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Side-by-side financial comparison of Baxter International (BAX) and CarMax (KMX). Click either name above to swap in a different company.
CarMax is the larger business by last-quarter revenue ($5.8B vs $3.0B, roughly 1.9× Baxter International). CarMax runs the higher net margin — 1.1% vs -37.9%, a 39.0% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs -6.9%). Over the past eight quarters, CarMax's revenue compounded faster (1.5% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
BAX vs KMX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $5.8B |
| Net Profit | $-1.1B | $62.2M |
| Gross Margin | 19.4% | 10.2% |
| Operating Margin | -24.5% | — |
| Net Margin | -37.9% | 1.1% |
| Revenue YoY | 458.0% | -6.9% |
| Net Profit YoY | -120.3% | -50.4% |
| EPS (diluted) | $-2.21 | $0.43 |
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 | $5.8B | ||
| Q3 25 | $2.8B | $6.6B | ||
| Q2 25 | $2.8B | $7.5B | ||
| Q1 25 | $2.6B | $6.0B | ||
| Q4 24 | $533.0M | $6.2B | ||
| Q3 24 | $2.7B | $7.0B | ||
| Q2 24 | $3.8B | $7.1B | ||
| Q1 24 | $3.6B | $5.6B |
| Q4 25 | $-1.1B | $62.2M | ||
| Q3 25 | $-46.0M | $95.4M | ||
| Q2 25 | $91.0M | $210.4M | ||
| Q1 25 | $126.0M | $89.9M | ||
| Q4 24 | $-512.0M | $125.4M | ||
| Q3 24 | $140.0M | $132.8M | ||
| Q2 24 | $-314.0M | $152.4M | ||
| Q1 24 | $37.0M | $50.3M |
| Q4 25 | 19.4% | 10.2% | ||
| Q3 25 | 33.5% | 10.9% | ||
| Q2 25 | 35.3% | 11.8% | ||
| Q1 25 | 32.8% | 11.1% | ||
| Q4 24 | 25.0% | 10.9% | ||
| Q3 24 | 38.3% | 10.8% | ||
| Q2 24 | 37.5% | 11.1% | ||
| Q1 24 | 38.6% | 10.4% |
| Q4 25 | -24.5% | — | ||
| Q3 25 | 6.1% | — | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 2.2% | 2.0% | ||
| Q4 24 | -25.5% | 2.7% | ||
| Q3 24 | 5.7% | 2.5% | ||
| Q2 24 | -5.0% | 2.9% | ||
| Q1 24 | 5.2% | 1.2% |
| Q4 25 | -37.9% | 1.1% | ||
| Q3 25 | -1.6% | 1.4% | ||
| Q2 25 | 3.2% | 2.8% | ||
| Q1 25 | 4.8% | 1.5% | ||
| Q4 24 | -96.1% | 2.0% | ||
| Q3 24 | 5.2% | 1.9% | ||
| Q2 24 | -8.2% | 2.1% | ||
| Q1 24 | 1.0% | 0.9% |
| Q4 25 | $-2.21 | $0.43 | ||
| Q3 25 | $-0.09 | $0.64 | ||
| Q2 25 | $0.18 | $1.38 | ||
| Q1 25 | $0.25 | $0.58 | ||
| Q4 24 | $-0.99 | $0.81 | ||
| Q3 24 | $0.27 | $0.85 | ||
| Q2 24 | $-0.62 | $0.97 | ||
| Q1 24 | $0.07 | $0.31 |
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 | $204.9M |
| Total DebtLower is stronger | $9.5B | $16.6B |
| Stockholders' EquityBook value | $6.1B | $6.1B |
| Total Assets | $20.1B | $25.6B |
| Debt / EquityLower = less leverage | 1.55× | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $204.9M | ||
| Q3 25 | $1.7B | $540.4M | ||
| Q2 25 | $1.7B | $262.8M | ||
| Q1 25 | $2.3B | $247.0M | ||
| Q4 24 | $1.8B | $271.9M | ||
| Q3 24 | $1.4B | $524.7M | ||
| Q2 24 | $2.1B | $218.9M | ||
| Q1 24 | $3.0B | $574.1M |
| Q4 25 | $9.5B | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | $10.4B | $18.1B | ||
| Q3 24 | $10.4B | $18.1B | ||
| Q2 24 | $10.4B | $18.2B | ||
| Q1 24 | $11.1B | $18.0B |
| Q4 25 | $6.1B | $6.1B | ||
| Q3 25 | $7.2B | $6.2B | ||
| Q2 25 | $7.3B | $6.3B | ||
| Q1 25 | $7.1B | $6.2B | ||
| Q4 24 | $7.0B | $6.2B | ||
| Q3 24 | $7.9B | $6.2B | ||
| Q2 24 | $7.6B | $6.2B | ||
| Q1 24 | $8.2B | $6.1B |
| Q4 25 | $20.1B | $25.6B | ||
| Q3 25 | $21.1B | $27.1B | ||
| Q2 25 | $21.0B | $27.4B | ||
| Q1 25 | $21.3B | $27.4B | ||
| Q4 24 | $25.8B | $27.3B | ||
| Q3 24 | $26.7B | $27.3B | ||
| Q2 24 | $26.3B | $27.2B | ||
| Q1 24 | $27.8B | $27.2B |
| Q4 25 | 1.55× | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | 1.49× | 2.92× | ||
| Q3 24 | 1.33× | 2.93× | ||
| Q2 24 | 1.37× | 2.95× | ||
| Q1 24 | 1.36× | 2.96× |
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 | $1.3B |
| Free Cash FlowOCF − Capex | — | $1.1B |
| FCF MarginFCF / Revenue | — | 19.2% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $1.3B | ||
| Q3 25 | $237.0M | $785.5M | ||
| Q2 25 | $217.0M | $299.5M | ||
| Q1 25 | $-193.0M | $146.4M | ||
| Q4 24 | $488.0M | $-23.4M | ||
| Q3 24 | $253.0M | $619.1M | ||
| Q2 24 | $115.0M | $-117.7M | ||
| Q1 24 | $163.0M | $309.6M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $654.0M | ||
| Q2 25 | — | $162.8M | ||
| Q1 25 | — | $18.8M | ||
| Q4 24 | — | $-150.6M | ||
| Q3 24 | — | $509.9M | ||
| Q2 24 | — | $-221.6M | ||
| Q1 24 | — | $199.8M |
| Q4 25 | — | 19.2% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | 3.6% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | 20.14× | ||
| Q3 25 | — | 8.24× | ||
| Q2 25 | 2.38× | 1.42× | ||
| Q1 25 | -1.53× | 1.63× | ||
| Q4 24 | — | -0.19× | ||
| Q3 24 | 1.81× | 4.66× | ||
| Q2 24 | — | -0.77× | ||
| Q1 24 | 4.41× | 6.16× |
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% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
