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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Soho House & Co Inc. (SHCO). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $370.8M, roughly 1.7× Soho House & Co Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -5.0%, a 0.6% gap on every dollar of revenue. On growth, Soho House & Co Inc. posted the faster year-over-year revenue change (11.2% vs -0.3%). Over the past eight quarters, Soho House & Co Inc.'s revenue compounded faster (13.5% 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.
Soho House is an international private members’ club with a focus on the media, arts and fashion industries.
FWRD vs SHCO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $370.8M |
| Net Profit | $-28.3M | $-18.7M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | -1.6% |
| Net Margin | -4.5% | -5.0% |
| Revenue YoY | -0.3% | 11.2% |
| Net Profit YoY | 22.2% | -10790.3% |
| EPS (diluted) | $-0.90 | $-0.10 |
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 | — | ||
| Q3 25 | $631.8M | $370.8M | ||
| Q2 25 | $618.8M | $329.8M | ||
| Q1 25 | $613.3M | $282.9M | ||
| Q4 24 | $632.8M | $305.6M | ||
| Q3 24 | $655.9M | $333.4M | ||
| Q2 24 | $643.7M | $302.9M | ||
| Q1 24 | $541.8M | $261.9M |
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $-18.7M | ||
| Q2 25 | $-12.6M | $24.9M | ||
| Q1 25 | $-50.6M | $8.2M | ||
| Q4 24 | $-36.4M | $-91.7M | ||
| Q3 24 | $-73.4M | $175.0K | ||
| Q2 24 | $-645.4M | $-29.9M | ||
| Q1 24 | $-61.7M | $-41.6M |
| Q4 25 | -0.5% | — | ||
| Q3 25 | 2.4% | -1.6% | ||
| Q2 25 | 3.2% | 18.1% | ||
| Q1 25 | 0.8% | 12.3% | ||
| Q4 24 | 12.0% | -23.1% | ||
| Q3 24 | 3.5% | 11.4% | ||
| Q2 24 | -170.2% | -4.3% | ||
| Q1 24 | -12.1% | -9.3% |
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | -5.0% | ||
| Q2 25 | -2.0% | 7.5% | ||
| Q1 25 | -8.3% | 2.9% | ||
| Q4 24 | -5.8% | -30.0% | ||
| Q3 24 | -11.2% | 0.1% | ||
| Q2 24 | -100.3% | -9.9% | ||
| Q1 24 | -11.4% | -15.9% |
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | $-0.10 | ||
| Q2 25 | $-0.41 | $0.13 | ||
| Q1 25 | $-1.68 | $0.04 | ||
| Q4 24 | $-1.69 | $-0.48 | ||
| Q3 24 | $-2.66 | $0.00 | ||
| Q2 24 | $-23.47 | $-0.15 | ||
| Q1 24 | $-2.81 | $-0.21 |
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 | $142.5M |
| Total DebtLower is stronger | $1.7B | $735.8M |
| Stockholders' EquityBook value | $113.3M | $-351.6M |
| Total Assets | $2.7B | $2.7B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | $142.5M | ||
| Q2 25 | $95.1M | $150.3M | ||
| Q1 25 | $116.3M | $150.1M | ||
| Q4 24 | $104.9M | $152.7M | ||
| Q3 24 | $136.6M | $142.8M | ||
| Q2 24 | $84.9M | $148.5M | ||
| Q1 24 | $152.0M | $139.8M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $735.8M | ||
| Q2 25 | — | $729.8M | ||
| Q1 25 | — | $705.1M | ||
| Q4 24 | — | $691.5M | ||
| Q3 24 | — | $694.8M | ||
| Q2 24 | — | $682.1M | ||
| Q1 24 | $1.7B | $671.7M |
| Q4 25 | $113.3M | — | ||
| Q3 25 | $139.8M | $-351.6M | ||
| Q2 25 | $151.8M | $-348.6M | ||
| Q1 25 | $154.6M | $-340.1M | ||
| Q4 24 | $201.7M | $-335.1M | ||
| Q3 24 | $226.1M | $-279.4M | ||
| Q2 24 | $283.8M | $-231.7M | ||
| Q1 24 | $926.1M | $-193.0M |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | $2.7B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.8B | $2.5B | ||
| Q4 24 | $2.8B | $2.4B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $3.1B | $2.6B | ||
| Q1 24 | $4.0B | $2.5B |
| 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 | — | $34.9M |
| Free Cash FlowOCF − Capex | — | $3.5M |
| FCF MarginFCF / Revenue | — | 0.9% |
| Capex IntensityCapex / Revenue | 1.3% | 8.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $52.7M | $34.9M | ||
| Q2 25 | — | $41.0M | ||
| Q1 25 | $27.6M | $22.8M | ||
| Q4 24 | $-23.2M | $26.9M | ||
| Q3 24 | $51.2M | $20.6M | ||
| Q2 24 | $-45.2M | $36.0M | ||
| Q1 24 | $-51.7M | $6.2M |
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | $3.5M | ||
| Q2 25 | — | $12.4M | ||
| Q1 25 | $15.7M | $7.5M | ||
| Q4 24 | $-30.5M | $18.5M | ||
| Q3 24 | $40.7M | $10.3M | ||
| Q2 24 | $-59.6M | $10.2M | ||
| Q1 24 | $-56.7M | $-13.5M |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | 0.9% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | 2.6% | 2.7% | ||
| Q4 24 | -4.8% | 6.1% | ||
| Q3 24 | 6.2% | 3.1% | ||
| Q2 24 | -9.3% | 3.4% | ||
| Q1 24 | -10.5% | -5.2% |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | 8.5% | ||
| Q2 25 | 0.8% | 8.7% | ||
| Q1 25 | 1.9% | 5.4% | ||
| Q4 24 | 1.1% | 2.7% | ||
| Q3 24 | 1.6% | 3.1% | ||
| Q2 24 | 2.2% | 8.5% | ||
| Q1 24 | 0.9% | 7.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.65× | ||
| Q1 25 | — | 2.79× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 117.70× | ||
| Q2 24 | — | — | ||
| 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% |
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
