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Hub Group vs Forward Air: HUBG and FWRD compared
Hub Group is the larger company: $934M of revenue in its latest quarter (Q3 2025) against $673M for Forward Air (Q2 2026). Forward Air is growing faster (+9% against -5% a year earlier). Hub Group is more profitable, with an operating margin of 4.2% against -29.9%.
Where the money goes: HUBG and FWRD
Hub Group (HUBG) · Q3 2025
Hub Group, Q3 2025: revenue $934M (-5% year over year), operating margin 4.2%, net earnings $28.9M, operating cash flow $28.1M. The chart follows the revenue to costs, profit and cash.
Forward Air (FWRD) · Q2 2026
Forward Air, Q2 2026: revenue $673M (+9% year over year), operating margin -29.9%, net loss $246M, operating cash flow −$4.9M. The chart follows the revenue to costs, profit and cash.
| Hub Group (HUBG) | Forward Air (FWRD) | |
|---|---|---|
| Latest quarter | Q3 2025 | Q2 2026 |
| Revenue | $934M | $673M |
| Revenue growth, Y/Y | -5% | +9% |
| Operating margin | 4.2% | -29.9% |
| Net earnings | $28.9M | −$246M |
| Net margin | 3.1% | -36.5% |
| Operating cash flow | $28.1M | −$4.9M |
| Free cash flow | $19.4M | — |
| Market value | $1.5B | $540M |
| P/E | 14.0× | — |
| Analysts’ mean target | $37.17 | $26.00 |
Where the revenue comes from
Forward Air
- Ground: $409M (61%)
- Contract Logistics: $112M (17%)
- Air and Ocean: $93.4M (14%)
- Intermodal: $58.6M (9%)
Questions
Which is bigger, Hub Group or Forward Air?
Hub Group is the larger company: $934M of revenue in its latest quarter (Q3 2025) against $673M for Forward Air (Q2 2026).
Is Hub Group or Forward Air growing faster?
Forward Air is growing faster (+9% against -5% a year earlier).
Which is more profitable, Hub Group or Forward Air?
Hub Group is more profitable, with an operating margin of 4.2% against -29.9%.
More: Hub Group earnings · how Hub Group makes money · Forward Air earnings · how Forward Air makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2025; 10-Q filed Aug 5, 2026). Fiscal quarters can end on different dates. Not investment advice.