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Side-by-side financial comparison of Baxter International (BAX) and Digital Realty (DLR). 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 1.8× Digital Realty). Digital Realty runs the higher net margin — 6.0% vs -37.9%, a 44.0% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 16.1%). Over the past eight quarters, Digital Realty's revenue compounded faster (9.8% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Digital Realty is a real estate investment trust that owns, operates and invests in carrier-neutral data centers across the world. The company offers data center, colocation, and interconnection services.
BAX vs DLR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $1.6B |
| Net Profit | $-1.1B | $98.6M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 6.9% |
| Net Margin | -37.9% | 6.0% |
| Revenue YoY | 458.0% | 16.1% |
| Net Profit YoY | -120.3% | -10.3% |
| EPS (diluted) | $-2.21 | $0.22 |
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 | — | $1.6B | ||
| Q4 25 | $3.0B | $1.6B | ||
| Q3 25 | $2.8B | $1.6B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $533.0M | $1.4B | ||
| Q3 24 | $2.7B | $1.4B | ||
| Q2 24 | $3.8B | $1.4B |
| Q1 26 | — | $98.6M | ||
| Q4 25 | $-1.1B | $98.6M | ||
| Q3 25 | $-46.0M | $67.8M | ||
| Q2 25 | $91.0M | $1.0B | ||
| Q1 25 | $126.0M | $110.0M | ||
| Q4 24 | $-512.0M | $189.6M | ||
| Q3 24 | $140.0M | $51.2M | ||
| Q2 24 | $-314.0M | $80.2M |
| Q1 26 | — | — | ||
| 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 | — | 6.9% | ||
| Q4 25 | -24.5% | 6.9% | ||
| Q3 25 | 6.1% | 8.8% | ||
| Q2 25 | 6.8% | 14.2% | ||
| Q1 25 | 2.2% | 13.9% | ||
| Q4 24 | -25.5% | 10.1% | ||
| Q3 24 | 5.7% | 11.8% | ||
| Q2 24 | -5.0% | 0.7% |
| Q1 26 | — | 6.0% | ||
| Q4 25 | -37.9% | 6.0% | ||
| Q3 25 | -1.6% | 4.3% | ||
| Q2 25 | 3.2% | 69.1% | ||
| Q1 25 | 4.8% | 7.8% | ||
| Q4 24 | -96.1% | 13.2% | ||
| Q3 24 | 5.2% | 3.6% | ||
| Q2 24 | -8.2% | 5.9% |
| Q1 26 | — | $0.22 | ||
| Q4 25 | $-2.21 | $0.22 | ||
| Q3 25 | $-0.09 | $0.15 | ||
| Q2 25 | $0.18 | $2.94 | ||
| Q1 25 | $0.25 | $0.27 | ||
| Q4 24 | $-0.99 | $0.50 | ||
| Q3 24 | $0.27 | $0.09 | ||
| Q2 24 | $-0.62 | $0.20 |
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 | $3.5B |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | $22.9B |
| Total Assets | $20.1B | $49.4B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.5B | ||
| Q4 25 | $2.0B | $3.5B | ||
| Q3 25 | $1.7B | $3.3B | ||
| Q2 25 | $1.7B | $3.6B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $1.8B | $3.9B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $2.1B | $2.3B |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — |
| Q1 26 | — | $22.9B | ||
| Q4 25 | $6.1B | $22.9B | ||
| Q3 25 | $7.2B | $23.0B | ||
| Q2 25 | $7.3B | $22.9B | ||
| Q1 25 | $7.1B | $21.3B | ||
| Q4 24 | $7.0B | $21.3B | ||
| Q3 24 | $7.9B | $21.2B | ||
| Q2 24 | $7.6B | $20.5B |
| Q1 26 | — | $49.4B | ||
| Q4 25 | $20.1B | $49.4B | ||
| Q3 25 | $21.1B | $48.7B | ||
| Q2 25 | $21.0B | $48.7B | ||
| Q1 25 | $21.3B | $45.1B | ||
| Q4 24 | $25.8B | $45.3B | ||
| Q3 24 | $26.7B | $45.3B | ||
| Q2 24 | $26.3B | $43.6B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $719.0M | ||
| Q3 25 | $237.0M | $652.9M | ||
| Q2 25 | $217.0M | $641.2M | ||
| Q1 25 | $-193.0M | $399.1M | ||
| Q4 24 | $488.0M | $769.5M | ||
| Q3 24 | $253.0M | $566.5M | ||
| Q2 24 | $115.0M | $573.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.29× | ||
| Q3 25 | — | 9.63× | ||
| Q2 25 | 2.38× | 0.62× | ||
| Q1 25 | -1.53× | 3.63× | ||
| Q4 24 | — | 4.06× | ||
| Q3 24 | 1.81× | 11.07× | ||
| Q2 24 | — | 7.15× |
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% |
DLR
Segment breakdown not available.
