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Baxter International vs Solventum: BAX and SOLV compared
Baxter International is the larger company: $3.0B of revenue in its latest quarter (Q3 2026) against $1.9B for Solventum (Q3 2026). Baxter International is growing faster (+5% against -7% a year earlier). Baxter International is more profitable, with an operating margin of 7.6% against 3.5%.
Where the money goes: BAX and SOLV
Baxter International (BAX) · Q3 2026
Baxter International, Q3 2026: revenue $3.0B (+5% year over year), operating margin 7.6%, net earnings $294M, operating cash flow $558M. The chart follows the revenue to costs, profit and cash.
Solventum (SOLV) · Q3 2026
Solventum, Q3 2026: revenue $1.9B (-7% year over year), operating margin 3.5%, net loss $12.0M, operating cash flow $177M. The chart follows the revenue to costs, profit and cash.
| Baxter International (BAX) | Solventum (SOLV) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $3.0B | $1.9B |
| Revenue growth, Y/Y | +5% | -7% |
| Gross margin | 33.4% | — |
| Operating margin | 7.6% | 3.5% |
| Net earnings | $294M | −$12.0M |
| Net margin | 9.9% | -0.6% |
| Operating cash flow | $558M | $177M |
| Free cash flow | $448M | $97.0M |
| Market value | $13.4B | $15.6B |
| P/E | — | 99.4× |
| Analysts’ mean target | $27.25 | $96.92 |
Where the revenue comes from
Solventum
- Product: $1.4B (73%)
- Software and rentals: $518M (27%)
Questions
Which is bigger, Baxter International or Solventum?
Baxter International is the larger company: $3.0B of revenue in its latest quarter (Q3 2026) against $1.9B for Solventum (Q3 2026).
Is Baxter International or Solventum growing faster?
Baxter International is growing faster (+5% against -7% a year earlier).
Which is more profitable, Baxter International or Solventum?
Baxter International is more profitable, with an operating margin of 7.6% against 3.5%.
More: Baxter International earnings · how Baxter International makes money · Solventum earnings · how Solventum makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.