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Side-by-side financial comparison of Baxter International (BAX) and Fidelity National Information Services (FIS). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.8B, roughly 1.1× Fidelity National Information Services). Fidelity National Information Services runs the higher net margin — 18.2% vs -37.9%, a 56.1% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 8.1%). Over the past eight quarters, Fidelity National Information Services's revenue compounded faster (6.8% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Fidelity National Information Services, Inc. (FIS) is an American multinational corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech. Annually, FIS facilitates the movement of roughly US$9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.
BAX vs FIS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.8B |
| Net Profit | $-1.1B | $511.0M |
| Gross Margin | 19.4% | 38.3% |
| Operating Margin | -24.5% | 18.8% |
| Net Margin | -37.9% | 18.2% |
| Revenue YoY | 458.0% | 8.1% |
| Net Profit YoY | -120.3% | 97.3% |
| EPS (diluted) | $-2.21 | $0.98 |
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 | $2.8B | ||
| Q3 25 | $2.8B | $2.7B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.6B | $2.5B | ||
| Q4 24 | $533.0M | $2.6B | ||
| Q3 24 | $2.7B | $2.6B | ||
| Q2 24 | $3.8B | $2.5B | ||
| Q1 24 | $3.6B | $2.5B |
| Q4 25 | $-1.1B | $511.0M | ||
| Q3 25 | $-46.0M | $264.0M | ||
| Q2 25 | $91.0M | $-470.0M | ||
| Q1 25 | $126.0M | $77.0M | ||
| Q4 24 | $-512.0M | $259.0M | ||
| Q3 24 | $140.0M | $224.0M | ||
| Q2 24 | $-314.0M | $243.0M | ||
| Q1 24 | $37.0M | $724.0M |
| Q4 25 | 19.4% | 38.3% | ||
| Q3 25 | 33.5% | 37.8% | ||
| Q2 25 | 35.3% | 36.4% | ||
| Q1 25 | 32.8% | 34.7% | ||
| Q4 24 | 25.0% | 36.9% | ||
| Q3 24 | 38.3% | 38.0% | ||
| Q2 24 | 37.5% | 38.2% | ||
| Q1 24 | 38.6% | 37.1% |
| Q4 25 | -24.5% | 18.8% | ||
| Q3 25 | 6.1% | 16.8% | ||
| Q2 25 | 6.8% | 15.6% | ||
| Q1 25 | 2.2% | 13.7% | ||
| Q4 24 | -25.5% | 18.5% | ||
| Q3 24 | 5.7% | 19.1% | ||
| Q2 24 | -5.0% | 15.2% | ||
| Q1 24 | 5.2% | 14.6% |
| Q4 25 | -37.9% | 18.2% | ||
| Q3 25 | -1.6% | 9.7% | ||
| Q2 25 | 3.2% | -18.0% | ||
| Q1 25 | 4.8% | 3.0% | ||
| Q4 24 | -96.1% | 10.0% | ||
| Q3 24 | 5.2% | 8.7% | ||
| Q2 24 | -8.2% | 9.8% | ||
| Q1 24 | 1.0% | 29.3% |
| Q4 25 | $-2.21 | $0.98 | ||
| Q3 25 | $-0.09 | $0.50 | ||
| Q2 25 | $0.18 | $-0.90 | ||
| Q1 25 | $0.25 | $0.15 | ||
| Q4 24 | $-0.99 | $0.51 | ||
| Q3 24 | $0.27 | $0.41 | ||
| Q2 24 | $-0.62 | $0.44 | ||
| Q1 24 | $0.07 | $1.25 |
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 | $599.0M |
| Total DebtLower is stronger | $9.5B | $9.1B |
| Stockholders' EquityBook value | $6.1B | $13.9B |
| Total Assets | $20.1B | $33.5B |
| Debt / EquityLower = less leverage | 1.55× | 0.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $599.0M | ||
| Q3 25 | $1.7B | $571.0M | ||
| Q2 25 | $1.7B | $581.0M | ||
| Q1 25 | $2.3B | $805.0M | ||
| Q4 24 | $1.8B | $834.0M | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $2.1B | $2.1B | ||
| Q1 24 | $3.0B | $3.3B |
| Q4 25 | $9.5B | $9.1B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.9B | ||
| Q1 25 | — | $8.7B | ||
| Q4 24 | $10.4B | $9.7B | ||
| Q3 24 | $10.4B | $10.5B | ||
| Q2 24 | $10.4B | $10.6B | ||
| Q1 24 | $11.1B | $10.6B |
| Q4 25 | $6.1B | $13.9B | ||
| Q3 25 | $7.2B | $13.9B | ||
| Q2 25 | $7.3B | $14.2B | ||
| Q1 25 | $7.1B | $15.1B | ||
| Q4 24 | $7.0B | $15.7B | ||
| Q3 24 | $7.9B | $16.6B | ||
| Q2 24 | $7.6B | $17.0B | ||
| Q1 24 | $8.2B | $18.0B |
| Q4 25 | $20.1B | $33.5B | ||
| Q3 25 | $21.1B | $33.0B | ||
| Q2 25 | $21.0B | $33.4B | ||
| Q1 25 | $21.3B | $32.8B | ||
| Q4 24 | $25.8B | $33.8B | ||
| Q3 24 | $26.7B | $34.3B | ||
| Q2 24 | $26.3B | $34.6B | ||
| Q1 24 | $27.8B | $35.9B |
| Q4 25 | 1.55× | 0.65× | ||
| Q3 25 | — | 0.64× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | 1.49× | 0.62× | ||
| Q3 24 | 1.33× | 0.63× | ||
| Q2 24 | 1.37× | 0.62× | ||
| Q1 24 | 1.36× | 0.59× |
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 | $758.0M |
| Free Cash FlowOCF − Capex | — | $739.0M |
| FCF MarginFCF / Revenue | — | 26.3% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $758.0M | ||
| Q3 25 | $237.0M | $1.0B | ||
| Q2 25 | $217.0M | $382.0M | ||
| Q1 25 | $-193.0M | $457.0M | ||
| Q4 24 | $488.0M | $782.0M | ||
| Q3 24 | $253.0M | $641.0M | ||
| Q2 24 | $115.0M | $546.0M | ||
| Q1 24 | $163.0M | $206.0M |
| Q4 25 | — | $739.0M | ||
| Q3 25 | — | $952.0M | ||
| Q2 25 | — | $343.0M | ||
| Q1 25 | — | $420.0M | ||
| Q4 24 | — | $764.0M | ||
| Q3 24 | — | $605.0M | ||
| Q2 24 | — | $530.0M | ||
| Q1 24 | — | $179.0M |
| Q4 25 | — | 26.3% | ||
| Q3 25 | — | 35.0% | ||
| Q2 25 | — | 13.1% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 29.4% | ||
| Q3 24 | — | 23.5% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 7.3% |
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | — | 1.48× | ||
| Q3 25 | — | 3.83× | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | 5.94× | ||
| Q4 24 | — | 3.02× | ||
| Q3 24 | 1.81× | 2.86× | ||
| Q2 24 | — | 2.25× | ||
| Q1 24 | 4.41× | 0.28× |
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% |
FIS
| Banking Solutions | $1.6B | 57% |
| Other | $701.0M | 25% |
| Capital Market Solutions | $508.0M | 18% |
