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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and WYNDHAM HOTELS & RESORTS, INC. (WH). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $334.0M, roughly 1.9× WYNDHAM HOTELS & RESORTS, INC.). FORWARD AIR CORP runs the higher net margin — -4.5% vs -18.0%, a 13.5% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -76.3%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -4.6%).
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.
Wyndham Hotels & Resorts, Inc., is an American hospitality company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,100 locations.
FWRD vs WH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $334.0M |
| Net Profit | $-28.3M | $-60.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | — |
| Net Margin | -4.5% | -18.0% |
| Revenue YoY | -0.3% | -76.3% |
| Net Profit YoY | 22.2% | -170.6% |
| EPS (diluted) | $-0.90 | $-0.80 |
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 | — | $334.0M | ||
| Q4 25 | $631.2M | $334.0M | ||
| Q3 25 | $631.8M | $382.0M | ||
| Q2 25 | $618.8M | $397.0M | ||
| Q1 25 | $613.3M | $316.0M | ||
| Q4 24 | $632.8M | $336.0M | ||
| Q3 24 | $655.9M | $396.0M | ||
| Q2 24 | $643.7M | $367.0M |
| Q1 26 | — | $-60.0M | ||
| Q4 25 | $-28.3M | $-60.0M | ||
| Q3 25 | $-16.3M | $105.0M | ||
| Q2 25 | $-12.6M | $87.0M | ||
| Q1 25 | $-50.6M | $61.0M | ||
| Q4 24 | $-36.4M | $85.0M | ||
| Q3 24 | $-73.4M | $102.0M | ||
| Q2 24 | $-645.4M | $86.0M |
| Q1 26 | — | — | ||
| Q4 25 | -0.5% | -11.4% | ||
| Q3 25 | 2.4% | 46.6% | ||
| Q2 25 | 3.2% | 37.8% | ||
| Q1 25 | 0.8% | 35.4% | ||
| Q4 24 | 12.0% | 38.4% | ||
| Q3 24 | 3.5% | 43.2% | ||
| Q2 24 | -170.2% | 39.5% |
| Q1 26 | — | -18.0% | ||
| Q4 25 | -4.5% | -18.0% | ||
| Q3 25 | -2.6% | 27.5% | ||
| Q2 25 | -2.0% | 21.9% | ||
| Q1 25 | -8.3% | 19.3% | ||
| Q4 24 | -5.8% | 25.3% | ||
| Q3 24 | -11.2% | 25.8% | ||
| Q2 24 | -100.3% | 23.4% |
| Q1 26 | — | $-0.80 | ||
| Q4 25 | $-0.90 | $-0.77 | ||
| Q3 25 | $-0.52 | $1.36 | ||
| Q2 25 | $-0.41 | $1.13 | ||
| Q1 25 | $-1.68 | $0.78 | ||
| Q4 24 | $-1.69 | $1.06 | ||
| Q3 24 | $-2.66 | $1.29 | ||
| Q2 24 | $-23.47 | $1.07 |
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 | $64.0M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $468.0M |
| Total Assets | $2.7B | $4.2B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $64.0M | ||
| Q4 25 | $106.0M | $64.0M | ||
| Q3 25 | $140.4M | $70.0M | ||
| Q2 25 | $95.1M | $50.0M | ||
| Q1 25 | $116.3M | $48.0M | ||
| Q4 24 | $104.9M | $103.0M | ||
| Q3 24 | $136.6M | $72.0M | ||
| Q2 24 | $84.9M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $2.5B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B |
| Q1 26 | — | $468.0M | ||
| Q4 25 | $113.3M | $468.0M | ||
| Q3 25 | $139.8M | $583.0M | ||
| Q2 25 | $151.8M | $570.0M | ||
| Q1 25 | $154.6M | $579.0M | ||
| Q4 24 | $201.7M | $650.0M | ||
| Q3 24 | $226.1M | $583.0M | ||
| Q2 24 | $283.8M | $623.0M |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.7B | $4.2B | ||
| Q3 25 | $2.8B | $4.3B | ||
| Q2 25 | $2.8B | $4.3B | ||
| Q1 25 | $2.8B | $4.2B | ||
| Q4 24 | $2.8B | $4.2B | ||
| Q3 24 | $3.1B | $4.2B | ||
| Q2 24 | $3.1B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 5.37× | ||
| Q3 25 | 12.05× | 4.43× | ||
| Q2 25 | — | 4.44× | ||
| Q1 25 | — | 4.29× | ||
| Q4 24 | — | 3.72× | ||
| Q3 24 | — | 4.19× | ||
| Q2 24 | — | 3.83× |
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 | — | $367.0M |
| Free Cash FlowOCF − Capex | — | $168.0M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $437.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $367.0M | ||
| Q4 25 | — | $152.0M | ||
| Q3 25 | $52.7M | $86.0M | ||
| Q2 25 | — | $70.0M | ||
| Q1 25 | $27.6M | $59.0M | ||
| Q4 24 | $-23.2M | $134.0M | ||
| Q3 24 | $51.2M | $79.0M | ||
| Q2 24 | $-45.2M | $1.0M |
| Q1 26 | — | $168.0M | ||
| Q4 25 | — | $136.0M | ||
| Q3 25 | $48.6M | $75.0M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | $15.7M | $52.0M | ||
| Q4 24 | $-30.5M | $109.0M | ||
| Q3 24 | $40.7M | $71.0M | ||
| Q2 24 | $-59.6M | $-6.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | 7.7% | 19.6% | ||
| Q2 25 | — | 14.6% | ||
| Q1 25 | 2.6% | 16.5% | ||
| Q4 24 | -4.8% | 32.4% | ||
| Q3 24 | 6.2% | 17.9% | ||
| Q2 24 | -9.3% | -1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 4.8% | ||
| Q3 25 | 0.7% | 2.9% | ||
| Q2 25 | 0.8% | 3.0% | ||
| Q1 25 | 1.9% | 2.2% | ||
| Q4 24 | 1.1% | 7.4% | ||
| Q3 24 | 1.6% | 2.0% | ||
| Q2 24 | 2.2% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | — | 1.58× | ||
| Q3 24 | — | 0.77× | ||
| Q2 24 | — | 0.01× |
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% |
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
