Financials

Baxter International Inc. financials

BAX Health Care Equipment and Supplies

Baxter International Inc., founded in 1931 and headquartered in Deerfield, Illinois, United States, is a global healthcare company focused on innovative medical devices, pharmaceuticals, and biotechnology products. It is best known for its advanced renal care systems, infusion pumps, and sterile solutions, which drive recurring revenue across hospitals and home care segments. Under the leadership of CEO José E. Almeida since 2016, Baxter maintains a top-five global ranking in its core markets. The company is actively investing in next-generation therapies and digital health initiatives while expanding its footprint in emerging markets.

Snapshot

Baxter International Inc. reported $11.24B in revenue in fiscal 2025, up 5.7% year over year, with an operating margin of -2.7%.

Revenue (FY2025): $11.24B
YoY growth: +5.7%
Operating margin: -2.7%
Direction: Expanding

Financial statements

In thousands, USD · annual

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	11,244,000	10,636,000	10,360,000	10,057,000
Cost of Sales	7,865,000	6,652,000	6,210,000	6,508,000
Gross Profit	3,379,000	3,984,000	4,150,000	3,549,000
Selling, General & Administrative Expenses	2,890,000	2,967,000	2,953,000	3,097,000
Research & Development Expenses	518,000	590,000	518,000	450,000
Other Operating Expenses	279,000	413,000	(28,000)	2,847,000
Operating Profit	(308,000)	14,000	707,000	(2,845,000)
Interest Expense	(238,000)	(341,000)	(439,000)	(394,000)
Non-Operating Income	41,000	38,000	(26,000)	(9,000)
Total Non-Operating Income	(197,000)	(303,000)	(465,000)	(403,000)
Income Before Provision for Income Taxes	(505,000)	(289,000)	242,000	(3,248,000)
Provision for Income Taxes	395,000	37,000	61,000	(135,000)
Consolidated Net Income	(900,000)	(326,000)	181,000	(3,113,000)
Net Income Attributable to Minority Interests and Other	—	11,000	7,000	12,000
Net Income Attributable to Discontinued Operations	(57,000)	(312,000)	2,482,000	692,000
Net Income Attributable to Common Shareholders	(957,000)	(649,000)	2,656,000	(2,433,000)
Basic EPS	-1.87	-1.27	5.25	-4.83
Diluted EPS	-1.87	-1.27	5.23	-4.83
Basic Weighted Average Shares Outstanding	513,000	510,000	506,000	504,000
Diluted Weighted Average Shares Outstanding	513,000	510,000	508,000	504,000
Shares Outstanding	514,281	510,927	507,633	504,432

