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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and TripAdvisor, Inc. (TRIP). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $411.0M, roughly 1.5× TripAdvisor, Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -9.2%, a 4.8% gap on every dollar of revenue. On growth, TripAdvisor, Inc. posted the faster year-over-year revenue change (0.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 2.0%).
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.
Tripadvisor is an American company that operates online travel agencies, comparison shopping websites, and mobile apps with user-generated content.
FWRD vs TRIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $411.0M |
| Net Profit | $-28.3M | $-38.0M |
| Gross Margin | — | 91.5% |
| Operating Margin | -0.5% | -8.3% |
| Net Margin | -4.5% | -9.2% |
| Revenue YoY | -0.3% | 0.0% |
| Net Profit YoY | 22.2% | -3900.0% |
| EPS (diluted) | $-0.90 | $-0.32 |
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 | $411.0M | ||
| Q3 25 | $631.8M | $553.0M | ||
| Q2 25 | $618.8M | $529.0M | ||
| Q1 25 | $613.3M | $398.0M | ||
| Q4 24 | $632.8M | $411.0M | ||
| Q3 24 | $655.9M | $532.0M | ||
| Q2 24 | $643.7M | $497.0M | ||
| Q1 24 | $541.8M | $395.0M |
| Q4 25 | $-28.3M | $-38.0M | ||
| Q3 25 | $-16.3M | $53.0M | ||
| Q2 25 | $-12.6M | $36.0M | ||
| Q1 25 | $-50.6M | $-11.0M | ||
| Q4 24 | $-36.4M | $1.0M | ||
| Q3 24 | $-73.4M | $39.0M | ||
| Q2 24 | $-645.4M | $24.0M | ||
| Q1 24 | $-61.7M | $-59.0M |
| Q4 25 | — | 91.5% | ||
| Q3 25 | — | 92.6% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 93.2% | ||
| Q4 24 | — | 93.4% | ||
| Q3 24 | — | 92.5% | ||
| Q2 24 | — | 92.8% | ||
| Q1 24 | — | 93.7% |
| Q4 25 | -0.5% | -8.3% | ||
| Q3 25 | 2.4% | 12.7% | ||
| Q2 25 | 3.2% | 11.2% | ||
| Q1 25 | 0.8% | -3.8% | ||
| Q4 24 | 12.0% | 0.2% | ||
| Q3 24 | 3.5% | 13.2% | ||
| Q2 24 | -170.2% | 7.2% | ||
| Q1 24 | -12.1% | -3.8% |
| Q4 25 | -4.5% | -9.2% | ||
| Q3 25 | -2.6% | 9.6% | ||
| Q2 25 | -2.0% | 6.8% | ||
| Q1 25 | -8.3% | -2.8% | ||
| Q4 24 | -5.8% | 0.2% | ||
| Q3 24 | -11.2% | 7.3% | ||
| Q2 24 | -100.3% | 4.8% | ||
| Q1 24 | -11.4% | -14.9% |
| Q4 25 | $-0.90 | $-0.32 | ||
| Q3 25 | $-0.52 | $0.43 | ||
| Q2 25 | $-0.41 | $0.28 | ||
| Q1 25 | $-1.68 | $-0.08 | ||
| Q4 24 | $-1.69 | $0.03 | ||
| Q3 24 | $-2.66 | $0.27 | ||
| Q2 24 | $-23.47 | $0.17 | ||
| Q1 24 | $-2.81 | $-0.43 |
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 | $1.0B |
| Total DebtLower is stronger | $1.7B | $819.0M |
| Stockholders' EquityBook value | $113.3M | $645.0M |
| Total Assets | $2.7B | $2.6B |
| Debt / EquityLower = less leverage | 14.89× | 1.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $1.0B | ||
| Q3 25 | $140.4M | $1.2B | ||
| Q2 25 | $95.1M | $1.2B | ||
| Q1 25 | $116.3M | $1.2B | ||
| Q4 24 | $104.9M | $1.1B | ||
| Q3 24 | $136.6M | $1.1B | ||
| Q2 24 | $84.9M | $1.2B | ||
| Q1 24 | $152.0M | $1.2B |
| Q4 25 | $1.7B | $819.0M | ||
| Q3 25 | $1.7B | $821.0M | ||
| Q2 25 | — | $822.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $831.0M | ||
| Q3 24 | — | $832.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $645.0M | ||
| Q3 25 | $139.8M | $707.0M | ||
| Q2 25 | $151.8M | $627.0M | ||
| Q1 25 | $154.6M | $643.0M | ||
| Q4 24 | $201.7M | $943.0M | ||
| Q3 24 | $226.1M | $944.0M | ||
| Q2 24 | $283.8M | $857.0M | ||
| Q1 24 | $926.1M | $825.0M |
| Q4 25 | $2.7B | $2.6B | ||
| Q3 25 | $2.8B | $2.8B | ||
| Q2 25 | $2.8B | $2.9B | ||
| Q1 25 | $2.8B | $2.8B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $3.1B | $2.8B | ||
| Q1 24 | $4.0B | $2.7B |
| Q4 25 | 14.89× | 1.27× | ||
| Q3 25 | 12.05× | 1.16× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.81× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.88× | ||
| 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 | — | $-103.0M |
| Free Cash FlowOCF − Capex | — | $-122.0M |
| FCF MarginFCF / Revenue | — | -29.7% |
| Capex IntensityCapex / Revenue | 1.3% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $163.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-103.0M | ||
| Q3 25 | $52.7M | $44.0M | ||
| Q2 25 | — | $202.0M | ||
| Q1 25 | $27.6M | $102.0M | ||
| Q4 24 | $-23.2M | $-3.0M | ||
| Q3 24 | $51.2M | $-43.0M | ||
| Q2 24 | $-45.2M | $51.0M | ||
| Q1 24 | $-51.7M | $139.0M |
| Q4 25 | — | $-122.0M | ||
| Q3 25 | $48.6M | $25.0M | ||
| Q2 25 | — | $177.0M | ||
| Q1 25 | $15.7M | $83.0M | ||
| Q4 24 | $-30.5M | $-26.0M | ||
| Q3 24 | $40.7M | $-63.0M | ||
| Q2 24 | $-59.6M | $36.0M | ||
| Q1 24 | $-56.7M | $123.0M |
| Q4 25 | — | -29.7% | ||
| Q3 25 | 7.7% | 4.5% | ||
| Q2 25 | — | 33.5% | ||
| Q1 25 | 2.6% | 20.9% | ||
| Q4 24 | -4.8% | -6.3% | ||
| Q3 24 | 6.2% | -11.8% | ||
| Q2 24 | -9.3% | 7.2% | ||
| Q1 24 | -10.5% | 31.1% |
| Q4 25 | 1.3% | 4.6% | ||
| Q3 25 | 0.7% | 3.4% | ||
| Q2 25 | 0.8% | 4.7% | ||
| Q1 25 | 1.9% | 4.8% | ||
| Q4 24 | 1.1% | 5.6% | ||
| Q3 24 | 1.6% | 3.8% | ||
| Q2 24 | 2.2% | 3.0% | ||
| Q1 24 | 0.9% | 4.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 5.61× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -3.00× | ||
| Q3 24 | — | -1.10× | ||
| Q2 24 | — | 2.13× | ||
| 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% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
