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Side-by-side financial comparison of Baxter International (BAX) and Zoetis (ZTS). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $2.4B, roughly 1.1× Zoetis). Zoetis runs the higher net margin — 25.3% vs -0.6%, a 25.8% gap on every dollar of revenue. On growth, Zoetis posted the faster year-over-year revenue change (3.0% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $76.0M). Over the past eight quarters, Zoetis's revenue compounded faster (4.4% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
BAX vs ZTS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $2.4B |
| Net Profit | $-15.0M | $603.0M |
| Gross Margin | 33.0% | 70.2% |
| Operating Margin | 2.4% | 31.9% |
| Net Margin | -0.6% | 25.3% |
| Revenue YoY | 3.0% | 3.0% |
| Net Profit YoY | — | 3.8% |
| EPS (diluted) | $-0.03 | $1.37 |
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 | $2.4B | ||
| Q3 25 | $2.8B | $2.4B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | $2.6B | $2.2B | ||
| Q4 24 | $533.0M | $2.3B | ||
| Q3 24 | $2.7B | $2.4B | ||
| Q2 24 | $3.8B | $2.4B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $603.0M | ||
| Q3 25 | $-46.0M | $721.0M | ||
| Q2 25 | $91.0M | $718.0M | ||
| Q1 25 | $126.0M | $631.0M | ||
| Q4 24 | $-512.0M | $581.0M | ||
| Q3 24 | $140.0M | $682.0M | ||
| Q2 24 | $-314.0M | $624.0M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | 70.2% | ||
| Q3 25 | 33.5% | 71.5% | ||
| Q2 25 | 35.3% | 73.6% | ||
| Q1 25 | 32.8% | 72.0% | ||
| Q4 24 | 25.0% | 69.5% | ||
| Q3 24 | 38.3% | 70.6% | ||
| Q2 24 | 37.5% | 71.7% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 31.9% | ||
| Q3 25 | 6.1% | 37.0% | ||
| Q2 25 | 6.8% | 36.7% | ||
| Q1 25 | 2.2% | 36.5% | ||
| Q4 24 | -25.5% | 31.6% | ||
| Q3 24 | 5.7% | 36.6% | ||
| Q2 24 | -5.0% | 33.0% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 25.3% | ||
| Q3 25 | -1.6% | 30.0% | ||
| Q2 25 | 3.2% | 29.2% | ||
| Q1 25 | 4.8% | 28.4% | ||
| Q4 24 | -96.1% | 25.1% | ||
| Q3 24 | 5.2% | 28.6% | ||
| Q2 24 | -8.2% | 26.4% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $1.37 | ||
| Q3 25 | $-0.09 | $1.63 | ||
| Q2 25 | $0.18 | $1.61 | ||
| Q1 25 | $0.25 | $1.41 | ||
| Q4 24 | $-0.99 | $1.29 | ||
| Q3 24 | $0.27 | $1.50 | ||
| Q2 24 | $-0.62 | $1.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $3.3B |
| Total Assets | — | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $2.3B | $1.7B | ||
| Q4 24 | $1.8B | $2.0B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $2.1B | $1.6B |
| 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 | $3.3B | ||
| Q3 25 | $7.2B | $5.4B | ||
| Q2 25 | $7.3B | $5.0B | ||
| Q1 25 | $7.1B | $4.7B | ||
| Q4 24 | $7.0B | $4.8B | ||
| Q3 24 | $7.9B | $5.2B | ||
| Q2 24 | $7.6B | $5.0B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $15.5B | ||
| Q3 25 | $21.1B | $15.2B | ||
| Q2 25 | $21.0B | $14.5B | ||
| Q1 25 | $21.3B | $14.1B | ||
| Q4 24 | $25.8B | $14.2B | ||
| Q3 24 | $26.7B | $14.4B | ||
| Q2 24 | $26.3B | $14.2B |
| 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 | — | $893.0M |
| Free Cash FlowOCF − Capex | $76.0M | $732.0M |
| FCF MarginFCF / Revenue | 2.8% | 30.7% |
| Capex IntensityCapex / Revenue | 5.1% | 6.7% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $893.0M | ||
| Q3 25 | $237.0M | $938.0M | ||
| Q2 25 | $217.0M | $486.0M | ||
| Q1 25 | $-193.0M | $587.0M | ||
| Q4 24 | $488.0M | $905.0M | ||
| Q3 24 | $253.0M | $951.0M | ||
| Q2 24 | $115.0M | $502.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $732.0M | ||
| Q3 25 | — | $805.0M | ||
| Q2 25 | — | $308.0M | ||
| Q1 25 | — | $438.0M | ||
| Q4 24 | — | $689.0M | ||
| Q3 24 | — | $784.0M | ||
| Q2 24 | — | $370.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 30.7% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | — | 12.5% | ||
| Q1 25 | — | 19.7% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 15.7% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 7.0% | ||
| Q2 24 | — | 5.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.48× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | 2.38× | 0.68× | ||
| Q1 25 | -1.53× | 0.93× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 1.81× | 1.39× | ||
| Q2 24 | — | 0.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
