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Side-by-side financial comparison of FORWARD AIR CORP (FWRD) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $631.2M, roughly 1.2× FORWARD AIR CORP). Zscaler, Inc. runs the higher net margin — -1.5% vs -4.5%, a 3.0% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs -0.3%). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% 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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
FWRD vs ZS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $631.2M | $788.1M |
| Net Profit | $-28.3M | $-11.6M |
| Gross Margin | — | 76.6% |
| Operating Margin | -0.5% | -4.6% |
| Net Margin | -4.5% | -1.5% |
| Revenue YoY | -0.3% | 25.5% |
| Net Profit YoY | 22.2% | 3.6% |
| EPS (diluted) | $-0.90 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $631.8M | $719.2M | ||
| Q2 25 | $618.8M | $678.0M | ||
| Q1 25 | $613.3M | $647.9M | ||
| Q4 24 | $632.8M | $628.0M | ||
| Q3 24 | $655.9M | $592.9M | ||
| Q2 24 | $643.7M | $553.2M | ||
| Q1 24 | $541.8M | $525.0M |
| Q4 25 | $-28.3M | $-11.6M | ||
| Q3 25 | $-16.3M | $-17.6M | ||
| Q2 25 | $-12.6M | $-4.1M | ||
| Q1 25 | $-50.6M | $-7.7M | ||
| Q4 24 | $-36.4M | $-12.1M | ||
| Q3 24 | $-73.4M | $-14.9M | ||
| Q2 24 | $-645.4M | $19.1M | ||
| Q1 24 | $-61.7M | $-28.5M |
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 76.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 78.6% | ||
| Q1 24 | — | 77.7% |
| Q4 25 | -0.5% | -4.6% | ||
| Q3 25 | 2.4% | -4.5% | ||
| Q2 25 | 3.2% | -3.7% | ||
| Q1 25 | 0.8% | -6.2% | ||
| Q4 24 | 12.0% | -4.9% | ||
| Q3 24 | 3.5% | -4.5% | ||
| Q2 24 | -170.2% | -0.5% | ||
| Q1 24 | -12.1% | -8.7% |
| Q4 25 | -4.5% | -1.5% | ||
| Q3 25 | -2.6% | -2.4% | ||
| Q2 25 | -2.0% | -0.6% | ||
| Q1 25 | -8.3% | -1.2% | ||
| Q4 24 | -5.8% | -1.9% | ||
| Q3 24 | -11.2% | -2.5% | ||
| Q2 24 | -100.3% | 3.5% | ||
| Q1 24 | -11.4% | -5.4% |
| Q4 25 | $-0.90 | $-0.07 | ||
| Q3 25 | $-0.52 | $-0.11 | ||
| Q2 25 | $-0.41 | $-0.03 | ||
| Q1 25 | $-1.68 | $-0.05 | ||
| Q4 24 | $-1.69 | $-0.08 | ||
| Q3 24 | $-2.66 | $-0.09 | ||
| Q2 24 | $-23.47 | $0.12 | ||
| Q1 24 | $-2.81 | $-0.19 |
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 | $1.3B |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $113.3M | $2.0B |
| Total Assets | $2.7B | $6.5B |
| Debt / EquityLower = less leverage | 14.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $106.0M | $1.3B | ||
| Q3 25 | $140.4M | $2.4B | ||
| Q2 25 | $95.1M | $2.0B | ||
| Q1 25 | $116.3M | $1.8B | ||
| Q4 24 | $104.9M | $1.6B | ||
| Q3 24 | $136.6M | $1.4B | ||
| Q2 24 | $84.9M | $1.3B | ||
| Q1 24 | $152.0M | $1.4B |
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $1.7B | $1.1B |
| Q4 25 | $113.3M | $2.0B | ||
| Q3 25 | $139.8M | $1.8B | ||
| Q2 25 | $151.8M | $1.8B | ||
| Q1 25 | $154.6M | $1.6B | ||
| Q4 24 | $201.7M | $1.4B | ||
| Q3 24 | $226.1M | $1.3B | ||
| Q2 24 | $283.8M | $1.1B | ||
| Q1 24 | $926.1M | $958.9M |
| Q4 25 | $2.7B | $6.5B | ||
| Q3 25 | $2.8B | $6.4B | ||
| Q2 25 | $2.8B | $5.3B | ||
| Q1 25 | $2.8B | $5.0B | ||
| Q4 24 | $2.8B | $4.7B | ||
| Q3 24 | $3.1B | $4.7B | ||
| Q2 24 | $3.1B | $4.2B | ||
| Q1 24 | $4.0B | $3.9B |
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | 1.81× | 1.19× |
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 | — | $448.3M |
| Free Cash FlowOCF − Capex | — | $431.0M |
| FCF MarginFCF / Revenue | — | 54.7% |
| Capex IntensityCapex / Revenue | 1.3% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $448.3M | ||
| Q3 25 | $52.7M | $250.6M | ||
| Q2 25 | — | $211.1M | ||
| Q1 25 | $27.6M | $179.4M | ||
| Q4 24 | $-23.2M | $331.3M | ||
| Q3 24 | $51.2M | $203.6M | ||
| Q2 24 | $-45.2M | $173.4M | ||
| Q1 24 | $-51.7M | $142.1M |
| Q4 25 | — | $431.0M | ||
| Q3 25 | $48.6M | $190.6M | ||
| Q2 25 | — | $138.9M | ||
| Q1 25 | $15.7M | $164.4M | ||
| Q4 24 | $-30.5M | $314.3M | ||
| Q3 24 | $40.7M | $154.2M | ||
| Q2 24 | $-59.6M | $137.8M | ||
| Q1 24 | $-56.7M | $111.2M |
| Q4 25 | — | 54.7% | ||
| Q3 25 | 7.7% | 26.5% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | 2.6% | 25.4% | ||
| Q4 24 | -4.8% | 50.1% | ||
| Q3 24 | 6.2% | 26.0% | ||
| Q2 24 | -9.3% | 24.9% | ||
| Q1 24 | -10.5% | 21.2% |
| Q4 25 | 1.3% | 2.2% | ||
| Q3 25 | 0.7% | 8.3% | ||
| Q2 25 | 0.8% | 10.6% | ||
| Q1 25 | 1.9% | 2.3% | ||
| Q4 24 | 1.1% | 2.7% | ||
| Q3 24 | 1.6% | 8.3% | ||
| Q2 24 | 2.2% | 6.4% | ||
| Q1 24 | 0.9% | 5.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| 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% |
ZS
Segment breakdown not available.
