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Side-by-side financial comparison of Baxter International (BAX) and Veralto (VLTO). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $1.4B, roughly 1.9× Veralto). Veralto runs the higher net margin — 17.9% vs -0.6%, a 18.4% gap on every dollar of revenue. On growth, Veralto posted the faster year-over-year revenue change (6.8% vs 3.0%). Veralto produced more free cash flow last quarter ($170.0M vs $76.0M). Over the past eight quarters, Veralto's revenue compounded faster (6.8% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Veralto Corporation is an American technology company headquartered in Waltham, Massachusetts. It produces products related to water analytics, water treatment, marking and coding, and packaging and color.
BAX vs VLTO — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.4B |
| Net Profit | $-15.0M | $254.0M |
| Gross Margin | 33.0% | 60.1% |
| Operating Margin | 2.4% | 23.8% |
| Net Margin | -0.6% | 17.9% |
| Revenue YoY | 3.0% | 6.8% |
| Net Profit YoY | — | 12.9% |
| EPS (diluted) | $0.36 | $1.02 |
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 | $1.4B | ||
| Q4 25 | $3.0B | $1.4B | ||
| Q3 25 | $2.8B | $1.4B | ||
| Q2 25 | $2.8B | $1.3B | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $533.0M | $1.3B | ||
| Q3 24 | $2.7B | $1.3B | ||
| Q2 24 | $3.8B | $1.3B |
| Q1 26 | $-15.0M | $254.0M | ||
| Q4 25 | $-1.1B | $239.0M | ||
| Q3 25 | $-46.0M | $222.0M | ||
| Q2 25 | $91.0M | $225.0M | ||
| Q1 25 | $126.0M | — | ||
| Q4 24 | $-512.0M | $227.0M | ||
| Q3 24 | $140.0M | $219.0M | ||
| Q2 24 | $-314.0M | $203.0M |
| Q1 26 | 33.0% | 60.1% | ||
| Q4 25 | 19.4% | 60.1% | ||
| Q3 25 | 33.5% | 60.0% | ||
| Q2 25 | 35.3% | 60.4% | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 25.0% | 59.6% | ||
| Q3 24 | 38.3% | 59.6% | ||
| Q2 24 | 37.5% | 60.1% |
| Q1 26 | 2.4% | 23.8% | ||
| Q4 25 | -24.5% | 23.2% | ||
| Q3 25 | 6.1% | 22.8% | ||
| Q2 25 | 6.8% | 24.2% | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | -25.5% | 22.9% | ||
| Q3 24 | 5.7% | 23.4% | ||
| Q2 24 | -5.0% | 23.2% |
| Q1 26 | -0.6% | 17.9% | ||
| Q4 25 | -37.9% | 17.0% | ||
| Q3 25 | -1.6% | 16.2% | ||
| Q2 25 | 3.2% | 16.9% | ||
| Q1 25 | 4.8% | — | ||
| Q4 24 | -96.1% | 16.9% | ||
| Q3 24 | 5.2% | 16.7% | ||
| Q2 24 | -8.2% | 15.8% |
| Q1 26 | $0.36 | $1.02 | ||
| Q4 25 | $-2.21 | $0.95 | ||
| Q3 25 | $-0.09 | $0.89 | ||
| Q2 25 | $0.18 | $0.90 | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.99 | $0.91 | ||
| Q3 24 | $0.27 | $0.88 | ||
| Q2 24 | $-0.62 | $0.81 |
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 | — | $182.0M |
| Free Cash FlowOCF − Capex | $76.0M | $170.0M |
| FCF MarginFCF / Revenue | 2.8% | 12.0% |
| Capex IntensityCapex / Revenue | 5.1% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 0.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $893.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $182.0M | ||
| Q4 25 | $584.0M | $270.0M | ||
| Q3 25 | $237.0M | $339.0M | ||
| Q2 25 | $217.0M | $157.0M | ||
| Q1 25 | $-193.0M | — | ||
| Q4 24 | $488.0M | $285.0M | ||
| Q3 24 | $253.0M | $224.0M | ||
| Q2 24 | $115.0M | $251.0M |
| Q1 26 | $76.0M | $170.0M | ||
| Q4 25 | — | $258.0M | ||
| Q3 25 | — | $323.0M | ||
| Q2 25 | — | $142.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $263.0M | ||
| Q3 24 | — | $215.0M | ||
| Q2 24 | — | $240.0M |
| Q1 26 | 2.8% | 12.0% | ||
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 23.6% | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | — | 18.6% |
| Q1 26 | 5.1% | 0.8% | ||
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.9% |
| Q1 26 | — | 0.72× | ||
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | 2.38× | 0.70× | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | 1.81× | 1.02× | ||
| Q2 24 | — | 1.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
