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Baxter International Inc. (BAX)

Baxter International supplies essential healthcare products through its subsidiaries: sterile intravenous 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. They are used by hospitals, nursing homes, rehabilitation centres, ambulatory surgery centres, doctors' offices, kidney dialysis centres and patients at home under physician supervision. The company was incorporated in Delaware in 1931. At the end of 2025, after the sale of the Kidney Care business, it manufactured in over 20 countries and sold in over 100.

Baxter International Inc.

Baxter International supplies essential healthcare products through its subsidiaries: sterile intravenous 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. They are used by hospitals, nursing homes, rehabilitation centres, ambulatory surgery centres, doctors' offices, kidney dialysis centres and patients at home under physician supervision. The company was incorporated in Delaware in 1931. At the end of 2025, after the sale of the Kidney Care business, it manufactured in over 20 countries and sold in over 100.

Three segments

Medical Products and Therapies covers sterile intravenous solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant and adhesion prevention products. Healthcare Systems and Technologies covers connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices, and advanced equipment for the surgical space such as operating room integration technologies and precision positioning devices. Pharmaceuticals covers specialty injectable pharmaceuticals, inhaled anesthetics and drug compounding services. This three-segment structure came from a new operating model completed in the third quarter of 2023, intended to simplify operations and align manufacturing and supply chain more closely with commercial activity.

Two businesses sold, and the debt they repaid

On 12 August 2024 Baxter agreed to sell its Kidney Care business, now known as Vantive Health, to affiliates of Carlyle Group, and completed the sale on 31 January 2025 for an aggregate purchase price of $3.80 billion in cash, subject to closing adjustments. After adjustments it received approximately $3.71 billion of pre-tax cash at closing, with net after-tax proceeds of approximately $3.3 billion before certain post-closing adjustments. During 2025 it repaid $3.81 billion of legacy borrowings, primarily with those net proceeds, separately from $2.00 billion repaid with the proceeds of a new notes offering. That business is reported as discontinued operations, and prior period results have been adjusted accordingly.

Before it, on 29 September 2023, Baxter completed the sale of its BioPharma Solutions business for cash proceeds of $3.96 billion, recognising a pre-tax gain of $2.88 billion, or $2.59 billion net of tax, and also reported as discontinued operations. Substantially all of the after-tax proceeds went to repaying obligations: $514 million of commercial paper and $2.28 billion of long-term borrowings in the fourth quarter of 2023, and €750 million of senior notes in the second quarter of 2024.

How the products reach a customer

Baxter runs its own direct sales force and also sells to and through independent distributors, drug wholesalers acting as sales agents, and specialty pharmacy and other alternate site providers. In the United States, third parties including Cardinal Health and Medline warehouse and ship a large part of the product through their own distribution centres, which are generally stocked to allow prompt service. The selling methods named are frequent contact by sales and customer service representatives, automated communication through electronic purchasing systems, catalogues and merchandising bulletins, direct mail, trade publications and advertising. Sales are made directly or through independent distributors or sales agents in more than 100 countries.

A large part of revenue is generated outside the United States, with operations in Europe, the Middle East, Africa, Asia-Pacific, Latin America and Canada. Products are sold under contracts with customers inside and outside the United States, some of them running more than one year and placing limits on the company's pricing freedom.

From Baxter International's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Baxter International became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 29 October 2026
Revenue
$3.0 billion
+5.0% on the year · +0.5% on the quarter
Q4 FY2024Q3 FY2026
Net income
$294 million
+133.3% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$0.57
+137.5% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 12 February 2026
Revenue
$11.2 billion
+5.7% on the year
FY2018FY2025
Net income
-$957 million
FY2018FY2025
Diluted EPS
-$1.87
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsBaxter International (BAX) reported revenue of $11.2 billion for fiscal 2025, the year ended 31 December 2025, up 5.7% on the year before. Net loss was $957 million and the diluted loss per share $1.87. Revenue was $10.6 billion in fiscal 2024, $10.4 billion in fiscal 2023, $10.1 billion in fiscal 2022 and $12.1 billion in fiscal 2021. Net income in the same years was a loss of $649 million, $2.7 billion, a loss of $2.4 billion and $1.3 billion. Over the twelve months to 30 September 2026, Baxter International reported revenue of $11.6 billion and net loss of $723 million. Revenue fell 0.7% a year, compounded, over the five years to fiscal 2025. Baxter International declared $0.52 a share in dividends over the last four quarters and had 517 million shares outstanding at the latest filed count. At 30 September 2026 it carried $8.6 billion of debt and $2.0 billion of cash. At the close of 6 November 2026 the market cap of Baxter International was $13.3 billion.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE-11.1%
ROCE-1.5%
Operating margin-1.9%
Net margin-6.2%
FCF marginn/a
Interest covern/a
Debt to equity1.32x
Cash conversionn/a
Share count, last 12 months0.6%
Sales CAGR, 3 years3.8%
Profit CAGR, 3 yearsn/a
EPS, TTM-$1.41

