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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Tradeweb Markets Inc. (TW). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $617.8M, roughly 1.0× Tradeweb Markets Inc.). Tradeweb Markets Inc. runs the higher net margin — 37.7% vs -4.5%, a 42.2% gap on every dollar of revenue. On growth, Tradeweb Markets Inc. posted the faster year-over-year revenue change (21.2% vs -0.3%). Over the past eight quarters, Tradeweb Markets Inc.'s revenue compounded faster (23.5% 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.
Tradeweb Markets Inc., headquartered in New York City, operates electronic trading platforms primarily used by institutional investors to trade fixed income products, ETFs, and derivatives. It has over 3,000 customers including banks, asset managers, central banks, pension funds, and insurance companies. In 2024, 83% of the company's revenue was from transaction fees and commissions and 17% was from subscription fees. In 2024, 52% of revenue came from products related to rates, 27% of revenue...
FWRD vs TW — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $617.8M |
| Net Profit | $-28.3M | $233.2M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 46.5% |
| Net Margin | -4.5% | 37.7% |
| Revenue YoY | -0.3% | 21.2% |
| Net Profit YoY | 22.2% | 38.5% |
| EPS (diluted) | $-0.90 | $0.96 |
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 | — | $617.8M | ||
| Q4 25 | $631.2M | $521.2M | ||
| Q3 25 | $631.8M | $508.6M | ||
| Q2 25 | $618.8M | $513.0M | ||
| Q1 25 | $613.3M | $509.7M | ||
| Q4 24 | $632.8M | $463.3M | ||
| Q3 24 | $655.9M | $448.9M | ||
| Q2 24 | $643.7M | $405.0M |
| Q1 26 | — | $233.2M | ||
| Q4 25 | $-28.3M | $325.0M | ||
| Q3 25 | $-16.3M | $185.6M | ||
| Q2 25 | $-12.6M | $153.8M | ||
| Q1 25 | $-50.6M | $148.4M | ||
| Q4 24 | $-36.4M | $142.2M | ||
| Q3 24 | $-73.4M | $113.9M | ||
| Q2 24 | $-645.4M | $119.2M |
| Q1 26 | — | 46.5% | ||
| Q4 25 | -0.5% | 42.4% | ||
| Q3 25 | 2.4% | 41.4% | ||
| Q2 25 | 3.2% | 39.0% | ||
| Q1 25 | 0.8% | 40.0% | ||
| Q4 24 | 12.0% | 40.7% | ||
| Q3 24 | 3.5% | 35.5% | ||
| Q2 24 | -170.2% | 40.1% |
| Q1 26 | — | 37.7% | ||
| Q4 25 | -4.5% | 62.4% | ||
| Q3 25 | -2.6% | 36.5% | ||
| Q2 25 | -2.0% | 30.0% | ||
| Q1 25 | -8.3% | 29.1% | ||
| Q4 24 | -5.8% | 30.7% | ||
| Q3 24 | -11.2% | 25.4% | ||
| Q2 24 | -100.3% | 29.4% |
| Q1 26 | — | $0.96 | ||
| Q4 25 | $-0.90 | $1.52 | ||
| Q3 25 | $-0.52 | $0.86 | ||
| Q2 25 | $-0.41 | $0.71 | ||
| Q1 25 | $-1.68 | $0.69 | ||
| Q4 24 | $-1.69 | $0.66 | ||
| Q3 24 | $-2.66 | $0.53 | ||
| Q2 24 | $-23.47 | $0.55 |
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 | — |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | — |
| Total Assets | $2.7B | — |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $106.0M | $2.1B | ||
| Q3 25 | $140.4M | $1.9B | ||
| Q2 25 | $95.1M | $1.6B | ||
| Q1 25 | $116.3M | $1.3B | ||
| Q4 24 | $104.9M | $1.3B | ||
| Q3 24 | $136.6M | $1.2B | ||
| Q2 24 | $84.9M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $113.3M | $6.5B | ||
| Q3 25 | $139.8M | $6.3B | ||
| Q2 25 | $151.8M | $6.1B | ||
| Q1 25 | $154.6M | $5.9B | ||
| Q4 24 | $201.7M | $5.8B | ||
| Q3 24 | $226.1M | $5.7B | ||
| Q2 24 | $283.8M | $5.6B |
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $8.2B | ||
| Q3 25 | $2.8B | $8.0B | ||
| Q2 25 | $2.8B | $8.1B | ||
| Q1 25 | $2.8B | $7.4B | ||
| Q4 24 | $2.8B | $7.3B | ||
| Q3 24 | $3.1B | $7.3B | ||
| Q2 24 | $3.1B | $7.3B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | — |
| Free Cash FlowOCF − Capex | — | $2.0M |
| FCF MarginFCF / Revenue | — | 0.3% |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $355.9M | ||
| Q3 25 | $52.7M | $342.3M | ||
| Q2 25 | — | $409.2M | ||
| Q1 25 | $27.6M | $60.2M | ||
| Q4 24 | $-23.2M | $282.0M | ||
| Q3 24 | $51.2M | $292.1M | ||
| Q2 24 | $-45.2M | $285.7M |
| Q1 26 | — | $2.0M | ||
| Q4 25 | — | $336.5M | ||
| Q3 25 | $48.6M | $328.3M | ||
| Q2 25 | — | $403.7M | ||
| Q1 25 | $15.7M | $58.6M | ||
| Q4 24 | $-30.5M | $256.8M | ||
| Q3 24 | $40.7M | $287.8M | ||
| Q2 24 | $-59.6M | $280.8M |
| Q1 26 | — | 0.3% | ||
| Q4 25 | — | 64.6% | ||
| Q3 25 | 7.7% | 64.5% | ||
| Q2 25 | — | 78.7% | ||
| Q1 25 | 2.6% | 11.5% | ||
| Q4 24 | -4.8% | 55.4% | ||
| Q3 24 | 6.2% | 64.1% | ||
| Q2 24 | -9.3% | 69.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 3.7% | ||
| Q3 25 | 0.7% | 2.8% | ||
| Q2 25 | 0.8% | 1.1% | ||
| Q1 25 | 1.9% | 0.3% | ||
| Q4 24 | 1.1% | 5.4% | ||
| Q3 24 | 1.6% | 1.0% | ||
| Q2 24 | 2.2% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.40× |
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% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
