NYSE : BAX
Baxter International Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 23 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 11.90B
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Financial statements
Baxter International Inc. (BAX) reported revenue of 11.61B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 11.61B | 11.24B | 10.64B | 10.36B | 10.06B | 12.15B |
| Cost of Revenue | 7.74B | 7.23B | 6.43B | 6.18B | 5.89B | 7.28B |
| Gross Profit | 3.88B | 4.02B | 4.21B | 4.18B | 4.17B | 4.87B |
| Selling, General & Admin | 2.71B | 2.67B | 2.82B | 2.80B | 2.81B | 2.60B |
| Research & Development | 483.00M | 503.00M | 510.00M | 508.00M | 447.00M | 530.00M |
| Other Operating Expenses | -192.00M | -192.00M | -12.00M | -28.00M | -1.00M | |
| Operating Expenses | 3.00B | 2.98B | 3.32B | 3.28B | 3.26B | 3.13B |
| Operating Income | 878.00M | 1.04B | 888.00M | 896.00M | 908.00M | 1.73B |
| Interest Expense | -298.00M | -290.00M | -408.00M | -508.00M | -413.00M | -159.00M |
| Interest & Investment Income | 49.00M | 52.00M | 67.00M | 69.00M | 19.00M | 14.00M |
| Currency Exchange Gain (Loss) | -11.00M | -18.00M | -25.00M | -53.00M | 3.00M | -17.00M |
| Other Non Operating Income (Expenses) | 2.00M | 11.00M | 21.00M | 6.00M | -2.00M | |
| EBT Excluding Unusual Items | 620.00M | 792.00M | 543.00M | 410.00M | 517.00M | 1.57B |
| Merger & Restructuring Charges | -281.00M | -210.00M | -185.00M | -141.00M | -445.00M | -356.00M |
| Impairment of Goodwill | -485.00M | -485.00M | -425.00M | -2.81B | ||
| Gain (Loss) on Sale of Investments | -9.00M | -8.00M | 3.00M | -27.00M | 11.00M | -7.00M |
| Gain (Loss) on Sale of Assets | 16.00M | 16.00M | -75.00M | |||
| Asset Writedown | -290.00M | -290.00M | -50.00M | -344.00M | ||
| Legal Settlements | 27.00M | -11.00M | -17.00M | -13.00M | ||
| Other Unusual Items | 215.00M | -309.00M | -158.00M | -100.00M | -74.00M | |
| Pretax Income | -187.00M | -505.00M | -289.00M | 242.00M | -3.25B | 1.12B |
| Income Tax Expense | 432.00M | 395.00M | 37.00M | 61.00M | -135.00M | 83.00M |
| Earnings From Continuing Operations | -619.00M | -900.00M | -326.00M | 181.00M | -3.11B | 1.03B |
| Earnings From Discontinued Operations | -104.00M | -57.00M | -323.00M | 2.48B | 681.00M | 262.00M |
| Net Income to Company | -723.00M | -957.00M | -649.00M | 2.66B | -2.43B | 1.29B |
| Minority Interest in Earnings | -1.00M | -11.00M | ||||
| Net Income | -723.00M | -957.00M | -649.00M | 2.66B | -2.43B | 1.28B |
| Net Income to Common | -723.00M | -957.00M | -649.00M | 2.66B | -2.43B | 1.28B |
| Shares Outstanding (Basic) | 515.25M | 513.00M | 510.00M | 506.00M | 504.00M | 502.00M |
