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Side-by-side financial comparison of Baxter International (BAX) and Emerson Electric (EMR). Click either name above to swap in a different company.
Emerson Electric is the larger business by last-quarter revenue ($4.3B vs $3.0B, roughly 1.5× Baxter International). Emerson Electric runs the higher net margin — 13.9% vs -37.9%, a 51.8% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 4.1%). Over the past eight quarters, Emerson Electric's revenue compounded faster (-0.3% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Emerson ElectricEMREarnings & Financial Report
Emerson Electric Co. is an American multinational corporation headquartered in St. Louis, Missouri. The Fortune 500 company delivers a range of engineering services, manufactures industrial automation equipment, climate control systems, and precision measurement instruments, and provides software engineering for industrial, commercial, and consumer markets.
BAX vs EMR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $4.3B |
| Net Profit | $-1.1B | $605.0M |
| Gross Margin | 19.4% | 53.2% |
| Operating Margin | -24.5% | 17.8% |
| Net Margin | -37.9% | 13.9% |
| Revenue YoY | 458.0% | 4.1% |
| Net Profit YoY | -120.3% | 3.4% |
| EPS (diluted) | $-2.21 | $1.07 |
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 | $4.3B | ||
| Q3 25 | $2.8B | $4.9B | ||
| Q2 25 | $2.8B | $4.6B | ||
| Q1 25 | $2.6B | $4.4B | ||
| Q4 24 | $533.0M | $4.2B | ||
| Q3 24 | $2.7B | $4.6B | ||
| Q2 24 | $3.8B | $4.4B | ||
| Q1 24 | $3.6B | $4.4B |
| Q4 25 | $-1.1B | $605.0M | ||
| Q3 25 | $-46.0M | $637.0M | ||
| Q2 25 | $91.0M | $586.0M | ||
| Q1 25 | $126.0M | $485.0M | ||
| Q4 24 | $-512.0M | $585.0M | ||
| Q3 24 | $140.0M | $996.0M | ||
| Q2 24 | $-314.0M | $329.0M | ||
| Q1 24 | $37.0M | $501.0M |
| Q4 25 | 19.4% | 53.2% | ||
| Q3 25 | 33.5% | 51.9% | ||
| Q2 25 | 35.3% | 52.6% | ||
| Q1 25 | 32.8% | 53.5% | ||
| Q4 24 | 25.0% | 53.5% | ||
| Q3 24 | 38.3% | 51.3% | ||
| Q2 24 | 37.5% | 52.8% | ||
| Q1 24 | 38.6% | 52.2% |
| Q4 25 | -24.5% | 17.8% | ||
| Q3 25 | 6.1% | 16.4% | ||
| Q2 25 | 6.8% | 16.1% | ||
| Q1 25 | 2.2% | 14.2% | ||
| Q4 24 | -25.5% | 18.6% | ||
| Q3 24 | 5.7% | 14.7% | ||
| Q2 24 | -5.0% | 10.4% | ||
| Q1 24 | 5.2% | 16.2% |
| Q4 25 | -37.9% | 13.9% | ||
| Q3 25 | -1.6% | 13.1% | ||
| Q2 25 | 3.2% | 12.9% | ||
| Q1 25 | 4.8% | 10.9% | ||
| Q4 24 | -96.1% | 14.0% | ||
| Q3 24 | 5.2% | 21.6% | ||
| Q2 24 | -8.2% | 7.5% | ||
| Q1 24 | 1.0% | 11.4% |
| Q4 25 | $-2.21 | $1.07 | ||
| Q3 25 | $-0.09 | $1.12 | ||
| Q2 25 | $0.18 | $1.04 | ||
| Q1 25 | $0.25 | $0.86 | ||
| Q4 24 | $-0.99 | $1.02 | ||
| Q3 24 | $0.27 | $1.74 | ||
| Q2 24 | $-0.62 | $0.57 | ||
| Q1 24 | $0.07 | $0.87 |
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 | — |
| Total DebtLower is stronger | $9.5B | $7.6B |
| Stockholders' EquityBook value | $6.1B | $20.3B |
| Total Assets | $20.1B | $41.9B |
| Debt / EquityLower = less leverage | 1.55× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $9.5B | $7.6B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.3B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | $10.4B | $6.6B | ||
| Q3 24 | $10.4B | $7.7B | ||
| Q2 24 | $10.4B | $7.1B | ||
| Q1 24 | $11.1B | $7.6B |
| Q4 25 | $6.1B | $20.3B | ||
| Q3 25 | $7.2B | $20.3B | ||
| Q2 25 | $7.3B | $19.9B | ||
| Q1 25 | $7.1B | $19.2B | ||
| Q4 24 | $7.0B | $20.5B | ||
| Q3 24 | $7.9B | $21.6B | ||
| Q2 24 | $7.6B | $20.8B | ||
| Q1 24 | $8.2B | $20.9B |
| Q4 25 | $20.1B | $41.9B | ||
| Q3 25 | $21.1B | $42.0B | ||
| Q2 25 | $21.0B | $42.5B | ||
| Q1 25 | $21.3B | $42.0B | ||
| Q4 24 | $25.8B | $42.6B | ||
| Q3 24 | $26.7B | $44.2B | ||
| Q2 24 | $26.3B | $45.6B | ||
| Q1 24 | $27.8B | $46.4B |
| Q4 25 | 1.55× | 0.37× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 1.49× | 0.32× | ||
| Q3 24 | 1.33× | 0.36× | ||
| Q2 24 | 1.37× | 0.34× | ||
| Q1 24 | 1.36× | 0.36× |
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 | $699.0M |
| Free Cash FlowOCF − Capex | — | $602.0M |
| FCF MarginFCF / Revenue | — | 13.9% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | — | 1.16× |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $699.0M | ||
| Q3 25 | $237.0M | $3.1B | ||
| Q2 25 | $217.0M | $1.1B | ||
| Q1 25 | $-193.0M | $241.0M | ||
| Q4 24 | $488.0M | $777.0M | ||
| Q3 24 | $253.0M | $3.3B | ||
| Q2 24 | $115.0M | $1.1B | ||
| Q1 24 | $163.0M | $743.0M |
| Q4 25 | — | $602.0M | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $977.0M | ||
| Q1 25 | — | $154.0M | ||
| Q4 24 | — | $694.0M | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $998.0M | ||
| Q1 24 | — | $661.0M |
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 54.9% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 63.1% | ||
| Q2 24 | — | 22.8% | ||
| Q1 24 | — | 15.1% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 9.1% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | — | 1.16× | ||
| Q3 25 | — | 4.86× | ||
| Q2 25 | 2.38× | 1.83× | ||
| Q1 25 | -1.53× | 0.50× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | 1.81× | 3.35× | ||
| Q2 24 | — | 3.31× | ||
| Q1 24 | 4.41× | 1.48× |
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% |
EMR
| Other | $1.8B | 41% |
| Software And Systems | $1.0B | 24% |
| Intelligent Devices | $996.0M | 23% |
| Safety And Productivity | $503.0M | 12% |
