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Side-by-side financial comparison of Baxter International (BAX) and Cintas (CTAS). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.8B, roughly 1.1× Cintas). Cintas runs the higher net margin — 17.7% vs -37.9%, a 55.6% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 9.3%). Over the past eight quarters, Cintas's revenue compounded faster (7.9% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Cintas Corporation is an American corporation headquartered in Mason, Ohio, which provides a range of products and services to businesses including uniforms, mats, mops, cleaning and restroom supplies, first aid and safety products, fire extinguishers and testing, and safety courses. Cintas is a publicly held company traded on the Nasdaq Global Select Market under the symbol CTAS and is a component of the S&P 500 Index.
BAX vs CTAS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.8B |
| Net Profit | $-1.1B | $495.3M |
| Gross Margin | 19.4% | 50.4% |
| Operating Margin | -24.5% | 23.4% |
| Net Margin | -37.9% | 17.7% |
| Revenue YoY | 458.0% | 9.3% |
| Net Profit YoY | -120.3% | 10.4% |
| EPS (diluted) | $-2.21 | $1.21 |
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 | $3.0B | $2.8B | ||
| Q3 25 | $2.8B | $2.7B | ||
| Q2 25 | $2.8B | $2.7B | ||
| Q1 25 | $2.6B | $2.6B | ||
| Q4 24 | $533.0M | $2.6B | ||
| Q3 24 | $2.7B | $2.5B | ||
| Q2 24 | $3.8B | $2.5B | ||
| Q1 24 | $3.6B | $2.4B |
| Q4 25 | $-1.1B | $495.3M | ||
| Q3 25 | $-46.0M | $491.1M | ||
| Q2 25 | $91.0M | $448.3M | ||
| Q1 25 | $126.0M | $463.5M | ||
| Q4 24 | $-512.0M | $448.5M | ||
| Q3 24 | $140.0M | $452.0M | ||
| Q2 24 | $-314.0M | $414.3M | ||
| Q1 24 | $37.0M | $397.6M |
| Q4 25 | 19.4% | 50.4% | ||
| Q3 25 | 33.5% | 50.3% | ||
| Q2 25 | 35.3% | 49.7% | ||
| Q1 25 | 32.8% | 50.6% | ||
| Q4 24 | 25.0% | 49.8% | ||
| Q3 24 | 38.3% | 50.1% | ||
| Q2 24 | 37.5% | — | ||
| Q1 24 | 38.6% | — |
| Q4 25 | -24.5% | 23.4% | ||
| Q3 25 | 6.1% | 22.7% | ||
| Q2 25 | 6.8% | 22.4% | ||
| Q1 25 | 2.2% | 23.4% | ||
| Q4 24 | -25.5% | 23.1% | ||
| Q3 24 | 5.7% | 22.4% | ||
| Q2 24 | -5.0% | 22.2% | ||
| Q1 24 | 5.2% | 21.6% |
| Q4 25 | -37.9% | 17.7% | ||
| Q3 25 | -1.6% | 18.1% | ||
| Q2 25 | 3.2% | 16.8% | ||
| Q1 25 | 4.8% | 17.8% | ||
| Q4 24 | -96.1% | 17.5% | ||
| Q3 24 | 5.2% | 18.1% | ||
| Q2 24 | -8.2% | 16.8% | ||
| Q1 24 | 1.0% | 16.5% |
| Q4 25 | $-2.21 | $1.21 | ||
| Q3 25 | $-0.09 | $1.20 | ||
| Q2 25 | $0.18 | $1.08 | ||
| Q1 25 | $0.25 | $1.13 | ||
| Q4 24 | $-0.99 | $1.09 | ||
| Q3 24 | $0.27 | $1.10 | ||
| Q2 24 | $-0.62 | $4.00 | ||
| Q1 24 | $0.07 | $3.84 |
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 | $200.8M |
| Total DebtLower is stronger | $9.5B | $2.4B |
| Stockholders' EquityBook value | $6.1B | $4.5B |
