Baxter International (BAX) FY2017 results: revenue $10.6 billion, up 4.1% on the year
Baxter International Inc. (BAX) reported revenue of $10.6 billion for fiscal 2017, the year ended 31 December 2017, up 4.1% on the year before. Net income was $602 million, down 87.9%, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$10.6 billion
+4.1% on the year
FY2010FY2017
Operating margin
12.2%
7.3% a year earlier
FY2010FY2017
Net income
$602 million
-87.9% on the year
FY2010FY2017
Diluted EPS
$1.08
-88.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
10,584
10,163
9,968
+4.1%
Cost of revenue
6,099
6,053
5,777
+0.8%
Gross profit
4,474
4,110
4,191
+8.9%
Gross margin
42.3%
40.4%
42.0%
Research and development
615
647
587
-4.9%
Selling, general and administrative
2,627
2,725
3,031
-3.6%
Operating income
1,288
745
573
+72.9%
Operating margin
12.2%
7.3%
5.7%
Interest expense
85.0
89.0
146
-4.5%
Pre-tax income
1,100
4,954
428
-77.8%
Income tax
491
-12.0
35.0
Effective tax rate
44.6%
-0.2%
8.2%
Net income
602
4,965
968
-87.9%
Net margin
5.7%
48.9%
9.7%
Diluted EPS
$1.08
$9.01
$1.76
-88.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,714
1,654
1,771
+3.6%
Capital expenditure
616
719
911
-14.3%
Free cash flow
1,098
935
860
+17.4%
Free cash flow margin
10.4%
9.2%
8.6%
Cash from investing
-1,292
-715
-1,807
Cash from financing
93.0
-324
-481
Depreciation and amortisation
750
800
759
-6.2%
Share-based compensation
107
115
126
-7.0%
Buybacks
564
292
n/a
+93.2%
Dividends paid
315
268
910
+17.5%
Dividend per share
$0.61
$0.51
$1.27
+20.8%
Diluted shares, weighted
555m
551m
549m
+0.7%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
9,124
8,290
8,846
+10.1%
Non-controlling interest
-8.0
-10.0
19.0
Debt
3,509
2,779
6,507
+26.3%
Other liabilities
4,486
4,487
5,603
-0.0%
Total liabilities and equity
17,111
15,546
20,975
+10.1%
Fixed assets
4,588
4,289
4,386
+7.0%
Goodwill
3,099
2,595
2,687
+19.4%
Intangible assets
1,374
1,111
1,349
+23.7%
Investments
n/a
n/a
5,148
Cash and equivalents
3,394
2,801
2,213
+21.2%
Inventory
1,475
1,430
1,604
+3.1%
Other assets
3,181
3,320
3,588
-4.2%
Total assets
17,111
15,546
20,975
+10.1%
10-K for the year ended 31 December 2017, filed 21 February 2019: the filing.