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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and EXPRO GROUP HOLDINGS N.V. (XPRO). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $382.1M, roughly 1.7× EXPRO GROUP HOLDINGS N.V.). EXPRO GROUP HOLDINGS N.V. runs the higher net margin — 1.5% vs -4.5%, a 6.0% gap on every dollar of revenue. On growth, FORWARD AIR CORP posted the faster year-over-year revenue change (-0.3% vs -12.5%). Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% CAGR vs -0.2%).
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.
Expro is an energy services provider headquartered in Houston, Texas, United States.
FWRD vs XPRO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $382.1M |
| Net Profit | $-28.3M | $5.8M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | 3.1% |
| Net Margin | -4.5% | 1.5% |
| Revenue YoY | -0.3% | -12.5% |
| Net Profit YoY | 22.2% | -74.9% |
| EPS (diluted) | $-0.90 | $0.05 |
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 | $382.1M | ||
| Q3 25 | $631.8M | $411.4M | ||
| Q2 25 | $618.8M | $422.7M | ||
| Q1 25 | $613.3M | $390.9M | ||
| Q4 24 | $632.8M | $436.8M | ||
| Q3 24 | $655.9M | $422.8M | ||
| Q2 24 | $643.7M | $469.6M | ||
| Q1 24 | $541.8M | $383.5M |
| Q4 25 | $-28.3M | $5.8M | ||
| Q3 25 | $-16.3M | $14.0M | ||
| Q2 25 | $-12.6M | $18.0M | ||
| Q1 25 | $-50.6M | $13.9M | ||
| Q4 24 | $-36.4M | $23.0M | ||
| Q3 24 | $-73.4M | $16.3M | ||
| Q2 24 | $-645.4M | $15.3M | ||
| Q1 24 | $-61.7M | $-2.7M |
| Q4 25 | -0.5% | 3.1% | ||
| Q3 25 | 2.4% | 6.4% | ||
| Q2 25 | 3.2% | 7.7% | ||
| Q1 25 | 0.8% | 2.6% | ||
| Q4 24 | 12.0% | 7.3% | ||
| Q3 24 | 3.5% | 6.2% | ||
| Q2 24 | -170.2% | 5.9% | ||
| Q1 24 | -12.1% | 2.2% |
| Q4 25 | -4.5% | 1.5% | ||
| Q3 25 | -2.6% | 3.4% | ||
| Q2 25 | -2.0% | 4.3% | ||
| Q1 25 | -8.3% | 3.6% | ||
| Q4 24 | -5.8% | 5.3% | ||
| Q3 24 | -11.2% | 3.8% | ||
| Q2 24 | -100.3% | 3.3% | ||
| Q1 24 | -11.4% | -0.7% |
| Q4 25 | $-0.90 | $0.05 | ||
| Q3 25 | $-0.52 | $0.12 | ||
| Q2 25 | $-0.41 | $0.16 | ||
| Q1 25 | $-1.68 | $0.12 | ||
| Q4 24 | $-1.69 | $0.20 | ||
| Q3 24 | $-2.66 | $0.14 | ||
| Q2 24 | $-23.47 | $0.13 | ||
| Q1 24 | $-2.81 | $-0.02 |
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 | $196.1M |
| Total DebtLower is stronger | $1.7B | $79.1M |
| Stockholders' EquityBook value | $113.3M | $1.5B |
| Total Assets | $2.7B | $2.3B |
| Debt / EquityLower = less leverage | 14.89× | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $196.1M | ||
| Q3 25 | $140.4M | $197.9M | ||
| Q2 25 | $95.1M | $206.8M | ||
| Q1 25 | $116.3M | $179.3M | ||
| Q4 24 | $104.9M | $183.0M | ||
