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Side-by-side financial comparison of Baxter International (BAX) and QVC INC (QVCD). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.4B, roughly 1.2× QVC INC). QVC INC runs the higher net margin — 1.5% vs -37.9%, a 39.5% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs -8.9%). Over the past eight quarters, QVC INC's revenue compounded faster (7.1% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
BAX vs QVCD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.4B |
| Net Profit | $-1.1B | $37.0M |
| Gross Margin | 19.4% | 32.5% |
| Operating Margin | -24.5% | 5.6% |
| Net Margin | -37.9% | 1.5% |
| Revenue YoY | 458.0% | -8.9% |
| Net Profit YoY | -120.3% | 103.0% |
| 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.
| Q4 25 | $3.0B | $2.4B | ||
| Q3 25 | $2.8B | $2.0B | ||
| Q2 25 | $2.8B | $2.0B | ||
| Q1 25 | $2.6B | $1.9B | ||
| Q4 24 | $533.0M | $2.7B | ||
| Q3 24 | $2.7B | $2.1B | ||
| Q2 24 | $3.8B | $2.1B | ||
| Q1 24 | $3.6B | $2.1B |
| Q4 25 | $-1.1B | $37.0M | ||
| Q3 25 | $-46.0M | $2.0M | ||
| Q2 25 | $91.0M | $-2.2B | ||
| Q1 25 | $126.0M | $-42.0M | ||
| Q4 24 | $-512.0M | $-1.2B | ||
| Q3 24 | $140.0M | $51.0M | ||
| Q2 24 | $-314.0M | $53.0M | ||
| Q1 24 | $37.0M | $51.0M |
| Q4 25 | 19.4% | 32.5% | ||
| Q3 25 | 33.5% | 33.6% | ||
| Q2 25 | 35.3% | 35.4% | ||
| Q1 25 | 32.8% | 33.3% | ||
| Q4 24 | 25.0% | 32.6% | ||
| Q3 24 | 38.3% | 34.7% | ||
| Q2 24 | 37.5% | 35.6% | ||
| Q1 24 | 38.6% | 35.0% |
| Q4 25 | -24.5% | 5.6% | ||
| Q3 25 | 6.1% | 4.6% | ||
| Q2 25 | 6.8% | -114.5% | ||
| Q1 25 | 2.2% | 1.5% | ||
| Q4 24 | -25.5% | -47.1% | ||
| Q3 24 | 5.7% | 7.8% | ||
| Q2 24 | -5.0% | 7.6% | ||
| Q1 24 | 5.2% | 7.4% |
| Q4 25 | -37.9% | 1.5% | ||
| Q3 25 | -1.6% | 0.1% | ||
| Q2 25 | 3.2% | -109.1% | ||
| Q1 25 | 4.8% | -2.2% | ||
| Q4 24 | -96.1% | -46.0% | ||
| Q3 24 | 5.2% | 2.4% | ||
| Q2 24 | -8.2% | 2.5% | ||
| Q1 24 | 1.0% | 2.4% |
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | — | ||
| Q2 25 | $0.18 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.99 | — | ||
| Q3 24 | $0.27 | — | ||
| Q2 24 | $-0.62 | — | ||
| Q1 24 | $0.07 | — |
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 | $1.5B |
| Total DebtLower is stronger | $9.5B | $1.0M |
| Stockholders' EquityBook value | $6.1B | $1.2B |
| Total Assets | $20.1B | $8.5B |
| Debt / EquityLower = less leverage | 1.55× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $1.8B | $297.0M | ||
| Q3 24 | $1.4B | $297.0M | ||
| Q2 24 | $2.1B | $315.0M | ||
| Q1 24 | $3.0B | $311.0M |
| Q4 25 | $9.5B | $1.0M | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $10.4B | $3.3B | ||
| Q3 24 | $10.4B | $3.4B | ||
| Q2 24 | $10.4B | $3.7B | ||
| Q1 24 | $11.1B | $3.8B |
| Q4 25 | $6.1B | $1.2B | ||
| Q3 25 | $7.2B | $1.2B | ||
| Q2 25 | $7.3B | $1.2B | ||
| Q1 25 | $7.1B | $3.3B | ||
| Q4 24 | $7.0B | $3.3B | ||
| Q3 24 | $7.9B | $4.6B | ||
| Q2 24 | $7.6B | $4.3B | ||
| Q1 24 | $8.2B | $4.2B |
| Q4 25 | $20.1B | $8.5B | ||
| Q3 25 | $21.1B | $8.3B | ||
| Q2 25 | $21.0B | $7.4B | ||
| Q1 25 | $21.3B | $9.7B | ||
| Q4 24 | $25.8B | $9.9B | ||
| Q3 24 | $26.7B | $9.9B | ||
| Q2 24 | $26.3B | $11.2B | ||
| Q1 24 | $27.8B | $11.4B |
| Q4 25 | 1.55× | 0.00× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | 1.49× | 1.01× | ||
| Q3 24 | 1.33× | 0.73× | ||
| Q2 24 | 1.37× | 0.87× | ||
| Q1 24 | 1.36× | 0.89× |
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 | $245.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 6.62× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $245.0M | ||
| Q3 25 | $237.0M | $76.0M | ||
| Q2 25 | $217.0M | $52.0M | ||
| Q1 25 | $-193.0M | $46.0M | ||
| Q4 24 | $488.0M | $189.0M | ||
| Q3 24 | $253.0M | $98.0M | ||
| Q2 24 | $115.0M | $164.0M | ||
| Q1 24 | $163.0M | $84.0M |
| Q4 25 | — | 6.62× | ||
| Q3 25 | — | 38.00× | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | 1.92× | ||
| Q2 24 | — | 3.09× | ||
| Q1 24 | 4.41× | 1.65× |
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% |
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
