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Side-by-side financial comparison of Baxter International (BAX) and Principal Financial Group (PFG). Click either name above to swap in a different company.
Principal Financial Group is the larger business by last-quarter revenue ($4.6B vs $3.0B, roughly 1.5× Baxter International). Principal Financial Group runs the higher net margin — 11.3% vs -37.9%, a 49.2% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs -3.7%). Over the past eight quarters, Principal Financial Group's revenue compounded faster (6.3% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
BAX vs PFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $4.6B |
| Net Profit | $-1.1B | $517.0M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | — |
| Net Margin | -37.9% | 11.3% |
| Revenue YoY | 458.0% | -3.7% |
| Net Profit YoY | -120.3% | -42.9% |
| EPS (diluted) | $-2.21 | $2.30 |
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 | $4.6B | ||
| Q3 25 | $2.8B | $3.7B | ||
| Q2 25 | $2.8B | $3.7B | ||
| Q1 25 | $2.6B | $3.7B | ||
| Q4 24 | $533.0M | $4.8B | ||
| Q3 24 | $2.7B | $3.0B | ||
| Q2 24 | $3.8B | $4.3B | ||
| Q1 24 | $3.6B | $4.1B |
| Q4 25 | $-1.1B | $517.0M | ||
| Q3 25 | $-46.0M | $213.8M | ||
| Q2 25 | $91.0M | $406.2M | ||
| Q1 25 | $126.0M | $48.1M | ||
| Q4 24 | $-512.0M | $905.4M | ||
| Q3 24 | $140.0M | $-220.0M | ||
| Q2 24 | $-314.0M | $353.1M | ||
| Q1 24 | $37.0M | $532.5M |
| 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% | — | ||
| Q3 25 | 6.1% | — | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | -25.5% | — | ||
| Q3 24 | 5.7% | — | ||
| Q2 24 | -5.0% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | -37.9% | 11.3% | ||
| Q3 25 | -1.6% | 5.8% | ||
| Q2 25 | 3.2% | 11.1% | ||
| Q1 25 | 4.8% | 1.3% | ||
| Q4 24 | -96.1% | 19.1% | ||
| Q3 24 | 5.2% | -7.3% | ||
| Q2 24 | -8.2% | 8.2% | ||
| Q1 24 | 1.0% | 13.1% |
| Q4 25 | $-2.21 | $2.30 | ||
| Q3 25 | $-0.09 | $0.95 | ||
| Q2 25 | $0.18 | $1.79 | ||
| Q1 25 | $0.25 | $0.21 | ||
| Q4 24 | $-0.99 | $3.92 | ||
| Q3 24 | $0.27 | $-0.95 | ||
| Q2 24 | $-0.62 | $1.49 | ||
| Q1 24 | $0.07 | $2.22 |
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 | $4.4B |
| Total DebtLower is stronger | $9.5B | $3.9B |
| Stockholders' EquityBook value | $6.1B | $11.9B |
| Total Assets | $20.1B | $341.4B |
| Debt / EquityLower = less leverage | 1.55× | 0.33× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $4.4B | ||
| Q3 25 | $1.7B | $5.1B | ||
| Q2 25 | $1.7B | $3.7B | ||
| Q1 25 | $2.3B | $3.9B | ||
| Q4 24 | $1.8B | $4.2B | ||
| Q3 24 | $1.4B | $6.2B | ||
| Q2 24 | $2.1B | $4.8B | ||
| Q1 24 | $3.0B | $4.2B |
| Q4 25 | $9.5B | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $10.4B | $4.0B | ||
| Q3 24 | $10.4B | $3.9B | ||
| Q2 24 | $10.4B | $3.9B | ||
| Q1 24 | $11.1B | $3.9B |
| Q4 25 | $6.1B | $11.9B | ||
| Q3 25 | $7.2B | $11.7B | ||
| Q2 25 | $7.3B | $11.4B | ||
| Q1 25 | $7.1B | $11.2B | ||
| Q4 24 | $7.0B | $11.1B | ||
| Q3 24 | $7.9B | $11.2B | ||
| Q2 24 | $7.6B | $11.0B | ||
| Q1 24 | $8.2B | $11.2B |
| Q4 25 | $20.1B | $341.4B | ||
| Q3 25 | $21.1B | $334.5B | ||
| Q2 25 | $21.0B | $323.1B | ||
| Q1 25 | $21.3B | $313.0B | ||
| Q4 24 | $25.8B | $313.7B | ||
| Q3 24 | $26.7B | $322.9B | ||
| Q2 24 | $26.3B | $308.8B | ||
| Q1 24 | $27.8B | $308.7B |
| Q4 25 | 1.55× | 0.33× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | 1.49× | 0.36× | ||
| Q3 24 | 1.33× | 0.35× | ||
| Q2 24 | 1.37× | 0.36× | ||
| Q1 24 | 1.36× | 0.35× |
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 | $1.7B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 3.37× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $1.7B | ||
| Q3 25 | $237.0M | $1.0B | ||
| Q2 25 | $217.0M | $811.9M | ||
| Q1 25 | $-193.0M | $977.3M | ||
| Q4 24 | $488.0M | $1.5B | ||
| Q3 24 | $253.0M | $1.1B | ||
| Q2 24 | $115.0M | $1.4B | ||
| Q1 24 | $163.0M | $584.2M |
| Q4 25 | — | 3.37× | ||
| Q3 25 | — | 4.70× | ||
| Q2 25 | 2.38× | 2.00× | ||
| Q1 25 | -1.53× | 20.32× | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | — | 4.05× | ||
| Q1 24 | 4.41× | 1.10× |
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% |
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
