vs
Side-by-side financial comparison of Baxter International (BAX) and Cardinal Health (CAH), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Cardinal Health is the larger business by last-quarter revenue ($65.6B vs $3.0B, roughly 22.1× Baxter International). Cardinal Health runs the higher net margin — -37.9% vs 0.7%, a 38.6% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 19.6%). Over the past eight quarters, Cardinal Health's revenue compounded faster (6.9% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Cardinal Health, Inc. is an American multinational health care services company, and the 15th highest revenue generating company in the United States. Headquartered in Dublin, Ohio, the company specializes in the distribution of pharmaceuticals and medical products, serving more than 100,000 locations. The company also manufactures medical and surgical product, including gloves, surgical apparel, and fluid management products.
BAX vs CAH — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $65.6B |
| Net Profit | $-1.1B | $467.0M |
| Gross Margin | 19.4% | 3.7% |
| Operating Margin | -24.5% | 1.1% |
| Net Margin | -37.9% | 0.7% |
| Revenue YoY | 458.0% | 19.6% |
| Net Profit YoY | -120.3% | -7.7% |
| EPS (diluted) | $-2.21 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $3.0B | $65.6B | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $2.8B | $60.2B | ||
| Q1 25 | $2.6B | $54.9B | ||
| Q4 24 | $533.0M | $55.3B | ||
| Q3 24 | $2.7B | $52.3B | ||
| Q2 24 | $3.8B | $59.7B | ||
| Q1 24 | $3.6B | $54.9B |
| Q4 25 | $-1.1B | $467.0M | ||
| Q3 25 | $-46.0M | — | ||
| Q2 25 | $91.0M | $239.0M | ||
| Q1 25 | $126.0M | $506.0M | ||
| Q4 24 | $-512.0M | $400.0M | ||
| Q3 24 | $140.0M | $416.0M | ||
| Q2 24 | $-314.0M | $236.0M | ||
| Q1 24 | $37.0M | $258.0M |
| Q4 25 | 19.4% | 3.7% | ||
| Q3 25 | 33.5% | — | ||
| Q2 25 | 35.3% | 3.7% | ||
| Q1 25 | 32.8% | 3.9% | ||
| Q4 24 | 25.0% | 3.5% | ||
| Q3 24 | 38.3% | 3.6% | ||
| Q2 24 | 37.5% | 3.1% | ||
| Q1 24 | 38.6% | 3.5% |
| Q4 25 | -24.5% | 1.1% | ||
| Q3 25 | 6.1% | — | ||
| Q2 25 | 6.8% | 0.7% | ||
| Q1 25 | 2.2% | 1.3% | ||
| Q4 24 | -25.5% | 1.0% | ||
| Q3 24 | 5.7% | 1.1% | ||
| Q2 24 | -5.0% | 0.7% | ||
| Q1 24 | 5.2% | 0.7% |
| Q4 25 | -37.9% | 0.7% | ||
| Q3 25 | -1.6% | — | ||
| Q2 25 | 3.2% | 0.4% | ||
| Q1 25 | 4.8% | 0.9% | ||
| Q4 24 | -96.1% | 0.7% | ||
| Q3 24 | 5.2% | 0.8% | ||
| Q2 24 | -8.2% | 0.4% | ||
| Q1 24 | 1.0% | 0.5% |
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | — | ||
| Q2 25 | $0.18 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.99 | — | ||
| Q3 24 | $0.27 | $1.70 | ||
| Q2 24 | $-0.62 | $0.86 | ||
| Q1 24 | $0.07 | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.0B | $2.8B |
| Total DebtLower is stronger | $9.5B | $8.3B |
| Stockholders' EquityBook value | $6.1B | $-2.9B |
| Total Assets | $20.1B | $58.1B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $2.0B | $2.8B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | $3.9B | ||
| Q1 25 | $2.3B | $3.3B | ||
| Q4 24 | $1.8B | $3.8B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $2.1B | $5.3B | ||
| Q1 24 | $3.0B | $3.7B |
| Q4 25 | $9.5B | $8.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.1B | ||
| Q4 24 | $10.4B | $7.1B | ||
| Q3 24 | $10.4B | $4.2B | ||
| Q2 24 | $10.4B | $4.7B | ||
| Q1 24 | $11.1B | $4.7B |
| Q4 25 | $6.1B | $-2.9B | ||
| Q3 25 | $7.2B | — | ||
| Q2 25 | $7.3B | $-2.8B | ||
| Q1 25 | $7.1B | $-2.9B | ||
| Q4 24 | $7.0B | $-3.0B | ||
| Q3 24 | $7.9B | $-3.3B | ||
| Q2 24 | $7.6B | $-3.2B | ||
| Q1 24 | $8.2B | $-3.3B |
| Q4 25 | $20.1B | $58.1B | ||
| Q3 25 | $21.1B | — | ||
| Q2 25 | $21.0B | $53.1B | ||
| Q1 25 | $21.3B | $49.9B | ||
| Q4 24 | $25.8B | $47.0B | ||
| Q3 24 | $26.7B | $43.1B | ||
| Q2 24 | $26.3B | $45.1B | ||
| Q1 24 | $27.8B | $45.9B |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $584.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $584.0M | — | ||
| Q3 25 | $237.0M | — | ||
| Q2 25 | $217.0M | $1.5B | ||
| Q1 25 | $-193.0M | $2.9B | ||
| Q4 24 | $488.0M | $-400.0M | ||
| Q3 24 | $253.0M | $-1.6B | ||
| Q2 24 | $115.0M | $2.1B | ||
| Q1 24 | $163.0M | $-49.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $-499.0M | ||
| Q3 24 | — | $-1.7B | ||
| Q2 24 | — | $1.9B | ||
| Q1 24 | — | $-161.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | -3.3% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | -0.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | 6.39× | ||
| Q1 25 | -1.53× | 5.76× | ||
| Q4 24 | — | -1.00× | ||
| Q3 24 | 1.81× | -3.96× | ||
| Q2 24 | — | 8.80× | ||
| Q1 24 | 4.41× | -0.19× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
CAH
| Pharmaceutical And Specialty Solutions | $60.7B | 92% |
| GMPD | $3.3B | 5% |
| At Home Solutions | $1.2B | 2% |
| Nuclear Precision Health Solutions | $440.0M | 1% |
| Opti Freight Logistics | $99.0M | 0% |
