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Side-by-side financial comparison of Baxter International (BAX) and Flutter Entertainment plc (FLUT). Click either name above to swap in a different company.
Flutter Entertainment plc is the larger business by last-quarter revenue ($4.7B vs $3.0B, roughly 1.6× Baxter International). Flutter Entertainment plc runs the higher net margin — 0.2% vs -37.9%, a 38.1% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 24.9%). Over the past eight quarters, Flutter Entertainment plc's revenue compounded faster (18.1% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Flutter Entertainment plc is an Irish-American multinational sports betting and gambling company. It is listed on the New York Stock Exchange and has a secondary listing on the London Stock Exchange. It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. Flutter is the world's largest online betting company.
BAX vs FLUT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $4.7B |
| Net Profit | $-1.1B | $10.0M |
| Gross Margin | 19.4% | 44.5% |
| Operating Margin | -24.5% | 5.4% |
| Net Margin | -37.9% | 0.2% |
| Revenue YoY | 458.0% | 24.9% |
| Net Profit YoY | -120.3% | -93.6% |
| EPS (diluted) | $-2.21 | $0.00 |
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 | $4.7B | ||
| Q3 25 | $2.8B | $3.8B | ||
| Q2 25 | $2.8B | $4.2B | ||
| Q1 25 | $2.6B | $3.7B | ||
| Q4 24 | $533.0M | $3.8B | ||
| Q3 24 | $2.7B | $3.2B | ||
| Q2 24 | $3.8B | $3.6B | ||
| Q1 24 | $3.6B | $3.4B |
| Q4 25 | $-1.1B | $10.0M | ||
| Q3 25 | $-46.0M | $-789.0M | ||
| Q2 25 | $91.0M | $37.0M | ||
| Q1 25 | $126.0M | $335.0M | ||
| Q4 24 | $-512.0M | $156.0M | ||
| Q3 24 | $140.0M | $-114.0M | ||
| Q2 24 | $-314.0M | $297.0M | ||
| Q1 24 | $37.0M | $-177.0M |
| Q4 25 | 19.4% | 44.5% | ||
| Q3 25 | 33.5% | 42.9% | ||
| Q2 25 | 35.3% | 46.8% | ||
| Q1 25 | 32.8% | 46.6% | ||
| Q4 24 | 25.0% | 48.2% | ||
| Q3 24 | 38.3% | 46.1% | ||
| Q2 24 | 37.5% | 49.2% | ||
| Q1 24 | 38.6% | 47.2% |
| Q4 25 | -24.5% | 5.4% | ||
| Q3 25 | 6.1% | -22.0% | ||
| Q2 25 | 6.8% | 9.3% | ||
| Q1 25 | 2.2% | 6.1% | ||
| Q4 24 | -25.5% | 7.4% | ||
| Q3 24 | 5.7% | 3.0% | ||
| Q2 24 | -5.0% | 10.2% | ||
| Q1 24 | 5.2% | 3.7% |
| Q4 25 | -37.9% | 0.2% | ||
| Q3 25 | -1.6% | -20.8% | ||
| Q2 25 | 3.2% | 0.9% | ||
| Q1 25 | 4.8% | 9.1% | ||
| Q4 24 | -96.1% | 4.1% | ||
| Q3 24 | 5.2% | -3.5% | ||
| Q2 24 | -8.2% | 8.2% | ||
| Q1 24 | 1.0% | -5.2% |
| Q4 25 | $-2.21 | $0.00 | ||
| Q3 25 | $-0.09 | $-3.91 | ||
| Q2 25 | $0.18 | $0.59 | ||
| Q1 25 | $0.25 | $1.57 | ||
| Q4 24 | $-0.99 | $0.47 | ||
| Q3 24 | $0.27 | $-0.58 | ||
| Q2 24 | $-0.62 | $1.45 | ||
| Q1 24 | $0.07 | $-1.10 |
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 | $1.8B |
| Total DebtLower is stronger | $9.5B | $12.3B |
| Stockholders' EquityBook value | $6.1B | $9.0B |
| Total Assets | $20.1B | $29.3B |
| Debt / EquityLower = less leverage | 1.55× | 1.36× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.8B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $2.1B | $1.5B | ||
| Q1 24 | $3.0B | $1.4B |
| Q4 25 | $9.5B | $12.3B | ||
| Q3 25 | — | $12.1B | ||
| Q2 25 | — | $10.0B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | $10.4B | $6.7B | ||
| Q3 24 | $10.4B | $6.9B | ||
| Q2 24 | $10.4B | $6.8B | ||
| Q1 24 | $11.1B | $6.8B |
| Q4 25 | $6.1B | $9.0B | ||
| Q3 25 | $7.2B | $9.2B | ||
| Q2 25 | $7.3B | $10.2B | ||
| Q1 25 | $7.1B | $9.9B | ||
| Q4 24 | $7.0B | $9.3B | ||
| Q3 24 | $7.9B | $10.2B | ||
| Q2 24 | $7.6B | $9.9B | ||
| Q1 24 | $8.2B | $9.5B |
| Q4 25 | $20.1B | $29.3B | ||
| Q3 25 | $21.1B | $29.3B | ||
| Q2 25 | $21.0B | $29.9B | ||
| Q1 25 | $21.3B | $24.8B | ||
| Q4 24 | $25.8B | $24.5B | ||
| Q3 24 | $26.7B | $25.5B | ||
| Q2 24 | $26.3B | $24.3B | ||
| Q1 24 | $27.8B | $24.4B |
| Q4 25 | 1.55× | 1.36× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | 1.49× | 0.72× | ||
| Q3 24 | 1.33× | 0.67× | ||
| Q2 24 | 1.37× | 0.69× | ||
| Q1 24 | 1.36× | 0.72× |
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 | $428.0M |
| Free Cash FlowOCF − Capex | — | $392.0M |
| FCF MarginFCF / Revenue | — | 8.3% |
| Capex IntensityCapex / Revenue | — | 0.8% |
| Cash ConversionOCF / Net Profit | — | 42.80× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $428.0M | ||
| Q3 25 | $237.0M | $209.0M | ||
| Q2 25 | $217.0M | $359.0M | ||
| Q1 25 | $-193.0M | $188.0M | ||
| Q4 24 | $488.0M | $652.0M | ||
| Q3 24 | $253.0M | $290.0M | ||
| Q2 24 | $115.0M | $323.0M | ||
| Q1 24 | $163.0M | $337.0M |
| Q4 25 | — | $392.0M | ||
| Q3 25 | — | $196.0M | ||
| Q2 25 | — | $322.0M | ||
| Q1 25 | — | $169.0M | ||
| Q4 24 | — | $595.0M | ||
| Q3 24 | — | $253.0M | ||
| Q2 24 | — | $295.0M | ||
| Q1 24 | — | $315.0M |
| Q4 25 | — | 8.3% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 8.2% | ||
| Q1 24 | — | 9.3% |
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | — | 42.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | 9.70× | ||
| Q1 25 | -1.53× | 0.56× | ||
| Q4 24 | — | 4.18× | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | 4.41× | — |
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% |
FLUT
| Other | $2.6B | 55% |
| Sports Book | $1.5B | 32% |
| Igaming | $586.0M | 12% |
| Service Other | $59.0M | 1% |
