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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and PROCORE TECHNOLOGIES, INC. (PCOR). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $349.1M, roughly 1.8× PROCORE TECHNOLOGIES, INC.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -10.8%, a 6.3% gap on every dollar of revenue. On growth, PROCORE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (15.6% vs -0.3%). Over the past eight quarters, PROCORE TECHNOLOGIES, INC.'s revenue compounded faster (13.8% 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.
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
FWRD vs PCOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $349.1M |
| Net Profit | $-28.3M | $-37.6M |
| Gross Margin | — | 80.1% |
| Operating Margin | -0.5% | -12.3% |
| Net Margin | -4.5% | -10.8% |
| Revenue YoY | -0.3% | 15.6% |
| Net Profit YoY | 22.2% | 39.6% |
| EPS (diluted) | $-0.90 | $-0.25 |
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 | $349.1M | ||
| Q3 25 | $631.8M | $338.9M | ||
| Q2 25 | $618.8M | $323.9M | ||
| Q1 25 | $613.3M | $310.6M | ||
| Q4 24 | $632.8M | $302.0M | ||
| Q3 24 | $655.9M | $295.9M | ||
| Q2 24 | $643.7M | $284.3M | ||
| Q1 24 | $541.8M | $269.4M |
| Q4 25 | $-28.3M | $-37.6M | ||
| Q3 25 | $-16.3M | $-9.1M | ||
| Q2 25 | $-12.6M | $-21.1M | ||
| Q1 25 | $-50.6M | $-33.0M | ||
| Q4 24 | $-36.4M | $-62.3M | ||
| Q3 24 | $-73.4M | $-26.4M | ||
| Q2 24 | $-645.4M | $-6.3M | ||
| Q1 24 | $-61.7M | $-11.0M |
| Q4 25 | — | 80.1% | ||
| Q3 25 | — | 79.7% | ||
| Q2 25 | — | 79.1% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 81.2% | ||
| Q3 24 | — | 81.4% | ||
| Q2 24 | — | 83.1% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | -0.5% | -12.3% | ||
| Q3 25 | 2.4% | -4.4% | ||
| Q2 25 | 3.2% | -9.3% | ||
| Q1 25 | 0.8% | -11.7% | ||
| Q4 24 | 12.0% | -21.9% | ||
| Q3 24 | 3.5% | -12.3% | ||
| Q2 24 | -170.2% | -5.2% | ||
| Q1 24 | -12.1% | -7.0% |
| Q4 25 | -4.5% | -10.8% | ||
| Q3 25 | -2.6% | -2.7% | ||
| Q2 25 | -2.0% | -6.5% | ||
| Q1 25 | -8.3% | -10.6% | ||
| Q4 24 | -5.8% | -20.6% | ||
| Q3 24 | -11.2% | -8.9% | ||
| Q2 24 | -100.3% | -2.2% | ||
| Q1 24 | -11.4% | -4.1% |
| Q4 25 | $-0.90 | $-0.25 | ||
| Q3 25 | $-0.52 | $-0.06 | ||
| Q2 25 | $-0.41 | $-0.14 | ||
| Q1 25 | $-1.68 | $-0.22 | ||
| Q4 24 | $-1.69 | $-0.42 | ||
| Q3 24 | $-2.66 | $-0.18 | ||
| Q2 24 | $-23.47 | $-0.04 | ||
| Q1 24 | $-2.81 | $-0.08 |
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 | $768.5M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $1.3B |
| Total Assets | $2.7B | $2.2B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $768.5M | ||
| Q3 25 | $140.4M | $684.0M | ||
| Q2 25 | $95.1M | $620.9M | ||
| Q1 25 | $116.3M | $566.7M | ||
| Q4 24 | $104.9M | $775.4M | ||
| Q3 24 | $136.6M | $756.9M | ||
| Q2 24 | $84.9M | $735.4M | ||
| Q1 24 | $152.0M | $744.6M |
| 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 | $1.3B | ||
| Q3 25 | $139.8M | $1.2B | ||
| Q2 25 | $151.8M | $1.2B | ||
| Q1 25 | $154.6M | $1.2B | ||
| Q4 24 | $201.7M | $1.3B | ||
| Q3 24 | $226.1M | $1.3B | ||
| Q2 24 | $283.8M | $1.3B | ||
| Q1 24 | $926.1M | $1.2B |
| Q4 25 | $2.7B | $2.2B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.8B | $2.0B | ||
| Q1 25 | $2.8B | $1.9B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $3.1B | $2.0B | ||
| Q2 24 | $3.1B | $2.0B | ||
| Q1 24 | $4.0B | $1.9B |
| 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 | — | $114.9M |
| Free Cash FlowOCF − Capex | — | $109.2M |
| FCF MarginFCF / Revenue | — | 31.3% |
| Capex IntensityCapex / Revenue | 1.3% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $282.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $114.9M | ||
| Q3 25 | $52.7M | $88.5M | ||
| Q2 25 | — | $30.8M | ||
| Q1 25 | $27.6M | $66.0M | ||
| Q4 24 | $-23.2M | $29.1M | ||
| Q3 24 | $51.2M | $39.3M | ||
| Q2 24 | $-45.2M | $58.7M | ||
| Q1 24 | $-51.7M | $69.1M |
| Q4 25 | — | $109.2M | ||
| Q3 25 | $48.6M | $83.1M | ||
| Q2 25 | — | $27.9M | ||
| Q1 25 | $15.7M | $62.0M | ||
| Q4 24 | $-30.5M | $17.4M | ||
| Q3 24 | $40.7M | $35.7M | ||
| Q2 24 | $-59.6M | $56.8M | ||
| Q1 24 | $-56.7M | $67.1M |
| Q4 25 | — | 31.3% | ||
| Q3 25 | 7.7% | 24.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | 2.6% | 20.0% | ||
| Q4 24 | -4.8% | 5.8% | ||
| Q3 24 | 6.2% | 12.1% | ||
| Q2 24 | -9.3% | 20.0% | ||
| Q1 24 | -10.5% | 24.9% |
| Q4 25 | 1.3% | 1.6% | ||
| Q3 25 | 0.7% | 1.6% | ||
| Q2 25 | 0.8% | 0.9% | ||
| Q1 25 | 1.9% | 1.3% | ||
| Q4 24 | 1.1% | 3.9% | ||
| Q3 24 | 1.6% | 1.2% | ||
| Q2 24 | 2.2% | 0.7% | ||
| Q1 24 | 0.9% | 0.8% |
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% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
