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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and TRUPANION, INC. (TRUP). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $376.9M, roughly 1.7× TRUPANION, INC.). On growth, TRUPANION, INC. posted the faster year-over-year revenue change (11.7% vs -0.3%). Over the past eight quarters, TRUPANION, INC.'s revenue compounded faster (11.0% 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.
TRUPANION, INC.TRUPEarnings & Financial Report
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
FWRD vs TRUP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $376.9M |
| Net Profit | $-28.3M | — |
| Gross Margin | — | 17.3% |
| Operating Margin | -0.5% | 1.9% |
| Net Margin | -4.5% | — |
| Revenue YoY | -0.3% | 11.7% |
| Net Profit YoY | 22.2% | — |
| EPS (diluted) | $-0.90 | $0.13 |
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 | $376.9M | ||
| Q3 25 | $631.8M | $366.9M | ||
| Q2 25 | $618.8M | $353.6M | ||
| Q1 25 | $613.3M | $342.0M | ||
| Q4 24 | $632.8M | $337.3M | ||
| Q3 24 | $655.9M | $327.5M | ||
| Q2 24 | $643.7M | $314.8M | ||
| Q1 24 | $541.8M | $306.1M |
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | — | ||
| Q2 25 | $-12.6M | — | ||
| Q1 25 | $-50.6M | — | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-73.4M | — | ||
| Q2 24 | $-645.4M | — | ||
| Q1 24 | $-61.7M | — |
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | — | 15.5% | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 15.1% | ||
| Q2 24 | — | 12.8% | ||
| Q1 24 | — | 11.8% |
| Q4 25 | -0.5% | 1.9% | ||
| Q3 25 | 2.4% | 1.6% | ||
| Q2 25 | 3.2% | 0.7% | ||
| Q1 25 | 0.8% | -0.4% | ||
| Q4 24 | 12.0% | 0.1% | ||
| Q3 24 | 3.5% | 0.5% | ||
| Q2 24 | -170.2% | -1.7% | ||
| Q1 24 | -12.1% | -2.0% |
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | — | ||
| Q2 25 | -2.0% | — | ||
| Q1 25 | -8.3% | — | ||
| Q4 24 | -5.8% | — | ||
| Q3 24 | -11.2% | — | ||
| Q2 24 | -100.3% | — | ||
| Q1 24 | -11.4% | — |
| Q4 25 | $-0.90 | $0.13 | ||
| Q3 25 | $-0.52 | $0.13 | ||
| Q2 25 | $-0.41 | $0.22 | ||
| Q1 25 | $-1.68 | $-0.03 | ||
| Q4 24 | $-1.69 | $0.04 | ||
| Q3 24 | $-2.66 | $0.03 | ||
| Q2 24 | $-23.47 | $-0.14 | ||
| Q1 24 | $-2.81 | $-0.16 |
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 | $370.7M |
| Total DebtLower is stronger | $1.7B | $101.8M |
| Stockholders' EquityBook value | $113.3M | $383.9M |
| Total Assets | $2.7B | $915.0M |
| Debt / EquityLower = less leverage | 14.89× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $370.7M | ||
| Q3 25 | $140.4M | $348.5M | ||
| Q2 25 | $95.1M | $319.6M | ||
| Q1 25 | $116.3M | $321.8M | ||
| Q4 24 | $104.9M | $307.4M | ||
| Q3 24 | $136.6M | $293.1M | ||
| Q2 24 | $84.9M | $277.2M | ||
| Q1 24 | $152.0M | $275.2M |
| Q4 25 | $1.7B | $101.8M | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
| Q4 25 | $113.3M | $383.9M | ||
| Q3 25 | $139.8M | $368.6M | ||
| Q2 25 | $151.8M | $355.5M | ||
| Q1 25 | $154.6M | $333.7M | ||
| Q4 24 | $201.7M | $323.3M | ||
| Q3 24 | $226.1M | $320.2M | ||
| Q2 24 | $283.8M | $305.8M | ||
| Q1 24 | $926.1M | $303.4M |
| Q4 25 | $2.7B | $915.0M | ||
| Q3 25 | $2.8B | $880.2M | ||
| Q2 25 | $2.8B | $847.8M | ||
| Q1 25 | $2.8B | $837.2M | ||
| Q4 24 | $2.8B | $806.9M | ||
| Q3 24 | $3.1B | $816.1M | ||
| Q2 24 | $3.1B | $795.9M | ||
| Q1 24 | $4.0B | $789.5M |
| Q4 25 | 14.89× | 0.27× | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.39× | ||
| 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 | — | $29.3M |
| Free Cash FlowOCF − Capex | — | $25.3M |
| FCF MarginFCF / Revenue | — | 6.7% |
| Capex IntensityCapex / Revenue | 1.3% | 1.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $75.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $29.3M | ||
| Q3 25 | $52.7M | $29.2M | ||
| Q2 25 | — | $15.0M | ||
| Q1 25 | $27.6M | $16.0M | ||
| Q4 24 | $-23.2M | $23.7M | ||
| Q3 24 | $51.2M | $15.3M | ||
| Q2 24 | $-45.2M | $6.9M | ||
| Q1 24 | $-51.7M | $2.4M |
| Q4 25 | — | $25.3M | ||
| Q3 25 | $48.6M | $23.9M | ||
| Q2 25 | — | $12.0M | ||
| Q1 25 | $15.7M | $14.0M | ||
| Q4 24 | $-30.5M | $21.8M | ||
| Q3 24 | $40.7M | $13.4M | ||
| Q2 24 | $-59.6M | $4.0M | ||
| Q1 24 | $-56.7M | $-631.0K |
| Q4 25 | — | 6.7% | ||
| Q3 25 | 7.7% | 6.5% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | 2.6% | 4.1% | ||
| Q4 24 | -4.8% | 6.5% | ||
| Q3 24 | 6.2% | 4.1% | ||
| Q2 24 | -9.3% | 1.3% | ||
| Q1 24 | -10.5% | -0.2% |
| Q4 25 | 1.3% | 1.0% | ||
| Q3 25 | 0.7% | 1.4% | ||
| Q2 25 | 0.8% | 0.8% | ||
| Q1 25 | 1.9% | 0.6% | ||
| Q4 24 | 1.1% | 0.6% | ||
| Q3 24 | 1.6% | 0.6% | ||
| Q2 24 | 2.2% | 0.9% | ||
| Q1 24 | 0.9% | 1.0% |
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% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
