BAXTER INTERNATIONAL INC BAX

Healthcare SIC 3841 - Surgical & Medical Instruments & Apparatus NAICS Manufacturing › Miscellaneous Manufacturing › Medical Equipment and Supplies Manufacturing › Surgical and Medical Instrument Manufacturing derived NYSE

Baxter International Inc., through our subsidiaries, provides a broad portfolio of essential healthcare products, including sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices. These products are used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors' offices, kidney dialysis centers and patients at home under physician supervision. Our global footprint and the critical nature of our products and services play a key role in expanding access to healthcare in emerging and developed countries. As of December 31, 2025, after giving effect to the sale of our Kidney Care business (as discussed below), we manufactured products in over 20 countries and sold them in over 100 countries.

Last close 25.30 2026-10-23
Market cap $13.08B 2026-06-30 share count
52-week range 15.73 - 30.00

Valuation FY2025 figures against the last close

P/S1.2x
P/E—
P/FCF39.4x
EV/EBITDA30.5x
Dividend yield2.7%
Diluted EPS-1.87

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Non-US
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 6.1B (54.4%) 54% United States Non-US, FY2025: 5.1B (45.6%) 46% Non-US FY2024 United States, FY2024: 5.8B (55.0%) 55% Non-US, FY2024: 4.8B (45.0%) 45% FY2023 United States, FY2023: 5.8B (56.0%) 56% Non-US, FY2023: 4.6B (44.0%) 44%
Region FY2025FY2024FY2023
United States $6.12B $5.85B $5.80B
Non-US $5.12B $4.79B $4.56B

