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Side-by-side financial comparison of Baxter International (BAX) and CASEYS GENERAL STORES INC (CASY). Click either name above to swap in a different company.
CASEYS GENERAL STORES INC is the larger business by last-quarter revenue ($4.5B vs $3.0B, roughly 1.5× Baxter International). CASEYS GENERAL STORES INC runs the higher net margin — 4.6% vs -37.9%, a 42.5% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 14.2%). Over the past eight quarters, CASEYS GENERAL STORES INC's revenue compounded faster (16.3% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Casey's Retail Company is a chain of convenience stores in the Midwestern and Southern United States. The company is headquartered in Ankeny, Iowa, a suburb of Des Moines. As of October 1, 2023, Casey's had 2,500 stores in 16 states. Following 7-Eleven's purchase of Speedway, Casey's is the third-largest convenience store chain in the United States and the largest that is wholly American-owned. It is one of two Iowa-based Fortune 500 companies. Casey's is famous for their pizza, including a b...
BAX vs CASY — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $4.5B |
| Net Profit | $-1.1B | $206.3M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 6.1% |
| Net Margin | -37.9% | 4.6% |
| Revenue YoY | 458.0% | 14.2% |
| Net Profit YoY | -120.3% | 14.0% |
| EPS (diluted) | $-2.21 | $5.53 |
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 | $4.5B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $2.8B | $4.0B | ||
| Q1 25 | $2.6B | $3.9B | ||
| Q4 24 | $533.0M | $3.9B | ||
| Q3 24 | $2.7B | $4.1B | ||
| Q2 24 | $3.8B | $3.6B | ||
| Q1 24 | $3.6B | $3.3B |
| Q4 25 | $-1.1B | $206.3M | ||
| Q3 25 | $-46.0M | $215.4M | ||
| Q2 25 | $91.0M | $98.3M | ||
| Q1 25 | $126.0M | $87.1M | ||
| Q4 24 | $-512.0M | $180.9M | ||
| Q3 24 | $140.0M | $180.2M | ||
| Q2 24 | $-314.0M | $87.0M | ||
| Q1 24 | $37.0M | $86.9M |
| Q4 25 | 19.4% | — | ||
| Q3 25 | 33.5% | — | ||
| Q2 25 | 35.3% | — | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | 38.3% | — | ||
| Q2 24 | 37.5% | — | ||
| Q1 24 | 38.6% | — |
| Q4 25 | -24.5% | 6.1% | ||
| Q3 25 | 6.1% | 6.1% | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 2.2% | 2.8% | ||
| Q4 24 | -25.5% | 6.1% | ||
| Q3 24 | 5.7% | 5.8% | ||
| Q2 24 | -5.0% | — | ||
| Q1 24 | 5.2% | 3.4% |
| Q4 25 | -37.9% | 4.6% | ||
| Q3 25 | -1.6% | 4.7% | ||
| Q2 25 | 3.2% | 2.5% | ||
| Q1 25 | 4.8% | 2.2% | ||
| Q4 24 | -96.1% | 4.6% | ||
| Q3 24 | 5.2% | 4.4% | ||
| Q2 24 | -8.2% | 2.4% | ||
| Q1 24 | 1.0% | 2.6% |
| Q4 25 | $-2.21 | $5.53 | ||
| Q3 25 | $-0.09 | $5.77 | ||
| Q2 25 | $0.18 | $2.63 | ||
| Q1 25 | $0.25 | $2.33 | ||
| Q4 24 | $-0.99 | $4.85 | ||
| Q3 24 | $0.27 | $4.83 | ||
| Q2 24 | $-0.62 | $2.34 | ||
| Q1 24 | $0.07 | $2.33 |
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 | $492.0M |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | $3.8B |
| Total Assets | $20.1B | $8.6B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $492.0M | ||
| Q3 25 | $1.7B | $458.1M | ||
| Q2 25 | $1.7B | $326.7M | ||
| Q1 25 | $2.3B | $394.8M | ||
| Q4 24 | $1.8B | $351.7M | ||
| Q3 24 | $1.4B | $305.0M | ||
| Q2 24 | $2.1B | $206.5M | ||
| Q1 24 | $3.0B | $177.9M |
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | $1.6B | ||
| Q1 24 | $11.1B | — |
| Q4 25 | $6.1B | $3.8B | ||
| Q3 25 | $7.2B | $3.6B | ||
| Q2 25 | $7.3B | $3.5B | ||
| Q1 25 | $7.1B | $3.4B | ||
| Q4 24 | $7.0B | $3.3B | ||
| Q3 24 | $7.9B | $3.2B | ||
| Q2 24 | $7.6B | $3.0B | ||
| Q1 24 | $8.2B | $2.9B |
| Q4 25 | $20.1B | $8.6B | ||
| Q3 25 | $21.1B | $8.4B | ||
| Q2 25 | $21.0B | $8.2B | ||
| Q1 25 | $21.3B | $8.2B | ||
| Q4 24 | $25.8B | $7.7B | ||
| Q3 24 | $26.7B | $6.5B | ||
| Q2 24 | $26.3B | $6.3B | ||
| Q1 24 | $27.8B | $6.2B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.69× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | 0.52× | ||
| 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 | $347.1M |
| Free Cash FlowOCF − Capex | — | $176.0M |
| FCF MarginFCF / Revenue | — | 3.9% |
| Capex IntensityCapex / Revenue | — | 3.8% |
| Cash ConversionOCF / Net Profit | — | 1.68× |
| TTM Free Cash FlowTrailing 4 quarters | — | $682.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $347.1M | ||
| Q3 25 | $237.0M | $372.4M | ||
| Q2 25 | $217.0M | $333.9M | ||
| Q1 25 | $-193.0M | $204.9M | ||
| Q4 24 | $488.0M | $270.7M | ||
| Q3 24 | $253.0M | $281.4M | ||
| Q2 24 | $115.0M | $288.4M | ||
| Q1 24 | $163.0M | $122.8M |
| Q4 25 | — | $176.0M | ||
| Q3 25 | — | $262.4M | ||
| Q2 25 | — | $153.1M | ||
| Q1 25 | — | $90.7M | ||
| Q4 24 | — | $160.0M | ||
| Q3 24 | — | $180.8M | ||
| Q2 24 | — | $92.1M | ||
| Q1 24 | — | $-27.0M |
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | -0.8% |
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 4.5% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | 4.5% |
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | 2.38× | 3.40× | ||
| Q1 25 | -1.53× | 2.35× | ||
| Q4 24 | — | 1.50× | ||
| Q3 24 | 1.81× | 1.56× | ||
| Q2 24 | — | 3.31× | ||
| Q1 24 | 4.41× | 1.41× |
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% |
CASY
Segment breakdown not available.
