Baxter International Inc
BAX- Exchange
- NYSE
- Industry
- Surgical & Medical Instruments & Apparatus
- SEC CIK
- 0000010456
No open-market purchases or sales by Baxter International Inc insiders were filed in the last 90 days; 693 institutions reported holding it in 13F filings for Q2 2026, worth $11.9B in total; Greenhaven Associates is the only superinvestor holding it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 30, 2026, 1:12 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net loss for FY2025: $957.0M (8.5% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 3, 2025 | Feb 8, 2024 | Feb 9, 2023 | Feb 17, 2022 |
| Revenue | $11.2B | $10.6B | $14.8B | $15.1B | $12.8B |
| Cost of revenue | $7.87B | $6.65B | $9.84B | $9.72B | $7.68B |
| Gross profit | $3.38B | $3.98B | $4.97B | $5.40B | $5.11B |
| Research and development | $518.0M | $590.0M | $667.0M | $605.0M | $534.0M |
| Selling, general and administrative | $2.89B | $2.97B | $3.95B | $3.89B | $2.87B |
| Operating income | -$308.0M | $14.0M | $390.0M | -$1.94B | $1.71B |
| Interest expense | $290.0M | $408.0M | $512.0M | $415.0M | $206.0M |
| Income tax | $395.0M | $37.0M | -$34.0M | $68.0M | $182.0M |
| Net income | -$957.0M | -$649.0M | $2.66B | -$2.43B | $1.28B |
| EPS, basic | $-1.87 | $-1.27 | $5.25 | $-4.83 | $2.56 |
| EPS, diluted | $-1.87 | $-1.27 | $5.25 | $-4.83 | $2.53 |
| Weighted shares, basic | 513.0M | 510.0M | 506.0M | 504.0M | 502.0M |
| Weighted shares, diluted | 513.0M | 510.0M | 506.0M | 504.0M | 508.0M |
| Margins and growth | |||||
| Gross margin | 30.1% | 37.5% | 33.6% | 35.7% | 39.9% |
| Operating margin | -2.7% | 0.1% | 2.6% | -12.9% | 13.4% |
| Net margin | -8.5% | -6.1% | 17.9% | -16.1% | 10.0% |
| Revenue growth, year over year | +5.7% | −28.2% | −2.0% | +18.2% | +9.5% |
| Net income growth, year over year | – | −124.4% | – | −289.5% | +16.5% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 3, 2025 | Feb 8, 2024 | Feb 9, 2023 | Feb 17, 2022 |
| Cash and equivalents | $1.97B | $1.76B | $3.19B | $1.72B | $2.95B |
| Accounts receivable | $1.86B | $1.68B | $2.69B | $2.66B | $2.63B |
| Inventory | $2.23B | $2.05B | $2.82B | $2.72B | $2.45B |
| Total current assets | $6.87B | $8.85B | $9.60B | $8.01B | $8.87B |
| Property, plant and equipment | $2.91B | $2.87B | $4.43B | $4.98B | $5.18B |
| Goodwill | $4.93B | $5.28B | $6.51B | $6.84B | $9.84B |
| Intangible assets | $4.37B | $5.22B | $6.08B | $6.79B | $7.79B |
| Total assets | $20.1B | $25.8B | $28.3B | $28.3B | $33.5B |
| Accounts payable | $999.0M | $968.0M | $1.24B | $1.14B | $1.25B |
| Short-term debt | $1.00M | $2.13B | $0 | $299.0M | $301.0M |
| Total current liabilities | $2.97B | $6.51B | $6.50B | $4.75B | $4.24B |
| Long-term debt | $9.44B | $13.2B | $13.9B | $16.7B | $17.8B |
| Total liabilities | $14.0B | $18.8B | $19.8B | $22.4B | $24.4B |
| Shareholders' equity | $6.10B | $7.02B | $8.47B | $5.89B | $9.12B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 3, 2025 | Feb 8, 2024 | Feb 9, 2023 | Feb 17, 2022 |
| Operating cash flow | $845.0M | $1.02B | $1.73B | $1.21B | $2.22B |
| Capital expenditures | $513.0M | $446.0M | $692.0M | $679.0M | $743.0M |
| Free cash flow | $332.0M | $573.0M | $1.03B | $532.0M | $1.48B |
| Depreciation and amortization | $981.0M | $997.0M | $1.26B | $1.40B | $890.0M |
| Stock-based compensation | $117.0M | $114.0M | $133.0M | $154.0M | $146.0M |
| Dividends paid | $348.0M | $590.0M | $586.0M | $573.0M | $530.0M |
| Share buybacks | – | $0 | $0 | $32.0M | $600.0M |
| Investing cash flow | $2.84B | -$626.0M | $3.21B | -$931.0M | -$11.2B |
| Financing cash flow | -$4.22B | -$1.08B | -$3.49B | -$1.44B | $8.24B |
| Net change in cash | -$446.0M | -$784.0M | $1.48B | -$1.23B | -$780.0M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 1.0% | 1.1% | 0.9% | 1.0% | 1.1% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 22, 2026 | 517.3M | +0.6% | SEC |
| Jul 23, 2026 | 517.0M | +0.7% | SEC |
| Apr 24, 2026 | 516.5M | +0.6% | SEC |
| Feb 5, 2026 | 514.5M | +0.6% | SEC |
| Oct 31, 2025 | 514.1M | +0.7% | SEC |
| Jul 31, 2025 | 513.6M | +0.7% | SEC |
| Apr 30, 2025 | 513.2M | +0.7% | SEC |
| Feb 13, 2025 | 511.6M | +0.7% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.