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Side-by-side financial comparison of Air Products (APD) and Baxter International (BAX). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $3.0B, roughly 1.0× Baxter International). Air Products runs the higher net margin — 21.9% vs -37.9%, a 59.8% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 5.8%). Over the past eight quarters, Air Products's revenue compounded faster (2.9% CAGR vs -9.0%).
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
APD vs BAX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $3.0B |
| Net Profit | $678.2M | $-1.1B |
| Gross Margin | 32.1% | 19.4% |
| Operating Margin | 23.7% | -24.5% |
| Net Margin | 21.9% | -37.9% |
| Revenue YoY | 5.8% | 458.0% |
| Net Profit YoY | 9.8% | -120.3% |
| EPS (diluted) | $3.04 | $-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 | $3.1B | $3.0B | ||
| Q3 25 | $3.2B | $2.8B | ||
| Q2 25 | $3.0B | $2.8B | ||
| Q1 25 | $2.9B | $2.6B | ||
| Q4 24 | $2.9B | $533.0M | ||
| Q3 24 | $3.2B | $2.7B | ||
| Q2 24 | $3.0B | $3.8B | ||
| Q1 24 | $2.9B | $3.6B |
| Q4 25 | $678.2M | $-1.1B | ||
| Q3 25 | $4.9M | $-46.0M | ||
| Q2 25 | $713.8M | $91.0M | ||
| Q1 25 | $-1.7B | $126.0M | ||
| Q4 24 | $617.4M | $-512.0M | ||
| Q3 24 | $1.9B | $140.0M | ||
| Q2 24 | $696.6M | $-314.0M | ||
| Q1 24 | $572.4M | $37.0M |
| Q4 25 | 32.1% | 19.4% | ||
| Q3 25 | 32.3% | 33.5% | ||
| Q2 25 | 32.5% | 35.3% | ||
| Q1 25 | 29.6% | 32.8% | ||
| Q4 24 | 31.2% | 25.0% | ||
| Q3 24 | 34.0% | 38.3% | ||
| Q2 24 | 32.8% | 37.5% | ||
| Q1 24 | 32.0% | 38.6% |
| Q4 25 | 23.7% | -24.5% | ||
| Q3 25 | 0.5% | 6.1% | ||
| Q2 25 | 26.2% | 6.8% | ||
| Q1 25 | -79.8% | 2.2% | ||
| Q4 24 | 22.0% | -25.5% | ||
| Q3 24 | 76.1% | 5.7% | ||
| Q2 24 | 24.7% | -5.0% | ||
| Q1 24 | 21.7% | 5.2% |
| Q4 25 | 21.9% | -37.9% | ||
| Q3 25 | 0.2% | -1.6% | ||
| Q2 25 | 23.6% | 3.2% | ||
| Q1 25 | -59.3% | 4.8% | ||
| Q4 24 | 21.1% | -96.1% | ||
| Q3 24 | 61.2% | 5.2% | ||
| Q2 24 | 23.3% | -8.2% | ||
| Q1 24 | 19.5% | 1.0% |
| Q4 25 | $3.04 | $-2.21 | ||
| Q3 25 | $0.03 | $-0.09 | ||
| Q2 25 | $3.20 | $0.18 | ||
| Q1 25 | $-7.77 | $0.25 | ||
| Q4 24 | $2.77 | $-0.99 | ||
| Q3 24 | $8.75 | $0.27 | ||
| Q2 24 | $3.13 | $-0.62 | ||
| Q1 24 | $2.57 | $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 | $1.0B | $2.0B |
| Total DebtLower is stronger | — | $9.5B |
| Stockholders' EquityBook value | $15.4B | $6.1B |
| Total Assets | $41.2B | $20.1B |
| Debt / EquityLower = less leverage | — | 1.55× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $1.9B | $1.7B | ||
| Q2 25 | $2.3B | $1.7B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $2.0B | $1.8B | ||
| Q3 24 | $3.0B | $1.4B | ||
| Q2 24 | $2.4B | $2.1B | ||
| Q1 24 | $2.6B | $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 | $15.4B | $6.1B | ||
| Q3 25 | $15.0B | $7.2B | ||
| Q2 25 | $15.5B | $7.3B | ||
| Q1 25 | $14.7B | $7.1B | ||
| Q4 24 | $16.7B | $7.0B | ||
| Q3 24 | $17.0B | $7.9B | ||
| Q2 24 | $15.1B | $7.6B | ||
| Q1 24 | $14.9B | $8.2B |
| Q4 25 | $41.2B | $20.1B | ||
| Q3 25 | $41.1B | $21.1B | ||
| Q2 25 | $41.7B | $21.0B | ||
| Q1 25 | $38.9B | $21.3B | ||
| Q4 24 | $40.0B | $25.8B | ||
| Q3 24 | $39.6B | $26.7B | ||
| Q2 24 | $37.0B | $26.3B | ||
| Q1 24 | $35.9B | $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 | $900.7M | $584.0M |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $584.0M | ||
| Q3 25 | — | $237.0M | ||
| Q2 25 | $855.8M | $217.0M | ||
| Q1 25 | $328.1M | $-193.0M | ||
| Q4 24 | $811.7M | $488.0M | ||
| Q3 24 | — | $253.0M | ||
| Q2 24 | $1.3B | $115.0M | ||
| Q1 24 | $801.7M | $163.0M |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | — |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | — |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | 2.38× | ||
| Q1 25 | — | -1.53× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.40× | 4.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
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% |
