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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and SCANSOURCE, INC. (SCSC). Click either name above to swap in a different company.
SCANSOURCE, INC. is the larger business by last-quarter revenue ($766.5M vs $631.2M, roughly 1.2× FORWARD AIR CORP). SCANSOURCE, INC. runs the higher net margin — 2.2% vs -4.5%, a 6.6% gap on every dollar of revenue. On growth, SCANSOURCE, INC. posted the faster year-over-year revenue change (2.5% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 0.9%).
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.
ScanSource, Inc. is a leading global specialty technology distributor offering a broad portfolio of solutions including point-of-sale systems, barcode scanning tools, cybersecurity products, cloud services and communication solutions. It primarily serves value-added resellers, managed service providers and enterprise clients across North America, Latin America and Europe, covering retail, healthcare, industrial and public sector core segments.
FWRD vs SCSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $766.5M |
| Net Profit | $-28.3M | $16.5M |
| Gross Margin | — | 13.4% |
| Operating Margin | -0.5% | 2.3% |
| Net Margin | -4.5% | 2.2% |
| Revenue YoY | -0.3% | 2.5% |
| Net Profit YoY | 22.2% | -3.3% |
| EPS (diluted) | $-0.90 | $0.75 |
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 | $766.5M | ||
| Q3 25 | $631.8M | $739.6M | ||
| Q2 25 | $618.8M | $812.9M | ||
| Q1 25 | $613.3M | $704.8M | ||
| Q4 24 | $632.8M | $747.5M | ||
| Q3 24 | $655.9M | $775.6M | ||
| Q2 24 | $643.7M | $746.1M | ||
| Q1 24 | $541.8M | $752.6M |
| Q4 25 | $-28.3M | $16.5M | ||
| Q3 25 | $-16.3M | $19.9M | ||
| Q2 25 | $-12.6M | $20.1M | ||
| Q1 25 | $-50.6M | $17.4M | ||
| Q4 24 | $-36.4M | $17.1M | ||
| Q3 24 | $-73.4M | $17.0M | ||
| Q2 24 | $-645.4M | $16.1M | ||
| Q1 24 | $-61.7M | $12.8M |
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
| Q4 25 | -0.5% | 2.3% | ||
| Q3 25 | 2.4% | 3.5% | ||
| Q2 25 | 3.2% | 3.3% | ||
| Q1 25 | 0.8% | 3.2% | ||
| Q4 24 | 12.0% | 2.5% | ||
| Q3 24 | 3.5% | 2.3% | ||
| Q2 24 | -170.2% | 2.9% | ||
| Q1 24 | -12.1% | 2.3% |
| Q4 25 | -4.5% | 2.2% | ||
| Q3 25 | -2.6% | 2.7% | ||
| Q2 25 | -2.0% | 2.5% | ||
| Q1 25 | -8.3% | 2.5% | ||
| Q4 24 | -5.8% | 2.3% | ||
| Q3 24 | -11.2% | 2.2% | ||
| Q2 24 | -100.3% | 2.2% | ||
| Q1 24 | -11.4% | 1.7% |
| Q4 25 | $-0.90 | $0.75 | ||
| Q3 25 | $-0.52 | $0.89 | ||
| Q2 25 | $-0.41 | $0.87 | ||
| Q1 25 | $-1.68 | $0.74 | ||
| Q4 24 | $-1.69 | $0.70 | ||
| Q3 24 | $-2.66 | $0.69 | ||
| Q2 24 | $-23.47 | $0.66 | ||
| Q1 24 | $-2.81 | $0.50 |
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 | $83.5M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $910.9M |
| Total Assets | $2.7B | $1.7B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $83.5M | ||
| Q3 25 | $140.4M | $124.9M | ||
| Q2 25 | $95.1M | $126.2M | ||
| Q1 25 | $116.3M | $146.3M | ||
| Q4 24 | $104.9M | $110.5M | ||
| Q3 24 | $136.6M | $145.0M | ||
| Q2 24 | $84.9M | $185.5M | ||
| Q1 24 | $152.0M | $159.1M |
| 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 | $910.9M | ||
| Q3 25 | $139.8M | $914.0M | ||
| Q2 25 | $151.8M | $906.4M | ||
| Q1 25 | $154.6M | $901.7M | ||
| Q4 24 | $201.7M | $900.7M | ||
| Q3 24 | $226.1M | $920.9M | ||
| Q2 24 | $283.8M | $924.3M | ||
| Q1 24 | $926.1M | $944.1M |
| Q4 25 | $2.7B | $1.7B | ||
| Q3 25 | $2.8B | $1.7B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $3.1B | $1.8B | ||
| Q1 24 | $4.0B | $1.8B |
| 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 | — | $30.8M |
| Free Cash FlowOCF − Capex | — | $28.9M |
| FCF MarginFCF / Revenue | — | 3.8% |
| Capex IntensityCapex / Revenue | 1.3% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 1.87× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $30.8M | ||
| Q3 25 | $52.7M | $23.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | $27.6M | $66.1M | ||
| Q4 24 | $-23.2M | $-6.2M | ||
| Q3 24 | $51.2M | $44.8M | ||
| Q2 24 | $-45.2M | — | ||
| Q1 24 | $-51.7M | $160.2M |
| Q4 25 | — | $28.9M | ||
| Q3 25 | $48.6M | $20.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | $64.6M | ||
| Q4 24 | $-30.5M | $-8.2M | ||
| Q3 24 | $40.7M | $42.5M | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | $157.7M |
| Q4 25 | — | 3.8% | ||
| Q3 25 | 7.7% | 2.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | 9.2% | ||
| Q4 24 | -4.8% | -1.1% | ||
| Q3 24 | 6.2% | 5.5% | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | 21.0% |
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 1.9% | 0.2% | ||
| Q4 24 | 1.1% | 0.3% | ||
| Q3 24 | 1.6% | 0.3% | ||
| Q2 24 | 2.2% | 0.2% | ||
| Q1 24 | 0.9% | 0.3% |
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
