Baxter International
BAX · NYSESurgical & Medical Instruments & Apparatus · Fiscal year ends Dec 31
Baxter International reported revenue of $11.2B in the fiscal year ended Dec 2025, up 5.7% from the year before. Operating income was −$308M, an operating margin of −2.7%, and net income was −$957M. Operating cash flow of $845M less capital expenditure of $513M left free cash flow of $332M. Net debt was $7.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.1B | $10.1B | $10.4B | $10.6B | $11.2B |
| Cost of revenue | $7.4B | $6.5B | $6.2B | $6.7B | $7.9B |
| Gross profit | $4.7B | $3.5B | $4.2B | $4B | $3.4B |
| Research & development | $531M | $450M | $518M | $590M | $518M |
| Selling, general & admin | $2.8B | $3.1B | $3B | $3B | $2.9B |
| Operating income | $1.4B | −$2.8B | $707M | $14M | −$308M |
| Net interest incomeBanks | −$193M | −$395M | −$442M | – | – |
| Interest expense | $207M | $413M | $508M | $408M | $290M |
| Pre-tax income | $1.1B | −$3.2B | $242M | −$289M | −$505M |
| Income tax | $83M | −$135M | $61M | $37M | $395M |
| Net income | $1.3B | −$2.4B | $2.7B | −$649M | −$957M |
| Diluted EPS | 2.53 | −4.83 | 5.23 | −1.27 | −1.87 |
| Diluted shares | 508M | 504M | 508M | 510M | 513M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3B | $1.6B | $3.1B | $1.8B | $2B |
| Receivables | $2.6B | $2.6B | $1.7B | $1.7B | $1.9B |
| Inventory | $2.5B | $2.7B | $1.9B | $2B | $2.2B |
| Current assets | $8.9B | $8B | $9.6B | $8.9B | $6.9B |
| Net PP&E | $5.2B | $4.7B | $2.9B | $2.9B | $2.9B |
| Goodwill | $9.8B | $6.5B | $5.8B | $5.3B | $4.9B |
| Total assets | $33.5B | $28.3B | $28.3B | $25.8B | $20.1B |
| Payables | $1.2B | $1.1B | $881M | $968M | $999M |
| Deferred revenue | $162M | $154M | $128M | $131M | $141M |
| Current liabilities | $4.2B | $4.7B | $6.5B | $6.5B | $3B |
| Short-term debt | $301M | $299M | $0 | $2.1B | $1M |
| Long-term debt | $17.8B | $16.7B | $13.9B | $13.2B | $9.4B |
| Total liabilities | $24.4B | $22.4B | $19.8B | $18.8B | $14B |
| Shareholders' equity | $9.1B | $5.8B | $8.4B | $7B | $6.1B |
| Backlog (remaining obligations) | $7.8B | $10.7B | $6.5B | $5.5B | $8.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $1.2B | $1.7B | $1B | $845M |
| Capital expenditure | $691M | $377M | $432M | $446M | $513M |
| Free cash flow | $1.5B | $834M | $1.3B | $573M | $332M |
| Depreciation & amortisation | $867M | $1.1B | $984M | $997M | $981M |
| Stock-based compensation | $146M | $140M | $115M | $114M | $117M |
| Acquisitions | $10.5B | $258M | $4M | $14M | $9M |
| Share buybacks | $600M | $32M | $0 | $0 | – |
| Dividends paid | $530M | $573M | $586M | $590M | $348M |
| Dividend per share | 1.08 | 1.15 | 1.16 | 1.04 | 0.52 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −17.2% | 3.0% | 2.7% | 5.7% |
| Operating income growth (YoY) | – | −310.7% | – | −98.0% | −2300.0% |
| EPS growth (YoY) | – | −290.9% | – | −124.3% | – |
| Gross margin | 38.9% | 35.3% | 40.1% | 37.5% | 30.1% |
| Operating margin | 11.1% | −28.3% | 6.8% | 0.1% | −2.7% |
| Net margin | 10.6% | −24.2% | 25.6% | −6.1% | −8.5% |
| Return on equityBlank when equity is negative | 14.1% | −41.7% | 31.6% | −9.3% | −15.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | −12.1% | 3.2% | 0.1% | −1.8% |
| Free cash flow margin | 12.6% | 8.3% | 12.5% | 5.4% | 3.0% |
| Cash conversion (CFO ÷ net income) | 1.73x | −0.50x | 0.65x | −1.57x | −0.88x |
| Receivable days | 79 | 93 | 61 | 58 | 60 |
| Inventory days | 121 | 150 | 113 | 112 | 104 |
| Payable days | 61 | 62 | 52 | 53 | 46 |
| Interest cover | 6.52x | −6.89x | 1.39x | 0.03x | −1.06x |
| Debt ÷ equity | 1.99x | 2.91x | 1.65x | 2.20x | 1.54x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $15.1B | $15.4B | $10.8B | $13.5B | $7.5B |
| Current ratio | 2.09x | 1.69x | 1.48x | 1.36x | 2.31x |
Recent filings
More in Surgical & Medical Instruments & Apparatus
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.