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Side-by-side financial comparison of Baxter International (BAX) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.3B vs $3.0B, roughly 1.4× Baxter International). Royal Caribbean Group runs the higher net margin — 17.9% vs -37.9%, a 55.8% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 13.2%). Over the past eight quarters, Royal Caribbean Group's revenue compounded faster (1.8% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
BAX vs RCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $4.3B |
| Net Profit | $-1.1B | $762.0M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 21.9% |
| Net Margin | -37.9% | 17.9% |
| Revenue YoY | 458.0% | 13.2% |
| Net Profit YoY | -120.3% | 36.3% |
| EPS (diluted) | $-2.21 | $2.76 |
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 | — | $4.3B | ||
| Q4 25 | $3.0B | $4.3B | ||
| Q3 25 | $2.8B | $5.1B | ||
| Q2 25 | $2.8B | $4.5B | ||
| Q1 25 | $2.6B | $4.0B | ||
| Q4 24 | $533.0M | $3.8B | ||
| Q3 24 | $2.7B | $4.9B | ||
| Q2 24 | $3.8B | $4.1B |
| Q1 26 | — | $762.0M | ||
| Q4 25 | $-1.1B | $753.0M | ||
| Q3 25 | $-46.0M | $1.6B | ||
| Q2 25 | $91.0M | $1.2B | ||
| Q1 25 | $126.0M | $730.0M | ||
| Q4 24 | $-512.0M | $552.0M | ||
| Q3 24 | $140.0M | $1.1B | ||
| Q2 24 | $-314.0M | $854.0M |
| Q1 26 | — | — | ||
| Q4 25 | 19.4% | 47.4% | ||
| Q3 25 | 33.5% | 51.8% | ||
| Q2 25 | 35.3% | 49.7% | ||
| Q1 25 | 32.8% | 48.0% | ||
| Q4 24 | 25.0% | 45.4% | ||
| Q3 24 | 38.3% | 51.1% | ||
| Q2 24 | 37.5% | 47.6% |
| Q1 26 | — | 21.9% | ||
| Q4 25 | -24.5% | 21.9% | ||
| Q3 25 | 6.1% | 33.1% | ||
| Q2 25 | 6.8% | 29.3% | ||
| Q1 25 | 2.2% | 23.6% | ||
| Q4 24 | -25.5% | 16.6% | ||
| Q3 24 | 5.7% | 33.4% | ||
| Q2 24 | -5.0% | 26.7% |
| Q1 26 | — | 17.9% | ||
| Q4 25 | -37.9% | 17.7% | ||
| Q3 25 | -1.6% | 30.6% | ||
| Q2 25 | 3.2% | 26.7% | ||
| Q1 25 | 4.8% | 18.3% | ||
| Q4 24 | -96.1% | 14.7% | ||
| Q3 24 | 5.2% | 22.7% | ||
| Q2 24 | -8.2% | 20.8% |
| Q1 26 | — | $2.76 | ||
| Q4 25 | $-2.21 | $2.76 | ||
| Q3 25 | $-0.09 | $5.74 | ||
| Q2 25 | $0.18 | $4.41 | ||
| Q1 25 | $0.25 | $2.70 | ||
| Q4 24 | $-0.99 | $2.27 | ||
| Q3 24 | $0.27 | $4.21 | ||
| Q2 24 | $-0.62 | $3.11 |
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 | $825.0M |
| Total DebtLower is stronger | $9.5B | $21.3B |
| Stockholders' EquityBook value | $6.1B | $10.2B |
| Total Assets | $20.1B | $41.6B |
| Debt / EquityLower = less leverage | 1.55× | 2.08× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $825.0M | ||
| Q4 25 | $2.0B | $825.0M | ||
| Q3 25 | $1.7B | $432.0M | ||
| Q2 25 | $1.7B | $735.0M | ||
| Q1 25 | $2.3B | $386.0M | ||
| Q4 24 | $1.8B | $388.0M | ||
| Q3 24 | $1.4B | $418.0M | ||
| Q2 24 | $2.1B | $391.0M |
| Q1 26 | — | $21.3B | ||
| Q4 25 | $9.5B | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | $10.4B | $18.5B | ||
| Q3 24 | $10.4B | $19.0B | ||
| Q2 24 | $10.4B | $19.8B |
| Q1 26 | — | $10.2B | ||
| Q4 25 | $6.1B | $10.0B | ||
| Q3 25 | $7.2B | $10.1B | ||
| Q2 25 | $7.3B | $9.2B | ||
| Q1 25 | $7.1B | $8.0B | ||
| Q4 24 | $7.0B | $7.6B | ||
| Q3 24 | $7.9B | $7.0B | ||
| Q2 24 | $7.6B | $6.0B |
| Q1 26 | — | $41.6B | ||
| Q4 25 | $20.1B | $41.6B | ||
| Q3 25 | $21.1B | $40.1B | ||
| Q2 25 | $21.0B | $38.5B | ||
| Q1 25 | $21.3B | $37.5B | ||
| Q4 24 | $25.8B | $37.1B | ||
| Q3 24 | $26.7B | $37.1B | ||
| Q2 24 | $26.3B | $37.0B |
| Q1 26 | — | 2.08× | ||
| Q4 25 | 1.55× | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | 1.49× | 2.44× | ||
| Q3 24 | 1.33× | 2.69× | ||
| Q2 24 | 1.37× | 3.29× |
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 | $6.5B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 8.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $6.5B | ||
| Q4 25 | $584.0M | $1.6B | ||
| Q3 25 | $237.0M | $1.5B | ||
| Q2 25 | $217.0M | $1.7B | ||
| Q1 25 | $-193.0M | $1.6B | ||
| Q4 24 | $488.0M | $1.5B | ||
| Q3 24 | $253.0M | $897.0M | ||
| Q2 24 | $115.0M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% |
| Q1 26 | — | 8.48× | ||
| Q4 25 | — | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | 2.38× | 1.44× | ||
| Q1 25 | -1.53× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | 1.81× | 0.81× | ||
| Q2 24 | — | 1.84× |
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% |
RCL
Segment breakdown not available.
