Baxter International (BAX) FY2020 results: revenue $11.7 billion, up 2.7% on the year
Baxter International Inc. (BAX) reported revenue of $11.7 billion for fiscal 2020, the year ended 31 December 2020, up 2.7% on the year before. Net income was $1.1 billion, up 10.1%, and diluted earnings per share $2.13. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2021.
Revenue
$11.7 billion
+2.7% on the year
FY2013FY2020
Operating margin
13.8%
15.6% a year earlier
FY2013FY2020
Net income
$1.1 billion
+10.1% on the year
FY2013FY2020
Diluted EPS
$2.13
+10.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,673
11,362
11,099
+2.7%
Cost of revenue
7,086
6,601
6,346
+7.3%
Gross profit
4,587
4,761
4,759
-3.7%
Gross margin
39.3%
41.9%
42.9%
Research and development
521
595
655
-12.4%
Selling, general and administrative
2,469
2,535
2,617
-2.6%
Operating income
1,616
1,772
1,584
-8.8%
Operating margin
13.8%
15.6%
14.3%
Interest expense
153
111
93.0
+37.8%
Pre-tax income
1,292
970
1,617
+33.2%
Income tax
182
-41.0
65.0
Effective tax rate
14.1%
-4.2%
4.0%
Net income
1,102
1,001
1,546
+10.1%
Net margin
9.4%
8.8%
13.9%
Diluted EPS
$2.13
$1.93
$2.83
+10.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,868
2,104
2,017
-11.2%
Capital expenditure
709
696
659
+1.9%
Free cash flow
1,159
1,408
1,358
-17.7%
Free cash flow margin
9.9%
12.4%
12.2%
Cash from investing
-1,179
-1,100
-916
Cash from financing
-345
498
-2,603
Depreciation and amortisation
823
789
771
+4.3%
Share-based compensation
130
122
115
+6.6%
Buybacks
500
1,270
2,452
-60.6%
Dividends paid
473
423
376
+11.8%
Dividend per share
$0.95
$0.85
$0.73
+12.4%
Diluted shares, weighted
517m
519m
546m
-0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,689
7,882
7,844
+10.2%
Non-controlling interest
37.0
30.0
22.0
+23.3%
Short-term borrowings
0.0
n/a
2.0
Debt
6,233
5,350
3,481
+16.5%
Operating lease liabilities
501
510
n/a
-1.8%
Finance lease liabilities
64.0
54.0
n/a
+18.5%
Other liabilities
4,495
4,367
4,371
+2.9%
Total liabilities and equity
20,019
18,193
15,720
+10.0%
Fixed assets
4,722
4,512
4,530
+4.7%
Goodwill
3,217
3,030
3,002
+6.2%
Intangible assets
1,671
1,471
1,410
+13.6%
Cash and equivalents
3,730
3,335
1,838
+11.8%
Receivables
2,007
1,896
1,840
+5.9%
Inventory
1,916
1,653
1,667
+15.9%
Other assets
2,756
2,296
1,433
+20.0%
Total assets
20,019
18,193
15,720
+10.0%
10-K for the year ended 31 December 2020, filed 11 February 2021: the filing.