At the close of 6 November 2026

Price$25.78
Market cap$13.3 billion
Stock P/En/a
Price to book2.0x
EV / EBITDA27.2x
Dividend yield2.0%
Market cap / sales1.1x
52-week high$28.35
52-week low$15.80
Price, 1 year43.4%
Price CAGR, 3 years-9.0%
Price CAGR, 5 years-19.9%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Baxter International Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
BAXgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022 †Q2 FY2022 †Q3 FY2022 †Q4 FY2022Q1 FY2023 †Q2 FY2023 †Q3 FY2023 †Q4 FY2023 †Q1 FY2024 †Q2 FY2024 †Q3 FY2024Q4 FY2024 †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue3,5143,5583,5943,6093,7452,4412,5912,5992,7292,4902,6942,6992,7532,6252,8102,8352,9742,7012,9602,976
Cost of revenue2,1082,3592,2232,5642,4242,2382,5961,5432,3491,5291,6631,6661,7941,7641,8191,8852,3971,8101,9281,982
Gross profit1,4061,2621,3711,0451,3889641,0301,0561,1009611,0311,0339598619919505778911,032994
Gross margin40%35%38%29%37%39%40%41%40%39%38%38%35%33%35%34%19%33%35%33%
R&D138150148151155164165133172120130129211140134118126139129125
SG&A8851,052970941912995964744970729723754761703718708761728735730
Operating income383163264-2,880353129-17.0179272115179155-43558.0191172-72966.0217225
Operating margin11%5%7%-80%9%5%-1%7%10%5%7%6%-16%2%7%6%-25%2%7%8%
Interest expense78.088.093.0109125127132136117103104-14.0n/a81.0-14.0-10.0n/a-12.0-13.0-13.0
Pre-tax income28394.0219-3,04522414.0-18364.018246.011769.0-521-3.0133121-756-6.0158417
Tax rate14%22%16%n/a17%100%n/a42%85%87%19%12%n/an/a8%142%n/an/a15%29%
Net income23871.0252-2,93718144.0-1412,50824537.0-314140-51212691.0-46.0-1,128-15.0126294
Net margin7%2%7%-81%5%2%-5%96%9%1%-12%5%-19%5%3%-2%-38%-1%4%10%
Diluted EPS$0.47$0.14$0.50-$5.83$0.36$0.09-$0.28$4.93$0.48$0.07-$0.62$0.27-$1.00$0.25$0.18-$0.09-$2.19-$0.03$0.24$0.57
Operating cash flow693208274290439479351365531163115253488-193217237584213285558
Capital expenditure235140171168200172156174190n/an/an/an/an/an/an/an/an/an/an/a
Free cash flow45868.0103122239307195191341n/an/an/an/an/an/an/an/an/an/an/a
Buybacks0.00.00.032.00.0n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Dividends paid14014014114614614614614714714714814814787.087.087.087.05.05.05.0
Shares outstanding502m504m504m504m508m506m506m507m508m510m510m511m512m513m514m514m514m516m517m517m
Filing10-K10-K10-Q10-Q10-K10-K10-Q10-Q10-K10-K10-K10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2007FY2008FY2009FY2010FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020 †FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Revenue11,26312,34812,56212,84313,89313,9369,41310,7199,96810,16310,58411,09911,36211,67312,14610,05710,36010,63611,24411,611
Cost of revenue5,7446,2186,0376,8856,8476,8025,2516,1385,7776,0536,0996,3466,6017,0867,4266,5086,2106,6527,8658,117
Gross profit5,5196,1306,5255,9587,0467,1344,1624,5814,1914,1104,4744,7594,7614,5874,7203,5494,1503,9843,3793,494