| Q3 24 | $136.6M | $165.7M | ||
| Q2 24 | $84.9M | $133.5M | ||
| Q1 24 | $152.0M | $163.2M |
| Q4 25 | $1.7B | $79.1M | ||
| Q3 25 | $1.7B | $99.1M | ||
| Q2 25 | — | $121.1M | ||
| Q1 25 | — | $121.1M | ||
| Q4 24 | — | $121.1M | ||
| Q3 24 | — | $121.1M | ||
| Q2 24 | — | $121.1M | ||
| Q1 24 | $1.7B | $40.0M |
| Q4 25 | $113.3M | $1.5B | ||
| Q3 25 | $139.8M | $1.5B | ||
| Q2 25 | $151.8M | $1.5B | ||
| Q1 25 | $154.6M | $1.5B | ||
| Q4 24 | $201.7M | $1.5B | ||
| Q3 24 | $226.1M | $1.5B | ||
| Q2 24 | $283.8M | $1.5B | ||
| Q1 24 | $926.1M | $1.3B |
| Q4 25 | $2.7B | $2.3B | ||
| Q3 25 | $2.8B | $2.3B | ||
| Q2 25 | $2.8B | $2.3B | ||
| Q1 25 | $2.8B | $2.3B | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $3.1B | $2.3B | ||
| Q2 24 | $3.1B | $2.3B | ||
| Q1 24 | $4.0B | $2.0B |
| Q4 25 | 14.89× | 0.05× | ||
| Q3 25 | 12.05× | 0.07× | ||
| Q2 25 | — | 0.08× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.08× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | 1.81× | 0.03× |
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 | — | $57.1M |
| Free Cash FlowOCF − Capex | — | $23.2M |
| FCF MarginFCF / Revenue | — | 6.1% |
| Capex IntensityCapex / Revenue | 1.3% | 8.9% |
| Cash ConversionOCF / Net Profit | — | 9.89× |
| TTM Free Cash FlowTrailing 4 quarters | — | $97.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $57.1M | ||
| Q3 25 | $52.7M | $63.2M | ||
| Q2 25 | — | $48.4M | ||
| Q1 25 | $27.6M | $41.5M | ||
| Q4 24 | $-23.2M | $97.4M | ||
| Q3 24 | $51.2M | $55.3M | ||
| Q2 24 | $-45.2M | $-13.2M | ||
| Q1 24 | $-51.7M | $29.9M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $48.6M | $39.0M | ||
| Q2 25 | — | $27.2M | ||
| Q1 25 | $15.7M | $8.4M | ||
| Q4 24 | $-30.5M | $53.0M | ||
| Q3 24 | $40.7M | $23.3M | ||
| Q2 24 | $-59.6M | $-49.5M | ||
| Q1 24 | $-56.7M | $-801.0K |
| Q4 25 | — | 6.1% | ||
| Q3 25 | 7.7% | 9.5% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | 2.6% | 2.1% | ||
| Q4 24 | -4.8% | 12.1% | ||
| Q3 24 | 6.2% | 5.5% | ||
| Q2 24 | -9.3% | -10.5% | ||
| Q1 24 | -10.5% | -0.2% |
| Q4 25 | 1.3% | 8.9% | ||
| Q3 25 | 0.7% | 5.9% | ||
| Q2 25 | 0.8% | 5.0% | ||
| Q1 25 | 1.9% | 8.5% | ||
| Q4 24 | 1.1% | 10.2% | ||
| Q3 24 | 1.6% | 7.6% | ||
| Q2 24 | 2.2% | 7.7% | ||
| Q1 24 | 0.9% | 8.0% |
| Q4 25 | — | 9.89× | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | — | 2.69× | ||
| Q1 25 | — | 2.98× | ||
| Q4 24 | — | 4.23× | ||
| Q3 24 | — | 3.40× | ||
| Q2 24 | — | -0.86× | ||
| 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% |
XPRO
| NLA | $130.3M | 34% |
| ESSA | $116.3M | 30% |
| MENA | $93.0M | 24% |
| Other | $42.5M | 11% |
