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Freightos vs Forward Air: revenue, profit, margins and growth compared

Freightos brought in $29.5M of revenue in fiscal 2025, Forward Air $2.5B in fiscal 2025. Revenue changed by +23.9% at Freightos and +0.8% at Forward Air on the year before, so Freightos grew faster. Freightos kept -59.5% of its revenue as net profit, Forward Air -4.3%. Free cash flow was -$9M at Freightos and $15.3M at Forward Air.

Side by side, latest fiscal year

CRGOFWRD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$29.5M$2.5B
Revenue growth+23.9%+0.8%
Net income-$17.5M-$107.8M
Net margin-59.5%-4.3%
Free cash flow-$9M$15.3M
Free cash flow margin-30.6%0.6%
Earnings per share (diluted)-$0.35-$3.51
Cash$13.3M$106M
Debtn/a$1.7B
Price to earningsn/an/a
Market value$54.3M$496.2M
Dividend yieldn/an/a
Rank by revenue in sector#418 of 451 · Industrials#201 of 451 · Industrials

Over the years

Revenue
CRGO FY2020: $8.5MCRGO FY2022: $11.1MCRGO FY2022: $19.1MCRGO FY2023: $20.3MCRGO FY2024: $23.8MCRGO FY2025: $29.5MFWRD FY2018: $1.1BFWRD FY2019: $1.2BFWRD FY2020: $1.3BFWRD FY2021: $1.4BFWRD FY2022: $1.7BFWRD FY2023: $1.4BFWRD FY2024: $2.5BFWRD FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
CRGO $29.5MFWRD $2.5B
Net income
CRGO FY2020: -$14.2MCRGO FY2022: -$16.4MCRGO FY2022: -$24.7MCRGO FY2023: -$65.5MCRGO FY2024: -$22.5MCRGO FY2025: -$17.5MFWRD FY2018: $92.1MFWRD FY2019: $87.1MFWRD FY2020: $23.7MFWRD FY2021: $105.9MFWRD FY2022: $193.2MFWRD FY2023: $167.4MFWRD FY2024: -$817MFWRD FY2025: -$107.8MFY18FY19FY20FY21FY22FY23FY24FY25
CRGO -$17.5MFWRD -$107.8M
Net margin
CRGO FY2020: -166.6%CRGO FY2022: -147.1%CRGO FY2022: -129.4%CRGO FY2023: -322.8%CRGO FY2024: -94.6%CRGO FY2025: -59.5%FWRD FY2018: 8.1%FWRD FY2019: 7.2%FWRD FY2020: 1.9%FWRD FY2021: 7.6%FWRD FY2022: 11.5%FWRD FY2023: 12.2%FWRD FY2024: -33.0%FWRD FY2025: -4.3%FY18FY19FY20FY21FY22FY23FY24FY25
CRGO -59.5%FWRD -4.3%
Revenue growth
CRGO FY2022: +30.6%CRGO FY2022: +71.7%CRGO FY2023: +6.3%CRGO FY2024: +17.3%CRGO FY2025: +23.9%FWRD FY2019: +6.8%FWRD FY2020: +4.5%FWRD FY2021: +9.3%FWRD FY2022: +21.1%FWRD FY2023: -18.4%FWRD FY2024: +80.5%FWRD FY2025: +0.8%FY19FY20FY21FY22FY23FY24FY25
CRGO +23.9%FWRD +0.8%
Free cash flow
CRGO FY2020: -$8.3MCRGO FY2022: -$17.5MCRGO FY2022: -$15.2MCRGO FY2023: -$27.2MCRGO FY2024: -$12.1MCRGO FY2025: -$9MFWRD FY2018: $113MFWRD FY2019: $137MFWRD FY2020: $75.8MFWRD FY2021: $82.2MFWRD FY2022: $210.9MFWRD FY2023: $168.5MFWRD FY2024: -$106.1MFWRD FY2025: $15.3MFY18FY19FY20FY21FY22FY23FY24FY25
CRGO -$9MFWRD $15.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Freightos and Forward Air

Which is bigger by revenue, Freightos or Forward Air?

Forward Air is bigger by revenue: $2.5B in fiscal 2025, against $29.5M for Freightos in fiscal 2025.

Which keeps more of its revenue as profit, Freightos or Forward Air?

Freightos had a net margin of -59.5% in fiscal 2025; Forward Air had -4.3% in fiscal 2025.

Which grew revenue faster, Freightos or Forward Air?

In their latest fiscal years revenue changed by +23.9% at Freightos and +0.8% at Forward Air.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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