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Side-by-side financial comparison of Baxter International (BAX) and CVS Health (CVS), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
CVS Health is the larger business by last-quarter revenue ($105.7B vs $3.0B, roughly 35.5× Baxter International). CVS Health runs the higher net margin — -37.9% vs 2.8%, a 40.7% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 8.2%). Over the past eight quarters, CVS Health's revenue compounded faster (9.3% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
CVS Health Corporation is an American multinational healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands. The company is the world's second largest healthcare company, behind UnitedHealth Group. In 2023, the company was ranked 64th in the Forbes Global 2000. CVS started in Lowell, Massachusetts by brothers Stanley and Sidney Goldstein and their partner Ralph Hoagland.
BAX vs CVS — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $105.7B |
| Net Profit | $-1.1B | $2.9B |
| Gross Margin | 19.4% | 44.1% |
| Operating Margin | -24.5% | 2.0% |
| Net Margin | -37.9% | 2.8% |
| Revenue YoY | 458.0% | 8.2% |
| Net Profit YoY | -120.3% | 79.0% |
| EPS (diluted) | $-2.21 | $2.31 |
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 | $105.7B | ||
| Q3 25 | $2.8B | $102.9B | ||
| Q2 25 | $2.8B | $98.9B | ||
| Q1 25 | $2.6B | $94.6B | ||
| Q4 24 | $533.0M | $97.7B | ||
| Q3 24 | $2.7B | $95.4B | ||
| Q2 24 | $3.8B | $91.2B | ||
| Q1 24 | $3.6B | $88.4B |
| Q4 25 | $-1.1B | $2.9B | ||
| Q3 25 | $-46.0M | $-4.0B | ||
| Q2 25 | $91.0M | $1.0B | ||
| Q1 25 | $126.0M | $1.8B | ||
| Q4 24 | $-512.0M | $1.6B | ||
| Q3 24 | $140.0M | $87.0M | ||
| Q2 24 | $-314.0M | $1.8B | ||
| Q1 24 | $37.0M | $1.1B |
| Q4 25 | 19.4% | 44.1% | ||
| Q3 25 | 33.5% | 44.5% | ||
| Q2 25 | 35.3% | 45.4% | ||
| Q1 25 | 32.8% | 46.0% | ||
| Q4 24 | 25.0% | 43.4% | ||
| Q3 24 | 38.3% | 44.5% | ||
| Q2 24 | 37.5% | 45.2% | ||
| Q1 24 | 38.6% | 45.6% |
| Q4 25 | -24.5% | 2.0% | ||
| Q3 25 | 6.1% | -3.1% | ||
| Q2 25 | 6.8% | 2.4% | ||
| Q1 25 | 2.2% | 3.6% | ||
| Q4 24 | -25.5% | 2.4% | ||
| Q3 24 | 5.7% | 0.9% | ||
| Q2 24 | -5.0% | 3.3% | ||
| Q1 24 | 5.2% | 2.6% |
| Q4 25 | -37.9% | 2.8% | ||
| Q3 25 | -1.6% | -3.9% | ||
| Q2 25 | 3.2% | 1.0% | ||
| Q1 25 | 4.8% | 1.9% | ||
| Q4 24 | -96.1% | 1.7% | ||
| Q3 24 | 5.2% | 0.1% | ||
| Q2 24 | -8.2% | 1.9% | ||
| Q1 24 | 1.0% | 1.3% |
| Q4 25 | $-2.21 | $2.31 | ||
| Q3 25 | $-0.09 | $-3.13 | ||
| Q2 25 | $0.18 | $0.80 | ||
| Q1 25 | $0.25 | $1.41 | ||
| Q4 24 | $-0.99 | $1.30 | ||
| Q3 24 | $0.27 | $0.07 | ||
| Q2 24 | $-0.62 | $1.41 | ||
| Q1 24 | $0.07 | $0.88 |
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 | $10.6B |
| Total DebtLower is stronger | $9.5B | $60.5B |
| Stockholders' EquityBook value | $6.1B | $75.2B |
| Total Assets | $20.1B | $253.5B |
| Debt / EquityLower = less leverage | 1.55× | 0.80× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $2.0B | $10.6B | ||
| Q3 25 | $1.7B | $11.2B | ||
| Q2 25 | $1.7B | $14.2B | ||
| Q1 25 | $2.3B | $12.7B | ||
| Q4 24 | $1.8B | $11.0B | ||
| Q3 24 | $1.4B | $9.7B | ||
| Q2 24 | $2.1B | $16.3B | ||
| Q1 24 | $3.0B | $13.1B |
| Q4 25 | $9.5B | $60.5B | ||
| Q3 25 | — | $60.5B | ||
| Q2 25 | — | $57.3B | ||
| Q1 25 | — | $59.0B | ||
| Q4 24 | $10.4B | $60.5B | ||
| Q3 24 | $10.4B | $59.8B | ||
| Q2 24 | $10.4B | $62.6B | ||
| Q1 24 | $11.1B | $57.7B |
| Q4 25 | $6.1B | $75.2B | ||
| Q3 25 | $7.2B | $72.9B | ||
| Q2 25 | $7.3B | $77.4B | ||
| Q1 25 | $7.1B | $76.9B | ||
| Q4 24 | $7.0B | $75.6B | ||
| Q3 24 | $7.9B | $74.9B | ||
| Q2 24 | $7.6B | $74.9B | ||
| Q1 24 | $8.2B | $74.0B |
| Q4 25 | $20.1B | $253.5B | ||
| Q3 25 | $21.1B | $255.3B | ||
| Q2 25 | $21.0B | $258.3B | ||
| Q1 25 | $21.3B | $255.6B | ||
| Q4 24 | $25.8B | $253.2B | ||
| Q3 24 | $26.7B | $252.4B | ||
| Q2 24 | $26.3B | $252.5B | ||
| Q1 24 | $27.8B | $249.7B |
| Q4 25 | 1.55× | 0.80× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.74× | ||
| Q1 25 | — | 0.77× | ||
| Q4 24 | 1.49× | 0.80× | ||
| Q3 24 | 1.33× | 0.80× | ||
| Q2 24 | 1.37× | 0.84× | ||
| Q1 24 | 1.36× | 0.78× |
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 | $3.4B |
| Free Cash FlowOCF − Capex | — | $2.6B |
| FCF MarginFCF / Revenue | — | 2.5% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 0.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $7.8B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $584.0M | $3.4B | ||
| Q3 25 | $237.0M | $796.0M | ||
| Q2 25 | $217.0M | $1.9B | ||
| Q1 25 | $-193.0M | $4.6B | ||
| Q4 24 | $488.0M | $1.9B | ||
| Q3 24 | $253.0M | $-745.0M | ||
| Q2 24 | $115.0M | $3.1B | ||
| Q1 24 | $163.0M | $4.9B |
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $98.0M | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $-1.4B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $4.2B |
| Q4 25 | — | 2.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | -1.5% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 4.7% |
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.8% |
| Q4 25 | — | 1.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | 1.86× | ||
| Q1 25 | -1.53× | 2.56× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | 1.81× | -8.56× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | 4.41× | 4.41× |
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% |
CVS
| Health Care Benefits Segment | $36.3B | 34% |
| Premiums | $34.0B | 32% |
| Sales Channel Directly To Consumer | $21.3B | 20% |
| Front Store Revenue | $5.7B | 5% |
| Services | $4.0B | 4% |
| Sales Channel Other | $2.4B | 2% |
| Other | $1.8B | 2% |
| Corporate And Other Segment | $13.0M | 0% |
