Baxter International (BAX) FY2015 results: revenue $10.0 billion, down 7.0% on the year
Baxter International Inc. (BAX) reported revenue of $10.0 billion for fiscal 2015, the year ended 31 December 2015, down 7.0% on the year before. Net income was $968 million, down 61.2%, and diluted earnings per share $1.76. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$10.0 billion
-7.0% on the year
FY2008FY2015
Operating margin
5.7%
6.1% a year earlier
FY2008FY2015
Net income
$968 million
-61.2% on the year
FY2008FY2015
Diluted EPS
$1.76
-61.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
9,968
10,719
9,413
-7.0%
Cost of revenue
5,777
6,138
5,251
-5.9%
Gross profit
4,191
4,581
4,162
-8.5%
Gross margin
42.0%
42.7%
44.2%
Research and development
587
610
582
-3.8%
Selling, general and administrative
3,031
3,315
3,084
-8.6%
Operating income
573
656
496
-12.7%
Operating margin
5.7%
6.1%
5.3%
Interest expense
146
167
155
-12.6%
Pre-tax income
428
490
375
-12.7%
Income tax
35.0
33.0
60.0
+6.1%
Effective tax rate
8.2%
6.7%
16.0%
Net income
968
2,497
2,012
-61.2%
Net margin
9.7%
23.3%
21.4%
Diluted EPS
$1.76
$4.56
$3.66
-61.4%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,771
3,215
3,198
-44.9%
Capital expenditure
911
925
706
-1.5%
Free cash flow
860
2,290
2,492
-62.4%
Free cash flow margin
8.6%
21.4%
26.5%
Cash from investing
-1,807
-1,542
-5,362
Cash from financing
-481
-1,402
1,645
Depreciation and amortisation
759
792
635
-4.2%
Share-based compensation
126
126
122
0.0%
Buybacks
n/a
550
913
Dividends paid
910
1,095
1,023
-16.9%
Dividend per share
$1.27
$2.05
$1.92
-38.0%
Diluted shares, weighted
549m
547m
549m
+0.4%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
8,846
8,120
8,463
+8.9%
Non-controlling interest
19.0
36.0
23.0
-47.2%
Debt
6,507
9,029
9,166
-27.9%
Other liabilities
5,603
8,953
7,572
-37.4%
Total liabilities and equity
20,975
26,138
25,224
-19.8%
Fixed assets
4,386
4,434
4,408
-1.1%
Goodwill
2,687
2,927
3,290
-8.2%
Intangible assets
1,349
1,620
2,294
-16.7%
Investments
5,148
n/a
n/a
Cash and equivalents
2,213
2,925
2,733
-24.3%
Inventory
1,604
1,577
3,499
+1.7%
Other assets
3,588
12,655
9,000
-71.6%
Total assets
20,975
26,138
25,224
-19.8%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.