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Side-by-side financial comparison of Baxter International (BAX) and Expeditors International (EXPD). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.9B, roughly 1.0× Expeditors International). Expeditors International runs the higher net margin — 7.0% vs -37.9%, a 45.0% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs -3.3%). Over the past eight quarters, Expeditors International's revenue compounded faster (13.8% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Expeditors International of Washington, Inc. is an American Fortune 500 service-based logistics company with headquarters in Bellevue, Washington. Expeditors generates highly optimized and customized supply chain solutions for clients with unified technology systems integrated through a global network of over 340+ locations in 100+ countries on six continents.
BAX vs EXPD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.9B |
| Net Profit | $-1.1B | $200.7M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 8.8% |
| Net Margin | -37.9% | 7.0% |
| Revenue YoY | 458.0% | -3.3% |
| Net Profit YoY | -120.3% | -14.9% |
| EPS (diluted) | $-2.21 | $1.50 |
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 | $2.9B | ||
| Q3 25 | $2.8B | $2.9B | ||
| Q2 25 | $2.8B | $2.7B | ||
| Q1 25 | $2.6B | $2.7B | ||
| Q4 24 | $533.0M | $3.0B | ||
| Q3 24 | $2.7B | $3.0B | ||
| Q2 24 | $3.8B | $2.4B | ||
| Q1 24 | $3.6B | $2.2B |
| Q4 25 | $-1.1B | $200.7M | ||
| Q3 25 | $-46.0M | $222.3M | ||
| Q2 25 | $91.0M | $183.6M | ||
| Q1 25 | $126.0M | $203.8M | ||
| Q4 24 | $-512.0M | $235.9M | ||
| Q3 24 | $140.0M | $229.6M | ||
| Q2 24 | $-314.0M | $175.5M | ||
| Q1 24 | $37.0M | $169.2M |
| 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% | 8.8% | ||
| Q3 25 | 6.1% | 10.0% | ||
| Q2 25 | 6.8% | 9.3% | ||
| Q1 25 | 2.2% | 10.0% | ||
| Q4 24 | -25.5% | 10.2% | ||
| Q3 24 | 5.7% | 10.1% | ||
| Q2 24 | -5.0% | 9.2% | ||
| Q1 24 | 5.2% | 9.7% |
| Q4 25 | -37.9% | 7.0% | ||
| Q3 25 | -1.6% | 7.7% | ||
| Q2 25 | 3.2% | 6.9% | ||
| Q1 25 | 4.8% | 7.6% | ||
| Q4 24 | -96.1% | 8.0% | ||
| Q3 24 | 5.2% | 7.7% | ||
| Q2 24 | -8.2% | 7.2% | ||
| Q1 24 | 1.0% | 7.7% |
| Q4 25 | $-2.21 | $1.50 | ||
| Q3 25 | $-0.09 | $1.64 | ||
| Q2 25 | $0.18 | $1.34 | ||
| Q1 25 | $0.25 | $1.47 | ||
| Q4 24 | $-0.99 | $1.68 | ||
| Q3 24 | $0.27 | $1.63 | ||
| Q2 24 | $-0.62 | $1.24 | ||
| Q1 24 | $0.07 | $1.17 |
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 | $1.3B |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | $2.4B |
| Total Assets | $20.1B | $4.9B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.3B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $2.1B | $1.3B | ||
| Q1 24 | $3.0B | $1.4B |
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — | ||
| Q1 24 | $11.1B | — |
| Q4 25 | $6.1B | $2.4B | ||
| Q3 25 | $7.2B | $2.3B | ||
| Q2 25 | $7.3B | $2.2B | ||
| Q1 25 | $7.1B | $2.3B | ||
| Q4 24 | $7.0B | $2.2B | ||
| Q3 24 | $7.9B | $2.4B | ||
| Q2 24 | $7.6B | $2.2B | ||
| Q1 24 | $8.2B | $2.2B |
| Q4 25 | $20.1B | $4.9B | ||
| Q3 25 | $21.1B | $4.8B | ||
| Q2 25 | $21.0B | $4.8B | ||
| Q1 25 | $21.3B | $4.8B | ||
| Q4 24 | $25.8B | $4.8B | ||
| Q3 24 | $26.7B | $5.2B | ||
| Q2 24 | $26.3B | $4.8B | ||
| Q1 24 | $27.8B | $4.5B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | — | ||
| 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 | $283.3M |
| Free Cash FlowOCF − Capex | — | $270.3M |
| FCF MarginFCF / Revenue | — | 9.5% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | — | 1.41× |
| TTM Free Cash FlowTrailing 4 quarters | — | $953.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $283.3M | ||
| Q3 25 | $237.0M | $201.4M | ||
| Q2 25 | $217.0M | $179.2M | ||
| Q1 25 | $-193.0M | $342.6M | ||
| Q4 24 | $488.0M | $249.7M | ||
| Q3 24 | $253.0M | $90.0M | ||
| Q2 24 | $115.0M | $126.8M | ||
| Q1 24 | $163.0M | $256.9M |
| Q4 25 | — | $270.3M | ||
| Q3 25 | — | $190.3M | ||
| Q2 25 | — | $163.3M | ||
| Q1 25 | — | $329.5M | ||
| Q4 24 | — | $239.7M | ||
| Q3 24 | — | $77.7M | ||
| Q2 24 | — | $118.8M | ||
| Q1 24 | — | $246.7M |
| Q4 25 | — | 9.5% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | 12.4% | ||
| Q4 24 | — | 8.1% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | — | 11.2% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | 2.38× | 0.98× | ||
| Q1 25 | -1.53× | 1.68× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | 1.81× | 0.39× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | 4.41× | 1.52× |
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% |
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
