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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Snowflake Inc. (SNOW). Click either name above to swap in a different company.
Snowflake Inc. is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 1.9× FORWARD AIR CORP). FORWARD AIR CORP runs the higher net margin — -4.5% vs -24.2%, a 19.7% gap on every dollar of revenue. On growth, Snowflake Inc. posted the faster year-over-year revenue change (28.7% vs -0.3%). Over the past eight quarters, Snowflake Inc.'s revenue compounded faster (25.1% 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.
Snowflake Inc. is an American cloud-based data platform company founded in San Mateo, California, and headquartered in Bozeman, Montana. It operates a platform that supports data analysis and simultaneous access to data sets with minimal latency. It operates on Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
FWRD vs SNOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.2B |
| Net Profit | $-28.3M | $-294.0M |
| Gross Margin | — | 67.8% |
| Operating Margin | -0.5% | -27.2% |
| Net Margin | -4.5% | -24.2% |
| Revenue YoY | -0.3% | 28.7% |
| Net Profit YoY | 22.2% | 9.4% |
| EPS (diluted) | $-0.90 | $-0.87 |
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 | $1.1B | ||
| Q2 25 | $618.8M | $1.0B | ||
| Q1 25 | $613.3M | $986.8M | ||
| Q4 24 | $632.8M | $942.1M | ||
| Q3 24 | $655.9M | $868.8M | ||
| Q2 24 | $643.7M | $828.7M | ||
| Q1 24 | $541.8M | $774.7M |
| Q4 25 | $-28.3M | $-294.0M | ||
| Q3 25 | $-16.3M | $-298.0M | ||
| Q2 25 | $-12.6M | $-430.1M | ||
| Q1 25 | $-50.6M | $-327.5M | ||
| Q4 24 | $-36.4M | $-324.3M | ||
| Q3 24 | $-73.4M | $-316.9M | ||
| Q2 24 | $-645.4M | $-317.0M | ||
| Q1 24 | $-61.7M | $-169.4M |
| Q4 25 | — | 67.8% | ||
| Q3 25 | — | 67.5% | ||
| Q2 25 | — | 66.5% | ||
| Q1 25 | — | 66.2% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | — | 66.8% | ||
| Q2 24 | — | 67.1% | ||
| Q1 24 | — | 68.8% |
| Q4 25 | -0.5% | -27.2% | ||
| Q3 25 | 2.4% | -29.7% | ||
| Q2 25 | 3.2% | -42.9% | ||
| Q1 25 | 0.8% | -39.2% | ||
| Q4 24 | 12.0% | -38.8% | ||
| Q3 24 | 3.5% | -40.9% | ||
| Q2 24 | -170.2% | -42.1% | ||
| Q1 24 | -12.1% | -35.6% |
| Q4 25 | -4.5% | -24.2% | ||
| Q3 25 | -2.6% | -26.0% | ||
| Q2 25 | -2.0% | -41.3% | ||
| Q1 25 | -8.3% | -33.2% | ||
| Q4 24 | -5.8% | -34.4% | ||
| Q3 24 | -11.2% | -36.5% | ||
| Q2 24 | -100.3% | -38.3% | ||
| Q1 24 | -11.4% | -21.9% |
| Q4 25 | $-0.90 | $-0.87 | ||
| Q3 25 | $-0.52 | $-0.89 | ||
| Q2 25 | $-0.41 | $-1.29 | ||
| Q1 25 | $-1.68 | $-0.98 | ||
| Q4 24 | $-1.69 | $-0.98 | ||
| Q3 24 | $-2.66 | $-0.95 | ||
| Q2 24 | $-23.47 | $-0.95 | ||
| Q1 24 | $-2.81 | $-0.51 |
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 | $1.9B |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.1B |
| Total Assets | $2.7B | $8.2B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $1.9B | ||
| Q3 25 | $140.4M | $1.9B | ||
| Q2 25 | $95.1M | $2.2B | ||
| Q1 25 | $116.3M | $2.6B | ||
| Q4 24 | $104.9M | $2.1B | ||
| Q3 24 | $136.6M | $1.3B | ||
| Q2 24 | $84.9M | $1.3B | ||
| Q1 24 | $152.0M | $1.8B |
| 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 | $2.1B | ||
| Q3 25 | $139.8M | $2.4B | ||
| Q2 25 | $151.8M | $2.4B | ||
| Q1 25 | $154.6M | $3.0B | ||
| Q4 24 | $201.7M | $2.9B | ||
| Q3 24 | $226.1M | $4.1B | ||
| Q2 24 | $283.8M | $4.6B | ||
| Q1 24 | $926.1M | $5.2B |
| Q4 25 | $2.7B | $8.2B | ||
| Q3 25 | $2.8B | $8.2B | ||
| Q2 25 | $2.8B | $8.2B | ||
| Q1 25 | $2.8B | $9.0B | ||
| Q4 24 | $2.8B | $8.2B | ||
| Q3 24 | $3.1B | $6.9B | ||
| Q2 24 | $3.1B | $7.3B | ||
| Q1 24 | $4.0B | $8.2B |
| 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 | — | $137.5M |
| Free Cash FlowOCF − Capex | — | $113.6M |
| FCF MarginFCF / Revenue | — | 9.4% |
| Capex IntensityCapex / Revenue | 1.3% | 2.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $776.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $137.5M | ||
| Q3 25 | $52.7M | $74.9M | ||
| Q2 25 | — | $228.4M | ||
| Q1 25 | $27.6M | $432.7M | ||
| Q4 24 | $-23.2M | $101.7M | ||
| Q3 24 | $51.2M | $69.9M | ||
| Q2 24 | $-45.2M | $355.5M | ||
| Q1 24 | $-51.7M | $344.6M |
| Q4 25 | — | $113.6M | ||
| Q3 25 | $48.6M | $58.2M | ||
| Q2 25 | — | $183.4M | ||
| Q1 25 | $15.7M | $421.4M | ||
| Q4 24 | $-30.5M | $88.3M | ||
| Q3 24 | $40.7M | $64.8M | ||
| Q2 24 | $-59.6M | $338.9M | ||
| Q1 24 | $-56.7M | $331.5M |
| Q4 25 | — | 9.4% | ||
| Q3 25 | 7.7% | 5.1% | ||
| Q2 25 | — | 17.6% | ||
| Q1 25 | 2.6% | 42.7% | ||
| Q4 24 | -4.8% | 9.4% | ||
| Q3 24 | 6.2% | 7.5% | ||
| Q2 24 | -9.3% | 40.9% | ||
| Q1 24 | -10.5% | 42.8% |
| Q4 25 | 1.3% | 2.0% | ||
| Q3 25 | 0.7% | 1.5% | ||
| Q2 25 | 0.8% | 4.3% | ||
| Q1 25 | 1.9% | 1.1% | ||
| Q4 24 | 1.1% | 1.4% | ||
| Q3 24 | 1.6% | 0.6% | ||
| Q2 24 | 2.2% | 2.0% | ||
| Q1 24 | 0.9% | 1.7% |
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% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
