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Forward Air vs Radiant Logistics: revenue, profit, margins and growth compared

Forward Air brought in $2.5B of revenue in fiscal 2025, Radiant Logistics $934.4M in fiscal 2026. Revenue changed by +0.8% at Forward Air and +3.5% at Radiant Logistics on the year before, so Radiant Logistics grew faster. Forward Air kept -4.3% of its revenue as net profit, Radiant Logistics 2.0%. Free cash flow was $15.3M at Forward Air and $13.2M at Radiant Logistics.

Side by side, latest fiscal year

FWRDRLGT
Fiscal year endedFY2025 (December 31, 2025)FY2026 (June 30, 2026)
Revenue$2.5B$934.4M
Revenue growth+0.8%+3.5%
Net income-$107.8M$18.8M
Net margin-4.3%2.0%
Free cash flow$15.3M$13.2M
Free cash flow margin0.6%1.4%
Earnings per share (diluted)-$3.51$0.39
Cash$106M$25.6M
Debt$1.7Bn/a
Price to earningsn/a22.0
Market value$496.2M$401.8M
Dividend yieldn/an/a
Rank by revenue in sector#201 of 451 · Industrials#273 of 451 · Industrials

Over the years

Revenue
FWRD FY2018: $1.1BFWRD FY2019: $1.2BFWRD FY2020: $1.3BFWRD FY2021: $1.4BFWRD FY2022: $1.7BFWRD FY2023: $1.4BFWRD FY2024: $2.5BFWRD FY2025: $2.5BRLGT FY2019: $890.5MRLGT FY2020: $855.2MRLGT FY2021: $899.8MRLGT FY2022: $1.5BRLGT FY2023: $1.1BRLGT FY2024: $802.5MRLGT FY2025: $902.7MRLGT FY2026: $934.4MFY18FY19FY20FY21FY22FY23FY24FY25FY26
FWRD $2.5BRLGT $934.4M
Net income
FWRD FY2018: $92.1MFWRD FY2019: $87.1MFWRD FY2020: $23.7MFWRD FY2021: $105.9MFWRD FY2022: $193.2MFWRD FY2023: $167.4MFWRD FY2024: -$817MFWRD FY2025: -$107.8MRLGT FY2019: $16.3MRLGT FY2020: $10.5MRLGT FY2021: $23.1MRLGT FY2022: $44.5MRLGT FY2023: $20.6MRLGT FY2024: $7.7MRLGT FY2025: $17.3MRLGT FY2026: $18.8MFY18FY19FY20FY21FY22FY23FY24FY25FY26
FWRD -$107.8MRLGT $18.8M
Net margin
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%RLGT FY2019: 1.8%RLGT FY2020: 1.2%RLGT FY2021: 2.6%RLGT FY2022: 3.0%RLGT FY2023: 1.9%RLGT FY2024: 1.0%RLGT FY2025: 1.9%RLGT FY2026: 2.0%FY18FY19FY20FY21FY22FY23FY24FY25FY26
FWRD -4.3%RLGT 2.0%
Revenue growth
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%RLGT FY2020: -4.0%RLGT FY2021: +5.2%RLGT FY2022: +62.2%RLGT FY2023: -25.6%RLGT FY2024: -26.1%RLGT FY2025: +12.5%RLGT FY2026: +3.5%FY19FY20FY21FY22FY23FY24FY25FY26
FWRD +0.8%RLGT +3.5%
Free cash flow
FWRD FY2018: $113MFWRD FY2019: $137MFWRD FY2020: $75.8MFWRD FY2021: $82.2MFWRD FY2022: $210.9MFWRD FY2023: $168.5MFWRD FY2024: -$106.1MFWRD FY2025: $15.3MRLGT FY2019: $33.4MRLGT FY2020: $24.7MRLGT FY2021: $2.7MRLGT FY2022: $17.4MRLGT FY2023: $90.3MRLGT FY2024: $8.7MRLGT FY2025: $8.1MRLGT FY2026: $13.2MFY18FY19FY20FY21FY22FY23FY24FY25FY26
FWRD $15.3MRLGT $13.2M

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

Questions about Forward Air and Radiant Logistics

Which is bigger by revenue, Forward Air or Radiant Logistics?

Forward Air is bigger by revenue: $2.5B in fiscal 2025, against $934.4M for Radiant Logistics in fiscal 2026.

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

Forward Air had a net margin of -4.3% in fiscal 2025; Radiant Logistics had 2.0% in fiscal 2026.

Which grew revenue faster, Forward Air or Radiant Logistics?

In their latest fiscal years revenue changed by +0.8% at Forward Air and +3.5% at Radiant Logistics.

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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