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Baxter International vs Dexcom: revenue, profit, margins and growth compared

Baxter International brought in $11.2B of revenue in fiscal 2025, Dexcom $4.7B in fiscal 2025. Revenue changed by +5.7% at Baxter International and +15.6% at Dexcom on the year before, so Dexcom grew faster. Baxter International kept -8.5% of its revenue as net profit, Dexcom 17.9%. Free cash flow was $332M at Baxter International and $1.1B at Dexcom.

Side by side, latest fiscal year

BAXDXCM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11.2B$4.7B
Revenue growth+5.7%+15.6%
Net income-$957M$836.3M
Net margin-8.5%17.9%
Free cash flow$332M$1.1B
Free cash flow margin3.0%23.1%
Earnings per share (diluted)-$1.87$2.09
Cash$2B$917.7M
Debt$9.4Bn/a
Price to earningsn/a41.4
Market value$12.1B$32.7B
Dividend yield2.23%n/a
Rank by revenue in sector#42 of 523 · Health care#65 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: $11.2BDXCM FY2018: $1BDXCM FY2019: $1.5BDXCM FY2020: $1.9BDXCM FY2021: $2.4BDXCM FY2022: $2.9BDXCM FY2023: $3.6BDXCM FY2024: $4BDXCM FY2025: $4.7BFY18FY19FY20FY21FY22FY23FY24FY25
BAX $11.2BDXCM $4.7B
Net income
BAX FY2018: $1.5BBAX FY2019: $1BBAX FY2020: $1.1BBAX FY2021: $1.3BBAX FY2022: -$2.4BBAX FY2023: $2.7BBAX FY2024: -$649MBAX FY2025: -$957MDXCM FY2018: -$127.1MDXCM FY2019: $101.1MDXCM FY2020: $549.7MDXCM FY2021: $216.9MDXCM FY2022: $341.2MDXCM FY2023: $541.5MDXCM FY2024: $576.2MDXCM FY2025: $836.3MFY18FY19FY20FY21FY22FY23FY24FY25
BAX -$957MDXCM $836.3M
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%DXCM FY2018: -12.3%DXCM FY2019: 6.8%DXCM FY2020: 28.5%DXCM FY2021: 8.9%DXCM FY2022: 11.7%DXCM FY2023: 14.9%DXCM FY2024: 14.3%DXCM FY2025: 17.9%FY18FY19FY20FY21FY22FY23FY24FY25
BAX -8.5%DXCM 17.9%
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%DXCM FY2019: +43.1%DXCM FY2020: +30.5%DXCM FY2021: +27.1%DXCM FY2022: +18.8%DXCM FY2023: +24.5%DXCM FY2024: +11.3%DXCM FY2025: +15.6%FY19FY20FY21FY22FY23FY24FY25
BAX +5.7%DXCM +15.6%
Free cash flow
BAX FY2018: $1.4BBAX FY2019: $1.4BBAX FY2020: $1.2BBAX FY2021: $1.5BBAX FY2022: $834MBAX FY2023: $1.3BBAX FY2024: $573MBAX FY2025: $332MDXCM FY2018: $56.1MDXCM FY2019: $134.5MDXCM FY2020: $276.6MDXCM FY2021: $53.3MDXCM FY2022: $304.7MDXCM FY2023: $511.9MDXCM FY2024: $630.7MDXCM FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
BAX $332MDXCM $1.1B

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

Questions about Baxter International and Dexcom

Which is bigger by revenue, Baxter International or Dexcom?

Baxter International is bigger by revenue: $11.2B in fiscal 2025, against $4.7B for Dexcom in fiscal 2025.

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

Baxter International had a net margin of -8.5% in fiscal 2025; Dexcom had 17.9% in fiscal 2025.

Which grew revenue faster, Baxter International or Dexcom?

In their latest fiscal years revenue changed by +5.7% at Baxter International and +15.6% at Dexcom.

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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