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

Baxter International brought in $11.2B of revenue in fiscal 2025, Resmed $5.7B in fiscal 2026. Revenue changed by +5.7% at Baxter International and +9.9% at Resmed on the year before, so Resmed grew faster. Baxter International kept -8.5% of its revenue as net profit, Resmed 26.9%. Free cash flow was $332M at Baxter International and $1.6B at Resmed.

Side by side, latest fiscal year

BAXRMD
Fiscal year endedFY2025 (December 31, 2025)FY2026 (June 30, 2026)
Revenue$11.2B$5.7B
Revenue growth+5.7%+9.9%
Net income-$957M$1.5B
Net margin-8.5%26.9%
Free cash flow$332M$1.6B
Free cash flow margin3.0%29.2%
Earnings per share (diluted)-$1.87$10.43
Cash$2B$1.5B
Debt$9.4B$399.4M
Price to earningsn/a24.2
Market value$13.3B$36.4B
Dividend yield2.03%0.95%
Rank by revenue in sector#44 of 751 · Health care#61 of 751 · 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: $11.2BRMD FY2019: $2.6BRMD FY2020: $3BRMD FY2021: $3.2BRMD FY2022: $3.6BRMD FY2023: $4.2BRMD FY2024: $4.7BRMD FY2025: $5.1BRMD FY2026: $5.7BFY18FY19FY20FY21FY22FY23FY24FY25FY26
BAX $11.2BRMD $5.7B
Net income
BAX FY2018: $1.5BBAX FY2019: $1BBAX FY2020: $1.1BBAX FY2021: $1.3BBAX FY2022: -$2.4BBAX FY2023: $2.7BBAX FY2024: -$649MBAX FY2025: -$957MRMD FY2019: $404.6MRMD FY2020: $621.7MRMD FY2021: $474.5MRMD FY2022: $779.4MRMD FY2023: $897.6MRMD FY2024: $1BRMD FY2025: $1.4BRMD FY2026: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25FY26
BAX -$957MRMD $1.5B
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%RMD FY2019: 15.5%RMD FY2020: 21.0%RMD FY2021: 14.8%RMD FY2022: 21.8%RMD FY2023: 21.3%RMD FY2024: 21.8%RMD FY2025: 27.2%RMD FY2026: 26.9%FY18FY19FY20FY21FY22FY23FY24FY25FY26
BAX -8.5%RMD 26.9%
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%RMD FY2020: +13.4%RMD FY2021: +8.1%RMD FY2022: +11.9%RMD FY2023: +18.0%RMD FY2024: +10.9%RMD FY2025: +9.8%RMD FY2026: +9.9%FY19FY20FY21FY22FY23FY24FY25FY26
BAX +5.7%RMD +9.9%
Free cash flow
BAX FY2018: $1.4BBAX FY2019: $1.4BBAX FY2020: $1.2BBAX FY2021: $1.5BBAX FY2022: $834MBAX FY2023: $1.3BBAX FY2024: $573MBAX FY2025: $332MRMD FY2019: $390.3MRMD FY2020: $706.9MRMD FY2021: $634MRMD FY2022: $216.3MRMD FY2023: $573.6MRMD FY2024: $1.3BRMD FY2025: $1.7BRMD FY2026: $1.6BFY18FY19FY20FY21FY22FY23FY24FY25FY26
BAX $332MRMD $1.6B

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

Questions about Baxter International and Resmed

Which is bigger by revenue, Baxter International or Resmed?

Baxter International is bigger by revenue: $11.2B in fiscal 2025, against $5.7B for Resmed in fiscal 2026.

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

Baxter International had a net margin of -8.5% in fiscal 2025; Resmed had 26.9% in fiscal 2026.

Which grew revenue faster, Baxter International or Resmed?

In their latest fiscal years revenue changed by +5.7% at Baxter International and +9.9% at Resmed.

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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