BAXTER INTERNATIONAL INC BAX
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -1.27 | 5.25 | -4.83 | 2.56 | 2.17 | 1.97 | 2.90 | 1.11 | 9.09 |
| EPS, diluted | -1.87 | -1.27 | 5.23 | -4.83 | 2.53 | 2.13 | 1.93 | 2.83 | 1.08 | 9.01 |
| Shares, diluted (wtd. avg.) | $513.0M | $510.0M | $508.0M | $504.0M | $508.0M | $517.0M | $519.0M | $546.0M | $555.0M | $551.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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