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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Zeta Global Holdings Corp. (ZETA). Click either name above to swap in a different company.
FORWARD AIR CORP is the larger business by last-quarter revenue ($631.2M vs $394.6M, roughly 1.6× Zeta Global Holdings Corp.). Zeta Global Holdings Corp. runs the higher net margin — 1.7% vs -4.5%, a 6.1% gap on every dollar of revenue. On growth, Zeta Global Holdings Corp. posted the faster year-over-year revenue change (25.4% vs -0.3%). Over the past eight quarters, Zeta Global Holdings Corp.'s revenue compounded faster (42.3% 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.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
FWRD vs ZETA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $394.6M |
| Net Profit | $-28.3M | $6.5M |
| Gross Margin | — | 59.5% |
| Operating Margin | -0.5% | 4.5% |
| Net Margin | -4.5% | 1.7% |
| Revenue YoY | -0.3% | 25.4% |
| Net Profit YoY | 22.2% | -57.1% |
| EPS (diluted) | $-0.90 | $0.04 |
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 | $394.6M | ||
| Q3 25 | $631.8M | $337.2M | ||
| Q2 25 | $618.8M | $308.4M | ||
| Q1 25 | $613.3M | $264.4M | ||
| Q4 24 | $632.8M | $314.7M | ||
| Q3 24 | $655.9M | $268.3M | ||
| Q2 24 | $643.7M | $227.8M | ||
| Q1 24 | $541.8M | $194.9M |
| Q4 25 | $-28.3M | $6.5M | ||
| Q3 25 | $-16.3M | $-3.6M | ||
| Q2 25 | $-12.6M | $-12.8M | ||
| Q1 25 | $-50.6M | $-21.6M | ||
| Q4 24 | $-36.4M | $15.2M | ||
| Q3 24 | $-73.4M | $-17.4M | ||
| Q2 24 | $-645.4M | $-28.1M | ||
| Q1 24 | $-61.7M | $-39.6M |
| Q4 25 | — | 59.5% | ||
| Q3 25 | — | 60.5% | ||
| Q2 25 | — | 62.1% | ||
| Q1 25 | — | 60.9% | ||
| Q4 24 | — | 60.0% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 60.0% | ||
| Q1 24 | — | 60.6% |
| Q4 25 | -0.5% | 4.5% | ||
| Q3 25 | 2.4% | 2.6% | ||
| Q2 25 | 3.2% | -1.7% | ||
| Q1 25 | 0.8% | -6.1% | ||
| Q4 24 | 12.0% | 2.2% | ||
| Q3 24 | 3.5% | -4.6% | ||
| Q2 24 | -170.2% | -11.7% | ||
| Q1 24 | -12.1% | -18.4% |
| Q4 25 | -4.5% | 1.7% | ||
| Q3 25 | -2.6% | -1.1% | ||
| Q2 25 | -2.0% | -4.2% | ||
| Q1 25 | -8.3% | -8.2% | ||
| Q4 24 | -5.8% | 4.8% | ||
| Q3 24 | -11.2% | -6.5% | ||
| Q2 24 | -100.3% | -12.3% | ||
| Q1 24 | -11.4% | -20.3% |
| Q4 25 | $-0.90 | $0.04 | ||
| Q3 25 | $-0.52 | $-0.02 | ||
| Q2 25 | $-0.41 | $-0.06 | ||
| Q1 25 | $-1.68 | $-0.10 | ||
| Q4 24 | $-1.69 | $0.10 | ||
| Q3 24 | $-2.66 | $-0.09 | ||
| Q2 24 | $-23.47 | $-0.16 | ||
| Q1 24 | $-2.81 | $-0.23 |
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 | $319.8M |
| Total DebtLower is stronger | $1.7B | $197.1M |
| Stockholders' EquityBook value | $113.3M | $804.6M |
| Total Assets | $2.7B | $1.5B |
| Debt / EquityLower = less leverage | 14.89× | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $319.8M | ||
| Q3 25 | $140.4M | $385.2M | ||
| Q2 25 | $95.1M | $365.3M | ||
| Q1 25 | $116.3M | $364.4M | ||
| Q4 24 | $104.9M | $366.2M | ||
| Q3 24 | $136.6M | $418.5M | ||
| Q2 24 | $84.9M | $154.7M | ||
| Q1 24 | $152.0M | $141.6M |
| Q4 25 | $1.7B | $197.1M | ||
| Q3 25 | $1.7B | $196.9M | ||
| Q2 25 | — | $196.7M | ||
| Q1 25 | — | $196.5M | ||
| Q4 24 | — | $196.3M | ||
| Q3 24 | — | $196.1M | ||
| Q2 24 | — | $184.4M | ||
| Q1 24 | $1.7B | $184.2M |
| Q4 25 | $113.3M | $804.6M | ||
| Q3 25 | $139.8M | $689.2M | ||
| Q2 25 | $151.8M | $673.3M | ||
| Q1 25 | $154.6M | $676.6M | ||
| Q4 24 | $201.7M | $676.8M | ||
| Q3 24 | $226.1M | $474.9M | ||
| Q2 24 | $283.8M | $217.0M | ||
| Q1 24 | $926.1M | $191.6M |
| Q4 25 | $2.7B | $1.5B | ||
| Q3 25 | $2.8B | $1.2B | ||
| Q2 25 | $2.8B | $1.1B | ||
| Q1 25 | $2.8B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $3.1B | $869.1M | ||
| Q2 24 | $3.1B | $583.9M | ||
| Q1 24 | $4.0B | $550.3M |
| Q4 25 | 14.89× | 0.24× | ||
| Q3 25 | 12.05× | 0.29× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | 1.81× | 0.96× |
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 | — | $64.1M |
| Free Cash FlowOCF − Capex | — | $60.9M |
| FCF MarginFCF / Revenue | — | 15.4% |
| Capex IntensityCapex / Revenue | 1.3% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 9.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | $185.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $64.1M | ||
| Q3 25 | $52.7M | $57.9M | ||
| Q2 25 | — | $42.0M | ||
| Q1 25 | $27.6M | $34.8M | ||
| Q4 24 | $-23.2M | $43.7M | ||
| Q3 24 | $51.2M | $34.4M | ||
| Q2 24 | $-45.2M | $31.1M | ||
| Q1 24 | $-51.7M | $24.7M |
| Q4 25 | — | $60.9M | ||
| Q3 25 | $48.6M | $52.4M | ||
| Q2 25 | — | $39.7M | ||
| Q1 25 | $15.7M | $32.1M | ||
| Q4 24 | $-30.5M | $35.4M | ||
| Q3 24 | $40.7M | $29.5M | ||
| Q2 24 | $-59.6M | $24.4M | ||
| Q1 24 | $-56.7M | $18.9M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | 7.7% | 15.6% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | 2.6% | 12.1% | ||
| Q4 24 | -4.8% | 11.3% | ||
| Q3 24 | 6.2% | 11.0% | ||
| Q2 24 | -9.3% | 10.7% | ||
| Q1 24 | -10.5% | 9.7% |
| Q4 25 | 1.3% | 0.8% | ||
| Q3 25 | 0.7% | 1.6% | ||
| Q2 25 | 0.8% | 0.8% | ||
| Q1 25 | 1.9% | 1.0% | ||
| Q4 24 | 1.1% | 2.6% | ||
| Q3 24 | 1.6% | 1.8% | ||
| Q2 24 | 2.2% | 3.0% | ||
| Q1 24 | 0.9% | 3.0% |
| Q4 25 | — | 9.81× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.87× | ||
| 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% |
ZETA
Segment breakdown not available.
