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Side-by-side financial comparison of Baxter International (BAX) and XPO, Inc. (XPO). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.0B, roughly 1.5× XPO, Inc.). XPO, Inc. runs the higher net margin — 2.9% vs -37.9%, a 40.9% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 4.7%). Over the past eight quarters, XPO, Inc.'s revenue compounded faster (-0.1% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
XPO, Inc., formerly XPO Logistics, is an American transportation company that conducts less-than-truckload shipping in North America. The company has headquarters in Greenwich, Connecticut, and has 592 locations globally. XPO is the second largest provider of less-than-truckload (LTL) services in North America, operating in 99 percent of all U.S. postal codes.
BAX vs XPO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.0B |
| Net Profit | $-1.1B | $59.0M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 7.1% |
| Net Margin | -37.9% | 2.9% |
| Revenue YoY | 458.0% | 4.7% |
| Net Profit YoY | -120.3% | -21.3% |
| EPS (diluted) | $-2.21 | $0.49 |
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 | $2.0B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.8B | $2.1B | ||
| Q1 25 | $2.6B | $2.0B | ||
| Q4 24 | $533.0M | $1.9B | ||
| Q3 24 | $2.7B | $2.1B | ||
| Q2 24 | $3.8B | $2.1B | ||
| Q1 24 | $3.6B | $2.0B |
| Q4 25 | $-1.1B | $59.0M | ||
| Q3 25 | $-46.0M | $82.0M | ||
| Q2 25 | $91.0M | $106.0M | ||
| Q1 25 | $126.0M | $69.0M | ||
| Q4 24 | $-512.0M | $75.0M | ||
| Q3 24 | $140.0M | $95.0M | ||
| Q2 24 | $-314.0M | $150.0M | ||
| Q1 24 | $37.0M | $67.0M |
| 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% | 7.1% | ||
| Q3 25 | 6.1% | 7.8% | ||
| Q2 25 | 6.8% | 9.5% | ||
| Q1 25 | 2.2% | 7.7% | ||
| Q4 24 | -25.5% | 7.8% | ||
| Q3 24 | 5.7% | 8.6% | ||
| Q2 24 | -5.0% | 9.5% | ||
| Q1 24 | 5.2% | 6.8% |
| Q4 25 | -37.9% | 2.9% | ||
| Q3 25 | -1.6% | 3.9% | ||
| Q2 25 | 3.2% | 5.1% | ||
| Q1 25 | 4.8% | 3.5% | ||
| Q4 24 | -96.1% | 3.9% | ||
| Q3 24 | 5.2% | 4.6% | ||
| Q2 24 | -8.2% | 7.2% | ||
| Q1 24 | 1.0% | 3.3% |
| Q4 25 | $-2.21 | $0.49 | ||
| Q3 25 | $-0.09 | $0.68 | ||
| Q2 25 | $0.18 | $0.89 | ||
| Q1 25 | $0.25 | $0.58 | ||
| Q4 24 | $-0.99 | $0.63 | ||
| Q3 24 | $0.27 | $0.79 | ||
| Q2 24 | $-0.62 | $1.25 | ||
| Q1 24 | $0.07 | $0.56 |
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 | $310.0M |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | $1.9B |
| Total Assets | $20.1B | $8.2B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $310.0M | ||
| Q3 25 | $1.7B | $335.0M | ||
| Q2 25 | $1.7B | $225.0M | ||
| Q1 25 | $2.3B | $212.0M | ||
| Q4 24 | $1.8B | $246.0M | ||
| Q3 24 | $1.4B | $378.0M | ||
| Q2 24 | $2.1B | $250.0M | ||
| Q1 24 | $3.0B | $229.0M |
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — | ||
| Q1 24 | $11.1B | — |
| Q4 25 | $6.1B | $1.9B | ||
| Q3 25 | $7.2B | $1.8B | ||
| Q2 25 | $7.3B | $1.8B | ||
| Q1 25 | $7.1B | $1.6B | ||
| Q4 24 | $7.0B | $1.6B | ||
| Q3 24 | $7.9B | $1.6B | ||
| Q2 24 | $7.6B | $1.5B | ||
| Q1 24 | $8.2B | $1.3B |
| Q4 25 | $20.1B | $8.2B | ||
| Q3 25 | $21.1B | $8.2B | ||
| Q2 25 | $21.0B | $8.1B | ||
| Q1 25 | $21.3B | $7.9B | ||
| Q4 24 | $25.8B | $7.7B | ||
| Q3 24 | $26.7B | $7.9B | ||
| Q2 24 | $26.3B | $7.7B | ||
| Q1 24 | $27.8B | $7.6B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | — | ||
| Q1 24 | 1.36× | — |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | — | ||
| Q3 25 | $237.0M | $371.0M | ||
| Q2 25 | $217.0M | $247.0M | ||
| Q1 25 | $-193.0M | $142.0M | ||
| Q4 24 | $488.0M | $189.0M | ||
| Q3 24 | $253.0M | $264.0M | ||
| Q2 24 | $115.0M | $210.0M | ||
| Q1 24 | $163.0M | $145.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $215.0M | ||
| Q2 25 | — | $51.0M | ||
| Q1 25 | — | $-57.0M | ||
| Q4 24 | — | $23.0M | ||
| Q3 24 | — | $137.0M | ||
| Q2 24 | — | $20.0M | ||
| Q1 24 | — | $-161.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.2% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | -8.0% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | — | 9.4% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 15.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.52× | ||
| Q2 25 | 2.38× | 2.33× | ||
| Q1 25 | -1.53× | 2.06× | ||
| Q4 24 | — | 2.52× | ||
| Q3 24 | 1.81× | 2.78× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | 4.41× | 2.16× |
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% |
XPO
| North American LTL | $1.2B | 58% |
| European Transportation | $844.0M | 42% |
