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Side-by-side financial comparison of AECOM (ACM) and Baxter International (BAX). Click either name above to swap in a different company.
AECOM is the larger business by last-quarter revenue ($3.8B vs $3.0B, roughly 1.3× Baxter International). AECOM runs the higher net margin — 1.9% vs -37.9%, a 39.9% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 1.6%). Over the past eight quarters, AECOM's revenue compounded faster (-1.4% CAGR vs -9.0%).
AECOM is an American multinational infrastructure consulting firm headquartered in Dallas, Texas.
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
ACM vs BAX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.8B | $3.0B |
| Net Profit | $74.5M | $-1.1B |
| Gross Margin | 7.3% | 19.4% |
| Operating Margin | 5.8% | -24.5% |
| Net Margin | 1.9% | -37.9% |
| Revenue YoY | 1.6% | 458.0% |
| Net Profit YoY | -48.0% | -120.3% |
| EPS (diluted) | $0.56 | $-2.21 |
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.
| Q1 26 | $3.8B | — | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | $4.2B | $2.8B | ||
| Q2 25 | $4.2B | $2.8B | ||
| Q1 25 | $3.8B | $2.6B | ||
| Q4 24 | $4.0B | $533.0M | ||
| Q3 24 | $4.1B | $2.7B | ||
| Q2 24 | $4.2B | $3.8B |
| Q1 26 | $74.5M | — | ||
| Q4 25 | — | $-1.1B | ||
| Q3 25 | $120.4M | $-46.0M | ||
| Q2 25 | $131.0M | $91.0M | ||
| Q1 25 | $143.4M | $126.0M | ||
| Q4 24 | $167.0M | $-512.0M | ||
| Q3 24 | $172.5M | $140.0M | ||
| Q2 24 | $134.3M | $-314.0M |
| Q1 26 | 7.3% | — | ||
| Q4 25 | — | 19.4% | ||
| Q3 25 | 7.9% | 33.5% | ||
| Q2 25 | 7.8% | 35.3% | ||
| Q1 25 | 7.7% | 32.8% | ||
| Q4 24 | 6.7% | 25.0% | ||
| Q3 24 | 7.2% | 38.3% | ||
| Q2 24 | 6.9% | 37.5% |
| Q1 26 | 5.8% | — | ||
| Q4 25 | — | -24.5% | ||
| Q3 25 | 5.7% | 6.1% | ||
| Q2 25 | 7.0% | 6.8% | ||
| Q1 25 | 6.8% | 2.2% | ||
| Q4 24 | 5.9% | -25.5% | ||
| Q3 24 | 5.8% | 5.7% | ||
| Q2 24 | 5.5% | -5.0% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | -37.9% | ||
| Q3 25 | 2.9% | -1.6% | ||
| Q2 25 | 3.1% | 3.2% | ||
| Q1 25 | 3.8% | 4.8% | ||
| Q4 24 | 4.2% | -96.1% | ||
| Q3 24 | 4.2% | 5.2% | ||
| Q2 24 | 3.2% | -8.2% |
| Q1 26 | $0.56 | — | ||
| Q4 25 | — | $-2.21 | ||
| Q3 25 | $0.90 | $-0.09 | ||
| Q2 25 | $0.98 | $0.18 | ||
| Q1 25 | $1.08 | $0.25 | ||
| Q4 24 | $1.25 | $-0.99 | ||
| Q3 24 | $1.27 | $0.27 | ||
| Q2 24 | $0.98 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.2B | $2.0B |
| Total DebtLower is stronger | $2.6B | $9.5B |
| Stockholders' EquityBook value | $2.2B | $6.1B |
| Total Assets | $11.9B | $20.1B |
| Debt / EquityLower = less leverage | 1.18× | 1.55× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.6B | $2.1B |
| Q1 26 | $2.6B | — | ||
| Q4 25 | — | $9.5B | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.5B | $10.4B | ||
| Q3 24 | $2.5B | $10.4B | ||
| Q2 24 | $2.5B | $10.4B |
| Q1 26 | $2.2B | — | ||
| Q4 25 | — | $6.1B | ||
| Q3 25 | $2.5B | $7.2B | ||
| Q2 25 | $2.5B | $7.3B | ||
| Q1 25 | $2.3B | $7.1B | ||
| Q4 24 | $2.2B | $7.0B | ||
| Q3 24 | $2.2B | $7.9B | ||
| Q2 24 | $2.3B | $7.6B |
| Q1 26 | $11.9B | — | ||
| Q4 25 | — | $20.1B | ||
| Q3 25 | $12.2B | $21.1B | ||
| Q2 25 | $12.3B | $21.0B | ||
| Q1 25 | $11.8B | $21.3B | ||
| Q4 24 | $11.8B | $25.8B | ||
| Q3 24 | $12.1B | $26.7B | ||
| Q2 24 | $12.0B | $26.3B |
| Q1 26 | 1.18× | — | ||
| Q4 25 | — | 1.55× | ||
| Q3 25 | 1.06× | — | ||
| Q2 25 | 0.99× | — | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 1.11× | 1.49× | ||
| Q3 24 | 1.12× | 1.33× | ||
| Q2 24 | 1.07× | 1.37× |
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 | $70.2M | $584.0M |
| Free Cash FlowOCF − Capex | $41.9M | — |
| FCF MarginFCF / Revenue | 1.1% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | 0.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $616.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $70.2M | — | ||
| Q4 25 | — | $584.0M | ||
| Q3 25 | $196.1M | $237.0M | ||
| Q2 25 | $283.7M | $217.0M | ||
| Q1 25 | $190.7M | $-193.0M | ||
| Q4 24 | $151.1M | $488.0M | ||
| Q3 24 | $298.8M | $253.0M | ||
| Q2 24 | $291.3M | $115.0M |
| Q1 26 | $41.9M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $134.1M | — | ||
| Q2 25 | $261.7M | — | ||
| Q1 25 | $178.3M | — | ||
| Q4 24 | $110.9M | — | ||
| Q3 24 | $274.5M | — | ||
| Q2 24 | $272.8M | — |
| Q1 26 | 1.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 6.7% | — | ||
| Q2 24 | 6.6% | — |
| Q1 26 | 0.7% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.4% | — |
| Q1 26 | 0.94× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 2.17× | 2.38× | ||
| Q1 25 | 1.33× | -1.53× | ||
| Q4 24 | 0.90× | — | ||
| Q3 24 | 1.73× | 1.81× | ||
| Q2 24 | 2.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACM
Segment breakdown not available.
BAX
| Other | $1.5B | 51% |
| Infusion Therapies And Technologies | $543.0M | 18% |
| Pharmaceutical Compounding | $316.0M | 11% |
| Front Line Care | $219.0M | 7% |
| Injectables And Anesthesia | $190.0M | 6% |
| Advanced Surgery | $177.0M | 6% |
