Baxter International (BAX) FY2023 results: revenue $10.4 billion, up 3.0% on the year
Baxter International Inc. (BAX) reported revenue of $10.4 billion for fiscal 2023, the year ended 31 December 2023, up 3.0% on the year before. Net income was $2.7 billion, and diluted earnings per share $5.25. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.
Revenue
$10.4 billion
+3.0% on the year
FY2016FY2023
Operating margin
6.8%
-28.3% a year earlier
FY2016FY2023
Net income
$2.7 billion
FY2016FY2023
Diluted EPS
$5.25
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,726
1,211
2,222
+42.5%
Capital expenditure
432
377
691
+14.6%
Free cash flow
1,294
834
1,531
+55.2%
Free cash flow margin
12.5%
8.3%
12.6%
Cash from investing
3,213
-931
-11,200
Cash from financing
-3,489
-1,438
8,245
Depreciation and amortisation
984
1,072
867
-8.2%
Share-based compensation
115
140
146
-17.9%
Buybacks
0.0
32.0
600
Dividends paid
586
573
530
+2.3%
Dividend per share
$1.16
$1.15
$1.08
+0.9%
Diluted shares, weighted
506m
504m
508m
+0.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
8,402
5,833
9,077
+44.0%
Non-controlling interest
66.0
62.0
44.0
+6.5%
Short-term borrowings
0.0
299
301
Debt
13,855
16,702
17,754
-17.0%
Operating lease liabilities
265
447
522
-40.7%
Finance lease liabilities
25.0
62.0
68.0
-59.7%
Other liabilities
5,663
4,882
5,755
+16.0%
Total liabilities and equity
28,276
28,287
33,521
-0.0%
Fixed assets
2,871
4,695
5,178
-38.8%
Goodwill
5,793
6,452
9,836
-10.2%
Intangible assets
5,918
6,793
7,792
-12.9%
Cash and equivalents
3,078
1,621
2,951
+89.9%
Receivables
1,719
2,571
2,629
-33.1%
Inventory
1,918
2,679
2,453
-28.4%
Other assets
6,979
3,476
2,682
+100.8%
Total assets
28,276
28,287
33,521
-0.0%
10-K for the year ended 31 December 2023, filed 8 February 2024: the filing.