Gross margin49.0%49.6%51.9%46.4%50.7%51.2%44.2%42.7%42.0%40.4%42.3%42.9%41.9%39.3%38.9%35.3%40.1%37.5%30.1%30.1%
Research and development7608689179159461,081582610587647615655595521531450518590518519
Selling, general and administrative2,5212,6982,7312,9073,1543,2833,0843,3153,0312,7252,6272,6172,5352,4692,8453,0972,9532,9672,8902,954
Operating incomen/an/an/an/an/an/a4966565737451,2881,5841,7721,6161,350-2,84570714.0-308-221
Operating marginn/an/an/an/an/an/a5.3%6.1%5.7%7.3%12.2%14.3%15.6%13.8%11.1%-28.3%6.8%0.1%-2.7%-1.9%
Interest expensen/a14811711592.011315516714689.085.093.0111153207413508408290n/a
Pre-tax income2,1282,4622,7341,8902,8092,8893754904284,9541,1001,6179701,2921,116-3,248242-289-505-187
Income tax40743751946355355560.033.035.0-12.049165.0-41.018283.0-13561.037.0395432
Effective tax rate19.1%17.7%19.0%24.5%19.7%19.2%16.0%6.7%8.2%-0.2%44.6%4.0%-4.2%14.1%7.4%n/a25.2%n/an/an/a
Net income1,7072,0142,2051,4202,2242,3262,0122,4979684,9656021,5461,0011,1021,284-2,4332,656-649-957-723
Net margin15.2%16.3%17.6%11.1%16.0%16.7%21.4%23.3%9.7%48.9%5.7%13.9%8.8%9.4%10.6%-24.2%25.6%-6.1%-8.5%-6.2%
Diluted EPS$2.61$3.16$3.59$2.39$3.88$4.18$3.66$4.56$1.76$9.01$1.08$2.83$1.93$2.13$2.53-$4.83$5.25-$1.27-$1.87-$1.41
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Medical Products & Therapiesn/an/an/an/an/an/an/an/an/an/an/an/a4,8214,8155,0115,2075,29948.8%
Healthcare Systems & Technologiesn/an/an/an/an/an/an/an/an/an/an/an/a2122,9393,0132,9513,07128.3%
Pharmaceuticalsn/an/an/an/an/an/an/an/an/an/an/an/a2,2912,1262,2492,4112,49322.9%
APACn/an/an/an/an/an/a1,9722,0292,1142,2022,3002,475n/an/an/an/an/an/a
Americasn/an/an/an/an/an/a5,2225,4375,7185,9516,3066,321n/an/an/an/an/an/a
BioScience5,5735,6406,0535,983n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Business Segment Other744636n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
EMEAn/an/an/an/an/an/a2,7742,6972,7522,9462,7562,877n/an/an/an/an/an/a
Hillromn/an/an/an/an/an/an/an/an/an/a00n/an/an/an/an/an/a
Hospital Productsn/an/an/an/a6,3246,547n/an/an/an/an/an/an/an/an/an/an/an/a
Kidney Caren/an/an/an/an/an/an/an/an/an/an/an/a4,682n/an/an/an/an/a
Medical Products6,9157,1577,8047,953n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Renaln/an/an/an/a3,0894,172n/an/an/an/an/an/an/an/an/an/an/an/a
Not assigned to a part in the filingn/an/an/an/an/an/an/an/an/an/an/an/an/a177n/an/a381n/a
Medical Products & Therapies FY2021 to FY2025Healthcare Systems & Technologies FY2021 to FY2025Pharmaceuticals FY2021 to FY2025Kidney Care FY2021Americas FY2015 to FY2020EMEA FY2015 to FY2020APAC FY2015 to FY2020Hospital Products FY2013 to FY2014Renal FY2013 to FY2014Medical Products FY2009 to FY2012BioScience FY2009 to FY2012Business Segment Other FY2009 to FY2011
12.8FY20109.4FY201310.2FY201611.4FY20199.9FY202210.9FY2025

