vs
Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $387.0M, roughly 1.6× Paylocity Holding Corp). Paylocity Holding Corp runs the higher net margin — 13.0% vs -4.5%, a 17.5% gap on every dollar of revenue. On growth, Paylocity Holding Corp posted the faster year-over-year revenue change (11.3% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 2.7%).
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.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
FWRD vs PCTY — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $387.0M |
| Net Profit | $-28.3M | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | -0.5% | 18.2% |
| Net Margin | -4.5% | 13.0% |
| Revenue YoY | -0.3% | 11.3% |
| Net Profit YoY | 22.2% | 34.0% |
| EPS (diluted) | $-0.90 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $631.8M | $378.9M | ||
| Q2 25 | $618.8M | $369.9M | ||
| Q1 25 | $613.3M | $421.1M | ||
| Q4 24 | $632.8M | $347.7M | ||
| Q3 24 | $655.9M | $333.1M | ||
| Q2 24 | $643.7M | $324.7M | ||
| Q1 24 | $541.8M | $366.8M |
| Q4 25 | $-28.3M | $50.2M | ||
| Q3 25 | $-16.3M | $48.0M | ||
| Q2 25 | $-12.6M | $48.6M | ||
| Q1 25 | $-50.6M | $91.5M | ||
| Q4 24 | $-36.4M | $37.5M | ||
| Q3 24 | $-73.4M | $49.6M | ||
| Q2 24 | $-645.4M | $48.8M | ||
| Q1 24 | $-61.7M | $85.3M |
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
| Q4 25 | -0.5% | 18.2% | ||
| Q3 25 | 2.4% | 19.6% | ||
| Q2 25 | 3.2% | 17.9% | ||
| Q1 25 | 0.8% | 30.2% | ||
| Q4 24 | 12.0% | 13.4% | ||
| Q3 24 | 3.5% | 19.3% | ||
| Q2 24 | -170.2% | 19.4% | ||
| Q1 24 | -12.1% | 29.0% |
| Q4 25 | -4.5% | 13.0% | ||
| Q3 25 | -2.6% | 12.7% | ||
| Q2 25 | -2.0% | 13.1% | ||
| Q1 25 | -8.3% | 21.7% | ||
| Q4 24 | -5.8% | 10.8% | ||
| Q3 24 | -11.2% | 14.9% | ||
| Q2 24 | -100.3% | 15.0% | ||
| Q1 24 | -11.4% | 23.3% |
| Q4 25 | $-0.90 | $0.92 | ||
| Q3 25 | $-0.52 | $0.86 | ||
| Q2 25 | $-0.41 | $0.87 | ||
| Q1 25 | $-1.68 | $1.61 | ||
| Q4 24 | $-1.69 | $0.66 | ||
| Q3 24 | $-2.66 | $0.88 | ||
| Q2 24 | $-23.47 | $0.85 | ||
| Q1 24 | $-2.81 | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | $1.7B | $81.3M |
| Stockholders' EquityBook value | $113.3M | $1.1B |
| Total Assets | $2.7B | $7.0B |
| Debt / EquityLower = less leverage | 14.89× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $162.5M | ||
| Q3 25 | $140.4M | $165.2M | ||
| Q2 25 | $95.1M | $398.1M | ||
| Q1 25 | $116.3M | $477.8M | ||
| Q4 24 | $104.9M | $482.4M | ||
| Q3 24 | $136.6M | $778.5M | ||
| Q2 24 | $84.9M | $401.8M | ||
| Q1 24 | $152.0M | $492.7M |
| Q4 25 | $1.7B | $81.3M | ||
| Q3 25 | $1.7B | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | — | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $1.1B | ||
| Q3 25 | $139.8M | $1.1B | ||
| Q2 25 | $151.8M | $1.2B | ||
| Q1 25 | $154.6M | $1.2B | ||
| Q4 24 | $201.7M | $1.2B | ||
| Q3 24 | $226.1M | $1.1B | ||
| Q2 24 | $283.8M | $1.0B | ||
| Q1 24 | $926.1M | $1.1B |
| Q4 25 | $2.7B | $7.0B | ||
| Q3 25 | $2.8B | $4.2B | ||
| Q2 25 | $2.8B | $4.4B | ||
| Q1 25 | $2.8B | $5.2B | ||
| Q4 24 | $2.8B | $5.3B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $3.1B | $4.2B | ||
| Q1 24 | $4.0B | $5.0B |
| Q4 25 | 14.89× | 0.07× | ||
| Q3 25 | 12.05× | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| 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 | — | $117.0M |
| Free Cash FlowOCF − Capex | — | $113.6M |
| FCF MarginFCF / Revenue | — | 29.4% |
| Capex IntensityCapex / Revenue | 1.3% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $117.0M | ||
| Q3 25 | $52.7M | $86.5M | ||
| Q2 25 | — | $86.6M | ||
| Q1 25 | $27.6M | $186.0M | ||
| Q4 24 | $-23.2M | $54.2M | ||
| Q3 24 | $51.2M | $91.5M | ||
| Q2 24 | $-45.2M | $79.9M | ||
| Q1 24 | $-51.7M | $167.5M |
| Q4 25 | — | $113.6M | ||
| Q3 25 | $48.6M | $82.7M | ||
| Q2 25 | — | $81.1M | ||
| Q1 25 | $15.7M | $183.7M | ||
| Q4 24 | $-30.5M | $51.2M | ||
| Q3 24 | $40.7M | $89.1M | ||
| Q2 24 | $-59.6M | $73.6M | ||
| Q1 24 | $-56.7M | $162.0M |
| Q4 25 | — | 29.4% | ||
| Q3 25 | 7.7% | 21.8% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | 2.6% | 43.6% | ||
| Q4 24 | -4.8% | 14.7% | ||
| Q3 24 | 6.2% | 26.8% | ||
| Q2 24 | -9.3% | 22.7% | ||
| Q1 24 | -10.5% | 44.2% |
| Q4 25 | 1.3% | 0.9% | ||
| Q3 25 | 0.7% | 1.0% | ||
| Q2 25 | 0.8% | 1.5% | ||
| Q1 25 | 1.9% | 0.5% | ||
| Q4 24 | 1.1% | 0.9% | ||
| Q3 24 | 1.6% | 0.7% | ||
| Q2 24 | 2.2% | 1.9% | ||
| Q1 24 | 0.9% | 1.5% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | — | 1.64× | ||
| Q1 24 | — | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
