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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and ZIONS BANCORPORATION, NATIONAL ASSOCIATION (ZION). Click either name above to swap in a different company.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION is the larger business by last-quarter revenue ($891.0M vs $631.2M, roughly 1.4× FORWARD AIR CORP). ZIONS BANCORPORATION, NATIONAL ASSOCIATION runs the higher net margin — 29.5% vs -4.5%, a 34.0% gap on every dollar of revenue. On growth, ZIONS BANCORPORATION, NATIONAL ASSOCIATION posted the faster year-over-year revenue change (8.7% vs -0.3%). Over the past eight quarters, ZIONS BANCORPORATION, NATIONAL ASSOCIATION's revenue compounded faster (9.6% 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.
Zions Bancorporation is an American national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington.
FWRD vs ZION — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $891.0M |
| Net Profit | $-28.3M | $263.0M |
| Gross Margin | — | — |
| Operating Margin | -0.5% | — |
| Net Margin | -4.5% | 29.5% |
| Revenue YoY | -0.3% | 8.7% |
| Net Profit YoY | 22.2% | 21.8% |
| EPS (diluted) | $-0.90 | $1.77 |
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 | $891.0M | ||
| Q3 25 | $631.8M | $861.0M | ||
| Q2 25 | $618.8M | $838.0M | ||
| Q1 25 | $613.3M | $795.0M | ||
| Q4 24 | $632.8M | $820.0M | ||
| Q3 24 | $655.9M | $792.0M | ||
| Q2 24 | $643.7M | $777.0M | ||
| Q1 24 | $541.8M | $742.0M |
| Q4 25 | $-28.3M | $263.0M | ||
| Q3 25 | $-16.3M | $222.0M | ||
| Q2 25 | $-12.6M | $244.0M | ||
| Q1 25 | $-50.6M | $170.0M | ||
| Q4 24 | $-36.4M | $216.0M | ||
| Q3 24 | $-73.4M | $214.0M | ||
| Q2 24 | $-645.4M | $201.0M | ||
| Q1 24 | $-61.7M | $153.0M |
| Q4 25 | -0.5% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 3.5% | — | ||
| Q2 24 | -170.2% | — | ||
| Q1 24 | -12.1% | — |
| Q4 25 | -4.5% | 29.5% | ||
| Q3 25 | -2.6% | 25.8% | ||
| Q2 25 | -2.0% | 29.1% | ||
| Q1 25 | -8.3% | 21.4% | ||
| Q4 24 | -5.8% | 26.3% | ||
| Q3 24 | -11.2% | 27.0% | ||
| Q2 24 | -100.3% | 25.9% | ||
| Q1 24 | -11.4% | 20.6% |
| Q4 25 | $-0.90 | $1.77 | ||
| Q3 25 | $-0.52 | $1.48 | ||
| Q2 25 | $-0.41 | $1.63 | ||
| Q1 25 | $-1.68 | $1.13 | ||
| Q4 24 | $-1.69 | $1.34 | ||
| Q3 24 | $-2.66 | $1.37 | ||
| Q2 24 | $-23.47 | $1.28 | ||
| Q1 24 | $-2.81 | $0.96 |
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 | — |
| Total DebtLower is stronger | $1.7B | $1.5B |
| Stockholders' EquityBook value | $113.3M | $7.2B |
| Total Assets | $2.7B | $89.0B |
| Debt / EquityLower = less leverage | 14.89× | 0.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | — |
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | — | $970.0M | ||
| Q1 25 | — | $964.0M | ||
| Q4 24 | — | $950.0M | ||
| Q3 24 | — | $548.0M | ||
| Q2 24 | — | $546.0M | ||
| Q1 24 | $1.7B | $544.0M |
| Q4 25 | $113.3M | $7.2B | ||
| Q3 25 | $139.8M | $6.9B | ||
| Q2 25 | $151.8M | $6.6B | ||
| Q1 25 | $154.6M | $6.3B | ||
| Q4 24 | $201.7M | $6.1B | ||
| Q3 24 | $226.1M | $6.4B | ||
| Q2 24 | $283.8M | $6.0B | ||
| Q1 24 | $926.1M | $5.8B |
| Q4 25 | $2.7B | $89.0B | ||
| Q3 25 | $2.8B | $88.5B | ||
| Q2 25 | $2.8B | $88.9B | ||
| Q1 25 | $2.8B | $88.0B | ||
| Q4 24 | $2.8B | $88.8B | ||
| Q3 24 | $3.1B | $87.0B | ||
| Q2 24 | $3.1B | $87.6B | ||
| Q1 24 | $4.0B | $87.1B |
| Q4 25 | 14.89× | 0.21× | ||
| Q3 25 | 12.05× | 0.21× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.09× | ||
| Q2 24 | — | 0.09× | ||
| Q1 24 | 1.81× | 0.09× |
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 | — | $1.1B |
| Free Cash FlowOCF − Capex | — | $952.0M |
| FCF MarginFCF / Revenue | — | 106.8% |
| Capex IntensityCapex / Revenue | 1.3% | 13.6% |
| Cash ConversionOCF / Net Profit | — | 4.08× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.1B | ||
| Q3 25 | $52.7M | $438.0M | ||
| Q2 25 | — | $-62.0M | ||
| Q1 25 | $27.6M | $179.0M | ||
| Q4 24 | $-23.2M | $1.1B | ||
| Q3 24 | $51.2M | $119.0M | ||
| Q2 24 | $-45.2M | $251.0M | ||
| Q1 24 | $-51.7M | $261.0M |
| Q4 25 | — | $952.0M | ||
| Q3 25 | $48.6M | $413.0M | ||
| Q2 25 | — | $-93.0M | ||
| Q1 25 | $15.7M | $152.0M | ||
| Q4 24 | $-30.5M | $1.1B | ||
| Q3 24 | $40.7M | $97.0M | ||
| Q2 24 | $-59.6M | $234.0M | ||
| Q1 24 | $-56.7M | $231.0M |
| Q4 25 | — | 106.8% | ||
| Q3 25 | 7.7% | 48.0% | ||
| Q2 25 | — | -11.1% | ||
| Q1 25 | 2.6% | 19.1% | ||
| Q4 24 | -4.8% | 128.2% | ||
| Q3 24 | 6.2% | 12.2% | ||
| Q2 24 | -9.3% | 30.1% | ||
| Q1 24 | -10.5% | 31.1% |
| Q4 25 | 1.3% | 13.6% | ||
| Q3 25 | 0.7% | 2.9% | ||
| Q2 25 | 0.8% | 3.7% | ||
| Q1 25 | 1.9% | 3.4% | ||
| Q4 24 | 1.1% | 11.8% | ||
| Q3 24 | 1.6% | 2.8% | ||
| Q2 24 | 2.2% | 2.2% | ||
| Q1 24 | 0.9% | 4.0% |
| Q4 25 | — | 4.08× | ||
| Q3 25 | — | 1.97× | ||
| Q2 25 | — | -0.25× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 5.31× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 1.25× | ||
| Q1 24 | — | 1.71× |
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% |
ZION
Segment breakdown not available.
