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Side-by-side financial comparison of Baxter International (BAX) and GRAPHIC PACKAGING HOLDING CO (GPK). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $2.1B, roughly 1.3× GRAPHIC PACKAGING HOLDING CO). GRAPHIC PACKAGING HOLDING CO runs the higher net margin — 3.4% vs -0.6%, a 3.9% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (3.0% vs 0.2%). Over the past eight quarters, GRAPHIC PACKAGING HOLDING CO's revenue compounded faster (-3.5% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
BAX vs GPK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $2.1B |
| Net Profit | $-15.0M | $71.0M |
| Gross Margin | 33.0% | 14.1% |
| Operating Margin | 2.4% | 7.4% |
| Net Margin | -0.6% | 3.4% |
| Revenue YoY | 3.0% | 0.2% |
| Net Profit YoY | — | -48.6% |
| EPS (diluted) | $-0.03 | $0.24 |
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 | $2.1B | ||
| Q3 25 | $2.8B | $2.2B | ||
| Q2 25 | $2.8B | $2.2B | ||
| Q1 25 | $2.6B | $2.1B | ||
| Q4 24 | $533.0M | $2.1B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $3.8B | $2.2B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $71.0M | ||
| Q3 25 | $-46.0M | $142.0M | ||
| Q2 25 | $91.0M | $104.0M | ||
| Q1 25 | $126.0M | $127.0M | ||
| Q4 24 | $-512.0M | $138.0M | ||
| Q3 24 | $140.0M | $165.0M | ||
| Q2 24 | $-314.0M | $190.0M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | 14.1% | ||
| Q3 25 | 33.5% | 19.6% | ||
| Q2 25 | 35.3% | 18.7% | ||
| Q1 25 | 32.8% | 20.6% | ||
| Q4 24 | 25.0% | 21.4% | ||
| Q3 24 | 38.3% | 22.3% | ||
| Q2 24 | 37.5% | 21.2% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 7.4% | ||
| Q3 25 | 6.1% | 10.7% | ||
| Q2 25 | 6.8% | 8.8% | ||
| Q1 25 | 2.2% | 10.5% | ||
| Q4 24 | -25.5% | 11.4% | ||
| Q3 24 | 5.7% | 12.6% | ||
| Q2 24 | -5.0% | 14.5% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 3.4% | ||
| Q3 25 | -1.6% | 6.5% | ||
| Q2 25 | 3.2% | 4.7% | ||
| Q1 25 | 4.8% | 6.0% | ||
| Q4 24 | -96.1% | 6.6% | ||
| Q3 24 | 5.2% | 7.5% | ||
| Q2 24 | -8.2% | 8.5% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $0.24 | ||
| Q3 25 | $-0.09 | $0.48 | ||
| Q2 25 | $0.18 | $0.34 | ||
| Q1 25 | $0.25 | $0.42 | ||
| Q4 24 | $-0.99 | $0.46 | ||
| Q3 24 | $0.27 | $0.55 | ||
| Q2 24 | $-0.62 | $0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $261.0M |
| Total DebtLower is stronger | — | $5.0B |
| Stockholders' EquityBook value | — | $3.3B |
| Total Assets | — | $11.8B |
| Debt / EquityLower = less leverage | — | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $261.0M | ||
| Q3 25 | $1.7B | $120.0M | ||
| Q2 25 | $1.7B | $120.0M | ||
| Q1 25 | $2.3B | $129.0M | ||
| Q4 24 | $1.8B | $157.0M | ||
| Q3 24 | $1.4B | $126.0M | ||
| Q2 24 | $2.1B | $125.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $5.0B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | $10.4B | $5.1B | ||
| Q3 24 | $10.4B | $5.4B | ||
| Q2 24 | $10.4B | $4.9B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $3.3B | ||
| Q3 25 | $7.2B | $3.3B | ||
| Q2 25 | $7.3B | $3.2B | ||
| Q1 25 | $7.1B | $3.2B | ||
| Q4 24 | $7.0B | $3.0B | ||
| Q3 24 | $7.9B | $3.0B | ||
| Q2 24 | $7.6B | $2.8B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $11.8B | ||
| Q3 25 | $21.1B | $11.9B | ||
| Q2 25 | $21.0B | $11.8B | ||
| Q1 25 | $21.3B | $11.5B | ||
| Q4 24 | $25.8B | $11.1B | ||
| Q3 24 | $26.7B | $11.2B | ||
| Q2 24 | $26.3B | $10.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 1.51× | ||
| Q3 25 | — | 1.67× | ||
| Q2 25 | — | 1.68× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | 1.49× | 1.71× | ||
| Q3 24 | 1.33× | 1.79× | ||
| Q2 24 | 1.37× | 1.75× |
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 | — | $521.0M |
| Free Cash FlowOCF − Capex | $76.0M | — |
| FCF MarginFCF / Revenue | 2.8% | — |
| Capex IntensityCapex / Revenue | 5.1% | — |
| Cash ConversionOCF / Net Profit | — | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $521.0M | ||
| Q3 25 | $237.0M | $227.0M | ||
| Q2 25 | $217.0M | $267.0M | ||
| Q1 25 | $-193.0M | $-174.0M | ||
| Q4 24 | $488.0M | $489.0M | ||
| Q3 24 | $253.0M | $187.0M | ||
| Q2 24 | $115.0M | $161.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.34× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | 2.38× | 2.57× | ||
| Q1 25 | -1.53× | -1.37× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | 1.81× | 1.13× | ||
| Q2 24 | — | 0.85× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
