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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and RADIANT LOGISTICS, INC (RLGT). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $232.1M, roughly 2.7× RADIANT LOGISTICS, INC). RADIANT LOGISTICS, INC runs the higher net margin — 2.3% vs -4.5%, a 6.8% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -12.3%). Over the past eight quarters, RADIANT LOGISTICS, INC's revenue compounded faster (12.1% 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.
Radiant Logistics, Inc. is a leading third-party logistics provider offering end-to-end supply chain solutions, domestic and international freight forwarding, warehousing, and last-mile delivery services. It primarily serves North American markets, with key client segments including retail, manufacturing, e-commerce, and industrial sectors, helping businesses optimize logistics workflows and cut operational costs.
FWRD vs RLGT — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $232.1M |
| Net Profit | $-28.3M | $5.3M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 3.2% |
| Net Margin | -4.5% | 2.3% |
| Revenue YoY | -0.3% | -12.3% |
| Net Profit YoY | 22.2% | -18.0% |
| EPS (diluted) | $-0.90 | $0.11 |
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 | $232.1M | ||
| Q3 25 | $631.8M | $226.7M | ||
| Q2 25 | $618.8M | $220.6M | ||
| Q1 25 | $613.3M | $214.0M | ||
| Q4 24 | $632.8M | $264.5M | ||
| Q3 24 | $655.9M | $203.6M | ||
| Q2 24 | $643.7M | $206.0M | ||
| Q1 24 | $541.8M | $184.6M |
| Q4 25 | $-28.3M | $5.3M | ||
| Q3 25 | $-16.3M | $1.3M | ||
| Q2 25 | $-12.6M | $4.9M | ||
| Q1 25 | $-50.6M | $2.5M | ||
| Q4 24 | $-36.4M | $6.5M | ||
| Q3 24 | $-73.4M | $3.4M | ||
| Q2 24 | $-645.4M | $4.8M | ||
| Q1 24 | $-61.7M | $-703.0K |
| Q4 25 | -0.5% | 3.2% | ||
| Q3 25 | 2.4% | 0.9% | ||
| Q2 25 | 3.2% | 2.4% | ||
| Q1 25 | 0.8% | 1.6% | ||
| Q4 24 | 12.0% | 3.3% | ||
| Q3 24 | 3.5% | 1.9% | ||
| Q2 24 | -170.2% | 2.4% | ||
| Q1 24 | -12.1% | -0.5% |
| Q4 25 | -4.5% | 2.3% | ||
| Q3 25 | -2.6% | 0.6% | ||
| Q2 25 | -2.0% | 2.2% | ||
| Q1 25 | -8.3% | 1.2% | ||
| Q4 24 | -5.8% | 2.4% | ||
| Q3 24 | -11.2% | 1.7% | ||
| Q2 24 | -100.3% | 2.3% | ||
| Q1 24 | -11.4% | -0.4% |
| Q4 25 | $-0.90 | $0.11 | ||
| Q3 25 | $-0.52 | $0.03 | ||
| Q2 25 | $-0.41 | $0.10 | ||
| Q1 25 | $-1.68 | $0.05 | ||
| Q4 24 | $-1.69 | $0.13 | ||
| Q3 24 | $-2.66 | $0.07 | ||
| Q2 24 | $-23.47 | $0.11 | ||
| Q1 24 | $-2.81 | $-0.02 |
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 | $31.9M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $229.8M |
| Total Assets | $2.7B | $439.4M |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $31.9M | ||
| Q3 25 | $140.4M | $28.1M | ||
| Q2 25 | $95.1M | $22.9M | ||
| Q1 25 | $116.3M | $19.0M | ||
| Q4 24 | $104.9M | $19.9M | ||
| Q3 24 | $136.6M | $10.4M | ||
| Q2 24 | $84.9M | $24.9M | ||
| Q1 24 | $152.0M | $31.2M |
| 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 | $229.8M | ||
| Q3 25 | $139.8M | $225.7M | ||
| Q2 25 | $151.8M | $226.0M | ||
| Q1 25 | $154.6M | $218.2M | ||
| Q4 24 | $201.7M | $214.4M | ||
| Q3 24 | $226.1M | $212.4M | ||
| Q2 24 | $283.8M | $209.4M | ||
| Q1 24 | $926.1M | $206.0M |
| Q4 25 | $2.7B | $439.4M | ||
| Q3 25 | $2.8B | $445.3M | ||
| Q2 25 | $2.8B | $426.8M | ||
| Q1 25 | $2.8B | $414.5M | ||
| Q4 24 | $2.8B | $386.8M | ||
| Q3 24 | $3.1B | $375.3M | ||
| Q2 24 | $3.1B | $371.2M | ||
| Q1 24 | $4.0B | $364.0M |
| 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 | — | $12.4M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 5.0% |
| Capex IntensityCapex / Revenue | 1.3% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $8.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $12.4M | ||
| Q3 25 | $52.7M | $2.5M | ||
| Q2 25 | — | $3.1M | ||
| Q1 25 | $27.6M | $-5.7M | ||
| Q4 24 | $-23.2M | $15.7M | ||
| Q3 24 | $51.2M | $205.0K | ||
| Q2 24 | $-45.2M | $1.3M | ||
| Q1 24 | $-51.7M | $3.9M |
| Q4 25 | — | $11.6M | ||
| Q3 25 | $48.6M | $977.0K | ||
| Q2 25 | — | $2.2M | ||
| Q1 25 | $15.7M | $-6.4M | ||
| Q4 24 | $-30.5M | $14.1M | ||
| Q3 24 | $40.7M | $-1.9M | ||
| Q2 24 | $-59.6M | $-185.0K | ||
| Q1 24 | $-56.7M | $1.8M |
| Q4 25 | — | 5.0% | ||
| Q3 25 | 7.7% | 0.4% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | 2.6% | -3.0% | ||
| Q4 24 | -4.8% | 5.3% | ||
| Q3 24 | 6.2% | -0.9% | ||
| Q2 24 | -9.3% | -0.1% | ||
| Q1 24 | -10.5% | 1.0% |
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.8% | 0.4% | ||
| Q1 25 | 1.9% | 0.3% | ||
| Q4 24 | 1.1% | 0.6% | ||
| Q3 24 | 1.6% | 1.0% | ||
| Q2 24 | 2.2% | 0.7% | ||
| Q1 24 | 0.9% | 1.2% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 1.90× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | -2.26× | ||
| Q4 24 | — | 2.43× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.26× | ||
| Q1 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% |
RLGT
| Transferred Over Time | $201.2M | 87% |
| Other | $25.0M | 11% |
| Value Added Services | $4.2M | 2% |
| Transferred At Point In Time | $1.8M | 1% |
