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Side-by-side financial comparison of Baxter International (BAX) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $1.6B, roughly 1.7× Toast, Inc.). Toast, Inc. runs the higher net margin — 6.2% vs -0.6%, a 6.7% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 3.0%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $76.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
BAX vs TOST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.6B |
| Net Profit | $-15.0M | $101.0M |
| Gross Margin | 33.0% | 25.9% |
| Operating Margin | 2.4% | 5.2% |
| Net Margin | -0.6% | 6.2% |
| Revenue YoY | 3.0% | 22.0% |
| Net Profit YoY | — | 215.6% |
| EPS (diluted) | $-0.03 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $2.8B | $1.6B | ||
| Q2 25 | $2.8B | $1.6B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $533.0M | $1.3B | ||
| Q3 24 | $2.7B | $1.3B | ||
| Q2 24 | $3.8B | $1.2B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $101.0M | ||
| Q3 25 | $-46.0M | $105.0M | ||
| Q2 25 | $91.0M | $80.0M | ||
| Q1 25 | $126.0M | $56.0M | ||
| Q4 24 | $-512.0M | $32.0M | ||
| Q3 24 | $140.0M | $56.0M | ||
| Q2 24 | $-314.0M | $14.0M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | 25.9% | ||
| Q3 25 | 33.5% | 26.5% | ||
| Q2 25 | 35.3% | 25.3% | ||
| Q1 25 | 32.8% | 25.9% | ||
| Q4 24 | 25.0% | 24.9% | ||
| Q3 24 | 38.3% | 24.7% | ||
| Q2 24 | 37.5% | 23.0% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 5.2% | ||
| Q3 25 | 6.1% | 5.1% | ||
| Q2 25 | 6.8% | 5.2% | ||
| Q1 25 | 2.2% | 3.2% | ||
| Q4 24 | -25.5% | 2.5% | ||
| Q3 24 | 5.7% | 2.6% | ||
| Q2 24 | -5.0% | 0.4% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 6.2% | ||
| Q3 25 | -1.6% | 6.4% | ||
| Q2 25 | 3.2% | 5.2% | ||
| Q1 25 | 4.8% | 4.2% | ||
| Q4 24 | -96.1% | 2.4% | ||
| Q3 24 | 5.2% | 4.3% | ||
| Q2 24 | -8.2% | 1.1% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $0.18 | ||
| Q3 25 | $-0.09 | $0.16 | ||
| Q2 25 | $0.18 | $0.13 | ||
| Q1 25 | $0.25 | $0.09 | ||
| Q4 24 | $-0.99 | $0.09 | ||
| Q3 24 | $0.27 | $0.07 | ||
| Q2 24 | $-0.62 | $0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $2.1B |
| Total Assets | — | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $1.8B | $903.0M | ||
| Q3 24 | $1.4B | $761.0M | ||
| Q2 24 | $2.1B | $691.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $2.1B | ||
| Q3 25 | $7.2B | $2.0B | ||
| Q2 25 | $7.3B | $1.8B | ||
| Q1 25 | $7.1B | $1.7B | ||
| Q4 24 | $7.0B | $1.5B | ||
| Q3 24 | $7.9B | $1.4B | ||
| Q2 24 | $7.6B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $3.1B | ||
| Q3 25 | $21.1B | $3.0B | ||
| Q2 25 | $21.0B | $2.8B | ||
| Q1 25 | $21.3B | $2.6B | ||
| Q4 24 | $25.8B | $2.4B | ||
| Q3 24 | $26.7B | $2.2B | ||
| Q2 24 | $26.3B | $2.2B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| 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 | — | $194.0M |
| Free Cash FlowOCF − Capex | $76.0M | $178.0M |
| FCF MarginFCF / Revenue | 2.8% | 10.9% |
| Capex IntensityCapex / Revenue | 5.1% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $194.0M | ||
| Q3 25 | $237.0M | $165.0M | ||
| Q2 25 | $217.0M | $223.0M | ||
| Q1 25 | $-193.0M | $79.0M | ||
| Q4 24 | $488.0M | $147.0M | ||
| Q3 24 | $253.0M | $109.0M | ||
| Q2 24 | $115.0M | $124.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | 2.38× | 2.79× | ||
| Q1 25 | -1.53× | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 1.81× | 1.95× | ||
| Q2 24 | — | 8.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
