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Side-by-side financial comparison of Baxter International (BAX) and LPL Financial Holdings Inc. (LPLA). Click either name above to swap in a different company.
LPL Financial Holdings Inc. is the larger business by last-quarter revenue ($4.9B vs $2.7B, roughly 1.8× Baxter International). LPL Financial Holdings Inc. runs the higher net margin — 6.1% vs -0.6%, a 6.7% gap on every dollar of revenue. On growth, LPL Financial Holdings Inc. posted the faster year-over-year revenue change (40.4% vs 3.0%). LPL Financial Holdings Inc. produced more free cash flow last quarter ($613.3M vs $76.0M). Over the past eight quarters, LPL Financial Holdings Inc.'s revenue compounded faster (32.0% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
LPL Financial Holdings Inc. was founded in 1989 and is considered the largest independent broker-dealer in the United States. As of 2021 the company had more than 17,500 financial advisors, over US$1 trillion in advisory and brokerage assets, and generated approximately $10.3 billion in annual revenue for the 2023 fiscal year. LPL Financial has main offices in Boston, Fort Mill, Austin, and San Diego. The company is a member of FINRA and the SIPC.
BAX vs LPLA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $4.9B |
| Net Profit | $-15.0M | $300.7M |
| Gross Margin | 33.0% | — |
| Operating Margin | 2.4% | 8.1% |
| Net Margin | -0.6% | 6.1% |
| Revenue YoY | 3.0% | 40.4% |
| Net Profit YoY | — | 11.1% |
| EPS (diluted) | $0.36 | $3.65 |
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 | $4.9B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $2.8B | $3.8B | ||
| Q1 25 | $2.6B | $3.7B | ||
| Q4 24 | $533.0M | $3.5B | ||
| Q3 24 | $2.7B | $3.1B | ||
| Q2 24 | $3.8B | $2.9B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $300.7M | ||
| Q3 25 | $-46.0M | $-29.5M | ||
| Q2 25 | $91.0M | $273.2M | ||
| Q1 25 | $126.0M | $318.6M | ||
| Q4 24 | $-512.0M | $270.7M | ||
| Q3 24 | $140.0M | $255.3M | ||
| Q2 24 | $-314.0M | $243.8M |
| Q1 26 | 33.0% | — | ||
| 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 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 8.1% | ||
| Q3 25 | 6.1% | -0.7% | ||
| Q2 25 | 6.8% | 9.6% | ||
| Q1 25 | 2.2% | 11.4% | ||
| Q4 24 | -25.5% | 9.7% | ||
| Q3 24 | 5.7% | 11.2% | ||
| Q2 24 | -5.0% | 11.3% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 6.1% | ||
| Q3 25 | -1.6% | -0.6% | ||
| Q2 25 | 3.2% | 7.1% | ||
| Q1 25 | 4.8% | 8.7% | ||
| Q4 24 | -96.1% | 7.7% | ||
| Q3 24 | 5.2% | 8.2% | ||
| Q2 24 | -8.2% | 8.3% |
| Q1 26 | $0.36 | — | ||
| Q4 25 | $-2.21 | $3.65 | ||
| Q3 25 | $-0.09 | $-0.37 | ||
| Q2 25 | $0.18 | $3.40 | ||
| Q1 25 | $0.25 | $4.24 | ||
| Q4 24 | $-0.99 | $3.58 | ||
| Q3 24 | $0.27 | $3.39 | ||
| Q2 24 | $-0.62 | $3.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.1B |
| Total DebtLower is stronger | — | $7.3B |
| Stockholders' EquityBook value | — | $5.3B |
| Total Assets | — | $18.5B |
| Debt / EquityLower = less leverage | — | 1.36× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $1.1B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.7B | $4.3B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $2.1B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $7.3B | ||
| Q3 25 | — | $7.5B | ||
| Q2 25 | — | $7.2B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | $10.4B | $5.5B | ||
| Q3 24 | $10.4B | $4.4B | ||
| Q2 24 | $10.4B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $5.3B | ||
| Q3 25 | $7.2B | $5.0B | ||
| Q2 25 | $7.3B | $5.1B | ||
| Q1 25 | $7.1B | $3.1B | ||
| Q4 24 | $7.0B | $2.9B | ||
| Q3 24 | $7.9B | $2.8B | ||
| Q2 24 | $7.6B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $18.5B | ||
| Q3 25 | $21.1B | $18.0B | ||
| Q2 25 | $21.0B | $17.5B | ||
| Q1 25 | $21.3B | $14.0B | ||
| Q4 24 | $25.8B | $13.3B | ||
| Q3 24 | $26.7B | $11.9B | ||
| Q2 24 | $26.3B | $11.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 1.36× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | 1.49× | 1.87× | ||
| Q3 24 | 1.33× | 1.60× | ||
| Q2 24 | 1.37× | 1.77× |
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 | — | $785.0M |
| Free Cash FlowOCF − Capex | $76.0M | $613.3M |
| FCF MarginFCF / Revenue | 2.8% | 12.4% |
| Capex IntensityCapex / Revenue | 5.1% | 3.5% |
| Cash ConversionOCF / Net Profit | — | 2.61× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-981.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $785.0M | ||
| Q3 25 | $237.0M | $-1.7B | ||
| Q2 25 | $217.0M | $193.3M | ||
| Q1 25 | $-193.0M | $339.8M | ||
| Q4 24 | $488.0M | $-178.8M | ||
| Q3 24 | $253.0M | $209.3M | ||
| Q2 24 | $115.0M | $-178.9M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $613.3M | ||
| Q3 25 | — | $-1.9B | ||
| Q2 25 | — | $56.3M | ||
| Q1 25 | — | $220.3M | ||
| Q4 24 | — | $-344.3M | ||
| Q3 24 | — | $62.3M | ||
| Q2 24 | — | $-307.8M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | -41.1% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 6.0% | ||
| Q4 24 | — | -9.8% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | -10.5% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 4.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.61× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | 0.71× | ||
| Q1 25 | -1.53× | 1.07× | ||
| Q4 24 | — | -0.66× | ||
| Q3 24 | 1.81× | 0.82× | ||
| Q2 24 | — | -0.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
