Baxter International (BAX) FY2016 results: revenue $10.2 billion, up 2.0% on the year
Baxter International Inc. (BAX) reported revenue of $10.2 billion for fiscal 2016, the year ended 31 December 2016, up 2.0% on the year before. Net income was $5.0 billion, up 412.9%, and diluted earnings per share $9.01. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$10.2 billion
+2.0% on the year
FY2009FY2016
Operating margin
7.3%
5.7% a year earlier
FY2009FY2016
Net income
$5.0 billion
+412.9% on the year
FY2009FY2016
Diluted EPS
$9.01
+411.9% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
10,163
9,968
10,719
+2.0%
Cost of revenue
6,053
5,777
6,138
+4.8%
Gross profit
4,110
4,191
4,581
-1.9%
Gross margin
40.4%
42.0%
42.7%
Research and development
647
587
610
+10.2%
Selling, general and administrative
2,725
3,031
3,315
-10.1%
Operating income
745
573
656
+30.0%
Operating margin
7.3%
5.7%
6.1%
Interest expense
89.0
146
167
-39.0%
Pre-tax income
4,954
428
490
+1,057.5%
Income tax
-12.0
35.0
33.0
Effective tax rate
-0.2%
8.2%
6.7%
Net income
4,965
968
2,497
+412.9%
Net margin
48.9%
9.7%
23.3%
Diluted EPS
$9.01
$1.76
$4.56
+411.9%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,654
1,771
3,215
-6.6%
Capital expenditure
719
911
925
-21.1%
Free cash flow
935
860
2,290
+8.7%
Free cash flow margin
9.2%
8.6%
21.4%
Cash from investing
-715
-1,807
-1,542
Cash from financing
-324
-481
-1,402
Depreciation and amortisation
800
759
792
+5.4%
Share-based compensation
115
126
126
-8.7%
Buybacks
292
n/a
550
Dividends paid
268
910
1,095
-70.5%
Dividend per share
$0.51
$1.27
$2.05
-60.2%
Diluted shares, weighted
551m
549m
547m
+0.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
8,290
8,846
8,120
-6.3%
Non-controlling interest
-10.0
19.0
36.0
Debt
2,779
6,507
9,029
-57.3%
Other liabilities
4,487
5,603
8,953
-19.9%
Total liabilities and equity
15,546
20,975
26,138
-25.9%
Fixed assets
4,289
4,386
4,434
-2.2%
Goodwill
2,595
2,687
2,927
-3.4%
Intangible assets
1,111
1,349
1,620
-17.6%
Investments
n/a
5,148
n/a
Cash and equivalents
2,801
2,213
2,925
+26.6%
Inventory
1,430
1,604
1,577
-10.8%
Other assets
3,320
3,588
12,655
-7.5%
Total assets
15,546
20,975
26,138
-25.9%
10-K for the year ended 31 December 2016, filed 21 February 2019: the filing.