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Side-by-side financial comparison of Baxter International (BAX) and Surgery Partners, Inc. (SGRY). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $885.0M, roughly 3.4× Surgery Partners, Inc.). Surgery Partners, Inc. runs the higher net margin — -1.7% vs -37.9%, a 36.2% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 2.4%). Over the past eight quarters, Surgery Partners, Inc.'s revenue compounded faster (11.1% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
United Surgical Partners International, Inc. (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.
BAX vs SGRY — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $885.0M |
| Net Profit | $-1.1B | $-15.0M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 12.5% |
| Net Margin | -37.9% | -1.7% |
| Revenue YoY | 458.0% | 2.4% |
| Net Profit YoY | -120.3% | 86.2% |
| EPS (diluted) | $-2.21 | $-0.11 |
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 | $885.0M | ||
| Q3 25 | $2.8B | $821.5M | ||
| Q2 25 | $2.8B | $826.2M | ||
| Q1 25 | $2.6B | $776.0M | ||
| Q4 24 | $533.0M | $864.4M | ||
| Q3 24 | $2.7B | $770.4M | ||
| Q2 24 | $3.8B | $762.1M | ||
| Q1 24 | $3.6B | $717.4M |
| Q4 25 | $-1.1B | $-15.0M | ||
| Q3 25 | $-46.0M | $-22.7M | ||
| Q2 25 | $91.0M | $-2.5M | ||
| Q1 25 | $126.0M | $-37.7M | ||
| Q4 24 | $-512.0M | $-108.5M | ||
| Q3 24 | $140.0M | $-31.7M | ||
| Q2 24 | $-314.0M | $-15.5M | ||
| Q1 24 | $37.0M | $-12.4M |
| 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% | 12.5% | ||
| Q3 25 | 6.1% | 12.9% | ||
| Q2 25 | 6.8% | 13.5% | ||
| Q1 25 | 2.2% | 8.0% | ||
| Q4 24 | -25.5% | 14.7% | ||
| Q3 24 | 5.7% | 7.9% | ||
| Q2 24 | -5.0% | 11.1% | ||
| Q1 24 | 5.2% | 10.6% |
| Q4 25 | -37.9% | -1.7% | ||
| Q3 25 | -1.6% | -2.8% | ||
| Q2 25 | 3.2% | -0.3% | ||
| Q1 25 | 4.8% | -4.9% | ||
| Q4 24 | -96.1% | -12.6% | ||
| Q3 24 | 5.2% | -4.1% | ||
| Q2 24 | -8.2% | -2.0% | ||
| Q1 24 | 1.0% | -1.7% |
| Q4 25 | $-2.21 | $-0.11 | ||
| Q3 25 | $-0.09 | $-0.18 | ||
| Q2 25 | $0.18 | $-0.02 | ||
| Q1 25 | $0.25 | $-0.30 | ||
| Q4 24 | $-0.99 | $-0.86 | ||
| Q3 24 | $0.27 | $-0.25 | ||
| Q2 24 | $-0.62 | $-0.12 | ||
| Q1 24 | $0.07 | $-0.10 |
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 | $239.9M |
| Total DebtLower is stronger | $9.5B | $3.6B |
| Stockholders' EquityBook value | $6.1B | $1.7B |
| Total Assets | $20.1B | $8.1B |
| Debt / EquityLower = less leverage | 1.55× | 2.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $239.9M | ||
| Q3 25 | $1.7B | $203.4M | ||
| Q2 25 | $1.7B | $250.1M | ||
| Q1 25 | $2.3B | $229.3M | ||
| Q4 24 | $1.8B | $269.5M | ||
| Q3 24 | $1.4B | $221.8M | ||
| Q2 24 | $2.1B | $213.5M | ||
| Q1 24 | $3.0B | $185.2M |
| Q4 25 | $9.5B | $3.6B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | $10.4B | $3.3B | ||
| Q3 24 | $10.4B | $3.1B | ||
| Q2 24 | $10.4B | $3.0B | ||
| Q1 24 | $11.1B | $2.8B |
| Q4 25 | $6.1B | $1.7B | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $7.3B | $1.7B | ||
| Q1 25 | $7.1B | $1.7B | ||
| Q4 24 | $7.0B | $1.8B | ||
| Q3 24 | $7.9B | $1.9B | ||
| Q2 24 | $7.6B | $2.0B | ||
| Q1 24 | $8.2B | $2.0B |
| Q4 25 | $20.1B | $8.1B | ||
| Q3 25 | $21.1B | $7.9B | ||
| Q2 25 | $21.0B | $8.0B | ||
| Q1 25 | $21.3B | $7.9B | ||
| Q4 24 | $25.8B | $7.9B | ||
| Q3 24 | $26.7B | $7.5B | ||
| Q2 24 | $26.3B | $7.5B | ||
| Q1 24 | $27.8B | $7.0B |
| Q4 25 | 1.55× | 2.10× | ||
| Q3 25 | — | 2.00× | ||
| Q2 25 | — | 1.98× | ||
| Q1 25 | — | 1.98× | ||
| Q4 24 | 1.49× | 1.83× | ||
| Q3 24 | 1.33× | 1.63× | ||
| Q2 24 | 1.37× | 1.56× | ||
| Q1 24 | 1.36× | 1.42× |
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 | $103.4M |
| Free Cash FlowOCF − Capex | — | $90.6M |
| FCF MarginFCF / Revenue | — | 10.2% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $195.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $103.4M | ||
| Q3 25 | $237.0M | $83.6M | ||
| Q2 25 | $217.0M | $81.3M | ||
| Q1 25 | $-193.0M | $6.0M | ||
| Q4 24 | $488.0M | $111.4M | ||
| Q3 24 | $253.0M | $65.2M | ||
| Q2 24 | $115.0M | $82.8M | ||
| Q1 24 | $163.0M | $40.7M |
| Q4 25 | — | $90.6M | ||
| Q3 25 | — | $63.8M | ||
| Q2 25 | — | $57.9M | ||
| Q1 25 | — | $-16.7M | ||
| Q4 24 | — | $89.1M | ||
| Q3 24 | — | $45.0M | ||
| Q2 24 | — | $55.9M | ||
| Q1 24 | — | $19.7M |
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | -2.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 7.3% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 2.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.41× | — |
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% |
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
