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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and OLD NATIONAL BANCORP (ONB). Click either name above to swap in a different company.
OLD NATIONAL BANCORP is the larger business by last-quarter revenue ($702.8M vs $631.2M, roughly 1.1× FORWARD AIR CORP). OLD NATIONAL BANCORP runs the higher net margin — 33.3% vs -4.5%, a 37.7% gap on every dollar of revenue. On growth, OLD NATIONAL BANCORP posted the faster year-over-year revenue change (44.4% vs -0.3%). Over the past eight quarters, OLD NATIONAL BANCORP's revenue compounded faster (34.5% 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.
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago and Evansville, Indiana. With assets at $48.5 billion and 250 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 30 banking companies in the U.S. Old National Bank has locations in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin.
FWRD vs ONB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $702.8M |
| Net Profit | $-28.3M | $233.7M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | — |
| Net Margin | -4.5% | 33.3% |
| Revenue YoY | -0.3% | 44.4% |
| Net Profit YoY | 22.2% | 61.5% |
| 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.
| Q1 26 | — | $702.8M | ||
| Q4 25 | $631.2M | $580.8M | ||
| Q3 25 | $631.8M | $574.6M | ||
| Q2 25 | $618.8M | $514.8M | ||
| Q1 25 | $613.3M | $387.6M | ||
| Q4 24 | $632.8M | $394.2M | ||
| Q3 24 | $655.9M | $391.7M | ||
| Q2 24 | $643.7M | $388.4M |
| Q1 26 | — | $233.7M | ||
| Q4 25 | $-28.3M | $216.6M | ||
| Q3 25 | $-16.3M | $182.6M | ||
| Q2 25 | $-12.6M | $125.4M | ||
| Q1 25 | $-50.6M | $144.7M | ||
| Q4 24 | $-36.4M | $153.9M | ||
| Q3 24 | $-73.4M | $143.8M | ||
| Q2 24 | $-645.4M | $121.2M |
| Q1 26 | — | — | ||
| Q4 25 | -0.5% | 46.7% | ||
| Q3 25 | 2.4% | 40.5% | ||
| Q2 25 | 3.2% | 30.2% | ||
| Q1 25 | 0.8% | 46.8% | ||
| Q4 24 | 12.0% | 47.2% | ||
| Q3 24 | 3.5% | 47.2% | ||
| Q2 24 | -170.2% | 40.3% |
| Q1 26 | — | 33.3% | ||
| Q4 25 | -4.5% | 37.3% | ||
| Q3 25 | -2.6% | 31.8% | ||
| Q2 25 | -2.0% | 24.4% | ||
| Q1 25 | -8.3% | 37.3% | ||
| Q4 24 | -5.8% | 39.0% | ||
| Q3 24 | -11.2% | 36.7% | ||
| Q2 24 | -100.3% | 31.2% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.90 | $0.55 | ||
| Q3 25 | $-0.52 | $0.46 | ||
| Q2 25 | $-0.41 | $0.34 | ||
| Q1 25 | $-1.68 | $0.44 | ||
| Q4 24 | $-1.69 | $0.47 | ||
| Q3 24 | $-2.66 | $0.44 | ||
| Q2 24 | $-23.47 | $0.37 |
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 | $8.5B |
| Total Assets | $2.7B | $73.0B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $106.0M | $1.8B | ||
| Q3 25 | $140.4M | $1.7B | ||
| Q2 25 | $95.1M | $1.8B | ||
| Q1 25 | $116.3M | $1.2B | ||
| Q4 24 | $104.9M | $1.2B | ||
| Q3 24 | $136.6M | $1.2B | ||
| Q2 24 | $84.9M | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $8.5B | ||
| Q4 25 | $113.3M | $8.5B | ||
| Q3 25 | $139.8M | $8.3B | ||
| Q2 25 | $151.8M | $8.1B | ||
| Q1 25 | $154.6M | $6.5B | ||
| Q4 24 | $201.7M | $6.3B | ||
| Q3 24 | $226.1M | $6.4B | ||
| Q2 24 | $283.8M | $6.1B |
| Q1 26 | — | $73.0B | ||
| Q4 25 | $2.7B | $72.2B | ||
| Q3 25 | $2.8B | $71.2B | ||
| Q2 25 | $2.8B | $71.0B | ||
| Q1 25 | $2.8B | $53.9B | ||
| Q4 24 | $2.8B | $53.6B | ||
| Q3 24 | $3.1B | $53.6B | ||
| Q2 24 | $3.1B | $53.1B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
ONB
Segment breakdown not available.
