Baxter International (BAX) FY2019 results: revenue $11.4 billion, up 2.4% on the year
Baxter International Inc. (BAX) reported revenue of $11.4 billion for fiscal 2019, the year ended 31 December 2019, up 2.4% on the year before. Net income was $1.0 billion, down 35.3%, and diluted earnings per share $1.93. The figures are the company's own, from the 10-K it filed with the SEC on 17 March 2020.
Revenue
$11.4 billion
+2.4% on the year
FY2012FY2019
Operating margin
15.6%
14.3% a year earlier
FY2012FY2019
Net income
$1.0 billion
-35.3% on the year
FY2012FY2019
Diluted EPS
$1.93
-31.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,362
11,099
10,584
+2.4%
Cost of revenue
6,601
6,346
6,099
+4.0%
Gross profit
4,761
4,759
4,474
+0.0%
Gross margin
41.9%
42.9%
42.3%
Research and development
595
655
615
-9.2%
Selling, general and administrative
2,535
2,617
2,627
-3.1%
Operating income
1,772
1,584
1,288
+11.9%
Operating margin
15.6%
14.3%
12.2%
Interest expense
111
93.0
85.0
+19.4%
Pre-tax income
970
1,617
1,100
-40.0%
Income tax
-41.0
65.0
491
Effective tax rate
-4.2%
4.0%
44.6%
Net income
1,001
1,546
602
-35.3%
Net margin
8.8%
13.9%
5.7%
Diluted EPS
$1.93
$2.83
$1.08
-31.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,104
2,017
1,714
+4.3%
Capital expenditure
696
659
616
+5.6%
Free cash flow
1,408
1,358
1,098
+3.7%
Free cash flow margin
12.4%
12.2%
10.4%
Cash from investing
-1,100
-916
-1,292
Cash from financing
498
-2,603
93.0
Depreciation and amortisation
789
771
750
+2.3%
Share-based compensation
122
115
107
+6.1%
Buybacks
1,270
2,452
564
-48.2%
Dividends paid
423
376
315
+12.5%
Dividend per share
$0.85
$0.73
$0.61
+16.4%
Diluted shares, weighted
519m
546m
555m
-4.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,882
7,844
9,124
+0.5%
Non-controlling interest
30.0
22.0
-8.0
+36.4%
Short-term borrowings
n/a
2.0
n/a
Debt
5,350
3,481
3,509
+53.7%
Operating lease liabilities
510
n/a
n/a
Finance lease liabilities
54.0
n/a
n/a
Other liabilities
4,367
4,371
4,486
-0.1%
Total liabilities and equity
18,193
15,720
17,111
+15.7%
Fixed assets
4,512
4,530
4,588
-0.4%
Goodwill
3,030
3,002
3,099
+0.9%
Intangible assets
1,471
1,410
1,374
+4.3%
Cash and equivalents
3,335
1,838
3,394
+81.4%
Receivables
1,896
1,840
n/a
+3.0%
Inventory
1,653
1,667
1,475
-0.8%
Other assets
2,296
1,433
3,181
+60.2%
Total assets
18,193
15,720
17,111
+15.7%
10-K for the year ended 31 December 2019, filed 17 March 2020: the filing.