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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and StoneX Group Inc. (SNEX). Click either name above to swap in a different company.
StoneX Group Inc. is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 1.9× FORWARD AIR CORP). StoneX Group Inc. runs the higher net margin — 11.6% vs -4.5%, a 16.1% gap on every dollar of revenue. On growth, StoneX Group Inc. posted the faster year-over-year revenue change (81.0% vs -0.3%). Over the past eight quarters, StoneX Group Inc.'s revenue compounded faster (53.5% 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.
StoneX Group Inc. is an American financial services company. The company operates in six areas: commercial hedging, global payments, securities, physical commodities, foreign exchange and clearing and execution services (CES).
FWRD vs SNEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.2B |
| Net Profit | $-28.3M | $139.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 15.4% |
| Net Margin | -4.5% | 11.6% |
| Revenue YoY | -0.3% | 81.0% |
| Net Profit YoY | 22.2% | 63.3% |
| EPS (diluted) | $-0.90 | $2.50 |
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 | $1.2B | ||
| Q3 25 | $631.8M | $32.7B | ||
| Q2 25 | $618.8M | $851.2M | ||
| Q1 25 | $613.3M | $820.4M | ||
| Q4 24 | $632.8M | $663.1M | ||
| Q3 24 | $655.9M | $31.1B | ||
| Q2 24 | $643.7M | $571.8M | ||
| Q1 24 | $541.8M | $509.2M |
| Q4 25 | $-28.3M | $139.0M | ||
| Q3 25 | $-16.3M | $85.7M | ||
| Q2 25 | $-12.6M | $63.4M | ||
| Q1 25 | $-50.6M | $71.7M | ||
| Q4 24 | $-36.4M | $85.1M | ||
| Q3 24 | $-73.4M | $76.7M | ||
| Q2 24 | $-645.4M | $61.9M | ||
| Q1 24 | $-61.7M | $53.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -0.5% | 15.4% | ||
| Q3 25 | 2.4% | 0.3% | ||
| Q2 25 | 3.2% | -1.3% | ||
| Q1 25 | 0.8% | -1.0% | ||
| Q4 24 | 12.0% | -3.2% | ||
| Q3 24 | 3.5% | -0.0% | ||
| Q2 24 | -170.2% | -4.7% | ||
| Q1 24 | -12.1% | -2.5% |
| Q4 25 | -4.5% | 11.6% | ||
| Q3 25 | -2.6% | 0.3% | ||
| Q2 25 | -2.0% | 7.4% | ||
| Q1 25 | -8.3% | 8.7% | ||
| Q4 24 | -5.8% | 12.8% | ||
| Q3 24 | -11.2% | 0.2% | ||
| Q2 24 | -100.3% | 10.8% | ||
| Q1 24 | -11.4% | 10.4% |
| Q4 25 | $-0.90 | $2.50 | ||
| Q3 25 | $-0.52 | $0.72 | ||
| Q2 25 | $-0.41 | $1.22 | ||
| Q1 25 | $-1.68 | $1.41 | ||
| Q4 24 | $-1.69 | $1.69 | ||
| Q3 24 | $-2.66 | $2.32 | ||
| Q2 24 | $-23.47 | $1.25 | ||
| Q1 24 | $-2.81 | $1.09 |
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 | $1.6B |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.5B |
| Total Assets | $2.7B | $47.8B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $1.6B | ||
| Q3 25 | $140.4M | $1.6B | ||
| Q2 25 | $95.1M | $1.3B | ||
| Q1 25 | $116.3M | $1.3B | ||
| Q4 24 | $104.9M | $1.4B | ||
| Q3 24 | $136.6M | $1.3B | ||
| Q2 24 | $84.9M | $1.2B | ||
| Q1 24 | $152.0M | $1.3B |
| 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 | $2.5B | ||
| Q3 25 | $139.8M | $2.4B | ||
| Q2 25 | $151.8M | $2.0B | ||
| Q1 25 | $154.6M | $1.9B | ||
| Q4 24 | $201.7M | $1.8B | ||
| Q3 24 | $226.1M | $1.7B | ||
| Q2 24 | $283.8M | $1.6B | ||
| Q1 24 | $926.1M | $1.5B |
| Q4 25 | $2.7B | $47.8B | ||
| Q3 25 | $2.8B | $45.3B | ||
| Q2 25 | $2.8B | $34.3B | ||
| Q1 25 | $2.8B | $31.3B | ||
| Q4 24 | $2.8B | $29.6B | ||
| Q3 24 | $3.1B | $27.5B | ||
| Q2 24 | $3.1B | $25.9B | ||
| Q1 24 | $4.0B | $25.7B |
| 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 | — | $-1.3B |
| Free Cash FlowOCF − Capex | — | $-1.3B |
| FCF MarginFCF / Revenue | — | -106.4% |
| Capex IntensityCapex / Revenue | 1.3% | 1.3% |
| Cash ConversionOCF / Net Profit | — | -9.08× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-1.3B | ||
| Q3 25 | $52.7M | $3.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $27.6M | $-154.5M | ||
| Q4 24 | $-23.2M | $-477.8M | ||
| Q3 24 | $51.2M | $192.6M | ||
| Q2 24 | $-45.2M | $-622.1M | ||
| Q1 24 | $-51.7M | $784.0M |
| Q4 25 | — | $-1.3B | ||
| Q3 25 | $48.6M | $3.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $15.7M | $-169.8M | ||
| Q4 24 | $-30.5M | $-491.4M | ||
| Q3 24 | $40.7M | $175.9M | ||
| Q2 24 | $-59.6M | $-640.5M | ||
| Q1 24 | $-56.7M | $766.6M |
| Q4 25 | — | -106.4% | ||
| Q3 25 | 7.7% | 10.7% | ||
| Q2 25 | — | 173.3% | ||
| Q1 25 | 2.6% | -20.7% | ||
| Q4 24 | -4.8% | -74.1% | ||
| Q3 24 | 6.2% | 0.6% | ||
| Q2 24 | -9.3% | -112.0% | ||
| Q1 24 | -10.5% | 150.5% |
| Q4 25 | 1.3% | 1.3% | ||
| Q3 25 | 0.7% | 0.1% | ||
| Q2 25 | 0.8% | 1.9% | ||
| Q1 25 | 1.9% | 1.9% | ||
| Q4 24 | 1.1% | 2.1% | ||
| Q3 24 | 1.6% | 0.1% | ||
| Q2 24 | 2.2% | 3.2% | ||
| Q1 24 | 0.9% | 3.4% |
| Q4 25 | — | -9.08× | ||
| Q3 25 | — | 41.18× | ||
| Q2 25 | — | 23.52× | ||
| Q1 25 | — | -2.15× | ||
| Q4 24 | — | -5.61× | ||
| Q3 24 | — | 2.51× | ||
| Q2 24 | — | -10.05× | ||
| Q1 24 | — | 14.76× |
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% |
SNEX
Segment breakdown not available.
