504.5M | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — |
| Q1 26 | — | $488.8M | ||
| Q4 25 | $1.7B | $487.4M | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $482.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $113.3M | $1.1B | ||
| Q3 25 | $139.8M | $907.7M | ||
| Q2 25 | $151.8M | $842.1M | ||
| Q1 25 | $154.6M | $773.1M | ||
| Q4 24 | $201.7M | $714.3M | ||
| Q3 24 | $226.1M | $698.0M | ||
| Q2 24 | $283.8M | $651.0M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.7B | $2.7B | ||
| Q3 25 | $2.8B | $2.5B | ||
| Q2 25 | $2.8B | $2.3B | ||
| Q1 25 | $2.8B | $2.3B | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $3.1B | $2.3B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | 14.89× | 0.46× | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | — |
| Free Cash FlowOCF − Capex | — | $-76.5M |
| FCF MarginFCF / Revenue | — | -11.1% |
| Capex IntensityCapex / Revenue | 1.3% | 2.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $221.1M | ||
| Q3 25 | $52.7M | $101.3M | ||
| Q2 25 | — | $77.2M | ||
| Q1 25 | $27.6M | $-80.7M | ||
| Q4 24 | $-23.2M | $128.4M | ||
| Q3 24 | $51.2M | $91.9M | ||
| Q2 24 | $-45.2M | $52.6M |
| Q1 26 | — | $-76.5M | ||
| Q4 25 | — | $190.7M | ||
| Q3 25 | $48.6M | $77.0M | ||
| Q2 25 | — | $46.9M | ||
| Q1 25 | $15.7M | $-106.8M | ||
| Q4 24 | $-30.5M | $94.5M | ||
| Q3 24 | $40.7M | $67.0M | ||
| Q2 24 | $-59.6M | $29.8M |
| Q1 26 | — | -11.1% | ||
| Q4 25 | — | 28.5% | ||
| Q3 25 | 7.7% | 10.4% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | 2.6% | -15.8% | ||
| Q4 24 | -4.8% | 13.2% | ||
| Q3 24 | 6.2% | 9.9% | ||
| Q2 24 | -9.3% | 4.5% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | 1.3% | 4.6% | ||
| Q3 25 | 0.7% | 3.3% | ||
| Q2 25 | 0.8% | 4.3% | ||
| Q1 25 | 1.9% | 3.9% | ||
| Q4 24 | 1.1% | 4.7% | ||
| Q3 24 | 1.6% | 3.7% | ||
| Q2 24 | 2.2% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 1.42× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | — | -1.60× | ||
| Q4 24 | — | 2.29× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | — | 1.50× |
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% |
OII
Segment breakdown not available.
