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Side-by-side financial comparison of Baxter International (BAX) and Cushman & Wakefield Ltd. (CWK). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $2.7B, roughly 1.1× Baxter International). Baxter International runs the higher net margin — -0.6% vs -0.8%, a 0.2% gap on every dollar of revenue. On growth, Cushman & Wakefield Ltd. posted the faster year-over-year revenue change (10.8% vs 3.0%). Cushman & Wakefield Ltd. produced more free cash flow last quarter ($234.3M vs $76.0M). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
BAX vs CWK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $2.9B |
| Net Profit | $-15.0M | $-22.4M |
| Gross Margin | 33.0% | — |
| Operating Margin | 2.4% | 6.1% |
| Net Margin | -0.6% | -0.8% |
| Revenue YoY | 3.0% | 10.8% |
| Net Profit YoY | — | -119.8% |
| EPS (diluted) | $-0.03 | $-0.10 |
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.
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.0B | $2.9B | ||
| Q3 25 | $2.8B | $2.6B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | $2.6B | $2.3B | ||
| Q4 24 | $533.0M | $2.6B | ||
| Q3 24 | $2.7B | $2.3B | ||
| Q2 24 | $3.8B | $2.3B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $-22.4M | ||
| Q3 25 | $-46.0M | $51.4M | ||
| Q2 25 | $91.0M | $57.3M | ||
| Q1 25 | $126.0M | $1.9M | ||
| Q4 24 | $-512.0M | $112.9M | ||
| Q3 24 | $140.0M | $33.7M | ||
| Q2 24 | $-314.0M | $13.5M |
| Q1 26 | 33.0% | — | ||
| 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 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 6.1% | ||
| Q3 25 | 6.1% | 4.1% | ||
| Q2 25 | 6.8% | 4.9% | ||
| Q1 25 | 2.2% | 2.0% | ||
| Q4 24 | -25.5% | 6.6% | ||
| Q3 24 | 5.7% | 3.2% | ||
| Q2 24 | -5.0% | 3.1% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | -0.8% | ||
| Q3 25 | -1.6% | 2.0% | ||
| Q2 25 | 3.2% | 2.3% | ||
| Q1 25 | 4.8% | 0.1% | ||
| Q4 24 | -96.1% | 4.3% | ||
| Q3 24 | 5.2% | 1.4% | ||
| Q2 24 | -8.2% | 0.6% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $-0.10 | ||
| Q3 25 | $-0.09 | $0.22 | ||
| Q2 25 | $0.18 | $0.25 | ||
| Q1 25 | $0.25 | $0.01 | ||
| Q4 24 | $-0.99 | $0.49 | ||
| Q3 24 | $0.27 | $0.14 | ||
| Q2 24 | $-0.62 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $784.2M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | — | $2.0B |
| Total Assets | — | $7.7B |
| Debt / EquityLower = less leverage | — | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $784.2M | ||
| Q3 25 | $1.7B | $634.4M | ||
| Q2 25 | $1.7B | $618.2M | ||
| Q1 25 | $2.3B | $623.2M | ||
| Q4 24 | $1.8B | $793.3M | ||
| Q3 24 | $1.4B | $775.4M | ||
| Q2 24 | $2.1B | $567.3M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $10.4B | $3.0B | ||
| Q3 24 | $10.4B | $3.1B | ||
| Q2 24 | $10.4B | $3.1B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $2.0B | ||
| Q3 25 | $7.2B | $2.0B | ||
| Q2 25 | $7.3B | $1.9B | ||
| Q1 25 | $7.1B | $1.8B | ||
| Q4 24 | $7.0B | $1.8B | ||
| Q3 24 | $7.9B | $1.7B | ||
| Q2 24 | $7.6B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $7.7B | ||
| Q3 25 | $21.1B | $7.7B | ||
| Q2 25 | $21.0B | $7.6B | ||
| Q1 25 | $21.3B | $7.4B | ||
| Q4 24 | $25.8B | $7.5B | ||
| Q3 24 | $26.7B | $7.5B | ||
| Q2 24 | $26.3B | $7.3B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 1.40× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | 1.49× | 1.73× | ||
| Q3 24 | 1.33× | 1.81× | ||
| Q2 24 | 1.37× | 1.91× |
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 | — | $257.3M |
| Free Cash FlowOCF − Capex | $76.0M | $234.3M |
| FCF MarginFCF / Revenue | 2.8% | 8.0% |
| Capex IntensityCapex / Revenue | 5.1% | 0.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $293.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $257.3M | ||
| Q3 25 | $237.0M | $235.5M | ||
| Q2 25 | $217.0M | $9.6M | ||
| Q1 25 | $-193.0M | $-162.0M | ||
| Q4 24 | $488.0M | $115.2M | ||
| Q3 24 | $253.0M | $196.1M | ||
| Q2 24 | $115.0M | $21.8M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $234.3M | ||
| Q3 25 | — | $225.0M | ||
| Q2 25 | — | $300.0K | ||
| Q1 25 | — | $-166.6M | ||
| Q4 24 | — | $105.9M | ||
| Q3 24 | — | $186.7M | ||
| Q2 24 | — | $10.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 8.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | -7.3% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | — | 0.4% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 4.58× | ||
| Q2 25 | 2.38× | 0.17× | ||
| Q1 25 | -1.53× | -85.26× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | 1.81× | 5.82× | ||
| Q2 24 | — | 1.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
