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Baxter International vs Boston Scientific: revenue, profit, margins and growth compared

Baxter International brought in $11.2B of revenue in fiscal 2025, Boston Scientific $20.1B in fiscal 2025. Revenue changed by +5.7% at Baxter International and +19.9% at Boston Scientific on the year before, so Boston Scientific grew faster. Baxter International kept -8.5% of its revenue as net profit, Boston Scientific 14.4%. Free cash flow was $332M at Baxter International and $3.7B at Boston Scientific.

Side by side, latest fiscal year

BAXBSX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11.2B$20.1B
Revenue growth+5.7%+19.9%
Net income-$957M$2.9B
Net margin-8.5%14.4%
Free cash flow$332M$3.7B
Free cash flow margin3.0%18.2%
Earnings per share (diluted)-$1.87$1.94
Cash$2B$2B
Debt$9.4B$11.1B
Price to earningsn/a22.6
Market value$12.1B$63.7B
Dividend yield2.23%n/a
Rank by revenue in sector#42 of 523 · Health care#30 of 523 · Health care

Over the years

Revenue
BAX FY2018: $11.1BBAX FY2019: $11.4BBAX FY2020: $11.7BBAX FY2021: $12.1BBAX FY2022: $10.1BBAX FY2023: $10.4BBAX FY2024: $10.6BBAX FY2025: $11.2BBSX FY2018: $9.8BBSX FY2019: $10.7BBSX FY2020: $9.9BBSX FY2021: $11.9BBSX FY2022: $12.7BBSX FY2023: $14.2BBSX FY2024: $16.7BBSX FY2025: $20.1BFY18FY19FY20FY21FY22FY23FY24FY25
BAX $11.2BBSX $20.1B
Net income
BAX FY2018: $1.5BBAX FY2019: $1BBAX FY2020: $1.1BBAX FY2021: $1.3BBAX FY2022: -$2.4BBAX FY2023: $2.7BBAX FY2024: -$649MBAX FY2025: -$957MBSX FY2018: $1.7BBSX FY2019: $4.7BBSX FY2020: -$115MBSX FY2021: $985MBSX FY2022: $642MBSX FY2023: $1.6BBSX FY2024: $1.9BBSX FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
BAX -$957MBSX $2.9B
Net margin
BAX FY2018: 13.9%BAX FY2019: 8.8%BAX FY2020: 9.4%BAX FY2021: 10.6%BAX FY2022: -24.2%BAX FY2023: 25.6%BAX FY2024: -6.1%BAX FY2025: -8.5%BSX FY2018: 17.0%BSX FY2019: 43.8%BSX FY2020: -1.2%BSX FY2021: 8.3%BSX FY2022: 5.1%BSX FY2023: 11.0%BSX FY2024: 11.1%BSX FY2025: 14.4%FY18FY19FY20FY21FY22FY23FY24FY25
BAX -8.5%BSX 14.4%
Revenue growth
BAX FY2019: +2.4%BAX FY2020: +2.7%BAX FY2021: +4.1%BAX FY2022: -17.2%BAX FY2023: +3.0%BAX FY2024: +2.7%BAX FY2025: +5.7%BSX FY2019: +9.3%BSX FY2020: -7.7%BSX FY2021: +19.9%BSX FY2022: +6.7%BSX FY2023: +12.3%BSX FY2024: +17.6%BSX FY2025: +19.9%FY19FY20FY21FY22FY23FY24FY25
BAX +5.7%BSX +19.9%
Free cash flow
BAX FY2018: $1.4BBAX FY2019: $1.4BBAX FY2020: $1.2BBAX FY2021: $1.5BBAX FY2022: $834MBAX FY2023: $1.3BBAX FY2024: $573MBAX FY2025: $332MBSX FY2018: -$6MBSX FY2019: $1.4BBSX FY2020: $1.1BBSX FY2021: $1.3BBSX FY2022: $938MBSX FY2023: $1.8BBSX FY2024: $2.6BBSX FY2025: $3.7BFY18FY19FY20FY21FY22FY23FY24FY25
BAX $332MBSX $3.7B

Fiscal years as each company reports them; the two may end in different months.

Questions about Baxter International and Boston Scientific

Which is bigger by revenue, Baxter International or Boston Scientific?

Boston Scientific is bigger by revenue: $20.1B in fiscal 2025, against $11.2B for Baxter International in fiscal 2025.

Which keeps more of its revenue as profit, Baxter International or Boston Scientific?

Baxter International had a net margin of -8.5% in fiscal 2025; Boston Scientific had 14.4% in fiscal 2025.

Which grew revenue faster, Baxter International or Boston Scientific?

In their latest fiscal years revenue changed by +5.7% at Baxter International and +19.9% at Boston Scientific.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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