BAXBaxter International

Health care · Medical Instruments · NYSE

Employees: 37,500
Headquarters: Deerfield, IL
CEO: Andrew P. Hider
Next results: around Feb 11, 2027

RevenueFY2016–25 $11.2B+5.7% FY2024: $10.6B 10-K FY2025 · XBRL Net incomeFY2016–25 −$957.0M FY2024: −$649.0M 10-K FY2025 · XBRL Free cash flowFY2016–25 $332.0M−42.1% FY2024: $573.0M 10-K FY2025 · XBRL Operating marginFY2016–25 -2.7%−2.9 pts 7.3% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 12, 2026 against Feb 21, 2025

Area	What changed	Source
Risk factors	39 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Critical audit matters changed	New this year: Indefinite-Lived Intangible Asset Impairment Assessment - Welch Allyn Trade Name (“As described in Notes 1 and 4 to the consolidated financial statements, the Company’s consolidated trade names indefinite-lived intangible asset balance as of December 31, 2025 was $390 million. Indefinite-lived intangible assets are subject to an impairment review by management annually in the four”). Same as last year: Goodwill Impairment Assessment - Front Line Care Reporting Unit	10-K · XBRL
Accounting checks	10 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	2 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 12, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-21. Quoted as filed.

Our businesses have faced, and will continue to face, challenges in connection with strategic actions we have undertaken, including the divestitures of our Kidney Care business and our BPS business, the acquisition of Hill-Rom Holdings, Inc. (Hillrom), and the ongoing implementation of a simplified operating model and manufacturing…
10-K, Item 1A

All 39 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Critical audit matters changedNew this year: Indefinite-Lived Intangible Asset Impairment Assessment - Welch Allyn Trade Name (“As described in Notes 1 and 4 to the consolidated financial statements, the Company’s consolidated trade names indefinite-lived intangible asset balance as of December 31, 2025 was $390 million. Indefinite-lived intangible assets are subject to an impairment review by management annually in the four”). Same as last year: Goodwill Impairment Assessment - Front Line Care Reporting Unit
✓
Receivables +10.8% vs revenue +5.7% (+5.1 pts)
✓
Cash from operations $845.0M vs net income −$957.0M (FY ending 2025-12-31)
✓
Inventory +9.1% vs revenue +5.7% (+3.4 pts)
✓
Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Oct 29, 20268-K Quarterly results, Other events 8-K items 2.02, 8.01
Oct 29, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

Get an email when this changes: new risk paragraphs, accounting items, insider purchases, a new 10-K or 10-Q. RSS feed

Work on BAX in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BAX/export.csv") into a cell.