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Side-by-side financial comparison of Baxter International (BAX) and Freeport-McMoRan (FCX). Click either name above to swap in a different company.
Freeport-McMoRan is the larger business by last-quarter revenue ($5.3B vs $2.7B, roughly 2.0× Baxter International). Freeport-McMoRan runs the higher net margin — 10.7% vs -0.6%, a 11.3% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (3.0% vs -10.4%). Baxter International produced more free cash flow last quarter ($76.0M vs $-312.0M). Over the past eight quarters, Freeport-McMoRan's revenue compounded faster (-7.9% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia.
BAX vs FCX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $5.3B |
| Net Profit | $-15.0M | $565.0M |
| Gross Margin | 33.0% | 12.4% |
| Operating Margin | 2.4% | 15.4% |
| Net Margin | -0.6% | 10.7% |
| Revenue YoY | 3.0% | -10.4% |
| Net Profit YoY | — | -21.6% |
| EPS (diluted) | $0.36 | — |
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 | $5.3B | ||
| Q3 25 | $2.8B | $6.8B | ||
| Q2 25 | $2.8B | $7.5B | ||
| Q1 25 | $2.6B | $5.6B | ||
| Q4 24 | $533.0M | $5.9B | ||
| Q3 24 | $2.7B | $6.7B | ||
| Q2 24 | $3.8B | $6.4B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $565.0M | ||
| Q3 25 | $-46.0M | $1.2B | ||
| Q2 25 | $91.0M | $1.5B | ||
| Q1 25 | $126.0M | $793.0M | ||
| Q4 24 | $-512.0M | $721.0M | ||
| Q3 24 | $140.0M | $1.2B | ||
| Q2 24 | $-314.0M | $1.3B |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | 12.4% | ||
| Q3 25 | 33.5% | 29.2% | ||
| Q2 25 | 35.3% | 34.2% | ||
| Q1 25 | 32.8% | 24.3% | ||
| Q4 24 | 25.0% | 27.0% | ||
| Q3 24 | 38.3% | 30.0% | ||
| Q2 24 | 37.5% | 31.5% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 15.4% | ||
| Q3 25 | 6.1% | 28.9% | ||
| Q2 25 | 6.8% | 32.3% | ||
| Q1 25 | 2.2% | 23.4% | ||
| Q4 24 | -25.5% | 21.1% | ||
| Q3 24 | 5.7% | 29.0% | ||
| Q2 24 | -5.0% | 32.0% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 10.7% | ||
| Q3 25 | -1.6% | 18.3% | ||
| Q2 25 | 3.2% | 20.6% | ||
| Q1 25 | 4.8% | 14.2% | ||
| Q4 24 | -96.1% | 12.3% | ||
| Q3 24 | 5.2% | 18.5% | ||
| Q2 24 | -8.2% | 20.0% |
| Q1 26 | $0.36 | — | ||
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | $0.46 | ||
| Q2 25 | $0.18 | $0.53 | ||
| Q1 25 | $0.25 | $0.24 | ||
| Q4 24 | $-0.99 | — | ||
| Q3 24 | $0.27 | $0.36 | ||
| Q2 24 | $-0.62 | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.8B |
| Total DebtLower is stronger | — | $9.4B |
| Stockholders' EquityBook value | — | $18.9B |
| Total Assets | — | $58.2B |
| Debt / EquityLower = less leverage | — | 0.50× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $3.8B | ||
| Q3 25 | $1.7B | $4.3B | ||
| Q2 25 | $1.7B | $4.5B | ||
| Q1 25 | $2.3B | $4.4B | ||
| Q4 24 | $1.8B | $3.9B | ||
| Q3 24 | $1.4B | $5.0B | ||
| Q2 24 | $2.1B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $9.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | $10.4B | $8.9B | ||
| Q3 24 | $10.4B | $9.7B | ||
| Q2 24 | $10.4B | $9.4B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $18.9B | ||
| Q3 25 | $7.2B | $18.7B | ||
| Q2 25 | $7.3B | $18.2B | ||
| Q1 25 | $7.1B | $17.7B | ||
| Q4 24 | $7.0B | $17.6B | ||
| Q3 24 | $7.9B | $17.5B | ||
| Q2 24 | $7.6B | $17.4B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $58.2B | ||
| Q3 25 | $21.1B | $56.8B | ||
| Q2 25 | $21.0B | $56.5B | ||
| Q1 25 | $21.3B | $56.0B | ||
| Q4 24 | $25.8B | $54.8B | ||
| Q3 24 | $26.7B | $55.4B | ||
| Q2 24 | $26.3B | $54.6B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 0.50× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | 1.49× | 0.51× | ||
| Q3 24 | 1.33× | 0.55× | ||
| Q2 24 | 1.37× | 0.54× |
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 | — | $693.0M |
| Free Cash FlowOCF − Capex | $76.0M | $-312.0M |
| FCF MarginFCF / Revenue | 2.8% | -5.9% |
| Capex IntensityCapex / Revenue | 5.1% | 19.1% |
| Cash ConversionOCF / Net Profit | — | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $693.0M | ||
| Q3 25 | $237.0M | $1.7B | ||
| Q2 25 | $217.0M | $2.2B | ||
| Q1 25 | $-193.0M | $1.1B | ||
| Q4 24 | $488.0M | $1.4B | ||
| Q3 24 | $253.0M | $1.9B | ||
| Q2 24 | $115.0M | $2.0B |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $-312.0M | ||
| Q3 25 | — | $608.0M | ||
| Q2 25 | — | $934.0M | ||
| Q1 25 | — | $-114.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $673.0M | ||
| Q2 24 | — | $840.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | -5.9% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | 10.1% | ||
| Q2 24 | — | 13.1% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 19.1% | ||
| Q3 25 | — | 15.5% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 21.0% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 17.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | 1.33× | ||
| Q2 25 | 2.38× | 1.42× | ||
| Q1 25 | -1.53× | 1.33× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | 1.81× | 1.51× | ||
| Q2 24 | — | 1.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
