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Side-by-side financial comparison of Baxter International (BAX) and Lineage, Inc. (LINE). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $1.4B, roughly 2.0× Lineage, Inc.). Baxter International runs the higher net margin — -0.6% vs -7.3%, a 6.7% gap on every dollar of revenue. On growth, Lineage, Inc. posted the faster year-over-year revenue change (3.1% vs 3.0%). Baxter International produced more free cash flow last quarter ($76.0M vs $35.0M).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
BAX vs LINE — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.4B |
| Net Profit | $-15.0M | $-100.0M |
| Gross Margin | 33.0% | 32.3% |
| Operating Margin | 2.4% | 2.5% |
| Net Margin | -0.6% | -7.3% |
| Revenue YoY | 3.0% | 3.1% |
| Net Profit YoY | — | 79.4% |
| EPS (diluted) | $-0.03 | $-0.44 |
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 | — | ||
| Q3 25 | $2.8B | $1.4B | ||
| Q2 25 | $2.8B | $1.4B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $533.0M | $1.3B | ||
| Q3 24 | $2.7B | $1.3B | ||
| Q2 24 | $3.8B | $1.3B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | — | ||
| Q3 25 | $-46.0M | $-100.0M | ||
| Q2 25 | $91.0M | $-6.0M | ||
| Q1 25 | $126.0M | $0 | ||
| Q4 24 | $-512.0M | $-71.0M | ||
| Q3 24 | $140.0M | $-485.0M | ||
| Q2 24 | $-314.0M | $-68.0M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | — | ||
| Q3 25 | 33.5% | 32.3% | ||
| Q2 25 | 35.3% | 31.9% | ||
| Q1 25 | 32.8% | 32.2% | ||
| Q4 24 | 25.0% | 32.3% | ||
| Q3 24 | 38.3% | 32.8% | ||
| Q2 24 | 37.5% | 33.4% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | — | ||
| Q3 25 | 6.1% | 2.5% | ||
| Q2 25 | 6.8% | 1.7% | ||
| Q1 25 | 2.2% | 4.3% | ||
| Q4 24 | -25.5% | -1.6% | ||
| Q3 24 | 5.7% | -38.6% | ||
| Q2 24 | -5.0% | 5.5% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | — | ||
| Q3 25 | -1.6% | -7.3% | ||
| Q2 25 | 3.2% | -0.4% | ||
| Q1 25 | 4.8% | — | ||
| Q4 24 | -96.1% | -5.3% | ||
| Q3 24 | 5.2% | -36.3% | ||
| Q2 24 | -8.2% | -5.1% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | $-0.44 | ||
| Q2 25 | $0.18 | $-0.03 | ||
| Q1 25 | $0.25 | $0.01 | ||
| Q4 24 | $-0.99 | $-0.52 | ||
| Q3 24 | $0.27 | $-2.44 | ||
| Q2 24 | $-0.62 | $-0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $8.4B |
| Total Assets | — | $19.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $1.8B | $173.0M | ||
| Q3 24 | $1.4B | $409.0M | ||
| Q2 24 | $2.1B | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | — | ||
| Q3 25 | $7.2B | $8.4B | ||
| Q2 25 | $7.3B | $8.6B | ||
| Q1 25 | $7.1B | $8.6B | ||
| Q4 24 | $7.0B | $8.6B | ||
| Q3 24 | $7.9B | $9.0B | ||
| Q2 24 | $7.6B | $4.9B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | — | ||
| Q3 25 | $21.1B | $19.2B | ||
| Q2 25 | $21.0B | $19.4B | ||
| Q1 25 | $21.3B | $18.8B | ||
| Q4 24 | $25.8B | $18.7B | ||
| Q3 24 | $26.7B | $19.3B | ||
| Q2 24 | $26.3B | $18.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | — |
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 | — | $230.0M |
| Free Cash FlowOCF − Capex | $76.0M | $35.0M |
| FCF MarginFCF / Revenue | 2.8% | 2.5% |
| Capex IntensityCapex / Revenue | 5.1% | 14.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | — | ||
| Q3 25 | $237.0M | $230.0M | ||
| Q2 25 | $217.0M | $258.0M | ||
| Q1 25 | $-193.0M | $139.0M | ||
| Q4 24 | $488.0M | — | ||
| Q3 24 | $253.0M | $186.0M | ||
| Q2 24 | $115.0M | $155.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $35.0M | ||
| Q2 25 | — | $95.0M | ||
| Q1 25 | — | $-12.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $33.0M | ||
| Q2 24 | — | $-31.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | -0.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | -2.3% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 14.2% | ||
| Q2 25 | — | 12.1% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 13.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
