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Side-by-side financial comparison of Arista Networks (ANET) and Baxter International (BAX). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.5B, roughly 1.2× Arista Networks). Arista Networks runs the higher net margin — 38.4% vs -37.9%, a 76.3% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 28.9%). Over the past eight quarters, Arista Networks's revenue compounded faster (25.8% CAGR vs -9.0%).
Arista Networks, Inc. is an American computer networking company headquartered in Santa Clara, California. The company designs and sells multilayer network switches to deliver software-defined networking (SDN) for large datacenter, cloud computing, high-performance computing, and high-frequency trading environments. These products include 10/25/40/50/100/200/400/800 gigabit low-latency cut-through Ethernet switches. Arista's Linux-based network operating system, Extensible Operating System (E...
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
ANET vs BAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.5B | $3.0B |
| Net Profit | $955.8M | $-1.1B |
| Gross Margin | 62.9% | 19.4% |
| Operating Margin | 41.5% | -24.5% |
| Net Margin | 38.4% | -37.9% |
| Revenue YoY | 28.9% | 458.0% |
| Net Profit YoY | 19.3% | -120.3% |
| EPS (diluted) | $0.74 | $-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.
| Q4 25 | $2.5B | $3.0B | ||
| Q3 25 | $2.3B | $2.8B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.0B | $2.6B | ||
| Q4 24 | $1.9B | $533.0M | ||
| Q3 24 | $1.8B | $2.7B | ||
| Q2 24 | $1.7B | $3.8B | ||
| Q1 24 | $1.6B | $3.6B |
| Q4 25 | $955.8M | $-1.1B | ||
| Q3 25 | $853.0M | $-46.0M | ||
| Q2 25 | $888.8M | $91.0M | ||
| Q1 25 | $813.8M | $126.0M | ||
| Q4 24 | $801.0M | $-512.0M | ||
| Q3 24 | $747.9M | $140.0M | ||
| Q2 24 | $665.4M | $-314.0M | ||
| Q1 24 | $637.7M | $37.0M |
| Q4 25 | 62.9% | 19.4% | ||
| Q3 25 | 64.6% | 33.5% | ||
| Q2 25 | 65.2% | 35.3% | ||
| Q1 25 | 63.7% | 32.8% | ||
| Q4 24 | 63.8% | 25.0% | ||
| Q3 24 | 64.2% | 38.3% | ||
| Q2 24 | 64.9% | 37.5% | ||
| Q1 24 | 63.7% | 38.6% |
| Q4 25 | 41.5% | -24.5% | ||
| Q3 25 | 42.4% | 6.1% | ||
| Q2 25 | 44.7% | 6.8% | ||
| Q1 25 | 42.8% | 2.2% | ||
| Q4 24 | 41.4% | -25.5% | ||
| Q3 24 | 43.4% | 5.7% | ||
| Q2 24 | 41.4% | -5.0% | ||
| Q1 24 | 42.0% | 5.2% |
| Q4 25 | 38.4% | -37.9% | ||
| Q3 25 | 37.0% | -1.6% | ||
| Q2 25 | 40.3% | 3.2% | ||
| Q1 25 | 40.6% | 4.8% | ||
| Q4 24 | 41.5% | -96.1% | ||
| Q3 24 | 41.3% | 5.2% | ||
| Q2 24 | 39.4% | -8.2% | ||
| Q1 24 | 40.6% | 1.0% |
| Q4 25 | $0.74 | $-2.21 | ||
| Q3 25 | $0.67 | $-0.09 | ||
| Q2 25 | $0.70 | $0.18 | ||
| Q1 25 | $0.64 | $0.25 | ||
| Q4 24 | $-4.17 | $-0.99 | ||
| Q3 24 | $2.33 | $0.27 | ||
| Q2 24 | $2.08 | $-0.62 | ||
| Q1 24 | $1.99 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.0B | $2.0B |
| Total DebtLower is stronger | — | $9.5B |
| Stockholders' EquityBook value | $12.4B | $6.1B |
| Total Assets | $19.4B | $20.1B |
| Debt / EquityLower = less leverage | — | 1.55× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $2.0B | ||
| Q3 25 | $2.3B | $1.7B | ||
| Q2 25 | $2.2B | $1.7B | ||
| Q1 25 | $1.8B | $2.3B | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $3.2B | $1.4B | ||
| Q2 24 | $2.4B | $2.1B | ||
| Q1 24 | $2.1B | $3.0B |
| Q4 25 | — | $9.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $10.4B | ||
| Q3 24 | — | $10.4B | ||
| Q2 24 | — | $10.4B | ||
| Q1 24 | — | $11.1B |
| Q4 25 | $12.4B | $6.1B | ||
| Q3 25 | $11.9B | $7.2B | ||
| Q2 25 | $10.9B | $7.3B | ||
| Q1 25 | $10.1B | $7.1B | ||
| Q4 24 | $10.0B | $7.0B | ||
| Q3 24 | $9.2B | $7.9B | ||
| Q2 24 | $8.4B | $7.6B | ||
| Q1 24 | $7.9B | $8.2B |
| Q4 25 | $19.4B | $20.1B | ||
| Q3 25 | $18.0B | $21.1B | ||
| Q2 25 | $16.5B | $21.0B | ||
| Q1 25 | $14.5B | $21.3B | ||
| Q4 24 | $14.0B | $25.8B | ||
| Q3 24 | $12.8B | $26.7B | ||
| Q2 24 | $11.6B | $26.3B | ||
| Q1 24 | $10.6B | $27.8B |
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.37× | ||
| Q1 24 | — | 1.36× |
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 | $1.3B | $584.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $584.0M | ||
| Q3 25 | $1.3B | $237.0M | ||
| Q2 25 | $1.2B | $217.0M | ||
| Q1 25 | $641.7M | $-193.0M | ||
| Q4 24 | $1.0B | $488.0M | ||
| Q3 24 | $1.2B | $253.0M | ||
| Q2 24 | $989.0M | $115.0M | ||
| Q1 24 | $513.8M | $163.0M |
| Q4 25 | — | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $613.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $504.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | 53.6% | — | ||
| Q2 25 | 53.3% | — | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 64.5% | — | ||
| Q2 24 | 58.3% | — | ||
| Q1 24 | 32.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.6% | — |
| Q4 25 | 1.32× | — | ||
| Q3 25 | 1.49× | — | ||
| Q2 25 | 1.35× | 2.38× | ||
| Q1 25 | 0.79× | -1.53× | ||
| Q4 24 | 1.29× | — | ||
| Q3 24 | 1.57× | 1.81× | ||
| Q2 24 | 1.49× | — | ||
| Q1 24 | 0.81× | 4.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
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% |
