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Side-by-side financial comparison of Baxter International (BAX) and W. W. Grainger (GWW). Click either name above to swap in a different company.
W. W. Grainger is the larger business by last-quarter revenue ($4.4B vs $2.7B, roughly 1.6× Baxter International). W. W. Grainger runs the higher net margin — 10.2% vs -0.6%, a 10.7% gap on every dollar of revenue. On growth, W. W. Grainger posted the faster year-over-year revenue change (4.5% vs 3.0%). W. W. Grainger produced more free cash flow last quarter ($269.0M vs $76.0M). Over the past eight quarters, W. W. Grainger's revenue compounded faster (2.2% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
W. W. Grainger, Inc. is an American Fortune 500 industrial supply company founded in 1927 in Chicago by the company's namesake William W. (Bill) Grainger. He founded the company to provide consumers with access to a consistent supply of motors. The company now serves more than 4.5 million customers worldwide with offerings such as motors, lighting, material handling, fasteners, plumbing, tools, and safety supplies, along with inventory management services and technical support.
BAX vs GWW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $4.4B |
| Net Profit | $-15.0M | $451.0M |
| Gross Margin | 33.0% | 39.5% |
| Operating Margin | 2.4% | 14.3% |
| Net Margin | -0.6% | 10.2% |
| Revenue YoY | 3.0% | 4.5% |
| Net Profit YoY | — | -5.1% |
| EPS (diluted) | $-0.03 | $9.45 |
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 | $4.4B | ||
| Q3 25 | $2.8B | $4.7B | ||
| Q2 25 | $2.8B | $4.6B | ||
| Q1 25 | $2.6B | $4.3B | ||
| Q4 24 | $533.0M | $4.2B | ||
| Q3 24 | $2.7B | $4.4B | ||
| Q2 24 | $3.8B | $4.3B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $451.0M | ||
| Q3 25 | $-46.0M | $294.0M | ||
| Q2 25 | $91.0M | $482.0M | ||
| Q1 25 | $126.0M | $479.0M | ||
| Q4 24 | $-512.0M | $475.0M | ||
| Q3 24 | $140.0M | $486.0M | ||
| Q2 24 | $-314.0M | $470.0M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | 39.5% | ||
| Q3 25 | 33.5% | 38.6% | ||
| Q2 25 | 35.3% | 38.5% | ||
| Q1 25 | 32.8% | 39.7% | ||
| Q4 24 | 25.0% | 39.6% | ||
| Q3 24 | 38.3% | 39.2% | ||
| Q2 24 | 37.5% | 39.3% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 14.3% | ||
| Q3 25 | 6.1% | 11.0% | ||
| Q2 25 | 6.8% | 14.9% | ||
| Q1 25 | 2.2% | 15.6% | ||
| Q4 24 | -25.5% | 15.0% | ||
| Q3 24 | 5.7% | 15.6% | ||
| Q2 24 | -5.0% | 15.1% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 10.2% | ||
| Q3 25 | -1.6% | 6.3% | ||
| Q2 25 | 3.2% | 10.6% | ||
| Q1 25 | 4.8% | 11.1% | ||
| Q4 24 | -96.1% | 11.2% | ||
| Q3 24 | 5.2% | 11.1% | ||
| Q2 24 | -8.2% | 10.9% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $9.45 | ||
| Q3 25 | $-0.09 | $6.12 | ||
| Q2 25 | $0.18 | $9.97 | ||
| Q1 25 | $0.25 | $9.86 | ||
| Q4 24 | $-0.99 | $9.71 | ||
| Q3 24 | $0.27 | $9.87 | ||
| Q2 24 | $-0.62 | $9.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $585.0M |
| Total DebtLower is stronger | — | $2.5B |
| Stockholders' EquityBook value | — | $3.7B |
| Total Assets | — | $9.0B |
| Debt / EquityLower = less leverage | — | 0.67× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $585.0M | ||
| Q3 25 | $1.7B | $535.0M | ||
| Q2 25 | $1.7B | $597.0M | ||
| Q1 25 | $2.3B | $666.0M | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $2.1B | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $2.5B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $10.4B | $2.8B | ||
| Q3 24 | $10.4B | $2.3B | ||
| Q2 24 | $10.4B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $3.7B | ||
| Q3 25 | $7.2B | $3.6B | ||
| Q2 25 | $7.3B | $3.7B | ||
| Q1 25 | $7.1B | $3.5B | ||
| Q4 24 | $7.0B | $3.4B | ||
| Q3 24 | $7.9B | $3.5B | ||
| Q2 24 | $7.6B | $3.3B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $9.0B | ||
| Q3 25 | $21.1B | $8.8B | ||
| Q2 25 | $21.0B | $8.9B | ||
| Q1 25 | $21.3B | $8.7B | ||
| Q4 24 | $25.8B | $8.8B | ||
| Q3 24 | $26.7B | $9.1B | ||
| Q2 24 | $26.3B | $8.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 0.67× | ||
| Q3 25 | — | 0.67× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 1.49× | 0.83× | ||
| Q3 24 | 1.33× | 0.65× | ||
| 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 | — | $395.0M |
| Free Cash FlowOCF − Capex | $76.0M | $269.0M |
| FCF MarginFCF / Revenue | 2.8% | 6.1% |
| Capex IntensityCapex / Revenue | 5.1% | 2.8% |
| Cash ConversionOCF / Net Profit | — | 0.88× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $395.0M | ||
| Q3 25 | $237.0M | $597.0M | ||
| Q2 25 | $217.0M | $377.0M | ||
| Q1 25 | $-193.0M | $646.0M | ||
| Q4 24 | $488.0M | $428.0M | ||
| Q3 24 | $253.0M | $611.0M | ||
| Q2 24 | $115.0M | $411.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $269.0M | ||
| Q3 25 | — | $339.0M | ||
| Q2 25 | — | $202.0M | ||
| Q1 25 | — | $521.0M | ||
| Q4 24 | — | $170.0M | ||
| Q3 24 | — | $523.0M | ||
| Q2 24 | — | $335.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 6.1% | ||
| Q3 25 | — | 7.3% | ||
| Q2 25 | — | 4.4% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 11.9% | ||
| Q2 24 | — | 7.8% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 2.03× | ||
| Q2 25 | 2.38× | 0.78× | ||
| Q1 25 | -1.53× | 1.35× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | 1.81× | 1.26× | ||
| Q2 24 | — | 0.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