$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Not assigned to a part in the filing is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2015 to FY2025

The operating profit each segment reports. Costs Baxter International does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Medical Products & Therapiesn/an/an/an/an/an/a95596297295097018.3%
Healthcare Systems & Technologiesn/an/an/an/an/an/a6049448346844114.4%
Pharmaceuticalsn/an/an/an/an/an/a5233914013132228.9%
APAC405464510532549591n/an/an/an/an/an/a
Americas1,8162,0782,2382,4112,4992,389n/an/an/an/an/an/a
EMEA342476562666527523n/an/an/an/an/an/a
Hillromn/an/an/an/a00n/an/an/an/an/an/a
Kidney Caren/an/an/an/an/an/a488n/an/an/an/an/a
Medical Products & Therapies FY2021 to FY2025Americas FY2015 to FY2020Healthcare Systems & Technologies FY2021 to FY2025EMEA FY2015 to FY2020Pharmaceuticals FY2021 to FY2025APAC FY2015 to FY2020Kidney Care FY2021
2,563FY20153,310FY20173,575FY20192,026FY20211,856FY20231,633FY2025

$ million; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Medical Products & Therapies49%59%
Healthcare Systems & Technologies28%27%
Pharmaceuticals23%14%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Revenue by region FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
United States5,3175,2645,7096,0433,5843,9994,0014,2594,5104,7234,8264,8784,9385,7695,8025,8506,12254.4%
Rest of worldn/an/an/an/an/an/an/an/an/an/an/an/a4,1963,0353,2153,4363,72833.2%
Emerging marketsn/an/an/an/an/an/an/an/an/an/an/an/a3,0121,2531,3431,3501,39412.4%
APACn/an/a2,1072,1831,8102,0791,9722,0292,1142,2022,3002,475n/an/an/an/an/an/a
Asia Pacific1,6131,873n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
EMEAn/an/an/an/an/an/an/a2,6972,7522,9462,9683,129n/an/an/an/an/an/a
Europe4,1814,1884,3924,0082,6743,2572,774n/an/an/an/an/an/an/an/an/an/an/a
Latin America and Canada1,4511,5181,6851,7021,3451,3841,2211,1781,2081,2281,2681,191n/an/an/an/an/an/a
United StatesRest of world FY2021 to FY2025Emerging markets FY2021 to FY2025APAC FY2011 to FY2020Latin America and Canada FY2009 to FY2020EMEA FY2016 to FY2020Europe FY2009 to FY2015Asia Pacific FY2009 to FY2010
12.8FY20109.4FY201310.2FY201611.4FY201910.1FY202211.2FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

First forecast against the result

Baxter International's adjusted EPS landed at or above the top of the range in 2 and under it in 1 of the 3 years shown (FY2017 to FY2022).

+13.8%FY2017+0.3%FY2019−19.5%FY2022
  • At or above the top of the range
  • Inside the range
  • Under the range

Each bar is the year's result against the top of its first forecast range, in per cent of the top. Hover a bar for the figures.

Fiscal yearFirst forecast
adjusted EPS		Result
FY2017$2.10 to $2.18$2.48
FY2019$3.22 to $3.30$3.31
FY2022$4.25 to $4.35$3.50
First forecast
The full-year range the company gave with its fourth-quarter results for the year before, before any later change to it.
Result
The figure the company reported for that year with its next fourth-quarter results.
Adjusted EPS
The company's own measure, which leaves out items it names, so it differs from the EPS in the tables above.
Years left out
Where the forecast or the result could not be read with confidence. Each figure in the table links to the results release it comes from.

