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Side-by-side financial comparison of Baxter International (BAX) and Viking Holdings Ltd (VIK). Click either name above to swap in a different company.
Viking Holdings Ltd is the larger business by last-quarter revenue ($4.0B vs $2.7B, roughly 1.5× Baxter International). Viking Holdings Ltd runs the higher net margin — 12.9% vs -0.6%, a 13.5% gap on every dollar of revenue.
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
BAX vs VIK — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $4.0B |
| Net Profit | $-15.0M | $514.0M |
| Gross Margin | 33.0% | 73.4% |
| Operating Margin | 2.4% | 15.2% |
| Net Margin | -0.6% | 12.9% |
| Revenue YoY | 3.0% | — |
| Net Profit YoY | — | 35.4% |
| EPS (diluted) | $-0.03 | $1.15 |
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 | — | ||
| Q3 25 | $2.8B | $4.0B | ||
| Q2 25 | $2.8B | $2.3B | ||
| Q1 25 | $2.6B | $718.2M | ||
| Q4 24 | $533.0M | — | ||
| Q3 24 | $2.7B | $3.6B | ||
| Q2 24 | $3.8B | $2.1B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | — | ||
| Q3 25 | $-46.0M | $514.0M | ||
| Q2 25 | $91.0M | $439.2M | ||
| Q1 25 | $126.0M | $-105.5M | ||
| Q4 24 | $-512.0M | — | ||
| Q3 24 | $140.0M | $379.7M | ||
| Q2 24 | $-314.0M | $159.8M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | — | ||
| Q3 25 | 33.5% | 73.4% | ||
| Q2 25 | 35.3% | 55.7% | ||
| Q1 25 | 32.8% | 17.3% | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | 38.3% | 74.7% | ||
| Q2 24 | 37.5% | 57.8% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | — | ||
| Q3 25 | 6.1% | 15.2% | ||
| Q2 25 | 6.8% | 23.7% | ||
| Q1 25 | 2.2% | -1.3% | ||
| Q4 24 | -25.5% | — | ||
| Q3 24 | 5.7% | 13.6% | ||
| Q2 24 | -5.0% | 20.5% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | — | ||
| Q3 25 | -1.6% | 12.9% | ||
| Q2 25 | 3.2% | 19.1% | ||
| Q1 25 | 4.8% | -14.7% | ||
| Q4 24 | -96.1% | — | ||
| Q3 24 | 5.2% | 10.6% | ||
| Q2 24 | -8.2% | 7.7% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | $1.15 | ||
| Q2 25 | $0.18 | $0.99 | ||
| Q1 25 | $0.25 | $-0.24 | ||
| Q4 24 | $-0.99 | — | ||
| Q3 24 | $0.27 | $0.87 | ||
| Q2 24 | $-0.62 | $0.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $803.5M |
| Total Assets | — | $11.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $2.3B | $2.8B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.4B | $2.4B | ||
| Q2 24 | $2.1B | $1.8B |
| 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 | — | ||
| Q3 25 | $7.2B | $803.5M | ||
| Q2 25 | $7.3B | $278.3M | ||
| Q1 25 | $7.1B | $-267.5M | ||
| Q4 24 | $7.0B | — | ||
| Q3 24 | $7.9B | $-688.9M | ||
| Q2 24 | $7.6B | $-1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | — | ||
| Q3 25 | $21.1B | $11.5B | ||
| Q2 25 | $21.0B | $11.1B | ||
| Q1 25 | $21.3B | $10.7B | ||
| Q4 24 | $25.8B | — | ||
| Q3 24 | $26.7B | — | ||
| Q2 24 | $26.3B | — |
| 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 | — | $663.9M |
| Free Cash FlowOCF − Capex | $76.0M | — |
| FCF MarginFCF / Revenue | 2.8% | — |
| Capex IntensityCapex / Revenue | 5.1% | — |
| Cash ConversionOCF / Net Profit | — | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | — | ||
| Q3 25 | $237.0M | $663.9M | ||
| Q2 25 | $217.0M | $470.7M | ||
| Q1 25 | $-193.0M | $587.9M | ||
| Q4 24 | $488.0M | — | ||
| Q3 24 | $253.0M | $828.7M | ||
| Q2 24 | $115.0M | $419.8M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | 2.38× | 1.07× | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | 2.18× | ||
| Q2 24 | — | 2.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