| Shares Outstanding (Diluted) | 515.25M | 513.00M | 510.00M | 508.00M | 504.00M | 508.00M |
| EPS (Basic) | -1.40 | -1.87 | -1.27 | 5.25 | -4.83 | 2.56 |
| EPS (Diluted) | -1.40 | -1.87 | -1.27 | 5.25 | -4.83 | 2.53 |
| Free Cash Flow | 1.14B | 332.00M | 573.00M | 1.29B | 834.00M | 1.53B |
| Free Cash Flow Per Share | 2.21 | 0.65 | 1.12 | 2.55 | 1.66 | 3.01 |
| Dividend Per Share | 0.04 | 0.52 | 1.04 | 1.16 | 1.15 | 1.08 |
| Gross Margin | 33.37% | 35.73% | 39.58% | 40.35% | 41.41% | 40.05% |
| Operating Margin | 7.56% | 9.22% | 8.35% | 8.65% | 9.03% | 14.24% |
| Profit Margin | -6.23% | -8.51% | -6.10% | 25.64% | -24.19% | 10.57% |
| Free Cash Flow Margin | 9.79% | 2.95% | 5.39% | 12.49% | 8.29% | 12.61% |
| EBITDA | 1.83B | 2.02B | 1.89B | 1.88B | 1.98B | 2.60B |
| EBITDA Margin | 15.79% | 17.95% | 17.72% | 18.15% | 19.69% | 21.38% |
| D&A For EBITDA | 955.00M | 981.00M | 997.00M | 984.00M | 1.07B | 867.00M |
| EBIT | 878.00M | 1.04B | 888.00M | 896.00M | 908.00M | 1.73B |
| EBIT Margin | 7.56% | 9.22% | 8.35% | 8.65% | 9.03% | 14.24% |
| Effective Tax Rate | 25.21% | 7.44% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.98B | 1.97B | 1.76B | 3.08B | 1.72B | 2.95B |
| Cash & Short-Term Investments | 1.98B | 1.97B | 1.76B | 3.08B | 1.72B | 2.95B |
| Receivables | 1.84B | 1.93B | 1.73B | 1.77B | 2.62B | 2.71B |
| Inventory | 2.30B | 2.37B | 2.17B | 2.06B | 2.68B | 2.45B |
| Restricted Cash | 5.00M | |||||
| Other Current Assets | 602.00M | 3.19B | 2.69B | 991.00M | 750.00M | |
| Total Current Assets | 6.83B | 6.87B | 8.85B | 9.60B | 8.01B | 8.87B |
| Property, Plant & Equipment | 3.13B | 3.19B | 3.18B | 3.21B | 5.24B | 5.81B |
| Long-Term Investments | 45.00M | 103.00M | 109.00M | 136.00M | 247.00M | 195.00M |
| Goodwill | 4.87B | 4.93B | 5.28B | 5.79B | 6.45B | 9.84B |
| Other Intangible Assets | 3.93B | 4.37B | 5.22B | 5.92B | 6.79B | 7.79B |
| Long-Term Accounts Receivable | 49.00M | 76.00M | 82.00M | 112.00M | 122.00M | 111.00M |
| Long-Term Deferred Tax Assets | 200.00M | 204.00M | 263.00M | 280.00M | 376.00M | |
| Long-Term Deferred Charges | 89.00M | 102.00M | 103.00M | 119.00M | 99.00M | |
| Other Long-Term Assets | 563.00M | 231.00M | 2.76B | 3.14B | 1.03B | 432.00M |
| Total Assets | 19.41B | 20.05B | 25.78B | 28.28B | 28.29B | 33.52B |
| Accounts Payable | 1.02B | 999.00M | 968.00M | 881.00M | 1.11B | 1.25B |
| Accrued Expenses | 1.78B | 747.00M | 796.00M | 816.00M | 875.00M | 1.14B |
| Short-Term Debt | 1.00M | 2.13B | 299.00M | 301.00M | ||
| Current Portion of Long-Term Debt | 844.00M | 624.00M | 2.67B | 1.10B | 208.00M | |
| Current Portion of Leases | 83.00M | 82.00M | 94.00M | 122.00M | 130.00M | |
