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Side-by-side financial comparison of Baxter International (BAX) and Tapestry, Inc. (TPR). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.5B, roughly 1.2× Tapestry, Inc.). Tapestry, Inc. runs the higher net margin — 22.4% vs -37.9%, a 60.4% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 14.0%). Over the past eight quarters, Tapestry, Inc.'s revenue compounded faster (29.9% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Tapestry, Inc. is a leading American multinational luxury fashion holding company. It owns three iconic lifestyle brands: Coach, Kate Spade New York, and Stuart Weitzman, offering premium handbags, apparel, footwear, accessories, and fragrances to global consumers via physical retail stores and e-commerce platforms.
BAX vs TPR — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.5B |
| Net Profit | $-1.1B | $561.3M |
| Gross Margin | 19.4% | 75.5% |
| Operating Margin | -24.5% | 28.6% |
| Net Margin | -37.9% | 22.4% |
| Revenue YoY | 458.0% | 14.0% |
| Net Profit YoY | -120.3% | 80.8% |
| EPS (diluted) | $-2.21 | $2.68 |
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 | $2.5B | ||
| Q3 25 | $2.8B | $1.7B | ||
| Q2 25 | $2.8B | $1.7B | ||
| Q1 25 | $2.6B | $1.6B | ||
| Q4 24 | $533.0M | $2.2B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $3.8B | $1.6B | ||
| Q1 24 | $3.6B | $1.5B |
| Q4 25 | $-1.1B | $561.3M | ||
| Q3 25 | $-46.0M | $274.8M | ||
| Q2 25 | $91.0M | $-517.1M | ||
| Q1 25 | $126.0M | $203.3M | ||
| Q4 24 | $-512.0M | $310.4M | ||
| Q3 24 | $140.0M | $186.6M | ||
| Q2 24 | $-314.0M | $159.3M | ||
| Q1 24 | $37.0M | $139.4M |
| Q4 25 | 19.4% | 75.5% | ||
| Q3 25 | 33.5% | 76.3% | ||
| Q2 25 | 35.3% | 76.3% | ||
| Q1 25 | 32.8% | 76.1% | ||
| Q4 24 | 25.0% | 74.4% | ||
| Q3 24 | 38.3% | 75.3% | ||
| Q2 24 | 37.5% | 74.9% | ||
| Q1 24 | 38.6% | 74.7% |
| Q4 25 | -24.5% | 28.6% | ||
| Q3 25 | 6.1% | 19.3% | ||
| Q2 25 | 6.8% | -33.9% | ||
| Q1 25 | 2.2% | 16.0% | ||
| Q4 24 | -25.5% | 22.4% | ||
| Q3 24 | 5.7% | 16.7% | ||
| Q2 24 | -5.0% | 14.8% | ||
| Q1 24 | 5.2% | 13.8% |
| Q4 25 | -37.9% | 22.4% | ||
| Q3 25 | -1.6% | 16.1% | ||
| Q2 25 | 3.2% | -30.0% | ||
| Q1 25 | 4.8% | 12.8% | ||
| Q4 24 | -96.1% | 14.1% | ||
| Q3 24 | 5.2% | 12.4% | ||
| Q2 24 | -8.2% | 10.0% | ||
| Q1 24 | 1.0% | 9.4% |
| Q4 25 | $-2.21 | $2.68 | ||
| Q3 25 | $-0.09 | $1.28 | ||
| Q2 25 | $0.18 | $-2.30 | ||
| Q1 25 | $0.25 | $0.95 | ||
| Q4 24 | $-0.99 | $1.38 | ||
| Q3 24 | $0.27 | $0.79 | ||
| Q2 24 | $-0.62 | $0.67 | ||
| Q1 24 | $0.07 | $0.60 |
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 | $1.1B |
| Total DebtLower is stronger | $9.5B | $2.4B |
| Stockholders' EquityBook value | $6.1B | $551.2M |
| Total Assets | $20.1B | $6.5B |
| Debt / EquityLower = less leverage | 1.55× | 4.32× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.1B | ||
| Q3 25 | $1.7B | $743.2M | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.4B | $7.3B | ||
| Q2 24 | $2.1B | $7.2B | ||
| Q1 24 | $3.0B | $7.4B |
| Q4 25 | $9.5B | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | $10.4B | $2.4B | ||
| Q3 24 | $10.4B | $7.0B | ||
| Q2 24 | $10.4B | $6.9B | ||
| Q1 24 | $11.1B | $7.7B |
| Q4 25 | $6.1B | $551.2M | ||
| Q3 25 | $7.2B | $399.5M | ||
| Q2 25 | $7.3B | $857.8M | ||
| Q1 25 | $7.1B | $1.5B | ||
| Q4 24 | $7.0B | $1.3B | ||
| Q3 24 | $7.9B | $3.0B | ||
| Q2 24 | $7.6B | $2.9B | ||
| Q1 24 | $8.2B | $2.8B |
| Q4 25 | $20.1B | $6.5B | ||
| Q3 25 | $21.1B | $6.4B | ||
| Q2 25 | $21.0B | $6.6B | ||
| Q1 25 | $21.3B | $7.3B | ||
| Q4 24 | $25.8B | $7.3B | ||
| Q3 24 | $26.7B | $13.7B | ||
| Q2 24 | $26.3B | $13.4B | ||
| Q1 24 | $27.8B | $13.7B |
| Q4 25 | 1.55× | 4.32× | ||
| Q3 25 | — | 5.95× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | 1.49× | 1.78× | ||
| Q3 24 | 1.33× | 2.35× | ||
| Q2 24 | 1.37× | 2.39× | ||
| Q1 24 | 1.36× | 2.77× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | — | $1.0B |
| FCF MarginFCF / Revenue | — | 41.5% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | — | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $1.1B | ||
| Q3 25 | $237.0M | $112.6M | ||
| Q2 25 | $217.0M | $446.8M | ||
| Q1 25 | $-193.0M | $144.3M | ||
| Q4 24 | $488.0M | $506.0M | ||
| Q3 24 | $253.0M | $119.5M | ||
| Q2 24 | $115.0M | $256.0M | ||
| Q1 24 | $163.0M | $97.8M |
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $80.2M | ||
| Q2 25 | — | $411.5M | ||
| Q1 25 | — | $113.4M | ||
| Q4 24 | — | $475.1M | ||
| Q3 24 | — | $93.9M | ||
| Q2 24 | — | $209.8M | ||
| Q1 24 | — | $78.8M |
| Q4 25 | — | 41.5% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 23.9% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 13.2% | ||
| Q1 24 | — | 5.3% |
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.3% |
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | 0.71× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | 1.81× | 0.64× | ||
| Q2 24 | — | 1.61× | ||
| Q1 24 | 4.41× | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
