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Side-by-side financial comparison of Baxter International (BAX) and RXO, Inc. (RXO). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $1.5B, roughly 1.8× RXO, Inc.). Baxter International runs the higher net margin — -0.6% vs -3.1%, a 2.6% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (3.0% vs -11.9%). Baxter International produced more free cash flow last quarter ($76.0M vs $-9.0M). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
BAX vs RXO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.5B |
| Net Profit | $-15.0M | $-46.0M |
| Gross Margin | 33.0% | — |
| Operating Margin | 2.4% | -2.9% |
| Net Margin | -0.6% | -3.1% |
| Revenue YoY | 3.0% | -11.9% |
| Net Profit YoY | — | -84.0% |
| EPS (diluted) | $-0.03 | $-0.28 |
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 | $1.5B | ||
| Q3 25 | $2.8B | $1.4B | ||
| Q2 25 | $2.8B | $1.4B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $533.0M | $1.7B | ||
| Q3 24 | $2.7B | $1.0B | ||
| Q2 24 | $3.8B | $930.0M |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $-46.0M | ||
| Q3 25 | $-46.0M | $-14.0M | ||
| Q2 25 | $91.0M | $-9.0M | ||
| Q1 25 | $126.0M | $-31.0M | ||
| Q4 24 | $-512.0M | $-25.0M | ||
| Q3 24 | $140.0M | $-243.0M | ||
| Q2 24 | $-314.0M | $-7.0M |
| 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% | -2.9% | ||
| Q3 25 | 6.1% | -0.5% | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 2.2% | -2.1% | ||
| Q4 24 | -25.5% | -1.4% | ||
| Q3 24 | 5.7% | -1.9% | ||
| Q2 24 | -5.0% | — |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | -3.1% | ||
| Q3 25 | -1.6% | -1.0% | ||
| Q2 25 | 3.2% | -0.6% | ||
| Q1 25 | 4.8% | -2.2% | ||
| Q4 24 | -96.1% | -1.5% | ||
| Q3 24 | 5.2% | -23.4% | ||
| Q2 24 | -8.2% | -0.8% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $-0.28 | ||
| Q3 25 | $-0.09 | $-0.08 | ||
| Q2 25 | $0.18 | $-0.05 | ||
| Q1 25 | $0.25 | $-0.18 | ||
| Q4 24 | $-0.99 | $-0.17 | ||
| Q3 24 | $0.27 | $-1.81 | ||
| Q2 24 | $-0.62 | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $17.0M |
| Total DebtLower is stronger | — | $387.0M |
| Stockholders' EquityBook value | — | $1.5B |
| Total Assets | — | $3.3B |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $17.0M | ||
| Q3 25 | $1.7B | $25.0M | ||
| Q2 25 | $1.7B | $18.0M | ||
| Q1 25 | $2.3B | $16.0M | ||
| Q4 24 | $1.8B | $35.0M | ||
| Q3 24 | $1.4B | $55.0M | ||
| Q2 24 | $2.1B | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | $10.4B | $351.0M | ||
| Q3 24 | $10.4B | $352.0M | ||
| Q2 24 | $10.4B | $370.0M |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $1.5B | ||
| Q3 25 | $7.2B | $1.6B | ||
| Q2 25 | $7.3B | $1.6B | ||
| Q1 25 | $7.1B | $1.6B | ||
| Q4 24 | $7.0B | $1.6B | ||
| Q3 24 | $7.9B | $1.7B | ||
| Q2 24 | $7.6B | $579.0M |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $3.3B | ||
| Q3 25 | $21.1B | $3.2B | ||
| Q2 25 | $21.0B | $3.2B | ||
| Q1 25 | $21.3B | $3.3B | ||
| Q4 24 | $25.8B | $3.4B | ||
| Q3 24 | $26.7B | $3.4B | ||
| Q2 24 | $26.3B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 1.49× | 0.22× | ||
| Q3 24 | 1.33× | 0.21× | ||
| Q2 24 | 1.37× | 0.64× |
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 | — | $7.0M |
| Free Cash FlowOCF − Capex | $76.0M | $-9.0M |
| FCF MarginFCF / Revenue | 2.8% | -0.6% |
| Capex IntensityCapex / Revenue | 5.1% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $7.0M | ||
| Q3 25 | $237.0M | $23.0M | ||
| Q2 25 | $217.0M | $23.0M | ||
| Q1 25 | $-193.0M | $-2.0M | ||
| Q4 24 | $488.0M | $-7.0M | ||
| Q3 24 | $253.0M | $-7.0M | ||
| Q2 24 | $115.0M | $-5.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | — | $-18.0M | ||
| Q2 24 | — | $-16.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | -1.7% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
