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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Virtu Financial, Inc. (VIRT). Click either name above to swap in a different company.
Virtu Financial, Inc. is the larger business by last-quarter revenue ($1.1B vs $631.2M, roughly 1.7× FORWARD AIR CORP). Virtu Financial, Inc. runs the higher net margin — 31.6% vs -4.5%, a 36.1% gap on every dollar of revenue. On growth, Virtu Financial, Inc. posted the faster year-over-year revenue change (30.7% vs -0.3%). Over the past eight quarters, Virtu Financial, Inc.'s revenue compounded faster (25.7% 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.
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
FWRD vs VIRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.1B |
| Net Profit | $-28.3M | $346.6M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 37.4% |
| Net Margin | -4.5% | 31.6% |
| Revenue YoY | -0.3% | 30.7% |
| Net Profit YoY | 22.2% | 82.8% |
| EPS (diluted) | $-0.90 | $1.99 |
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 | — | $1.1B | ||
| Q4 25 | $631.2M | $969.9M | ||
| Q3 25 | $631.8M | $824.8M | ||
| Q2 25 | $618.8M | $999.6M | ||
| Q1 25 | $613.3M | $837.9M | ||
| Q4 24 | $632.8M | $834.3M | ||
| Q3 24 | $655.9M | $706.8M | ||
| Q2 24 | $643.7M | $693.0M |
| Q1 26 | — | $346.6M | ||
| Q4 25 | $-28.3M | $139.9M | ||
| Q3 25 | $-16.3M | $77.6M | ||
| Q2 25 | $-12.6M | $151.2M | ||
| Q1 25 | $-50.6M | $99.7M | ||
| Q4 24 | $-36.4M | $94.1M | ||
| Q3 24 | $-73.4M | $60.0M | ||
| Q2 24 | $-645.4M | $66.6M |
| Q1 26 | — | 37.4% | ||
| Q4 25 | -0.5% | 35.4% | ||
| Q3 25 | 2.4% | 21.8% | ||
| Q2 25 | 3.2% | 34.7% | ||
| Q1 25 | 0.8% | 26.7% | ||
| Q4 24 | 12.0% | 24.3% | ||
| Q3 24 | 3.5% | 20.8% | ||
| Q2 24 | -170.2% | 22.4% |
| Q1 26 | — | 31.6% | ||
| Q4 25 | -4.5% | 14.4% | ||
| Q3 25 | -2.6% | 9.4% | ||
| Q2 25 | -2.0% | 15.1% | ||
| Q1 25 | -8.3% | 11.9% | ||
| Q4 24 | -5.8% | 11.3% | ||
| Q3 24 | -11.2% | 8.5% | ||
| Q2 24 | -100.3% | 9.6% |
| Q1 26 | — | $1.99 | ||
| Q4 25 | $-0.90 | $1.54 | ||
| Q3 25 | $-0.52 | $0.86 | ||
| Q2 25 | $-0.41 | $1.65 | ||
| Q1 25 | $-1.68 | $1.08 | ||
| Q4 24 | $-1.69 | $1.03 | ||
| Q3 24 | $-2.66 | $0.64 | ||
| Q2 24 | $-23.47 | $0.71 |
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 | $973.2M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.2B |
| Total Assets | $2.7B | $25.1B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $973.2M | ||
| Q4 25 | $106.0M | $1.1B | ||
| Q3 25 | $140.4M | $707.9M | ||
| Q2 25 | $95.1M | $752.1M | ||
| Q1 25 | $116.3M | $723.6M | ||
| Q4 24 | $104.9M | $872.5M | ||
| Q3 24 | $136.6M | $701.4M | ||
| Q2 24 | $84.9M | $684.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $2.0B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $113.3M | $1.6B | ||
| Q3 25 | $139.8M | $1.5B | ||
| Q2 25 | $151.8M | $1.4B | ||
| Q1 25 | $154.6M | $1.3B | ||
| Q4 24 | $201.7M | $1.3B | ||
| Q3 24 | $226.1M | $1.2B | ||
| Q2 24 | $283.8M | $1.2B |
| Q1 26 | — | $25.1B | ||
| Q4 25 | $2.7B | $20.2B | ||
| Q3 25 | $2.8B | $21.3B | ||
| Q2 25 | $2.8B | $19.3B | ||
| Q1 25 | $2.8B | $17.5B | ||
| Q4 24 | $2.8B | $15.4B | ||
| Q3 24 | $3.1B | $14.4B | ||
| Q2 24 | $3.1B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 1.29× | ||
| Q3 25 | 12.05× | 1.40× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.41× |
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% |
VIRT
| Trading income, net | $789.1M | 72% |
| Commissions, net and technology services | $186.6M | 17% |
| Other | $119.6M | 11% |
