Baxter International (BAX) Q4 FY2021 earnings: revenue $3.5 billion, up 10.5% on the year

Baxter International Inc. (BAX) reported revenue of $3.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 10.5% on the same quarter a year earlier. Net income was $238 million, up 41.7% on the year, and diluted earnings per share $0.47. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$3.5 billion

+10.5% on the year · +8.9% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

10.9%

12.8% a year earlier

Q1 FY2020Q4 FY2021

Net income

$238 million

+41.7% on the year · -47.1% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$0.47

+42.4% on the year · -47.2% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	3,514	3,226	3,181	+8.9%	+10.5%
Cost of revenue	2,108	n/a	n/a
Gross profit	1,406	n/a	n/a
Gross margin	40.0%	n/a	n/a
Research and development	138	n/a	n/a
Selling, general and administrative	885	n/a	n/a
Operating income	383	513	406	-25.3%	-5.7%
Operating margin	10.9%	15.9%	12.8%
Interest expense	78.0	n/a	n/a
Pre-tax income	283	n/a	n/a
Income tax	41.0	n/a	n/a
Effective tax rate	14.5%	n/a	n/a
Net income	238	450	168	-47.1%	+41.7%
Net margin	6.8%	n/a	n/a
Diluted EPS	$0.47	$0.89	$0.33	-47.2%	+42.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	693	n/a	n/a
Capital expenditure	235	n/a	n/a
Free cash flow	458	n/a	n/a
Free cash flow margin	13.0%	n/a	n/a
Cash from investing	-10,267	n/a	n/a
Cash from financing	9,276	n/a	n/a
Depreciation and amortisation	245	206	213	+18.9%	+15.0%
Share-based compensation	53.0	n/a	n/a
Buybacks	0.0	n/a	n/a
Dividends paid	140	n/a	n/a
Diluted shares, weighted	507m	506m	n/a	+0.2%
Shares outstanding at period end	502m	501m	505m	+0.3%	-0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	9,077	8,770	8,689	+3.5%	+4.5%
Non-controlling interest	44.0	n/a	n/a
Short-term borrowings	301	n/a	n/a
Debt	17,754	5,956	6,233	+198.1%	+184.8%
Operating lease liabilities	522	n/a	n/a
Finance lease liabilities	68.0	n/a	n/a
Other liabilities	5,755	n/a	n/a
Total liabilities and equity	33,521	n/a	n/a
Fixed assets	5,178	n/a	n/a
Goodwill	9,836	n/a	n/a
Intangible assets	7,792	n/a	n/a
Cash and equivalents	2,951	3,258	3,730	-9.4%	-20.9%
Receivables	2,629	n/a	n/a
Inventory	2,453	n/a	n/a
Other assets	2,682	n/a	n/a
Total assets	33,521	n/a	n/a

Questions

What was Baxter International's revenue in Q4 FY2021?

Baxter International (BAX) reported revenue of $3.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 10.5% on the same quarter a year earlier.

How much did Baxter International earn in Q4 FY2021?

Net income for Q4 FY2021 was $238 million, up 41.7% on the year, and diluted earnings per share $0.47.

When did Baxter International report Q4 FY2021 results?

Baxter International filed its 10-K for the year that ended with the quarter on 23 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 †	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,514	3,558	3,594	3,609	3,745	2,441	2,591	2,599	2,729	2,490	2,694	2,699	2,753	2,625	2,810	2,835	2,974	2,701	2,960	2,976
Cost of revenue	2,108	2,359	2,223	2,564	2,424	2,238	2,596	1,543	2,349	1,529	1,663	1,666	1,794	1,764	1,819	1,885	2,397	1,810	1,928	1,982
Gross profit	1,406	1,262	1,371	1,045	1,388	964	1,030	1,056	1,100	961	1,031	1,033	959	861	991	950	577	891	1,032	994
Gross margin	40%	35%	38%	29%	37%	39%	40%	41%	40%	39%	38%	38%	35%	33%	35%	34%	19%	33%	35%	33%
R&D	138	150	148	151	155	164	165	133	172	120	130	129	211	140	134	118	126	139	129	125
SG&A	885	1,052	970	941	912	995	964	744	970	729	723	754	761	703	718	708	761	728	735	730
Operating income	383	163	264	-2,880	353	129	-17.0	179	272	115	179	155	-435	58.0	191	172	-729	66.0	217	225
Operating margin	11%	5%	7%	-80%	9%	5%	-1%	7%	10%	5%	7%	6%	-16%	2%	7%	6%	-25%	2%	7%	8%
Interest expense	78.0	88.0	93.0	109	125	127	132	136	117	103	104	-14.0	n/a	81.0	-14.0	-10.0	n/a	-12.0	-13.0	-13.0
Pre-tax income	283	94.0	219	-3,045	224	14.0	-183	64.0	182	46.0	117	69.0	-521	-3.0	133	121	-756	-6.0	158	417
Tax rate	14%	22%	16%	n/a	17%	100%	n/a	42%	85%	87%	19%	12%	n/a	n/a	8%	142%	n/a	n/a	15%	29%
Net income	238	71.0	252	-2,937	181	44.0	-141	2,508	245	37.0	-314	140	-512	126	91.0	-46.0	-1,128	-15.0	126	294
Net margin	7%	2%	7%	-81%	5%	2%	-5%	96%	9%	1%	-12%	5%	-19%	5%	3%	-2%	-38%	-1%	4%	10%
Diluted EPS	$0.47	$0.14	$0.50	-$5.83	$0.36	$0.09	-$0.28	$4.93	$0.48	$0.07	-$0.62	$0.27	-$1.00	$0.25	$0.18	-$0.09	-$2.19	-$0.03	$0.24	$0.57
Operating cash flow	693	208	274	290	439	479	351	365	531	163	115	253	488	-193	217	237	584	213	285	558
Capital expenditure	235	140	171	168	200	172	156	174	190	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	458	68.0	103	122	239	307	195	191	341	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	0.0	0.0	0.0	32.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	140	140	141	146	146	146	146	147	147	147	148	148	147	87.0	87.0	87.0	87.0	5.0	5.0	5.0
Shares outstanding	502m	504m	504m	504m	508m	506m	506m	507m	508m	510m	510m	511m	512m	513m	514m	514m	514m	516m	517m	517m
Filing	10-K	10-K	10-Q	10-Q	10-K	10-K	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 23 February 2022: the filing.