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Side-by-side financial comparison of Baxter International (BAX) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.4B, roughly 1.2× Workday, Inc.). Workday, Inc. runs the higher net margin — 10.4% vs -37.9%, a 48.3% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 12.6%). Over the past eight quarters, Workday, Inc.'s revenue compounded faster (12.5% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
BAX vs WDAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.4B |
| Net Profit | $-1.1B | $252.0M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 10.6% |
| Net Margin | -37.9% | 10.4% |
| Revenue YoY | 458.0% | 12.6% |
| Net Profit YoY | -120.3% | 30.6% |
| EPS (diluted) | $-2.21 | $0.94 |
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 | $2.4B | ||
| Q3 25 | $2.8B | $2.3B | ||
| Q2 25 | $2.8B | $2.2B | ||
| Q1 25 | $2.6B | $2.2B | ||
| Q4 24 | $533.0M | $2.2B | ||
| Q3 24 | $2.7B | $2.1B | ||
| Q2 24 | $3.8B | $2.0B | ||
| Q1 24 | $3.6B | $1.9B |
| Q4 25 | $-1.1B | $252.0M | ||
| Q3 25 | $-46.0M | $228.0M | ||
| Q2 25 | $91.0M | $68.0M | ||
| Q1 25 | $126.0M | $94.0M | ||
| Q4 24 | $-512.0M | $193.0M | ||
| Q3 24 | $140.0M | $132.0M | ||
| Q2 24 | $-314.0M | $107.0M | ||
| Q1 24 | $37.0M | $1.2B |
| 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 24 | 38.6% | — |
| Q4 25 | -24.5% | 10.6% | ||
| Q3 25 | 6.1% | 10.6% | ||
| Q2 25 | 6.8% | 1.7% | ||
| Q1 25 | 2.2% | 3.4% | ||
| Q4 24 | -25.5% | 7.6% | ||
| Q3 24 | 5.7% | 5.3% | ||
| Q2 24 | -5.0% | 3.2% | ||
| Q1 24 | 5.2% | 4.1% |
| Q4 25 | -37.9% | 10.4% | ||
| Q3 25 | -1.6% | 9.7% | ||
| Q2 25 | 3.2% | 3.0% | ||
| Q1 25 | 4.8% | 4.3% | ||
| Q4 24 | -96.1% | 8.9% | ||
| Q3 24 | 5.2% | 6.3% | ||
| Q2 24 | -8.2% | 5.4% | ||
| Q1 24 | 1.0% | 61.8% |
| Q4 25 | $-2.21 | $0.94 | ||
| Q3 25 | $-0.09 | $0.84 | ||
| Q2 25 | $0.18 | $0.25 | ||
| Q1 25 | $0.25 | $0.34 | ||
| Q4 24 | $-0.99 | $0.72 | ||
| Q3 24 | $0.27 | $0.49 | ||
| Q2 24 | $-0.62 | $0.40 | ||
| Q1 24 | $0.07 | $4.48 |
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 | $6.8B |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | $8.9B |
| Total Assets | $20.1B | $17.8B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $6.8B | ||
| Q3 25 | $1.7B | $8.2B | ||
| Q2 25 | $1.7B | $8.0B | ||
| Q1 25 | $2.3B | $8.0B | ||
| Q4 24 | $1.8B | $7.2B | ||
| Q3 24 | $1.4B | $7.4B | ||
| Q2 24 | $2.1B | $7.2B | ||
| Q1 24 | $3.0B | $7.8B |
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | $3.0B | ||
| Q1 24 | $11.1B | $3.0B |
| Q4 25 | $6.1B | $8.9B | ||
| Q3 25 | $7.2B | $9.2B | ||
| Q2 25 | $7.3B | $8.9B | ||
| Q1 25 | $7.1B | $9.0B | ||
| Q4 24 | $7.0B | $8.6B | ||
| Q3 24 | $7.9B | $8.3B | ||
| Q2 24 | $7.6B | $8.2B | ||
| Q1 24 | $8.2B | $8.1B |
| Q4 25 | $20.1B | $17.8B | ||
| Q3 25 | $21.1B | $18.0B | ||
| Q2 25 | $21.0B | $17.2B | ||
| Q1 25 | $21.3B | $18.0B | ||
| Q4 24 | $25.8B | $16.4B | ||
| Q3 24 | $26.7B | $16.2B | ||
| Q2 24 | $26.3B | $15.9B | ||
| Q1 24 | $27.8B | $16.5B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | 0.37× | ||
| Q1 24 | 1.36× | 0.37× |
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 | $584.0M | $588.0M |
| Free Cash FlowOCF − Capex | — | $550.0M |
| FCF MarginFCF / Revenue | — | 22.6% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $588.0M | ||
| Q3 25 | $237.0M | $616.0M | ||
| Q2 25 | $217.0M | $457.0M | ||
| Q1 25 | $-193.0M | $1.1B | ||
| Q4 24 | $488.0M | $406.0M | ||
| Q3 24 | $253.0M | $571.0M | ||
| Q2 24 | $115.0M | $372.0M | ||
| Q1 24 | $163.0M | $995.6M |
| Q4 25 | — | $550.0M | ||
| Q3 25 | — | $588.0M | ||
| Q2 25 | — | $421.0M | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $359.0M | ||
| Q3 24 | — | $516.0M | ||
| Q2 24 | — | $291.0M | ||
| Q1 24 | — | $947.6M |
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 46.4% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 14.6% | ||
| Q1 24 | — | 49.3% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 2.70× | ||
| Q2 25 | 2.38× | 6.72× | ||
| Q1 25 | -1.53× | 11.83× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | 1.81× | 4.33× | ||
| Q2 24 | — | 3.48× | ||
| Q1 24 | 4.41× | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