| Current Income Taxes Payable | 83.00M | 121.00M | 78.00M | 91.00M | 90.00M | |
| Current Unearned Revenue | 124.00M | 141.00M | 131.00M | 128.00M | 154.00M | 162.00M |
| Other Current Liabilities | 35.00M | 916.00M | 1.66B | 1.84B | 991.00M | 959.00M |
| Total Current Liabilities | 3.81B | 2.97B | 6.51B | 6.50B | 4.75B | 4.24B |
| Long-Term Debt | 7.76B | 9.45B | 10.36B | 11.06B | 15.17B | 17.08B |
| Long-Term Leases | 206.00M | 244.00M | 262.00M | 290.00M | 509.00M | 590.00M |
| Long-Term Unearned Revenue | 37.00M | 36.00M | 40.00M | 41.00M | 40.00M | 84.00M |
| Pension & Post-Retirement Benefits | 637.00M | 678.00M | 714.00M | 846.00M | 1.05B | |
| Long-Term Deferred Tax Liabilities | 245.00M | 103.00M | 403.00M | 661.00M | 962.00M | |
| Other Long-Term Liabilities | 1.13B | 369.00M | 809.00M | 793.00M | 421.00M | 395.00M |
| Total Liabilities | 12.94B | 13.95B | 18.76B | 19.81B | 22.39B | 24.40B |
| Common Stock | 683.00M | 683.00M | 683.00M | 683.00M | 683.00M | 683.00M |
| Additional Paid-In Capital | 6.25B | 6.37B | 6.42B | 6.39B | 6.32B | 6.20B |
| Retained Earnings | 14.10B | 13.71B | 14.93B | 16.11B | 14.05B | 17.07B |
| Treasury Stock | -10.69B | -10.87B | -11.06B | -11.23B | -11.39B | -11.49B |
| Comprehensive Income & Other | -3.85B | -3.75B | -4.01B | -3.55B | -3.83B | -3.38B |
| Total Common Equity | 6.50B | 6.13B | 6.96B | 8.40B | 5.83B | 9.08B |
| Minority Interest | -27.00M | -27.00M | 60.00M | 66.00M | 62.00M | 44.00M |
| Shareholders' Equity | 6.47B | 6.10B | 7.02B | 8.47B | 5.89B | 9.12B |
| Total Liabilities & Equity | 19.41B | 20.05B | 25.78B | 28.28B | 28.29B | 33.52B |
| Total Debt | 8.81B | 9.78B | 13.45B | 14.11B | 17.20B | 18.31B |
| Net Cash (Debt) | -6.83B | -7.81B | -11.69B | -11.04B | -15.48B | -15.36B |
| Net Cash Per Share | -13.26 | -15.23 | -22.91 | -21.72 | -30.72 | -30.23 |
| Filing Date Shares Outstanding | 517.35M | 514.49M | 511.62M | 507.83M | 504.67M | 502.29M |
| Total Common Shares Outstanding | 517.35M | 514.28M | 510.93M | 507.63M | 504.43M | 501.62M |
| Working Capital | 3.02B | 3.90B | 2.34B | 3.10B | 3.27B | 4.64B |
| Book Value Per Share | 12.57 | 11.92 | 13.63 | 16.55 | 11.56 | 18.10 |
| Tangible Book Value | -2.30B | -3.17B | -3.53B | -3.31B | -7.41B | -8.55B |
| Tangible Book Value Per Share | -4.44 | -6.16 | -6.92 | -6.52 | -14.69 | -17.05 |
| Land | 119.00M | 115.00M | 119.00M | 137.00M | 172.00M | |
| Buildings | 1.40B | 1.30B | 1.24B | 1.76B | 1.92B | |
| Machinery | 5.83B | 5.51B | 5.67B | 7.98B | 8.78B | |
| Construction In Progress | 704.00M | 718.00M | 624.00M | 909.00M | 860.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -723.00M | -957.00M | -649.00M | 2.66B | -2.43B | 1.28B |
