vs
Side-by-side financial comparison of Baxter International (BAX) and KKR & Co. (KKR). Click either name above to swap in a different company.
KKR & Co. is the larger business by last-quarter revenue ($5.7B vs $3.0B, roughly 1.9× Baxter International). KKR & Co. runs the higher net margin — 20.0% vs -37.9%, a 57.9% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 76.1%). Over the past eight quarters, Baxter International's revenue compounded faster (-9.0% CAGR vs -22.9%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private equity and investment company. As of December 31, 2024, the firm had completed 770 private-equity investments with approximately $790 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.
BAX vs KKR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $5.7B |
| Net Profit | $-1.1B | $1.1B |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 45.3% |
| Net Margin | -37.9% | 20.0% |
| Revenue YoY | 458.0% | 76.1% |
| Net Profit YoY | -120.3% | 1.8% |
| EPS (diluted) | $-2.21 | — |
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 | $5.7B | ||
| Q3 25 | $2.8B | $5.5B | ||
| Q2 25 | $2.8B | $5.1B | ||
| Q1 25 | $2.6B | $3.1B | ||
| Q4 24 | $533.0M | $3.3B | ||
| Q3 24 | $2.7B | $4.8B | ||
| Q2 24 | $3.8B | $4.2B | ||
| Q1 24 | $3.6B | $9.7B |
| Q4 25 | $-1.1B | $1.1B | ||
| Q3 25 | $-46.0M | $900.4M | ||
| Q2 25 | $91.0M | $510.1M | ||
| Q1 25 | $126.0M | $-185.9M | ||
| Q4 24 | $-512.0M | $1.1B | ||
| Q3 24 | $140.0M | $600.5M | ||
| Q2 24 | $-314.0M | $667.9M | ||
| Q1 24 | $37.0M | $682.2M |
| Q4 25 | 19.4% | — | ||
| Q3 25 | 33.5% | — | ||
| Q2 25 | 35.3% | — | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | 38.3% | — | ||
| Q2 24 | 37.5% | — | ||
| Q1 24 | 38.6% | — |
| Q4 25 | -24.5% | 45.3% | ||
| Q3 25 | 6.1% | 39.8% | ||
| Q2 25 | 6.8% | 30.0% | ||
| Q1 25 | 2.2% | 24.8% | ||
| Q4 24 | -25.5% | 50.4% | ||
| Q3 24 | 5.7% | 34.3% | ||
| Q2 24 | -5.0% | 29.0% | ||
| Q1 24 | 5.2% | 14.1% |
| Q4 25 | -37.9% | 20.0% | ||
| Q3 25 | -1.6% | 16.3% | ||
| Q2 25 | 3.2% | 10.0% | ||
| Q1 25 | 4.8% | -6.0% | ||
| Q4 24 | -96.1% | 34.5% | ||
| Q3 24 | 5.2% | 12.5% | ||
| Q2 24 | -8.2% | 16.0% | ||
| Q1 24 | 1.0% | 7.1% |
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | — | ||
| Q2 25 | $0.18 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.99 | — | ||
| Q3 24 | $0.27 | — | ||
| Q2 24 | $-0.62 | — | ||
| Q1 24 | $0.07 | — |
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 | — |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | $30.9B |
| Total Assets | $20.1B | $410.1B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — | ||
| Q1 24 | $11.1B | — |
| Q4 25 | $6.1B | $30.9B | ||
| Q3 25 | $7.2B | $29.7B | ||
| Q2 25 | $7.3B | $28.2B | ||
| Q1 25 | $7.1B | $27.5B | ||
| Q4 24 | $7.0B | $23.7B | ||
| Q3 24 | $7.9B | $24.1B | ||
| Q2 24 | $7.6B | $21.7B | ||
| Q1 24 | $8.2B | $21.4B |
| Q4 25 | $20.1B | $410.1B | ||
| Q3 25 | $21.1B | $398.5B | ||
| Q2 25 | $21.0B | $380.9B | ||
| Q1 25 | $21.3B | $372.4B | ||
| Q4 24 | $25.8B | $360.1B | ||
| Q3 24 | $26.7B | $360.7B | ||
| Q2 24 | $26.3B | $348.5B | ||
| Q1 24 | $27.8B | $339.8B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | — | ||
| Q1 24 | 1.36× | — |
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 | $-4.9B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -4.28× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $-4.9B | ||
| Q3 25 | $237.0M | $2.4B | ||
| Q2 25 | $217.0M | $438.8M | ||
| Q1 25 | $-193.0M | $2.5B | ||
| Q4 24 | $488.0M | $-111.7M | ||
| Q3 24 | $253.0M | $1.9B | ||
| Q2 24 | $115.0M | $3.4B | ||
| Q1 24 | $163.0M | $1.5B |
| Q4 25 | — | -4.28× | ||
| Q3 25 | — | 2.65× | ||
| Q2 25 | 2.38× | 0.86× | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | -0.10× | ||
| Q3 24 | 1.81× | 3.12× | ||
| Q2 24 | — | 5.03× | ||
| Q1 24 | 4.41× | 2.24× |
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% |
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
