Baxter International (BAX) FY2014 results: revenue $10.7 billion, up 13.9% on the year
Baxter International Inc. (BAX) reported revenue of $10.7 billion for fiscal 2014, the year ended 31 December 2014, up 13.9% on the year before. Net income was $2.5 billion, up 24.1%, and diluted earnings per share $4.56. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$10.7 billion
+13.9% on the year
FY2007FY2014
Operating margin
6.1%
5.3% a year earlier
FY2007FY2014
Net income
$2.5 billion
+24.1% on the year
FY2007FY2014
Diluted EPS
$4.56
+24.6% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
10,719
9,413
13,936
+13.9%
Cost of revenue
6,138
5,251
6,802
+16.9%
Gross profit
4,581
4,162
7,134
+10.1%
Gross margin
42.7%
44.2%
51.2%
Research and development
610
582
1,081
+4.8%
Selling, general and administrative
3,315
3,084
3,283
+7.5%
Operating income
656
496
n/a
+32.3%
Operating margin
6.1%
5.3%
n/a
Interest expense
167
155
113
+7.7%
Pre-tax income
490
375
2,889
+30.7%
Income tax
33.0
60.0
555
-45.0%
Effective tax rate
6.7%
16.0%
19.2%
Net income
2,497
2,012
2,326
+24.1%
Net margin
23.3%
21.4%
16.7%
Diluted EPS
$4.56
$3.66
$4.18
+24.6%
$ million except per share. 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.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,215
3,198
3,106
+0.5%
Capital expenditure
925
706
1,161
+31.0%
Free cash flow
2,290
2,492
1,945
-8.1%
Free cash flow margin
21.4%
26.5%
14.0%
Cash from investing
-1,542
-5,362
-1,569
Cash from financing
-1,402
1,645
-1,115
Depreciation and amortisation
792
635
712
+24.7%
Share-based compensation
126
122
130
+3.3%
Buybacks
550
913
1,480
-39.8%
Dividends paid
1,095
1,023
804
+7.0%
Dividend per share
$2.05
$1.92
$1.57
+6.8%
Diluted shares, weighted
547m
549m
556m
-0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
8,120
8,463
6,938
-4.1%
Non-controlling interest
36.0
23.0
40.0
+56.5%
Debt
9,029
9,166
5,930
-1.5%
Other liabilities
8,953
7,572
7,482
+18.2%
Total liabilities and equity
26,138
25,224
20,390
+3.6%
Fixed assets
4,434
4,408
6,098
+0.6%
Goodwill
2,927
3,290
2,502
-11.0%
Intangible assets
1,620
2,294
814
-29.4%
Cash and equivalents
2,925
2,733
3,270
+7.0%
Inventory
1,577
3,499
2,803
-54.9%
Other assets
12,655
9,000
4,903
+40.6%
Total assets
26,138
25,224
20,390
+3.6%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.