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Side-by-side financial comparison of Baxter International (BAX) and PulteGroup (PHM). Click either name above to swap in a different company.
PulteGroup is the larger business by last-quarter revenue ($3.4B vs $3.0B, roughly 1.1× Baxter International). PulteGroup runs the higher net margin — 10.2% vs -37.9%, a 48.1% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs -12.4%). Over the past eight quarters, Baxter International's revenue compounded faster (-9.0% CAGR vs -13.9%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
PulteGroup, Inc. is an American residential home-construction company based in Atlanta, Georgia, United States. As of 2023, the company is the third-largest home-construction company in the United States based on the number of homes closed. In total, the company has built over 775,000 homes.
BAX vs PHM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $3.4B |
| Net Profit | $-1.1B | $347.0M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | — |
| Net Margin | -37.9% | 10.2% |
| Revenue YoY | 458.0% | -12.4% |
| Net Profit YoY | -120.3% | -33.6% |
| 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.
| Q1 26 | — | $3.4B | ||
| Q4 25 | $3.0B | $4.6B | ||
| Q3 25 | $2.8B | $4.4B | ||
| Q2 25 | $2.8B | $4.4B | ||
| Q1 25 | $2.6B | $3.9B | ||
| Q4 24 | $533.0M | $4.9B | ||
| Q3 24 | $2.7B | $4.5B | ||
| Q2 24 | $3.8B | $4.6B |
| Q1 26 | — | $347.0M | ||
| Q4 25 | $-1.1B | $501.6M | ||
| Q3 25 | $-46.0M | $585.8M | ||
| Q2 25 | $91.0M | $608.5M | ||
| Q1 25 | $126.0M | $522.8M | ||
| Q4 24 | $-512.0M | $913.2M | ||
| Q3 24 | $140.0M | $697.9M | ||
| Q2 24 | $-314.0M | $809.1M |
| Q1 26 | — | — | ||
| Q4 25 | 19.4% | — | ||
| Q3 25 | 33.5% | 27.8% | ||
| Q2 25 | 35.3% | 28.6% | ||
| Q1 25 | 32.8% | 28.8% | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | 38.3% | 30.4% | ||
| Q2 24 | 37.5% | 31.4% |
| Q1 26 | — | — | ||
| 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 26 | — | 10.2% | ||
| Q4 25 | -37.9% | 10.9% | ||
| Q3 25 | -1.6% | 13.3% | ||
| Q2 25 | 3.2% | 13.8% | ||
| Q1 25 | 4.8% | 13.4% | ||
| Q4 24 | -96.1% | 18.6% | ||
| Q3 24 | 5.2% | 15.6% | ||
| Q2 24 | -8.2% | 17.6% |
| Q1 26 | — | — | ||
| Q4 25 | $-2.21 | $2.56 | ||
| Q3 25 | $-0.09 | $2.96 | ||
| Q2 25 | $0.18 | $3.03 | ||
| Q1 25 | $0.25 | $2.57 | ||
| Q4 24 | $-0.99 | $4.41 | ||
| Q3 24 | $0.27 | $3.35 | ||
| Q2 24 | $-0.62 | $3.83 |
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 | $1.8B |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | $13.0B |
| Total Assets | $20.1B | $5.2B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $2.0B | $2.0B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $1.8B | $1.6B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $2.1B | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $43.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | $31.1M | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — |
| Q1 26 | — | $13.0B | ||
| Q4 25 | $6.1B | $13.0B | ||
| Q3 25 | $7.2B | $12.8B | ||
| Q2 25 | $7.3B | $12.6B | ||
| Q1 25 | $7.1B | $12.3B | ||
| Q4 24 | $7.0B | $12.1B | ||
| Q3 24 | $7.9B | $11.6B | ||
| Q2 24 | $7.6B | $11.2B |
| Q1 26 | — | $5.2B | ||
| Q4 25 | $20.1B | $18.0B | ||
| Q3 25 | $21.1B | $17.9B | ||
| Q2 25 | $21.0B | $17.6B | ||
| Q1 25 | $21.3B | $17.3B | ||
| Q4 24 | $25.8B | $17.4B | ||
| Q3 24 | $26.7B | $17.0B | ||
| Q2 24 | $26.3B | $16.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | 0.00× | ||
| 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 | $584.0M | $159.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | — | 0.46× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $159.8M | ||
| Q4 25 | $584.0M | $771.1M | ||
| Q3 25 | $237.0M | $678.4M | ||
| Q2 25 | $217.0M | $287.5M | ||
| Q1 25 | $-193.0M | $134.2M | ||
| Q4 24 | $488.0M | $567.6M | ||
| Q3 24 | $253.0M | $455.9M | ||
| Q2 24 | $115.0M | $417.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $739.8M | ||
| Q3 25 | — | $651.1M | ||
| Q2 25 | — | $253.0M | ||
| Q1 25 | — | $104.6M | ||
| Q4 24 | — | $543.1M | ||
| Q3 24 | — | $417.2M | ||
| Q2 24 | — | $386.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 16.0% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | 0.7% | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.7% |
| Q1 26 | — | 0.46× | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | 2.38× | 0.47× | ||
| Q1 25 | -1.53× | 0.26× | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | 1.81× | 0.65× | ||
| Q2 24 | — | 0.52× |
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% |
PHM
| Home sale revenues | $3.3B | 97% |
| Financial Services | $71.7M | 2% |
| Land sale and other revenues | $29.3M | 1% |