Cash flow

FY2007FY2008FY2009FY2010FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020 †FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Operating cash flow2,3052,5152,9093,0032,8173,1063,1983,2151,7711,6541,7142,0172,1041,8682,2221,2111,7261,0198451,640
Capital expenditure6929541,0149639601,161706925911719616659696709691377432446513n/a
Free cash flow1,6131,5611,8952,0401,8571,9452,4922,2908609351,0981,3581,4081,1591,5318341,294573332n/a
Free cash flow margin14.3%12.6%15.1%15.9%13.4%14.0%26.5%21.4%8.6%9.2%10.4%12.2%12.4%9.9%12.6%8.3%12.5%5.4%3.0%n/a
Cash from investing-305-993-1,146-1,264-1,427-1,569-5,362-1,542-1,807-715-1,292-916-1,100-1,179-11,200-9313,213-6262,841-558
Cash from financing-1,971-1,931-1,012-1,716-1,137-1,1151,645-1,402-481-32493.0-2,603498-3458,245-1,438-3,489-1,081-4,216-809
Depreciation and amortisation5816316386856707126357927598007507717898238671,072984997981955
Share-based compensation136146140120119130122126126115107115122130146140115114117110
Buybacks1,8551,9861,2161,4531,5831,480913550n/a2925642,4521,27050060032.00.00.0n/an/a
Dividends paid7045466326887098041,0231,095910268315376423473530573586590348102
Dividend per share$0.72$0.91$1.07$1.18$1.26$1.57$1.92$2.05$1.27$0.51$0.61$0.73$0.85$0.95$1.08$1.15$1.16$1.04$0.52n/a
Diluted shares, weighted654m637m614m594m573m556m549m547m549m551m555m546m519m517m508m504m506m510m513m520m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a517m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2007FY2008FY2009FY2010FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020 †FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equity7,0076,2297,1916,5676,5856,9388,4638,1208,8468,2909,1247,8447,8828,6899,0775,8338,4026,9646,1296,502
Non-controlling interestn/a62.022922924340.023.036.019.0-10.0-8.022.030.037.044.062.066.060.0-27.0-27.0
Short-term borrowingsn/a38829.0n/an/an/an/an/an/an/an/a2.0n/a0.03012990.02,1261.0n/a
Debtn/a3,3623,4404,3875,1955,9309,1669,0296,5072,7793,5093,4815,3506,23317,75416,70213,85513,1809,4388,601
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/a510501522447265243223206
Finance lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/a54.064.068.062.025.019.021.0n/a
Other liabilitiesn/a5,3646,4656,3067,0507,4827,5728,9535,6034,4874,4864,3714,3674,4955,7554,8825,6633,1904,2704,132
Total liabilities and equityn/a15,40517,35417,48919,07320,39025,22426,13820,97515,54617,11115,72018,19320,01933,52128,28728,27625,78220,05519,414
Owned
Fixed assetsn/a4,6095,1595,2605,5256,0984,4084,4344,3864,2894,5884,5304,5124,7225,1784,6952,8712,8702,9102,873
Goodwilln/a1,6541,8252,0152,3172,5023,2902,9272,6872,5953,0993,0023,0303,2179,8366,4525,7935,2754,9294,871
Intangible assetsn/a3905135008268142,2941,6201,3491,1111,3741,4101,4711,6717,7926,7935,9185,2234,3693,927
Investmentsn/an/an/an/an/an/an/an/a5,148n/an/an/an/an/an/an/an/an/an/an/a
Securities held for sale or to maturityn/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a1.01.0
Cash and equivalents2,5392,1312,7862,6852,9053,2702,7332,9252,2132,8013,3941,8383,3353,7302,9511,6213,0781,7641,9661,975
Receivablesn/a1,9802,3022,265n/an/an/an/an/an/an/a1,8401,8962,0072,6292,5711,7191,6791,8611,783
Inventoryn/a2,3612,5572,3712,6282,8033,4991,5771,6041,4301,4751,6671,6531,9162,4532,6791,9182,0462,2322,300
Other assetsn/a2,2802,2122,3934,8724,9039,00012,6553,5883,3203,1811,4332,2962,7562,6823,4766,9796,9251,7871,684
Total assetsn/a15,40517,35417,48919,07320,39025,22426,13820,97515,54617,11115,72018,19320,01933,52128,28728,27625,78220,05519,414
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded1.2%-0.7%3.8%5.3%
Profit growth, compoundedn/an/an/an/a
Return on equity, average9.1%-4.2%2.2%-15.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Baxter International's revenue in fiscal 2025?

Baxter International (BAX) reported revenue of $11.2 billion for fiscal 2025, the year ended 31 December 2025, up 5.7% on the year before.

How much did Baxter International earn in fiscal 2025?

Net loss was $957 million for fiscal 2025, and the diluted loss per share $1.87.

What is Baxter International's market cap?

The market cap of Baxter International was $13.3 billion at the close of 6 November 2026.

Does Baxter International pay a dividend?

Yes. Baxter International declared $0.52 a share in dividends over the four quarters to 30 September 2026.

How much debt does Baxter International have?

At 30 September 2026 Baxter International carried $8.6 billion of debt and $2.0 billion of cash.

