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Side-by-side financial comparison of Baxter International (BAX) and Bath & Body Works, Inc. (BBWI). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $1.6B, roughly 1.9× Bath & Body Works, Inc.). Bath & Body Works, Inc. runs the higher net margin — 4.8% vs -37.9%, a 42.8% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs -1.0%). Over the past eight quarters, Baxter International's revenue compounded faster (-9.0% CAGR vs -26.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Bath & Body Works, Inc. is an American specialty retail company based in Columbus, Ohio. It owns Bath & Body Works, posted $7.4 billion in revenue in 2023, and was listed as 481 on the 2024 Fortune 500 list of largest United States companies by revenue.
BAX vs BBWI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $1.6B |
| Net Profit | $-1.1B | $77.0M |
| Gross Margin | 19.4% | 41.3% |
| Operating Margin | -24.5% | 10.1% |
| Net Margin | -37.9% | 4.8% |
| Revenue YoY | 458.0% | -1.0% |
| Net Profit YoY | -120.3% | -27.4% |
| EPS (diluted) | $-2.21 | $0.37 |
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 | $3.0B | $1.6B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.8B | $1.4B | ||
| Q1 25 | $2.6B | $2.8B | ||
| Q4 24 | $533.0M | $1.6B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $3.8B | $1.4B | ||
| Q1 24 | $3.6B | $2.9B |
| Q4 25 | $-1.1B | $77.0M | ||
| Q3 25 | $-46.0M | $64.0M | ||
| Q2 25 | $91.0M | $105.0M | ||
| Q1 25 | $126.0M | $453.0M | ||
| Q4 24 | $-512.0M | $106.0M | ||
| Q3 24 | $140.0M | $152.0M | ||
| Q2 24 | $-314.0M | $87.0M | ||
| Q1 24 | $37.0M | $579.0M |
| Q4 25 | 19.4% | 41.3% | ||
| Q3 25 | 33.5% | 41.3% | ||
| Q2 25 | 35.3% | 45.4% | ||
| Q1 25 | 32.8% | 46.7% | ||
| Q4 24 | 25.0% | 43.5% | ||
| Q3 24 | 38.3% | 41.0% | ||
| Q2 24 | 37.5% | 43.8% | ||
| Q1 24 | 38.6% | 45.9% |
| Q4 25 | -24.5% | 10.1% | ||
| Q3 25 | 6.1% | 10.1% | ||
| Q2 25 | 6.8% | 14.7% | ||
| Q1 25 | 2.2% | 24.3% | ||
| Q4 24 | -25.5% | 13.5% | ||
| Q3 24 | 5.7% | 12.0% | ||
| Q2 24 | -5.0% | 13.5% | ||
| Q1 24 | 5.2% | 23.9% |
| Q4 25 | -37.9% | 4.8% | ||
| Q3 25 | -1.6% | 4.1% | ||
| Q2 25 | 3.2% | 7.4% | ||
| Q1 25 | 4.8% | 16.3% | ||
| Q4 24 | -96.1% | 6.6% | ||
| Q3 24 | 5.2% | 10.0% | ||
| Q2 24 | -8.2% | 6.3% | ||
| Q1 24 | 1.0% | 19.9% |
| Q4 25 | $-2.21 | $0.37 | ||
| Q3 25 | $-0.09 | $0.30 | ||
| Q2 25 | $0.18 | $0.49 | ||
| Q1 25 | $0.25 | $2.06 | ||
| Q4 24 | $-0.99 | $0.49 | ||
| Q3 24 | $0.27 | $0.68 | ||
| Q2 24 | $-0.62 | $0.38 | ||
| Q1 24 | $0.07 | $2.54 |
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 | $236.0M |
| Total DebtLower is stronger | $9.5B | $3.9B |
| Stockholders' EquityBook value | $6.1B | $-1.6B |
| Total Assets | $20.1B | $5.0B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $236.0M | ||
| Q3 25 | $1.7B | $364.0M | ||
| Q2 25 | $1.7B | $636.0M | ||
| Q1 25 | $2.3B | $674.0M | ||
| Q4 24 | $1.8B | $191.0M | ||
| Q3 24 | $1.4B | $514.0M | ||
| Q2 24 | $2.1B | $855.0M | ||
| Q1 24 | $3.0B | $1.1B |
| Q4 25 | $9.5B | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | $10.4B | $4.2B | ||
| Q3 24 | $10.4B | $4.2B | ||
| Q2 24 | $10.4B | $4.3B | ||
| Q1 24 | $11.1B | $4.4B |
| Q4 25 | $6.1B | $-1.6B | ||
| Q3 25 | $7.2B | $-1.5B | ||
| Q2 25 | $7.3B | $-1.5B | ||
| Q1 25 | $7.1B | $-1.4B | ||
| Q4 24 | $7.0B | $-1.7B | ||
| Q3 24 | $7.9B | $-1.7B | ||
| Q2 24 | $7.6B | $-1.7B | ||
| Q1 24 | $8.2B | $-1.6B |
| Q4 25 | $20.1B | $5.0B | ||
| Q3 25 | $21.1B | $4.8B | ||
| Q2 25 | $21.0B | $4.9B | ||
| Q1 25 | $21.3B | $4.9B | ||
| Q4 24 | $25.8B | $5.0B | ||
| Q3 24 | $26.7B | $4.9B | ||
| Q2 24 | $26.3B | $5.2B | ||
| Q1 24 | $27.8B | $5.5B |
| 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 | $584.0M | $80.0M |
| Free Cash FlowOCF − Capex | — | $-1.0M |
| FCF MarginFCF / Revenue | — | -0.1% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | — | 1.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $946.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $80.0M | ||
| Q3 25 | $237.0M | $-43.0M | ||
| Q2 25 | $217.0M | $188.0M | ||
| Q1 25 | $-193.0M | $955.0M | ||
| Q4 24 | $488.0M | $-99.0M | ||
| Q3 24 | $253.0M | $-46.0M | ||
| Q2 24 | $115.0M | $76.0M | ||
| Q1 24 | $163.0M | $926.0M |
| Q4 25 | — | $-1.0M | ||
| Q3 25 | — | $-99.0M | ||
| Q2 25 | — | $151.0M | ||
| Q1 25 | — | $895.0M | ||
| Q4 24 | — | $-164.0M | ||
| Q3 24 | — | $-101.0M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | — | $878.0M |
| Q4 25 | — | -0.1% | ||
| Q3 25 | — | -6.4% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 32.1% | ||
| Q4 24 | — | -10.2% | ||
| Q3 24 | — | -6.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 30.2% |
| Q4 25 | — | 5.1% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 1.6% |
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | -0.67× | ||
| Q2 25 | 2.38× | 1.79× | ||
| Q1 25 | -1.53× | 2.11× | ||
| Q4 24 | — | -0.93× | ||
| Q3 24 | 1.81× | -0.30× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | 4.41× | 1.60× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
BBWI
| Bath Body Works Stores | $1.2B | 77% |
| Bath Body Works Direct | $299.0M | 19% |
| Bath Body Works International | $73.0M | 5% |