| Depreciation & Amortization | 955.00M | 981.00M | 997.00M | 984.00M | 1.07B | 867.00M |
| Loss (Gain) From Sale of Assets | 75.00M | |||||
| Asset Writedown & Restructuring Costs | 831.00M | 802.00M | 519.00M | -11.00M | 3.17B | 11.00M |
| Stock-Based Compensation | 110.00M | 117.00M | 114.00M | 115.00M | 140.00M | 146.00M |
| Other Operating Activities | -11.00M | 116.00M | 74.00M | -2.70B | -885.00M | -225.00M |
| Change in Accounts Receivable | -18.00M | -132.00M | -35.00M | -38.00M | -48.00M | -170.00M |
| Change in Inventory | 159.00M | -119.00M | -201.00M | -128.00M | -198.00M | -27.00M |
| Change in Accounts Payable | 104.00M | 3.00M | 112.00M | 92.00M | -67.00M | 105.00M |
| Change in Other Net Operating Assets | 257.00M | 140.00M | -112.00M | 235.00M | -293.00M | 35.00M |
| Operating Cash Flow | 1.64B | 845.00M | 1.02B | 1.73B | 1.21B | 2.22B |
| Capital Expenditures | -503.00M | -513.00M | -446.00M | -432.00M | -377.00M | -691.00M |
| Cash Acquisitions | -10.50B | |||||
| Sale (Purchase) of Intangibles | -3.00M | -9.00M | -14.00M | -4.00M | -258.00M | |
| Investment in Securities | 34.00M | |||||
| Other Investing Activities | -52.00M | 3.36B | -200.00M | 3.65B | -296.00M | -7.00M |
| Investing Cash Flow | -558.00M | 2.84B | -626.00M | 3.21B | -931.00M | -11.20B |
| Short-Term Debt Issued | 2.13B | 55.00M | 246.00M | |||
| Long-Term Debt Issued | 2.00B | 11.90B | ||||
| Total Debt Issued | 2.00B | 2.00B | 2.13B | 55.00M | 12.15B | |
| Short-Term Debt Repaid | -300.00M | -301.00M | ||||
| Long-Term Debt Repaid | -5.49B | -2.66B | -2.63B | -954.00M | -2.82B | |
| Total Debt Repaid | -2.58B | -5.79B | -2.66B | -2.94B | -954.00M | -2.82B |
| Net Debt Issued (Repaid) | -586.00M | -3.79B | -531.00M | -2.94B | -899.00M | 9.33B |
| Issuance of Common Stock | 24.00M | 30.00M | 71.00M | 95.00M | 127.00M | 187.00M |
| Repurchase of Common Stock | -32.00M | -600.00M | ||||
| Common Dividends Paid | -102.00M | -348.00M | -590.00M | -586.00M | -573.00M | -530.00M |
| Other Financing Activities | -145.00M | -107.00M | -31.00M | -63.00M | -61.00M | -138.00M |
| Financing Cash Flow | -809.00M | -4.22B | -1.08B | -3.49B | -1.44B | 8.24B |
| Foreign Exchange Rate Adjustments | -20.00M | 84.00M | -96.00M | 26.00M | -76.00M | -47.00M |
| Net Cash Flow | 253.00M | -446.00M | -784.00M | 1.48B | -1.23B | -780.00M |
| Free Cash Flow | 1.14B | 332.00M | 573.00M | 1.29B | 834.00M | 1.53B |
| Free Cash Flow Margin | 9.79% | 2.95% | 5.39% | 12.49% | 8.29% | 12.61% |
| Free Cash Flow Per Share | 2.21 | 0.65 | 1.12 | 2.55 | 1.66 | 3.01 |