Peers: Medical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Stryker Corp. SYK$124.0 billion34.7015.4%20.7%7.9%0.641.1%
3M Co. MMM$95.7 billion27.6185.7%18.8%1.7%3.631.7%
Boston Scientific Corp. BSX$62.0 billion18.1113.7%18.7%8.9%0.47n/a
Becton Dickinson & Co. BDX$57.7 billion63.803.9%9.6%-2.6%0.692.0%
Medline Inc. MDLN$52.2 billion57.614.9%5.7%n/a1.07n/a
Resmed Inc. RMD$33.1 billion21.4226.8%33.0%9.0%0.071.0%
Dexcom Inc. DXCM$29.6 billion31.1439.1%24.0%13.0%0.49n/a
West Pharmaceutical Services Inc. WST$27.9 billion44.8721.5%23.0%12.6%0.070.2%
Solventum Corp. SOLV$15.4 billion101.513.2%5.6%-2.8%1.05n/a
Baxter International Inc. BAX$13.3 billionn/a-11.1%-1.9%5.3%1.322.0%
Glaukos Corp. GKOS$13.3 billionn/a-23.7%-25.5%46.9%0.00n/a
Penumbra Inc. PEN$12.6 billion80.459.9%12.1%17.0%0.00n/a
All 110 in Medical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$156.9 billion54.7518.5%28.4%20.5%0.00n/a
Medtronic plc MDT$130.3 billion25.0710.4%18.1%9.8%0.562.8%
Stryker Corp. SYK$124.0 billion34.7015.4%20.7%7.9%0.641.1%
3M Co. MMM$95.7 billion27.6185.7%18.8%1.7%3.631.7%
Boston Scientific Corp. BSX$62.0 billion18.1113.7%18.7%8.9%0.47n/a
Edwards Lifesciences Corp. EW$58.8 billion57.679.4%21.6%13.4%0.06n/a
Becton Dickinson & Co. BDX$57.7 billion63.803.9%9.6%-2.6%0.692.0%
Medline Inc. MDLN$52.2 billion57.614.9%5.7%n/a1.07n/a
GE HealthCare Technologies Inc. GEHC$37.2 billion17.3818.5%13.3%6.9%0.860.2%
Resmed Inc. RMD$33.1 billion21.4226.8%33.0%9.0%0.071.0%
Dexcom Inc. DXCM$29.6 billion31.1439.1%24.0%13.0%0.49n/a
Koninklijke Philips N.V. PHG *$29.2 billion29.228.2%8.0%-1.0%0.741.3%
West Pharmaceutical Services Inc. WST$27.9 billion44.8721.5%23.0%12.6%0.070.2%
Steris plc STE$24.5 billion29.9311.4%19.0%8.1%0.261.0%
Zimmer Biomet Holdings, Inc. ZBH$20.0 billion26.736.0%13.6%7.0%0.590.9%
Solventum Corp. SOLV$15.4 billion101.513.2%5.6%-2.8%1.05n/a
Smith & Nephew plc SNN *$13.7 billion21.7611.8%12.9%6.1%0.592.4%
Baxter International Inc. BAX$13.3 billionn/a-11.1%-1.9%5.3%1.322.0%
Glaukos Corp. GKOS$13.3 billionn/a-23.7%-25.5%46.9%0.00n/a
Penumbra Inc. PEN$12.6 billion80.459.9%12.1%17.0%0.00n/a
Cooper Companies, Inc. COO$11.9 billion21.296.8%12.8%4.7%0.31n/a
Align Technology Inc. ALGN$11.7 billion24.1711.4%14.9%4.4%0.00n/a
Insulet Corp. PODD$10.2 billion23.8727.2%18.4%26.5%0.61n/a
Globus Medical Inc. GMED$9.5 billion17.4511.6%21.6%13.4%0.00n/a
Bausch & Lomb Corp. BLCO$7.1 billionn/a-1.7%7.1%8.9%0.79n/a
MSA Safety Inc. MSA$6.6 billion21.8621.1%20.2%8.1%0.781.3%
Teleflex Inc. TFX$6.0 billion18.338.7%9.4%20.9%0.460.9%
Haemonetics Corp. HAE$5.5 billion53.8311.6%12.8%4.1%1.26n/a
Merit Medical Systems Inc. MMSI$5.2 billion32.809.2%13.5%9.1%0.42n/a
LivaNova plc LIVN$5.0 billion30.0114.3%10.7%11.7%0.22n/a
MiniMed Group, Inc. MMED$4.7 billionn/an/an/an/a0.00n/a
Heartflow, Inc. HTFL$4.5 billionn/a-42.3%-37.8%n/a0.00n/a
Integer Holdings Corp. ITGR$4.3 billion42.486.0%8.2%-0.3%0.71n/a
ICU Medical Inc. ICUI$4.3 billion71.992.8%5.1%-5.9%0.53n/a
Envista Holdings Corp. NVST$4.0 billion6.5120.5%25.4%9.8%0.46n/a
