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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and SouthState Bank Corp (SSB). Click either name above to swap in a different company.
SouthState Bank Corp is the larger business by last-quarter revenue ($661.7M vs $631.2M, roughly 1.0× FORWARD AIR CORP). SouthState Bank Corp runs the higher net margin — 34.1% vs -4.5%, a 38.6% gap on every dollar of revenue. Over the past eight quarters, SouthState Bank Corp's revenue compounded faster (37.4% 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.
SouthState Bank, based in Winter Haven, Florida, is an American bank and a subsidiary of SouthState Corporation, a bank holding company. As of May 26, 2025, the company had 371 branches in South Carolina, North Carolina, Georgia, Florida, Alabama, Virginia, Colorado and Texas.
FWRD vs SSB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $661.7M |
| Net Profit | $-28.3M | $225.8M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 15.1% |
| Net Margin | -4.5% | 34.1% |
| Revenue YoY | -0.3% | — |
| Net Profit YoY | 22.2% | 153.5% |
| EPS (diluted) | $-0.90 | $2.28 |
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.
| Q1 26 | — | $661.7M | ||
| Q4 25 | $631.2M | $581.1M | ||
| Q3 25 | $631.8M | $599.7M | ||
| Q2 25 | $618.8M | $577.9M | ||
| Q1 25 | $613.3M | $544.5M | ||
| Q4 24 | $632.8M | $369.8M | ||
| Q3 24 | $655.9M | $351.5M | ||
| Q2 24 | $643.7M | $350.3M |
| Q1 26 | — | $225.8M | ||
| Q4 25 | $-28.3M | $247.7M | ||
| Q3 25 | $-16.3M | $246.6M | ||
| Q2 25 | $-12.6M | $215.2M | ||
| Q1 25 | $-50.6M | $89.1M | ||
| Q4 24 | $-36.4M | $144.2M | ||
| Q3 24 | $-73.4M | $143.2M | ||
| Q2 24 | $-645.4M | $132.4M |
| Q1 26 | — | 15.1% | ||
| Q4 25 | -0.5% | 54.3% | ||
| Q3 25 | 2.4% | 53.6% | ||
| Q2 25 | 3.2% | 48.8% | ||
| Q1 25 | 0.8% | 22.3% | ||
| Q4 24 | 12.0% | 50.7% | ||
| Q3 24 | 3.5% | 53.1% | ||
| Q2 24 | -170.2% | 49.3% |
| Q1 26 | — | 34.1% | ||
| Q4 25 | -4.5% | 42.6% | ||
| Q3 25 | -2.6% | 41.1% | ||
| Q2 25 | -2.0% | 37.2% | ||
| Q1 25 | -8.3% | 16.4% | ||
| Q4 24 | -5.8% | 39.0% | ||
| Q3 24 | -11.2% | 40.7% | ||
| Q2 24 | -100.3% | 37.8% |
| Q1 26 | — | $2.28 | ||
| Q4 25 | $-0.90 | $2.47 | ||
| Q3 25 | $-0.52 | $2.42 | ||
| Q2 25 | $-0.41 | $2.11 | ||
| Q1 25 | $-1.68 | $0.87 | ||
| Q4 24 | $-1.69 | $1.88 | ||
| Q3 24 | $-2.66 | $1.86 | ||
| Q2 24 | $-23.47 | $1.73 |
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 | $2.9B |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $9.0B |
| Total Assets | $2.7B | $68.0B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.9B | ||
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $9.0B | ||
| Q4 25 | $113.3M | $9.1B | ||
| Q3 25 | $139.8M | $9.0B | ||
| Q2 25 | $151.8M | $8.8B | ||
| Q1 25 | $154.6M | $8.6B | ||
| Q4 24 | $201.7M | $5.9B | ||
| Q3 24 | $226.1M | $5.9B | ||
| Q2 24 | $283.8M | $5.7B |
| Q1 26 | — | $68.0B | ||
| Q4 25 | $2.7B | $67.2B | ||
| Q3 25 | $2.8B | $66.0B | ||
| Q2 25 | $2.8B | $65.9B | ||
| Q1 25 | $2.8B | $65.1B | ||
| Q4 24 | $2.8B | $46.4B | ||
| Q3 24 | $3.1B | $46.1B | ||
| Q2 24 | $3.1B | $45.5B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
SSB
| Net Interest Income | $561.6M | 85% |
| Noninterest Income | $100.1M | 15% |
