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Side-by-side financial comparison of Baxter International (BAX) and UGI CORP (UGI). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $2.1B, roughly 1.3× UGI CORP). UGI CORP runs the higher net margin — 14.4% vs -0.6%, a 14.9% gap on every dollar of revenue. On growth, UGI CORP posted the faster year-over-year revenue change (3.9% vs 3.0%). Baxter International produced more free cash flow last quarter ($76.0M vs $-155.0M). Over the past eight quarters, UGI CORP's revenue compounded faster (-7.5% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
UGI Corporation is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.
BAX vs UGI — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $2.1B |
| Net Profit | $-15.0M | $297.0M |
| Gross Margin | 33.0% | — |
| Operating Margin | 2.4% | 22.0% |
| Net Margin | -0.6% | 14.4% |
| Revenue YoY | 3.0% | 3.9% |
| Net Profit YoY | — | -20.8% |
| EPS (diluted) | $-0.03 | $1.34 |
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 | $2.1B | ||
| Q3 25 | $2.8B | $1.2B | ||
| Q2 25 | $2.8B | $1.4B | ||
| Q1 25 | $2.6B | $2.6B | ||
| Q4 24 | $533.0M | $2.0B | ||
| Q3 24 | $2.7B | $1.2B | ||
| Q2 24 | $3.8B | $1.4B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $297.0M | ||
| Q3 25 | $-46.0M | $-13.0M | ||
| Q2 25 | $91.0M | $-163.0M | ||
| Q1 25 | $126.0M | $479.0M | ||
| Q4 24 | $-512.0M | $375.0M | ||
| Q3 24 | $140.0M | $-273.0M | ||
| Q2 24 | $-314.0M | $-48.0M |
| 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% | 22.0% | ||
| Q3 25 | 6.1% | 1.1% | ||
| Q2 25 | 6.8% | -6.8% | ||
| Q1 25 | 2.2% | 26.6% | ||
| Q4 24 | -25.5% | 24.5% | ||
| Q3 24 | 5.7% | -20.4% | ||
| Q2 24 | -5.0% | 5.0% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 14.4% | ||
| Q3 25 | -1.6% | -1.1% | ||
| Q2 25 | 3.2% | -12.0% | ||
| Q1 25 | 4.8% | 18.2% | ||
| Q4 24 | -96.1% | 18.9% | ||
| Q3 24 | 5.2% | -22.6% | ||
| Q2 24 | -8.2% | -3.6% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $1.34 | ||
| Q3 25 | $-0.09 | $-0.08 | ||
| Q2 25 | $0.18 | $-0.76 | ||
| Q1 25 | $0.25 | $2.19 | ||
| Q4 24 | $-0.99 | $1.74 | ||
| Q3 24 | $0.27 | $-1.26 | ||
| Q2 24 | $-0.62 | $-0.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $251.0M |
| Total DebtLower is stronger | — | $6.0B |
| Stockholders' EquityBook value | — | $5.0B |
| Total Assets | — | $15.8B |
| Debt / EquityLower = less leverage | — | 1.19× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $251.0M | ||
| Q3 25 | $1.7B | $335.0M | ||
| Q2 25 | $1.7B | $350.0M | ||
| Q1 25 | $2.3B | $426.0M | ||
| Q4 24 | $1.8B | $240.0M | ||
| Q3 24 | $1.4B | $213.0M | ||
| Q2 24 | $2.1B | $183.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $6.0B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | — | $6.6B | ||
| Q4 24 | $10.4B | $6.6B | ||
| Q3 24 | $10.4B | $6.4B | ||
| Q2 24 | $10.4B | $6.3B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $5.0B | ||
| Q3 25 | $7.2B | $4.8B | ||
| Q2 25 | $7.3B | $4.9B | ||
| Q1 25 | $7.1B | $5.0B | ||
| Q4 24 | $7.0B | $4.6B | ||
| Q3 24 | $7.9B | $4.3B | ||
| Q2 24 | $7.6B | $4.7B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $15.8B | ||
| Q3 25 | $21.1B | $15.5B | ||
| Q2 25 | $21.0B | $15.4B | ||
| Q1 25 | $21.3B | $15.7B | ||
| Q4 24 | $25.8B | $15.4B | ||
| Q3 24 | $26.7B | $15.1B | ||
| Q2 24 | $26.3B | $15.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 1.19× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | 1.49× | 1.44× | ||
| Q3 24 | 1.33× | 1.48× | ||
| Q2 24 | 1.37× | 1.34× |
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 | — | $66.0M |
| Free Cash FlowOCF − Capex | $76.0M | $-155.0M |
| FCF MarginFCF / Revenue | 2.8% | -7.5% |
| Capex IntensityCapex / Revenue | 5.1% | 10.7% |
| Cash ConversionOCF / Net Profit | — | 0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $282.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $66.0M | ||
| Q3 25 | $237.0M | $90.0M | ||
| Q2 25 | $217.0M | $289.0M | ||
| Q1 25 | $-193.0M | $684.0M | ||
| Q4 24 | $488.0M | $164.0M | ||
| Q3 24 | $253.0M | $151.0M | ||
| Q2 24 | $115.0M | $390.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $-155.0M | ||
| Q3 25 | — | $-168.0M | ||
| Q2 25 | — | $67.0M | ||
| Q1 25 | — | $538.0M | ||
| Q4 24 | — | $-47.0M | ||
| Q3 24 | — | $-115.0M | ||
| Q2 24 | — | $185.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | -7.5% | ||
| Q3 25 | — | -14.4% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | — | -9.5% | ||
| Q2 24 | — | 13.7% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 22.1% | ||
| Q2 25 | — | 16.3% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | — | 22.0% | ||
| Q2 24 | — | 15.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | 1.43× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
