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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $340.0M, roughly 1.9× Walker & Dunlop, Inc.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -12.9%, a 8.4% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -0.4%). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% 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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
FWRD vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $340.0M |
| Net Profit | $-28.3M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | -17.2% |
| Net Margin | -4.5% | -12.9% |
| Revenue YoY | -0.3% | -0.4% |
| Net Profit YoY | 22.2% | -131.0% |
| EPS (diluted) | $-0.90 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $631.8M | $337.7M | ||
| Q2 25 | $618.8M | $319.2M | ||
| Q1 25 | $613.3M | $237.4M | ||
| Q4 24 | $632.8M | $341.5M | ||
| Q3 24 | $655.9M | $292.3M | ||
| Q2 24 | $643.7M | $270.7M | ||
| Q1 24 | $541.8M | $228.1M |
| Q4 25 | $-28.3M | $-13.9M | ||
| Q3 25 | $-16.3M | $33.5M | ||
| Q2 25 | $-12.6M | $34.0M | ||
| Q1 25 | $-50.6M | $2.8M | ||
| Q4 24 | $-36.4M | $44.8M | ||
| Q3 24 | $-73.4M | $28.8M | ||
| Q2 24 | $-645.4M | $22.7M | ||
| Q1 24 | $-61.7M | $11.9M |
| Q4 25 | -0.5% | -17.2% | ||
| Q3 25 | 2.4% | 13.6% | ||
| Q2 25 | 3.2% | 14.5% | ||
| Q1 25 | 0.8% | 2.2% | ||
| Q4 24 | 12.0% | 15.3% | ||
| Q3 24 | 3.5% | 12.8% | ||
| Q2 24 | -170.2% | 10.4% | ||
| Q1 24 | -12.1% | 6.0% |
| Q4 25 | -4.5% | -12.9% | ||
| Q3 25 | -2.6% | 9.9% | ||
| Q2 25 | -2.0% | 10.6% | ||
| Q1 25 | -8.3% | 1.2% | ||
| Q4 24 | -5.8% | 13.1% | ||
| Q3 24 | -11.2% | 9.9% | ||
| Q2 24 | -100.3% | 8.4% | ||
| Q1 24 | -11.4% | 5.2% |
| Q4 25 | $-0.90 | $-0.41 | ||
| Q3 25 | $-0.52 | $0.98 | ||
| Q2 25 | $-0.41 | $0.99 | ||
| Q1 25 | $-1.68 | $0.08 | ||
| Q4 24 | $-1.69 | $1.32 | ||
| Q3 24 | $-2.66 | $0.85 | ||
| Q2 24 | $-23.47 | $0.67 | ||
| Q1 24 | $-2.81 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $1.7B |
| Total Assets | $2.7B | $5.1B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $299.3M | ||
| Q3 25 | $140.4M | $274.8M | ||
| Q2 25 | $95.1M | $233.7M | ||
| Q1 25 | $116.3M | $181.0M | ||
| Q4 24 | $104.9M | $279.3M | ||
| Q3 24 | $136.6M | $179.8M | ||
| Q2 24 | $84.9M | $208.1M | ||
| Q1 24 | $152.0M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $139.8M | $1.8B | ||
| Q2 25 | $151.8M | $1.8B | ||
| Q1 25 | $154.6M | $1.7B | ||
| Q4 24 | $201.7M | $1.7B | ||
| Q3 24 | $226.1M | $1.7B | ||
| Q2 24 | $283.8M | $1.7B | ||
| Q1 24 | $926.1M | $1.7B |
| Q4 25 | $2.7B | $5.1B | ||
| Q3 25 | $2.8B | $5.8B | ||
| Q2 25 | $2.8B | $4.7B | ||
| Q1 25 | $2.8B | $4.5B | ||
| Q4 24 | $2.8B | $4.4B | ||
| Q3 24 | $3.1B | $4.6B | ||
| Q2 24 | $3.1B | $4.2B | ||
| Q1 24 | $4.0B | $3.8B |
| 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 | — | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | 1.3% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-664.3M | ||
| Q3 25 | $52.7M | $-948.1M | ||
| Q2 25 | — | $-238.5M | ||
| Q1 25 | $27.6M | $-281.1M | ||
| Q4 24 | $-23.2M | $129.4M | ||
| Q3 24 | $51.2M | $-202.0M | ||
| Q2 24 | $-45.2M | $-237.8M | ||
| Q1 24 | $-51.7M | $38.4M |
| Q4 25 | — | $-680.1M | ||
| Q3 25 | $48.6M | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | $15.7M | $-284.7M | ||
| Q4 24 | $-30.5M | $116.4M | ||
| Q3 24 | $40.7M | $-204.0M | ||
| Q2 24 | $-59.6M | $-241.7M | ||
| Q1 24 | $-56.7M | $35.2M |
| Q4 25 | — | -200.0% | ||
| Q3 25 | 7.7% | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | 2.6% | -120.0% | ||
| Q4 24 | -4.8% | 34.1% | ||
| Q3 24 | 6.2% | -69.8% | ||
| Q2 24 | -9.3% | -89.3% | ||
| Q1 24 | -10.5% | 15.4% |
| Q4 25 | 1.3% | 4.6% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.8% | 0.8% | ||
| Q1 25 | 1.9% | 1.5% | ||
| Q4 24 | 1.1% | 3.8% | ||
| Q3 24 | 1.6% | 0.7% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 0.9% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
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% |
WD
Segment breakdown not available.
