Baxter International (BAX) FY2018 results: revenue $11.1 billion, up 4.9% on the year
Baxter International Inc. (BAX) reported revenue of $11.1 billion for fiscal 2018, the year ended 31 December 2018, up 4.9% on the year before. Net income was $1.5 billion, up 156.8%, and diluted earnings per share $2.83. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$11.1 billion
+4.9% on the year
FY2011FY2018
Operating margin
14.3%
12.2% a year earlier
FY2011FY2018
Net income
$1.5 billion
+156.8% on the year
FY2011FY2018
Diluted EPS
$2.83
+162.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
11,099
10,584
10,163
+4.9%
Cost of revenue
6,346
6,099
6,053
+4.0%
Gross profit
4,759
4,474
4,110
+6.4%
Gross margin
42.9%
42.3%
40.4%
Research and development
655
615
647
+6.5%
Selling, general and administrative
2,617
2,627
2,725
-0.4%
Operating income
1,584
1,288
745
+23.0%
Operating margin
14.3%
12.2%
7.3%
Interest expense
93.0
85.0
89.0
+9.4%
Pre-tax income
1,617
1,100
4,954
+47.0%
Income tax
65.0
491
-12.0
-86.8%
Effective tax rate
4.0%
44.6%
-0.2%
Net income
1,546
602
4,965
+156.8%
Net margin
13.9%
5.7%
48.9%
Diluted EPS
$2.83
$1.08
$9.01
+162.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,017
1,714
1,654
+17.7%
Capital expenditure
659
616
719
+7.0%
Free cash flow
1,358
1,098
935
+23.7%
Free cash flow margin
12.2%
10.4%
9.2%
Cash from investing
-916
-1,292
-715
Cash from financing
-2,603
93.0
-324
Depreciation and amortisation
771
750
800
+2.8%
Share-based compensation
115
107
115
+7.5%
Buybacks
2,452
564
292
+334.8%
Dividends paid
376
315
268
+19.4%
Dividend per share
$0.73
$0.61
$0.51
+19.7%
Diluted shares, weighted
546m
555m
551m
-1.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
7,844
9,124
8,290
-14.0%
Non-controlling interest
22.0
-8.0
-10.0
Short-term borrowings
2.0
n/a
n/a
Debt
3,481
3,509
2,779
-0.8%
Other liabilities
4,371
4,486
4,487
-2.6%
Total liabilities and equity
15,720
17,111
15,546
-8.1%
Fixed assets
4,530
4,588
4,289
-1.3%
Goodwill
3,002
3,099
2,595
-3.1%
Intangible assets
1,410
1,374
1,111
+2.6%
Cash and equivalents
1,838
3,394
2,801
-45.8%
Receivables
1,840
n/a
n/a
Inventory
1,667
1,475
1,430
+13.0%
Other assets
1,433
3,181
3,320
-55.0%
Total assets
15,720
17,111
15,546
-8.1%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.