| Levered Free Cash Flow | 1.22B | 2.43B | 319.00M | 1.20B | 138.38M | 844.88M |
| Unlevered Free Cash Flow | 1.41B | 2.61B | 574.00M | 1.52B | 396.50M | 944.25M |
| Cash Interest Paid | 303.00M | 303.00M | 401.00M | 484.00M | 355.00M | 145.00M |
| Cash Income Tax Paid | 222.00M | 222.00M | 223.00M | 174.00M | 168.00M | 182.00M |
| Change in Working Capital | 502.00M | -108.00M | -236.00M | 161.00M | -606.00M | -57.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.90B | 9.82B | 14.89B | 19.61B | 25.70B | 42.98B |
| Enterprise Value | 18.73B | 17.78B | 26.73B | 30.82B | 41.02B | 46.21B |
| Last Close Price | 23.00 | 19.08 | 28.60 | 36.86 | 47.19 | 78.11 |
| PE Ratio | 7.38 | 33.47 | ||||
| Forward PE | 11.11 | 8.68 | 12.71 | 12.91 | 14.37 | 20.19 |
| PS Ratio | 1.02 | 0.87 | 1.40 | 1.89 | 2.56 | 3.54 |
| PB Ratio | 1.83 | 1.61 | 2.12 | 2.32 | 4.36 | 4.71 |
| P/FCF Ratio | 10.47 | 29.59 | 25.98 | 15.16 | 30.81 | 28.07 |
| P/OCF Ratio | 7.26 | 11.63 | 14.61 | 11.36 | 21.22 | 19.34 |
| PEG Ratio | 0.91 | 3.41 | 63.27 | 3.48 | 1.62 | |
| EV/Sales Ratio | 1.61 | 1.58 | 2.51 | 2.98 | 4.08 | 3.80 |
| EV/EBITDA Ratio | 10.22 | 8.81 | 14.18 | 16.39 | 20.72 | 17.79 |
| EV/EBIT Ratio | 21.33 | 17.15 | 30.10 | 34.40 | 45.18 | 26.71 |
| EV/FCF Ratio | 16.47 | 53.56 | 46.65 | 23.82 | 49.19 | 30.18 |
| Debt / Equity Ratio | 1.36 | 1.60 | 1.92 | 1.67 | 2.92 | 2.01 |
| Debt / EBITDA Ratio | 4.52 | 4.56 | 6.63 | 6.99 | 8.13 | 6.63 |
| Debt / FCF Ratio | 7.75 | 29.46 | 23.47 | 10.91 | 20.63 | 11.96 |
| Net Debt / Equity Ratio | 1.05 | 1.28 | 1.66 | 1.30 | 2.63 | 1.68 |
| Net Debt / EBITDA Ratio | 3.73 | 3.87 | 6.20 | 5.87 | 7.82 | 5.91 |
| Net Debt / FCF Ratio | 6.01 | 23.54 | 20.39 | 8.53 | 18.57 | 10.03 |
| Asset Turnover | 0.57 | 0.49 | 0.39 | 0.37 | 0.33 | 0.45 |
| Inventory Turnover | 3.25 | 3.18 | 3.04 | 2.61 | 2.30 | 3.33 |
| Quick Ratio | 1.00 | 1.31 | 0.54 | 0.75 | 0.92 | 1.34 |
| Current Ratio | 1.79 | 2.31 | 1.36 | 1.48 | 1.69 | 2.09 |
| Return on Equity (ROE) | -9.04% | -13.71% | -4.21% | 2.52% | -41.46% | 11.58% |
| Return on Assets (ROA) | 2.71% | 2.83% | 2.05% | 1.98% | 1.84% | 4.04% |
| Return on Invested Capital (ROIC) | 6.50% | 6.36% | 4.65% | 3.28% | 3.96% | 8.83% |
| Return on Capital Employed (ROCE) | 5.60% | 6.10% | 4.60% | 4.10% | 3.90% | 5.90% |
| Earnings Yield | -6.10% | -9.74% | -4.36% | 13.54% | -9.47% | 2.99% |
| FCF Yield | 9.56% | 3.38% | 3.85% | 6.60% | 3.25% | 3.56% |
| Dividend Yield | 0.17% | 2.72% | 3.57% | 3.00% | 2.26% | 1.27% |
| Payout Ratio | 22.06% | 41.28% | ||||
| Buyback Yield / Dilution | -0.44% | -0.59% | -0.39% | -0.79% | 0.79% | 1.74% |
| Total Shareholder Return | -0.27% | 2.13% | 3.17% | 2.21% | 3.04% | 3.01% |