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	1,966,000	1,764,000	3,078,000	1,718,000
Total Cash and Cash Equivalents	1,966,000	1,764,000	3,078,000	1,718,000
Accounts Receivable	1,861,000	1,679,000	1,719,000	2,571,000
Total Trade Receivables	1,861,000	1,679,000	1,719,000	2,571,000
Inventories	2,232,000	2,046,000	1,918,000	2,679,000
Other Current Assets	813,000	3,364,000	2,885,000	1,043,000
Total Current Assets	6,872,000	8,853,000	9,600,000	8,011,000
Net Property, Plant & Equipment	3,186,000	3,176,000	3,207,000	5,236,000
Net Intangible Assets	4,369,000	5,223,000	5,918,000	6,793,000
Goodwill	4,929,000	5,275,000	5,793,000	6,452,000
Other Long-Term Assets	699,000	3,255,000	3,758,000	1,795,000
Total Assets	20,055,000	25,782,000	28,276,000	28,287,000
Accounts Payable	999,000	968,000	881,000	1,110,000
Accrued Expenses	1,968,000	1,861,000	1,915,000	2,170,000
Short-Term Debt	1,000	2,126,000	—	299,000
Current Portion of Long-Term Debt	2,000	626,000	2,667,000	1,105,000
Other Current Liabilities	—	930,000	1,040,000	61,000
Total Current Liabilities	2,970,000	6,511,000	6,503,000	4,745,000
Long-Term Debt	9,473,000	10,374,000	11,089,000	15,232,000
Leases	223,000	243,000	265,000	447,000
Other Long-Term Liabilities	1,287,000	1,630,000	1,951,000	1,968,000
Total Long-Term Liabilities	10,983,000	12,247,000	13,305,000	17,647,000
Total Liabilities	13,953,000	18,758,000	19,808,000	22,392,000
Common Stock	683,000	683,000	683,000	683,000
Treasury Stock	(10,873,000)	(11,059,000)	(11,230,000)	(11,389,000)
Additional Paid-in Capital	6,368,000	6,421,000	6,389,000	6,322,000
Accumulated Other Comprehensive Income	(3,754,000)	(4,010,000)	(3,554,000)	(3,833,000)
Retained Earnings	13,705,000	14,929,000	16,114,000	14,050,000
Total Common Shareholders' Equity	6,129,000	6,964,000	8,402,000	5,833,000
Minority Interests and Other	(27,000)	60,000	66,000	62,000
Total Shareholders' Equity	6,102,000	7,024,000	8,468,000	5,895,000
Total Liabilities and Shareholders' Equity	20,055,000	25,782,000	28,276,000	28,287,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	(1,857,000)	(964,000)	2,844,000	(5,534,000)
Depreciation & Amortization	981,000	997,000	984,000	1,072,000
Share-Based Compensation Expense	117,000	114,000	115,000	140,000
Other Adjustments	918,000	582,000	(2,716,000)	2,343,000
Changes in Trade Receivables	(132,000)	(35,000)	(38,000)	(48,000)
Changes in Inventories	(119,000)	(201,000)	(128,000)	(198,000)
Changes in Accounts Payable	3,000	112,000	92,000	(67,000)
Changes in Accrued Expenses	149,000	44,000	293,000	(158,000)
Changes in Other Operating Activities	(9,000)	(156,000)	(58,000)	(135,000)
Cash from Operating Activities	845,000	1,019,000	1,726,000	1,211,000
Capital Expenditure	(513,000)	(446,000)	(432,000)	(377,000)
Purchases of Investments	(9,000)	(14,000)	(4,000)	(258,000)
Proceeds from Sale of Investments	—	34,000	—	—
Other Investing Activities	58,000	16,000	26,000	11,000
Cash from Investing Activities	2,841,000	(626,000)	3,213,000	(931,000)
Issuance of Short-Term Debt	—	1,830,000	—	—
Repayments of Short-Term Debt	(300,000)	296,000	(301,000)	55,000
Net Issuance / (Repayments) of Short-Term Debt	(300,000)	2,126,000	(301,000)	55,000
Issuance of Long-Term Debt	1,998,000	—	—	—
Repayments of Long-Term Debt	(5,489,000)	(2,657,000)	(2,634,000)	(954,000)
Net Issuance / (Repayments) of Long-Term Debt	(3,491,000)	(2,657,000)	(2,634,000)	(954,000)
Issuance of Common Shares	30,000	71,000	95,000	127,000
Repurchases of Common Shares	—	—	—	(32,000)
Net Issuance / (Repurchases) of Common Shares	30,000	71,000	95,000	95,000
Common Share Dividends Paid	(348,000)	(590,000)	(586,000)	(573,000)
Other Financing Activities	(107,000)	(31,000)	(63,000)	(61,000)
Cash from Financing Activities	(4,216,000)	(1,081,000)	(3,489,000)	(1,438,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	84,000	(96,000)	26,000	(76,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(446,000)	(784,000)	1,476,000	(1,234,000)

Quarterly trend

last 8 quarters

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$2.70B	+2.9%	2.4%	$66M
Q4 2025	$2.97B	+8.0%	-24.5%	$-729M
Q3 2025	$2.83B	+5.0%	6.1%	$172M
Q2 2025	$2.81B	+4.3%	6.8%	$191M
Q1 2025	$2.62B	—	2.2%	$58M
Q4 2024	$2.75B	—	-15.8%	$-435M
Q3 2024	$2.70B	—	5.7%	$155M
Q2 2024	$2.69B	—	6.6%	$179M

Revenue by quarter$M

$2.69B

Q2 '24

$2.70B

Q3 '24

$2.75B

Q4 '24

$2.62B

Q1 '25

$2.81B

Q2 '25

$2.83B

Q3 '25

$2.97B

Q4 '25

$2.70B

Q1 '26

30.1%

Gross margin

-2.7%

Operating margin

-8.0%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-11

Snapshot

Financial statements

Quarterly trend

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