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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Trade Desk (The) (TTD). Click either name above to swap in a different company.
Trade Desk (The) is the larger business by last-quarter revenue ($846.8M vs $631.2M, roughly 1.3× FORWARD AIR CORP). Trade Desk (The) runs the higher net margin — 22.1% vs -4.5%, a 26.6% gap on every dollar of revenue. On growth, Trade Desk (The) posted the faster year-over-year revenue change (14.3% vs -0.3%). Over the past eight quarters, Trade Desk (The)'s revenue compounded faster (31.3% 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.
The Trade Desk, Inc. is an American multinational technology company that specializes in real-time programmatic marketing automation technologies, products, and services, designed to personalize digital content delivery to users.
FWRD vs TTD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $846.8M |
| Net Profit | $-28.3M | $186.9M |
| Gross Margin | — | 80.7% |
| Operating Margin | -0.5% | 30.3% |
| Net Margin | -4.5% | 22.1% |
| Revenue YoY | -0.3% | 14.3% |
| Net Profit YoY | 22.2% | 2.6% |
| EPS (diluted) | $-0.90 | $0.39 |
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 | $846.8M | ||
| Q3 25 | $631.8M | $739.4M | ||
| Q2 25 | $618.8M | $694.0M | ||
| Q1 25 | $613.3M | $616.0M | ||
| Q4 24 | $632.8M | $741.0M | ||
| Q3 24 | $655.9M | $628.0M | ||
| Q2 24 | $643.7M | $584.5M | ||
| Q1 24 | $541.8M | $491.3M |
| Q4 25 | $-28.3M | $186.9M | ||
| Q3 25 | $-16.3M | $115.5M | ||
| Q2 25 | $-12.6M | $90.1M | ||
| Q1 25 | $-50.6M | $50.7M | ||
| Q4 24 | $-36.4M | $182.2M | ||
| Q3 24 | $-73.4M | $94.2M | ||
| Q2 24 | $-645.4M | $85.0M | ||
| Q1 24 | $-61.7M | $31.7M |
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 78.9% |
| Q4 25 | -0.5% | 30.3% | ||
| Q3 25 | 2.4% | 21.8% | ||
| Q2 25 | 3.2% | 16.8% | ||
| Q1 25 | 0.8% | 8.8% | ||
| Q4 24 | 12.0% | 26.4% | ||
| Q3 24 | 3.5% | 17.3% | ||
| Q2 24 | -170.2% | 16.2% | ||
| Q1 24 | -12.1% | 5.8% |
| Q4 25 | -4.5% | 22.1% | ||
| Q3 25 | -2.6% | 15.6% | ||
| Q2 25 | -2.0% | 13.0% | ||
| Q1 25 | -8.3% | 8.2% | ||
| Q4 24 | -5.8% | 24.6% | ||
| Q3 24 | -11.2% | 15.0% | ||
| Q2 24 | -100.3% | 14.5% | ||
| Q1 24 | -11.4% | 6.4% |
| Q4 25 | $-0.90 | $0.39 | ||
| Q3 25 | $-0.52 | $0.23 | ||
| Q2 25 | $-0.41 | $0.18 | ||
| Q1 25 | $-1.68 | $0.10 | ||
| Q4 24 | $-1.69 | $0.36 | ||
| Q3 24 | $-2.66 | $0.19 | ||
| Q2 24 | $-23.47 | $0.17 | ||
| Q1 24 | $-2.81 | $0.06 |
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 | $1.3B |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.5B |
| Total Assets | $2.7B | $6.2B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $1.3B | ||
| Q3 25 | $140.4M | $1.4B | ||
| Q2 25 | $95.1M | $1.7B | ||
| Q1 25 | $116.3M | $1.7B | ||
| Q4 24 | $104.9M | $1.9B | ||
| Q3 24 | $136.6M | $1.7B | ||
| Q2 24 | $84.9M | $1.5B | ||
| Q1 24 | $152.0M | $1.4B |
| 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 | $2.5B | ||
| Q3 25 | $139.8M | $2.6B | ||
| Q2 25 | $151.8M | $2.7B | ||
| Q1 25 | $154.6M | $2.7B | ||
| Q4 24 | $201.7M | $2.9B | ||
| Q3 24 | $226.1M | $2.6B | ||
| Q2 24 | $283.8M | $2.4B | ||
| Q1 24 | $926.1M | $2.2B |
| Q4 25 | $2.7B | $6.2B | ||
| Q3 25 | $2.8B | $5.9B | ||
| Q2 25 | $2.8B | $6.0B | ||
| Q1 25 | $2.8B | $5.7B | ||
| Q4 24 | $2.8B | $6.1B | ||
| Q3 24 | $3.1B | $5.5B | ||
| Q2 24 | $3.1B | $5.2B | ||
| Q1 24 | $4.0B | $4.7B |
| 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 | — | $311.6M |
| Free Cash FlowOCF − Capex | — | $285.3M |
| FCF MarginFCF / Revenue | — | 33.7% |
| Capex IntensityCapex / Revenue | 1.3% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | — | $795.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $311.6M | ||
| Q3 25 | $52.7M | $224.7M | ||
| Q2 25 | — | $165.0M | ||
| Q1 25 | $27.6M | $291.4M | ||
| Q4 24 | $-23.2M | $199.4M | ||
| Q3 24 | $51.2M | $273.3M | ||
| Q2 24 | $-45.2M | $81.3M | ||
| Q1 24 | $-51.7M | $185.5M |
| Q4 25 | — | $285.3M | ||
| Q3 25 | $48.6M | $158.3M | ||
| Q2 25 | — | $119.8M | ||
| Q1 25 | $15.7M | $232.3M | ||
| Q4 24 | $-30.5M | $179.2M | ||
| Q3 24 | $40.7M | $224.6M | ||
| Q2 24 | $-59.6M | $59.1M | ||
| Q1 24 | $-56.7M | $178.2M |
| Q4 25 | — | 33.7% | ||
| Q3 25 | 7.7% | 21.4% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | 2.6% | 37.7% | ||
| Q4 24 | -4.8% | 24.2% | ||
| Q3 24 | 6.2% | 35.8% | ||
| Q2 24 | -9.3% | 10.1% | ||
| Q1 24 | -10.5% | 36.3% |
| Q4 25 | 1.3% | 3.1% | ||
| Q3 25 | 0.7% | 9.0% | ||
| Q2 25 | 0.8% | 6.5% | ||
| Q1 25 | 1.9% | 9.6% | ||
| Q4 24 | 1.1% | 2.7% | ||
| Q3 24 | 1.6% | 7.8% | ||
| Q2 24 | 2.2% | 3.8% | ||
| Q1 24 | 0.9% | 1.5% |
| Q4 25 | — | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 1.83× | ||
| Q1 25 | — | 5.75× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 5.86× |
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