Pulse Biosciences, Inc. PLSE$3.9 billionn/a-45.6%-5,821.1%1,637.2%0.00n/a
Warby Parker Inc. WRBY$3.2 billion424.581.9%0.2%9.9%0.00n/a
TransMedics Group, Inc. TMDX$3.1 billion23.8926.2%11.9%28.5%0.930.0%
iRhythm Holdings, Inc. IRTC$3.0 billionn/a-21.8%-5.7%21.6%3.68n/a
Axogen, Inc. AXGN$3.0 billionn/a-6.4%-5.2%24.3%0.00n/a
AtriCure, Inc. ATRC$3.0 billion195.032.8%2.9%13.8%0.11n/a
UFP Technologies Inc. UFPT$2.3 billion30.9015.8%15.5%8.6%0.20n/a
Establishment Labs Holdings Inc. ESTA$2.0 billionn/a-246.6%-6.6%38.3%17.17n/a
Dentsply Sirona Inc. XRAY$1.9 billionn/a-8.9%-1.5%-1.4%1.626.8%
Lemaitre Vascular Inc. LMAT$1.9 billion29.4214.7%27.7%11.8%0.391.2%
Inspire Medical Systems, Inc. INSP$1.8 billion18.5712.2%1.8%-0.2%0.00n/a
Kestra Medical Technologies, Ltd. KMTS$1.7 billionn/a-67.4%-134.5%60.7%0.33n/a
Butterfly Network, Inc. BFLY$1.7 billionn/a-29.1%-46.9%39.3%0.000.0%
Enovis Corp. ENOV$1.6 billionn/a-35.3%-20.6%3.3%0.84n/a
NovoCure Ltd. NVCR$1.6 billionn/a-34.7%-17.2%12.9%0.56n/a
Conmed Corp. CNMD$1.5 billion21.306.9%9.9%1.6%0.771.2%
National Vision Holdings, Inc. EYE$1.4 billion29.335.6%4.1%7.8%0.26n/a
Cadre Holdings, Inc. CDRE$1.4 billion34.4211.2%10.7%18.3%1.011.2%
Staar Surgical Co. STAA$1.3 billion1,815,851,369,755,783,936.000.1%0.2%42.4%0.00n/a
Procept BioRobotics Corp. PRCT$1.2 billionn/a-34.9%-33.6%17.5%0.16n/a
Tandem Diabetes Care Inc. TNDM$1.2 billionn/a-36.4%-2.4%6.8%4.47n/a
Alphatec Holdings, Inc. ATEC$1.2 billionn/an/a-3.6%15.3%n/an/a
Iradimed Corp. IRMD$1.1 billion46.1422.5%32.3%11.0%0.000.9%
Si-Bone, Inc. SIBN$1.1 billionn/a-7.4%-7.6%14.0%0.190.0%
Integra LifeSciences Holdings Corp. IART$1.0 billion78.971.2%4.4%0.8%1.71n/a
Ceribell, Inc. CBLL$1.0 billionn/a-62.9%-69.8%31.3%0.17n/a
Artivion, Inc. AORT$986 millionn/a-3.9%2.3%14.0%0.81n/a
Bioventus Inc. BVS$893 million13.2523.8%9.7%3.9%0.96n/a
Beta Bionics, Inc. BBNX$855 millionn/a-20.7%-72.7%43.7%0.00n/a
Orthopediatrics Corp. KIDS$828 millionn/a-10.0%-9.4%16.1%0.31n/a
Tactile Systems Technology Inc. TCMD$585 million25.2610.5%9.4%14.4%0.00n/a
Sight Sciences, Inc. SGHT$558 millionn/a-57.8%-29.5%16.2%0.83n/a
Anteris Technologies Global Corp. AVR$553 millionn/a-41.2%-4,738.4%-9.6%0.00n/a
Delcath Systems, Inc. DCTH$517 million1,494.000.4%-1.9%35.8%0.00n/a
Avita Medical, Inc. RCEL$513 millionn/an/a-33.9%17.0%n/an/a
Angiodynamics Inc. ANGO$497 millionn/a-20.1%-11.2%8.2%0.00n/a
Mimedx Group, Inc. MDXG$482 millionn/a-9.1%-8.3%-22.8%0.00n/a
SS Innovations International, Inc. SSII$430 millionn/a-23.3%-15.8%89.7%0.00n/a
NeuroPace Inc. NPCE$428 millionn/a-160.9%-15.3%11.6%4.970.0%
Shoulder Innovations, Inc. SI$426 millionn/a-28.2%-54.4%n/a0.13n/a
Cerus Corp. CERS$407 millionn/a-9.7%-1.0%n/a0.84n/a
Carlsmed, Inc. CARL$395 millionn/a-43.1%-61.1%n/a0.18n/a
Mobia Medical, Inc. MOBI$372 millionn/an/an/an/a0.05n/a
Embecta Corp. EMBC$350 million4.18n/a21.9%-7.6%n/a7.4%
Orchestra BioMed Holdings, Inc. OBIO$341 millionn/a-305.5%-181.4%986.1%1.80n/a
Orthofix Medical Inc. OFIX$320 millionn/a-14.4%-4.7%3.0%0.52n/a