As the company reported it, from the “SEGMENT AND GEOGRAPHIC INFORMATION - Financial Information of Segments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $11.24B$10.64B$10.36B$10.06B$12.15B$11.67B$11.36B$11.10B$10.58B$10.16B
Cost of revenue $7.87B$6.65B$6.21B$6.51B$7.43B$7.09B$6.60B$6.34B$6.11B$6.05B
Gross profit $3.38B$3.98B$4.15B$3.55B$4.72B$4.59B$4.76B$4.76B$4.47B$4.12B
R&D $518.0M$590.0M$518.0M$450.0M$531.0M$521.0M$595.0M$654.0M$615.0M$646.0M
SG&A $2.89B$2.97B$2.95B$3.10B$2.85B$2.47B$2.54B$2.62B$2.63B$2.73B
Operating income -$308.0M$14.0M$707.0M-$2.85B$1.35B$1.62B$1.77B$1.58B$1.29B$745.0M
Interest expense $290.0M$408.0M$508.0M$413.0M$207.0M$153.0M$111.0M$93.0M$85.0M$89.0M
Pre-tax income -$505.0M-$289.0M$242.0M-$3.25B$1.12B$1.29B$970.0M$1.62B$1.10B$4.95B
Income tax $395.0M$37.0M$61.0M$135.0M$83.0M$182.0M$41.0M$65.0M$491.0M$12.0M
Net income -$957.0M-$649.0M$2.66B-$2.43B$1.28B$1.10B$1.00B$1.55B$602.0M$4.96B
EPS, basic -1.87-1.275.25-4.832.562.171.972.901.119.09
EPS, diluted -1.87-1.275.23-4.832.532.131.932.831.089.01
Shares, diluted (wtd. avg.) 513.0M510.0M508.0M504.0M508.0M517.0M519.0M546.0M555.0M551.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.97B$1.76B$3.08B$1.62B$2.95B$3.74B$3.33B$1.84B$3.40B$2.79B
Receivables $1.86B$1.68B$1.72B$2.57B$2.63B$2.01B$1.90B$1.84B——
Inventory $2.23B$2.05B$1.92B$2.68B$2.45B$1.92B$1.65B$1.62B$1.58B$1.43B
Total current assets $6.87B$8.85B$9.60B$8.01B$8.87B$8.41B$7.50B$6.88B$6.96B$6.57B
Property, plant and equipment $2.91B$2.87B$2.87B$4.70B$5.18B$4.72B$4.51B$4.49B$4.58B$4.29B
Goodwill $4.93B$5.28B$5.79B$6.45B$6.80B$3.22B$3.03B$3.00B$3.10B$2.60B
Other intangibles $4.37B$5.22B$5.92B$6.79B$7.79B$1.67B$1.47B$1.42B$1.50B$1.11B
Total assets $20.05B$25.78B$28.28B$28.29B$33.52B$20.02B$18.19B$16.52B$16.84B$15.55B
Accounts payable $999.0M$968.0M$881.0M$1.11B$1.25B$1.04B$2.69B$2.58B$2.60B$2.61B
Short-term debt $1.0M$2.13B$0$299.0M$301.0M$0$226.0M$2.0M——
Total current liabilities $2.97B$6.51B$6.50B$4.75B$4.24B$3.33B$3.23B$2.59B$2.60B$2.74B
Long-term debt $9.44B$13.18B$13.86B$16.70B$17.75B$6.23B————
Total liabilities $13.95B$18.76B$19.81B$22.39B$24.40B$11.29B$10.28B$7.69B$7.78B—
Retained earnings $13.71B$14.93B$16.11B$14.05B$17.07B$16.33B$15.72B$14.48B$14.25B$14.20B
Total equity $6.13B$6.96B$8.47B$5.89B$9.12B$8.73B$7.91B$7.87B$9.11B$8.22B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $845.0M$1.02B$1.73B$1.21B$2.22B$1.87B$2.10B$2.02B$1.71B$1.65B
Depreciation and amortisation $981.0M$997.0M$984.0M$1.07B$867.0M$823.0M$789.0M$771.0M$750.0M$800.0M
Stock-based compensation $117.0M$114.0M$115.0M$140.0M$146.0M$130.0M$122.0M$115.0M$107.0M$115.0M
Capital expenditure $513.0M$446.0M$432.0M$377.0M$691.0M$709.0M$696.0M$659.0M$616.0M$719.0M
Investing cash flow $2.84B-$626.0M$3.21B-$931.0M-$11.20B-$1.18B-$1.10B-$916.0M-$1.29B-$715.0M
Financing cash flow -$4.22B-$1.08B-$3.49B-$1.44B$8.24B-$345.0M$498.0M-$2.60B$93.0M-$324.0M
Dividends paid $348.0M$590.0M$586.0M$573.0M$530.0M$473.0M$423.0M$376.0M$315.0M$268.0M
Buybacks —$0$0$32.0M$600.0M$500.0M$1.27B$2.45B$564.0M$292.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-007733.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B 15B Revenue, FY2016: 10.2B Gross profit, FY2016: 4.1B Net income, FY2016: 5B Revenue, FY2017: 10.6B Gross profit, FY2017: 4.5B Net income, FY2017: 602M Revenue, FY2018: 11.1B Gross profit, FY2018: 4.8B Net income, FY2018: 1.5B Revenue, FY2019: 11.4B Gross profit, FY2019: 4.8B Net income, FY2019: 1B Revenue, FY2020: 11.7B Gross profit, FY2020: 4.6B Net income, FY2020: 1.1B Revenue, FY2021: 12.1B Gross profit, FY2021: 4.7B Net income, FY2021: 1.3B Revenue, FY2022: 10.1B Gross profit, FY2022: 3.5B Net income, FY2022: -2.4B Revenue, FY2023: 10.4B Gross profit, FY2023: 4.2B Net income, FY2023: 2.7B Revenue, FY2024: 10.6B Gross profit, FY2024: 4B Net income, FY2024: -649M Revenue, FY2025: 11.2B Gross profit, FY2025: 3.4B Net income, FY2025: -957M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $10.16B $10.58B $11.10B $11.36B $11.67B $12.15B $10.06B $10.36B $10.64B $11.24B
Gross profit $4.12B $4.47B $4.76B $4.76B $4.59B $4.72B $3.55B $4.15B $3.98B $3.38B
Net income $4.96B $602.0M $1.55B $1.00B $1.10B $1.28B -$2.43B $2.66B -$649.0M -$957.0M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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