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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and VIASAT INC (VSAT). Click either name above to swap in a different company.
VIASAT INC is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 1.8× FORWARD AIR CORP). VIASAT INC runs the higher net margin — 2.2% vs -4.5%, a 6.6% gap on every dollar of revenue. On growth, VIASAT INC posted the faster year-over-year revenue change (3.0% vs -0.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs 0.3%).
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.
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
FWRD vs VSAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $1.2B |
| Net Profit | $-28.3M | $25.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 2.3% |
| Net Margin | -4.5% | 2.2% |
| Revenue YoY | -0.3% | 3.0% |
| Net Profit YoY | 22.2% | 115.8% |
| EPS (diluted) | $-0.90 | $0.18 |
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 | $1.2B | ||
| Q3 25 | $631.8M | $1.1B | ||
| Q2 25 | $618.8M | $1.2B | ||
| Q1 25 | $613.3M | $1.1B | ||
| Q4 24 | $632.8M | $1.1B | ||
| Q3 24 | $655.9M | $1.1B | ||
| Q2 24 | $643.7M | $1.1B | ||
| Q1 24 | $541.8M | $1.2B |
| Q4 25 | $-28.3M | $25.0M | ||
| Q3 25 | $-16.3M | $-61.4M | ||
| Q2 25 | $-12.6M | $-56.4M | ||
| Q1 25 | $-50.6M | $-246.1M | ||
| Q4 24 | $-36.4M | $-158.4M | ||
| Q3 24 | $-73.4M | $-137.6M | ||
| Q2 24 | $-645.4M | $-32.9M | ||
| Q1 24 | $-61.7M | $-100.3M |
| Q4 25 | -0.5% | 2.3% | ||
| Q3 25 | 2.4% | 3.1% | ||
| Q2 25 | 3.2% | 4.0% | ||
| Q1 25 | 0.8% | -13.4% | ||
| Q4 24 | 12.0% | 1.9% | ||
| Q3 24 | 3.5% | -2.2% | ||
| Q2 24 | -170.2% | 5.3% | ||
| Q1 24 | -12.1% | 0.0% |
| Q4 25 | -4.5% | 2.2% | ||
| Q3 25 | -2.6% | -5.4% | ||
| Q2 25 | -2.0% | -4.8% | ||
| Q1 25 | -8.3% | -21.5% | ||
| Q4 24 | -5.8% | -14.1% | ||
| Q3 24 | -11.2% | -12.3% | ||
| Q2 24 | -100.3% | -2.9% | ||
| Q1 24 | -11.4% | -8.7% |
| Q4 25 | $-0.90 | $0.18 | ||
| Q3 25 | $-0.52 | $-0.45 | ||
| Q2 25 | $-0.41 | $-0.43 | ||
| Q1 25 | $-1.68 | $-1.92 | ||
| Q4 24 | $-1.69 | $-1.23 | ||
| Q3 24 | $-2.66 | $-1.07 | ||
| Q2 24 | $-23.47 | $-0.26 | ||
| Q1 24 | $-2.81 | $-1.14 |
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 | $6.2B |
| Stockholders' EquityBook value | $113.3M | $4.6B |
| Total Assets | $2.7B | $14.9B |
| Debt / EquityLower = less leverage | 14.89× | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $1.3B | ||
| Q3 25 | $140.4M | $1.2B | ||
| Q2 25 | $95.1M | $1.2B | ||
| Q1 25 | $116.3M | $1.6B | ||
| Q4 24 | $104.9M | $1.6B | ||
| Q3 24 | $136.6M | $3.5B | ||
| Q2 24 | $84.9M | $1.8B | ||
| Q1 24 | $152.0M | $1.9B |
| Q4 25 | $1.7B | $6.2B | ||
| Q3 25 | $1.7B | $6.5B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | — | $6.5B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | $1.7B | $7.1B |
| Q4 25 | $113.3M | $4.6B | ||
| Q3 25 | $139.8M | $4.5B | ||
| Q2 25 | $151.8M | $4.6B | ||
| Q1 25 | $154.6M | $4.6B | ||
| Q4 24 | $201.7M | $4.8B | ||
| Q3 24 | $226.1M | $4.9B | ||
| Q2 24 | $283.8M | $5.0B | ||
| Q1 24 | $926.1M | $5.0B |
| Q4 25 | $2.7B | $14.9B | ||
| Q3 25 | $2.8B | $14.8B | ||
| Q2 25 | $2.8B | $14.9B | ||
| Q1 25 | $2.8B | $15.4B | ||
| Q4 24 | $2.8B | $15.6B | ||
| Q3 24 | $3.1B | $17.8B | ||
| Q2 24 | $3.1B | $16.1B | ||
| Q1 24 | $4.0B | $16.3B |
| Q4 25 | 14.89× | 1.37× | ||
| Q3 25 | 12.05× | 1.44× | ||
| Q2 25 | — | 1.43× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 1.30× | ||
| Q2 24 | — | 1.42× | ||
| Q1 24 | 1.81× | 1.42× |
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 | — | $726.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | 29.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $726.9M | ||
| Q3 25 | $52.7M | $282.2M | ||
| Q2 25 | — | $258.5M | ||
| Q1 25 | $27.6M | $298.4M | ||
| Q4 24 | $-23.2M | $219.5M | ||
| Q3 24 | $51.2M | $239.2M | ||
| Q2 24 | $-45.2M | $151.1M | ||
| Q1 24 | $-51.7M | $232.0M |
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-30.5M | — | ||
| Q3 24 | $40.7M | — | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -4.8% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | — |
| Q4 25 | — | 29.11× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