| Total Assets | $20.1B | $10.1B |
| Debt / EquityLower = less leverage | 1.55× | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $200.8M | ||
| Q3 25 | $1.7B | $138.1M | ||
| Q2 25 | $1.7B | $264.0M | ||
| Q1 25 | $2.3B | $243.4M | ||
| Q4 24 | $1.8B | $122.4M | ||
| Q3 24 | $1.4B | $101.4M | ||
| Q2 24 | $2.1B | $342.0M | ||
| Q1 24 | $3.0B | $128.5M |
| Q4 25 | $9.5B | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $10.4B | $2.0B | ||
| Q3 24 | $10.4B | $2.0B | ||
| Q2 24 | $10.4B | $2.0B | ||
| Q1 24 | $11.1B | $2.5B |
| Q4 25 | $6.1B | $4.5B | ||
| Q3 25 | $7.2B | $4.8B | ||
| Q2 25 | $7.3B | $4.7B | ||
| Q1 25 | $7.1B | $4.6B | ||
| Q4 24 | $7.0B | $4.3B | ||
| Q3 24 | $7.9B | $4.0B | ||
| Q2 24 | $7.6B | $4.3B | ||
| Q1 24 | $8.2B | $4.2B |
| Q4 25 | $20.1B | $10.1B | ||
| Q3 25 | $21.1B | $9.8B | ||
| Q2 25 | $21.0B | $9.8B | ||
| Q1 25 | $21.3B | $9.6B | ||
| Q4 24 | $25.8B | $9.4B | ||
| Q3 24 | $26.7B | $9.1B | ||
| Q2 24 | $26.3B | $9.2B | ||
| Q1 24 | $27.8B | $9.0B |
| Q4 25 | 1.55× | 0.54× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | 1.49× | 0.47× | ||
| Q3 24 | 1.33× | 0.50× | ||
| Q2 24 | 1.37× | 0.47× | ||
| Q1 24 | 1.36× | 0.58× |
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 | $531.2M |
| Free Cash FlowOCF − Capex | — | $425.0M |
| FCF MarginFCF / Revenue | — | 15.2% |
| Capex IntensityCapex / Revenue | — | 3.8% |
| Cash ConversionOCF / Net Profit | — | 1.07× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.8B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $531.2M | ||
| Q3 25 | $237.0M | $414.5M | ||
| Q2 25 | $217.0M | $635.7M | ||
| Q1 25 | $-193.0M | $622.0M | ||
| Q4 24 | $488.0M | $441.4M | ||
| Q3 24 | $253.0M | $466.7M | ||
| Q2 24 | $115.0M | $693.0M | ||
| Q1 24 | $163.0M | $657.1M |
| Q4 25 | — | $425.0M | ||
| Q3 25 | — | $312.5M | ||
| Q2 25 | — | $521.1M | ||
| Q1 25 | — | $522.1M | ||
| Q4 24 | — | $340.0M | ||
| Q3 24 | — | $373.8M | ||
| Q2 24 | — | $591.1M | ||
| Q1 24 | — | $550.1M |
| Q4 25 | — | 15.2% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | — | 19.5% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 23.9% | ||
| Q1 24 | — | 22.9% |
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 3.8% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 3.8% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 4.4% |
| Q4 25 | — | 1.07× | ||
| Q3 25 | — | 0.84× | ||
| Q2 25 | 2.38× | 1.42× | ||
| Q1 25 | -1.53× | 1.34× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | 1.81× | 1.03× | ||
| Q2 24 | — | 1.67× | ||
| Q1 24 | 4.41× | 1.65× |
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% |
CTAS
| Uniform Rental And Facility Services Segment | $2.2B | 77% |
| First Aid And Safety Services Segment | $342.2M | 12% |
| Fire Protection Services | $222.5M | 8% |
| Uniform Direct Sales | $79.8M | 3% |
