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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Shake Shack Inc. (SHAK). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $400.5M, roughly 1.6× Shake Shack Inc.). Shake Shack Inc. runs the higher net margin — 3.0% vs -4.5%, a 7.4% gap on every dollar of revenue. On growth, Shake Shack Inc. posted the faster year-over-year revenue change (21.9% vs -0.3%). Over the past eight quarters, Shake Shack Inc.'s revenue compounded faster (17.4% 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.
Shake Shack is an American multinational fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park in 2001, and its popularity steadily grew. In 2004, it received a permit to open a permanent kiosk within the park, expanding its menu from New York–style hot dogs to one with hamburgers, hot dogs, fries and its namesake milkshakes.
FWRD vs SHAK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $400.5M |
| Net Profit | $-28.3M | $11.8M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 4.7% |
| Net Margin | -4.5% | 3.0% |
| Revenue YoY | -0.3% | 21.9% |
| Net Profit YoY | 22.2% | 35.8% |
| 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.
| Q4 25 | $631.2M | $400.5M | ||
| Q3 25 | $631.8M | $367.4M | ||
| Q2 25 | $618.8M | $356.5M | ||
| Q1 25 | $613.3M | $320.9M | ||
| Q4 24 | $632.8M | $328.7M | ||
| Q3 24 | $655.9M | $316.9M | ||
| Q2 24 | $643.7M | $316.5M | ||
| Q1 24 | $541.8M | $290.5M |
| Q4 25 | $-28.3M | $11.8M | ||
| Q3 25 | $-16.3M | $12.5M | ||
| Q2 25 | $-12.6M | $17.1M | ||
| Q1 25 | $-50.6M | $4.2M | ||
| Q4 24 | $-36.4M | $8.7M | ||
| Q3 24 | $-73.4M | $-10.2M | ||
| Q2 24 | $-645.4M | $9.7M | ||
| Q1 24 | $-61.7M | $2.0M |
| Q4 25 | -0.5% | 4.7% | ||
| Q3 25 | 2.4% | 5.0% | ||
| Q2 25 | 3.2% | 6.3% | ||
| Q1 25 | 0.8% | 0.9% | ||
| Q4 24 | 12.0% | 3.1% | ||
| Q3 24 | 3.5% | -5.7% | ||
| Q2 24 | -170.2% | 3.4% | ||
| Q1 24 | -12.1% | 0.0% |
| Q4 25 | -4.5% | 3.0% | ||
| Q3 25 | -2.6% | 3.4% | ||
| Q2 25 | -2.0% | 4.8% | ||
| Q1 25 | -8.3% | 1.3% | ||
| Q4 24 | -5.8% | 2.6% | ||
| Q3 24 | -11.2% | -3.2% | ||
| Q2 24 | -100.3% | 3.1% | ||
| Q1 24 | -11.4% | 0.7% |
| Q4 25 | $-0.90 | $0.28 | ||
| Q3 25 | $-0.52 | $0.30 | ||
| Q2 25 | $-0.41 | $0.41 | ||
| Q1 25 | $-1.68 | $0.10 | ||
| Q4 24 | $-1.69 | $0.22 | ||
| Q3 24 | $-2.66 | $-0.26 | ||
| Q2 24 | $-23.47 | $0.23 | ||
| Q1 24 | $-2.81 | $0.05 |
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 | $360.1M |
| Total DebtLower is stronger | $1.7B | $247.7M |
| Stockholders' EquityBook value | $113.3M | $525.3M |
| Total Assets | $2.7B | $1.9B |
| Debt / EquityLower = less leverage | 14.89× | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $360.1M | ||
| Q3 25 | $140.4M | $357.8M | ||
| Q2 25 | $95.1M | $336.8M | ||
| Q1 25 | $116.3M | $312.9M | ||
| Q4 24 | $104.9M | $320.7M | ||
| Q3 24 | $136.6M | $310.9M | ||
| Q2 24 | $84.9M | $304.4M | ||
| Q1 24 | $152.0M | $284.8M |
| Q4 25 | $1.7B | $247.7M | ||
| Q3 25 | $1.7B | $247.5M | ||
| Q2 25 | — | $247.2M | ||
| Q1 25 | — | $246.9M | ||
| Q4 24 | — | $246.7M | ||
| Q3 24 | — | $246.4M | ||
| Q2 24 | — | $246.2M | ||
| Q1 24 | $1.7B | $245.9M |
| Q4 25 | $113.3M | $525.3M | ||
| Q3 25 | $139.8M | $509.0M | ||
| Q2 25 | $151.8M | $494.1M | ||
| Q1 25 | $154.6M | $473.3M | ||
| Q4 24 | $201.7M | $470.0M | ||
| Q3 24 | $226.1M | $456.1M | ||
| Q2 24 | $283.8M | $462.4M | ||
| Q1 24 | $926.1M | $446.4M |
| Q4 25 | $2.7B | $1.9B | ||
| Q3 25 | $2.8B | $1.8B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $3.1B | $1.7B | ||
| Q2 24 | $3.1B | $1.7B | ||
| Q1 24 | $4.0B | $1.6B |
| Q4 25 | 14.89× | 0.47× | ||
| Q3 25 | 12.05× | 0.49× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.52× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | 1.81× | 0.55× |
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 | — | $63.1M |
| Free Cash FlowOCF − Capex | — | $4.0M |
| FCF MarginFCF / Revenue | — | 1.0% |
| Capex IntensityCapex / Revenue | 1.3% | 14.8% |
| Cash ConversionOCF / Net Profit | — | 5.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.1M | ||
| Q3 25 | $52.7M | $63.0M | ||
| Q2 25 | — | $65.0M | ||
| Q1 25 | $27.6M | $31.2M | ||
| Q4 24 | $-23.2M | $45.1M | ||
| Q3 24 | $51.2M | $41.9M | ||
| Q2 24 | $-45.2M | $53.5M | ||
| Q1 24 | $-51.7M | $30.7M |
| Q4 25 | — | $4.0M | ||
| Q3 25 | $48.6M | $23.7M | ||
| Q2 25 | — | $26.9M | ||
| Q1 25 | $15.7M | $1.9M | ||
| Q4 24 | $-30.5M | $10.4M | ||
| Q3 24 | $40.7M | $7.1M | ||
| Q2 24 | $-59.6M | $20.6M | ||
| Q1 24 | $-56.7M | $-2.4M |
| Q4 25 | — | 1.0% | ||
| Q3 25 | 7.7% | 6.5% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | 2.6% | 0.6% | ||
| Q4 24 | -4.8% | 3.2% | ||
| Q3 24 | 6.2% | 2.2% | ||
| Q2 24 | -9.3% | 6.5% | ||
| Q1 24 | -10.5% | -0.8% |
| Q4 25 | 1.3% | 14.8% | ||
| Q3 25 | 0.7% | 10.7% | ||
| Q2 25 | 0.8% | 10.7% | ||
| Q1 25 | 1.9% | 9.1% | ||
| Q4 24 | 1.1% | 10.6% | ||
| Q3 24 | 1.6% | 11.0% | ||
| Q2 24 | 2.2% | 10.4% | ||
| Q1 24 | 0.9% | 11.4% |
| Q4 25 | — | 5.34× | ||
| Q3 25 | — | 5.04× | ||
| Q2 25 | — | 3.79× | ||
| Q1 25 | — | 7.36× | ||
| Q4 24 | — | 5.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.54× | ||
| Q1 24 | — | 15.03× |
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% |
SHAK
Segment breakdown not available.
