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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Sinclair, Inc. (SBGI). Click either name above to swap in a different company.
Sinclair, Inc. is the larger business by last-quarter revenue ($807.0M vs $631.2M, roughly 1.3× FORWARD AIR CORP). Sinclair, Inc. runs the higher net margin — 2.5% vs -4.5%, a 7.0% gap on every dollar of revenue. On growth, Sinclair, Inc. posted the faster year-over-year revenue change (4.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -1.3%).
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.
Sinclair, Inc., doing business as Sinclair Broadcast Group, is a publicly traded American telecommunications conglomerate that is controlled by the descendants of company founder Julian Sinclair Smith. Headquartered in the Baltimore suburb of Cockeysville, Maryland, the company is the second-largest television station operator in the United States by number of stations after Nexstar Media Group, owning or operating 193 stations across the country in over 100 markets, covering 40% of American ...
FWRD vs SBGI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $807.0M |
| Net Profit | $-28.3M | $20.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 0.0% |
| Net Margin | -4.5% | 2.5% |
| Revenue YoY | -0.3% | 4.0% |
| Net Profit YoY | 22.2% | — |
| EPS (diluted) | $-0.90 | $0.28 |
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 | — | $807.0M | ||
| Q4 25 | $631.2M | $836.0M | ||
| Q3 25 | $631.8M | $773.0M | ||
| Q2 25 | $618.8M | $784.0M | ||
| Q1 25 | $613.3M | $776.0M | ||
| Q4 24 | $632.8M | $1.0B | ||
| Q3 24 | $655.9M | $917.0M | ||
| Q2 24 | $643.7M | $829.0M |
| Q1 26 | — | $20.0M | ||
| Q4 25 | $-28.3M | $109.0M | ||
| Q3 25 | $-16.3M | $-1.0M | ||
| Q2 25 | $-12.6M | $-64.0M | ||
| Q1 25 | $-50.6M | $-156.0M | ||
| Q4 24 | $-36.4M | $176.0M | ||
| Q3 24 | $-73.4M | $94.0M | ||
| Q2 24 | $-645.4M | $17.0M |
| Q1 26 | — | 0.0% | ||
| Q4 25 | -0.5% | 9.6% | ||
| Q3 25 | 2.4% | 7.5% | ||
| Q2 25 | 3.2% | 2.7% | ||
| Q1 25 | 0.8% | 1.8% | ||
| Q4 24 | 12.0% | 26.5% | ||
| Q3 24 | 3.5% | 19.5% | ||
| Q2 24 | -170.2% | 7.7% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | -4.5% | 13.0% | ||
| Q3 25 | -2.6% | -0.1% | ||
| Q2 25 | -2.0% | -8.2% | ||
| Q1 25 | -8.3% | -20.1% | ||
| Q4 24 | -5.8% | 17.5% | ||
| Q3 24 | -11.2% | 10.3% | ||
| Q2 24 | -100.3% | 2.1% |
| Q1 26 | — | $0.28 | ||
| Q4 25 | $-0.90 | $1.62 | ||
| Q3 25 | $-0.52 | $-0.02 | ||
| Q2 25 | $-0.41 | $-0.91 | ||
| Q1 25 | $-1.68 | $-2.30 | ||
| Q4 24 | $-1.69 | $2.64 | ||
| Q3 24 | $-2.66 | $1.43 | ||
| Q2 24 | $-23.47 | $0.27 |
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 | — |
| Total Assets | $2.7B | — |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $106.0M | $866.0M | ||
| Q3 25 | $140.4M | $526.0M | ||
| Q2 25 | $95.1M | $616.0M | ||
| Q1 25 | $116.3M | $631.0M | ||
| Q4 24 | $104.9M | $697.0M | ||
| Q3 24 | $136.6M | $536.0M | ||
| Q2 24 | $84.9M | $378.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $4.4B | ||
| Q3 25 | $1.7B | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
| Q1 26 | — | — | ||
| Q4 25 | $113.3M | $443.0M | ||
| Q3 25 | $139.8M | $347.0M | ||
| Q2 25 | $151.8M | $361.0M | ||
| Q1 25 | $154.6M | $436.0M | ||
| Q4 24 | $201.7M | $583.0M | ||
| Q3 24 | $226.1M | $415.0M | ||
| Q2 24 | $283.8M | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $5.9B | ||
| Q3 25 | $2.8B | $5.6B | ||
| Q2 25 | $2.8B | $5.7B | ||
| Q1 25 | $2.8B | $5.8B | ||
| Q4 24 | $2.8B | $5.9B | ||
| Q3 24 | $3.1B | $5.8B | ||
| Q2 24 | $3.1B | $5.7B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 9.84× | ||
| Q3 25 | 12.05× | 11.75× | ||
| Q2 25 | — | 11.30× | ||
| Q1 25 | — | 9.56× | ||
| Q4 24 | — | 7.02× | ||
| Q3 24 | — | 9.86× | ||
| Q2 24 | — | 12.08× |
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% |
SBGI
| Media revenue | $701.0M | 87% |
| Other | $82.0M | 10% |
| Political advertising revenue | $18.0M | 2% |
| Non-media revenue | $6.0M | 1% |