CapsoVision, Inc. CV$316 millionn/a-226.6%-217.1%n/a0.00n/a
Cytosorbents Corp. CTSO$308 millionn/an/a-34.7%3.1%n/an/a
Sanara MedTech Inc. SMTI$291 millionn/a-403.0%n/a12.9%5.85n/a
ClearPoint Neuro, Inc. CLPT$276 millionn/a-132.5%-70.6%32.5%1.86n/a
InfuSystem Holdings, Inc. INFU$272 million33.3414.4%9.3%2.5%0.35n/a
Treace Medical Concepts, Inc. TMCI$265 millionn/a-90.5%-24.4%-7.1%0.91n/a
Profound Medical Corp. PROF$264 millionn/a-76.4%-145.1%65.3%0.11n/a
Orasure Technologies Inc. OSUR$238 millionn/a-15.5%-48.1%-18.9%0.00n/a
Utah Medical Products Inc. UTMD$231 million22.138.6%28.4%-7.0%0.00n/a
Electromed, Inc. ELMD$226 million20.5820.9%18.8%15.3%0.00n/a
PRO DEX Inc. PDEX$202 million17.3524.4%16.8%13.3%0.33n/a
TriSalus Life Sciences, Inc. TLSI$200 millionn/a-430.7%-67.7%25.2%5.05n/a
Anika Therapeutics, Inc. ANIK$195 millionn/a-1.3%-2.1%9.4%0.00n/a
RxSight, Inc. RXST$190 millionn/a-20.9%-50.4%-14.3%0.00n/a
Inogen Inc. INGN$161 millionn/a-14.1%-8.7%3.2%0.00n/a
Edap TMS SA FOCL$158 millionn/a-104.3%-35.4%n/a0.99n/a
Koru Medical Systems, Inc. KRMD$143 millionn/a-10.1%-3.7%22.4%0.00n/a
Apyx Medical Corp. APYX$124 millionn/a-87.6%-5.5%24.4%3.89n/a
Pulmonx Corp. LUNG$112 millionn/a-124.4%-44.4%-3.2%1.11n/a
Stereotaxis, Inc. STXS$111 millionn/a-182.3%-75.7%-5.5%0.00n/a
SkinHealth Systems Inc. SKIN$102 millionn/a-32.8%2.4%-4.4%4.36n/a
Lakeland Industries Inc. LAKE$88 millionn/a-21.4%-4.1%-0.4%0.23n/a
Outset Medical, Inc. OM$79 millionn/a-85.4%-51.2%1.6%1.18n/a
Neuraxis, Inc. NRXS$77 millionn/a-114.0%-144.5%65.2%0.01n/a
Lucid Diagnostics Inc. LUCD$76 millionn/a-478.3%-930.8%24.9%2.15n/a
Lensar, Inc. LNSR$66 millionn/a232.8%-13.5%3.3%0.25n/a
NutriBand Inc. NTRB$66 millionn/a-130.7%-435.6%-37.3%0.00n/a
RenovoRx, Inc. RNXT$55 millionn/a-140.2%-489.0%n/a0.00n/a
PAVmed Inc. PAVM$10 millionn/a-34.5%-23,841.1%-89.0%0.43n/a
70 companies share its SEC industry code (Surgical & Medical Instruments & Apparatus); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on BAX

Dividends$0.52 a share in FY2025
Filings29 in twelve months: 18 current reports (8-K), about 10 other events; 6 officer or director change; 4 results of operations; 4 regulation FD disclosure; 3 material agreement
Planned insider sales1 Form 144 notice in twelve months, $645,236; latest 18 May 2026
Options tapeput/call 0.42 by open interest at the 6 November 2026 close; the straddle prices a 4.7% move to 13 November 2026
13F holders692 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading0 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest23.8 million shares short, 4.19 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 202629 October 2026EDGAR
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202512 February 2026EDGAR
10-Q30 September 20254 November 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-Q31 March 20256 May 2025EDGAR
10-K31 December 202421 February 2025EDGAR
10-Q30 September 202412 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR

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