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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and TRINITY INDUSTRIES INC (TRN). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $611.2M, roughly 1.0× TRINITY INDUSTRIES INC). TRINITY INDUSTRIES INC runs the higher net margin — 31.8% vs -4.5%, a 36.3% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -2.9%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -13.1%).
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.
Trinity Industries Inc. is an American industrial corporation that owns a variety of businesses which provide products and services to the industrial, energy, transportation and construction sectors.
FWRD vs TRN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $611.2M |
| Net Profit | $-28.3M | $194.2M |
| Gross Margin | — | 25.5% |
| Operating Margin | -0.5% | 54.9% |
| Net Margin | -4.5% | 31.8% |
| Revenue YoY | -0.3% | -2.9% |
| Net Profit YoY | 22.2% | 413.8% |
| EPS (diluted) | $-0.90 | $2.25 |
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 | $611.2M | ||
| Q3 25 | $631.8M | $454.1M | ||
| Q2 25 | $618.8M | $506.2M | ||
| Q1 25 | $613.3M | $585.4M | ||
| Q4 24 | $632.8M | $629.4M | ||
| Q3 24 | $655.9M | $798.8M | ||
| Q2 24 | $643.7M | $841.4M | ||
| Q1 24 | $541.8M | $809.6M |
| Q4 25 | $-28.3M | $194.2M | ||
| Q3 25 | $-16.3M | $30.3M | ||
| Q2 25 | $-12.6M | $14.1M | ||
| Q1 25 | $-50.6M | $22.1M | ||
| Q4 24 | $-36.4M | $37.8M | ||
| Q3 24 | $-73.4M | $31.4M | ||
| Q2 24 | $-645.4M | $54.4M | ||
| Q1 24 | $-61.7M | $23.7M |
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 26.4% | ||
| Q1 25 | — | 24.3% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | -0.5% | 54.9% | ||
| Q3 25 | 2.4% | 26.1% | ||
| Q2 25 | 3.2% | 18.8% | ||
| Q1 25 | 0.8% | 17.0% | ||
| Q4 24 | 12.0% | 17.8% | ||
| Q3 24 | 3.5% | 15.3% | ||
| Q2 24 | -170.2% | 16.9% | ||
| Q1 24 | -12.1% | 14.2% |
| Q4 25 | -4.5% | 31.8% | ||
| Q3 25 | -2.6% | 6.7% | ||
| Q2 25 | -2.0% | 2.8% | ||
| Q1 25 | -8.3% | 3.8% | ||
| Q4 24 | -5.8% | 6.0% | ||
| Q3 24 | -11.2% | 3.9% | ||
| Q2 24 | -100.3% | 6.5% | ||
| Q1 24 | -11.4% | 2.9% |
| Q4 25 | $-0.90 | $2.25 | ||
| Q3 25 | $-0.52 | $0.37 | ||
| Q2 25 | $-0.41 | $0.17 | ||
| Q1 25 | $-1.68 | $0.26 | ||
| Q4 24 | $-1.69 | $0.34 | ||
| Q3 24 | $-2.66 | $0.37 | ||
| Q2 24 | $-23.47 | $0.65 | ||
| Q1 24 | $-2.81 | $0.28 |
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 | $201.3M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $1.1B |
| Total Assets | $2.7B | $8.4B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $201.3M | ||
| Q3 25 | $140.4M | $66.3M | ||
| Q2 25 | $95.1M | $147.7M | ||
| Q1 25 | $116.3M | $94.9M | ||
| Q4 24 | $104.9M | $228.2M | ||
| Q3 24 | $136.6M | $222.4M | ||
| Q2 24 | $84.9M | $257.1M | ||
| Q1 24 | $152.0M | $118.8M |
| 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 | $1.1B | ||
| Q3 25 | $139.8M | $1.0B | ||
| Q2 25 | $151.8M | $1.0B | ||
| Q1 25 | $154.6M | $1.1B | ||
| Q4 24 | $201.7M | $1.1B | ||
| Q3 24 | $226.1M | $1.1B | ||
| Q2 24 | $283.8M | $1.1B | ||
| Q1 24 | $926.1M | $1.0B |
| Q4 25 | $2.7B | $8.4B | ||
| Q3 25 | $2.8B | $8.9B | ||
| Q2 25 | $2.8B | $8.8B | ||
| Q1 25 | $2.8B | $8.7B | ||
| Q4 24 | $2.8B | $8.8B | ||
| Q3 24 | $3.1B | $8.8B | ||
| Q2 24 | $3.1B | $9.0B | ||
| Q1 24 | $4.0B | $9.1B |
| 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 | — | $177.4M |
| Free Cash FlowOCF − Capex | — | $158.6M |
| FCF MarginFCF / Revenue | — | 25.9% |
| Capex IntensityCapex / Revenue | 1.3% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 0.91× |
| TTM Free Cash FlowTrailing 4 quarters | — | $314.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $177.4M | ||
| Q3 25 | $52.7M | $44.2M | ||
| Q2 25 | — | $61.6M | ||
| Q1 25 | $27.6M | $76.5M | ||
| Q4 24 | $-23.2M | $201.6M | ||
| Q3 24 | $51.2M | $78.5M | ||
| Q2 24 | $-45.2M | $241.5M | ||
| Q1 24 | $-51.7M | $52.2M |
| Q4 25 | — | $158.6M | ||
| Q3 25 | $48.6M | $35.3M | ||
| Q2 25 | — | $52.9M | ||
| Q1 25 | $15.7M | $67.3M | ||
| Q4 24 | $-30.5M | $180.1M | ||
| Q3 24 | $40.7M | $62.1M | ||
| Q2 24 | $-59.6M | $230.2M | ||
| Q1 24 | $-56.7M | $47.6M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | 7.7% | 7.8% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | 2.6% | 11.5% | ||
| Q4 24 | -4.8% | 28.6% | ||
| Q3 24 | 6.2% | 7.8% | ||
| Q2 24 | -9.3% | 27.4% | ||
| Q1 24 | -10.5% | 5.9% |
| Q4 25 | 1.3% | 3.1% | ||
| Q3 25 | 0.7% | 2.0% | ||
| Q2 25 | 0.8% | 1.7% | ||
| Q1 25 | 1.9% | 1.6% | ||
| Q4 24 | 1.1% | 3.4% | ||
| Q3 24 | 1.6% | 2.1% | ||
| Q2 24 | 2.2% | 1.3% | ||
| Q1 24 | 0.9% | 0.6% |
| Q4 25 | — | 0.91× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | 4.37× | ||
| Q1 25 | — | 3.46× | ||
| Q4 24 | — | 5.33× | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | — | 4.44× | ||
| Q1 24 | — | 2.20× |
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% |
TRN
| Manufacturing | $296.5M | 49% |
| Leasing And Management | $234.8M | 38% |
| Maintenance Services Domain | $69.8M | 11% |
| Digital Logistics Services | $11.2M | 2% |
