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Side-by-side financial comparison of Baxter International (BAX) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($3.9B vs $2.7B, roughly 1.4× Baxter International). Ulta Beauty runs the higher net margin — 9.1% vs -0.6%, a 9.7% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (100.0% vs 3.0%). Over the past eight quarters, Ulta Beauty's revenue compounded faster (4.7% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
BAX vs ULTA — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2027
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $3.9B |
| Net Profit | $-15.0M | $356.7M |
| Gross Margin | 33.0% | 38.1% |
| Operating Margin | 2.4% | 12.2% |
| Net Margin | -0.6% | 9.1% |
| Revenue YoY | 3.0% | 100.0% |
| Net Profit YoY | — | 9.1% |
| EPS (diluted) | $-0.03 | $8.01 |
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 | $3.9B | ||
| Q4 25 | $3.0B | $2.9B | ||
| Q3 25 | $2.8B | $2.8B | ||
| Q2 25 | $2.8B | $2.8B | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $533.0M | $2.5B | ||
| Q3 24 | $2.7B | $2.6B | ||
| Q2 24 | $3.8B | $2.7B |
| Q1 26 | $-15.0M | $356.7M | ||
| Q4 25 | $-1.1B | $230.9M | ||
| Q3 25 | $-46.0M | $260.9M | ||
| Q2 25 | $91.0M | $305.1M | ||
| Q1 25 | $126.0M | — | ||
| Q4 24 | $-512.0M | $242.2M | ||
| Q3 24 | $140.0M | $252.6M | ||
| Q2 24 | $-314.0M | $313.1M |
| Q1 26 | 33.0% | 38.1% | ||
| Q4 25 | 19.4% | 40.4% | ||
| Q3 25 | 33.5% | 39.2% | ||
| Q2 25 | 35.3% | 39.1% | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 25.0% | 39.7% | ||
| Q3 24 | 38.3% | 38.3% | ||
| Q2 24 | 37.5% | 39.2% |
| Q1 26 | 2.4% | 12.2% | ||
| Q4 25 | -24.5% | 10.8% | ||
| Q3 25 | 6.1% | 12.4% | ||
| Q2 25 | 6.8% | 14.1% | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | -25.5% | 12.6% | ||
| Q3 24 | 5.7% | 12.9% | ||
| Q2 24 | -5.0% | 14.7% |
| Q1 26 | -0.6% | 9.1% | ||
| Q4 25 | -37.9% | 8.1% | ||
| Q3 25 | -1.6% | 9.4% | ||
| Q2 25 | 3.2% | 10.7% | ||
| Q1 25 | 4.8% | — | ||
| Q4 24 | -96.1% | 9.6% | ||
| Q3 24 | 5.2% | 9.9% | ||
| Q2 24 | -8.2% | 11.5% |
| Q1 26 | $-0.03 | $8.01 | ||
| Q4 25 | $-2.21 | $5.14 | ||
| Q3 25 | $-0.09 | $5.78 | ||
| Q2 25 | $0.18 | $6.70 | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.99 | $5.14 | ||
| Q3 24 | $0.27 | $5.30 | ||
| Q2 24 | $-0.62 | $6.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $494.2M |
| Total DebtLower is stronger | — | $62.3M |
| Stockholders' EquityBook value | — | $2.8B |
| Total Assets | — | $7.0B |
| Debt / EquityLower = less leverage | — | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $494.2M | ||
| Q4 25 | $2.0B | $204.9M | ||
| Q3 25 | $1.7B | $242.7M | ||
| Q2 25 | $1.7B | $454.6M | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $1.8B | $177.8M | ||
| Q3 24 | $1.4B | $414.0M | ||
| Q2 24 | $2.1B | $524.6M |
| Q1 26 | — | $62.3M | ||
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $6.1B | $2.6B | ||
| Q3 25 | $7.2B | $2.6B | ||
| Q2 25 | $7.3B | $2.4B | ||
| Q1 25 | $7.1B | — | ||
| Q4 24 | $7.0B | $2.3B | ||
| Q3 24 | $7.9B | $2.3B | ||
| Q2 24 | $7.6B | $2.3B |
| Q1 26 | — | $7.0B | ||
| Q4 25 | $20.1B | $7.0B | ||
| Q3 25 | $21.1B | $6.6B | ||
| Q2 25 | $21.0B | $6.0B | ||
| Q1 25 | $21.3B | — | ||
| Q4 24 | $25.8B | $6.0B | ||
| Q3 24 | $26.7B | $5.7B | ||
| Q2 24 | $26.3B | $5.6B |
| Q1 26 | — | 0.02× | ||
| 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 | — | $1.5B |
| Free Cash FlowOCF − Capex | $76.0M | — |
| FCF MarginFCF / Revenue | 2.8% | — |
| Capex IntensityCapex / Revenue | 5.1% | 11.2% |
| Cash ConversionOCF / Net Profit | — | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $584.0M | $5.6M | ||
| Q3 25 | $237.0M | $96.5M | ||
| Q2 25 | $217.0M | $220.0M | ||
| Q1 25 | $-193.0M | — | ||
| Q4 24 | $488.0M | $-56.8M | ||
| Q3 24 | $253.0M | $199.5M | ||
| Q2 24 | $115.0M | $159.3M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $-81.6M | ||
| Q3 25 | — | $19.6M | ||
| Q2 25 | — | $141.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-171.1M | ||
| Q3 24 | — | $104.3M | ||
| Q2 24 | — | $68.3M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | -2.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.8% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.5% |
| Q1 26 | 5.1% | 11.2% | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | — | 4.21× | ||
| Q4 25 | — | 0.02× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | 2.38× | 0.72× | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | -0.23× | ||
| Q3 24 | 1.81× | 0.79× | ||
| Q2 24 | — | 0.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
