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Screener / SEC EDGAR /CIK 0000010456 /10-K filed Feb 12, 2026, compared with Feb 21, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
VRTXBAXZTSISRGBIIBDGX
NYSE Health care · Medical Instruments

Baxter International BAX

BAX quote by TradingView
Employees
37,500
Headquarters
Deerfield, IL
CEO
Andrew P. Hider
Next results
around Feb 11, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2023

Revenue of $10.4B through the costs to a net profit of $2.7B · income statement of the 10-K

7% operating margin
Revenue to Gross profit: $4.2BRevenue to Cost of revenue: $6.2BGross profit to Operating profit: $707.0MGross profit to Operating expenses: $3.4BOperating profit to Net profit: $646.0MOperating profit to Tax: $61.0MOther income to Net profit: $2.0BOperating expenses to R&D: $518.0MOperating expenses to SG&A: $2.9B Revenue: $10.4B REVENUE $10.4B +3% Y/Y Gross profit: $4.2B · 40% margin GROSS PROFIT $4.2B 40% margin · +17% Y/Y Cost of revenue: $6.2B · 60% of revenue COST OF REVENUE $6.2B 60% of revenue Operating profit: $707.0M · 7% margin OPERATING PROFIT $707.0M 7% margin Other income: $2.0B · 19% of revenue OTHER INCOME $2.0B 19% of revenue Operating expenses: $3.4B · 33% of revenue OPERATING EXPENSES $3.4B 33% of revenue Net profit: $2.7B · 26% margin NET PROFIT $2.7B 26% margin Tax: $61.0M · 1% of revenue TAX $61.0M 1% of revenue R&D: $518.0M · 5% of revenue R&D $518.0M 5% of revenue SG&A: $2.9B · 28% of revenue SG&A $2.9B 28% of revenue
Gross profit $4.2B 40% margin · +17% Y/Y
Operating profit $707.0M 7% margin
Net profit $2.7B 26% margin
The full income statement, year by year

BAX among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 5.7%, above 37% of 59 peers (their median 7.2%) REVENUE GROWTH 5.7% · above 37% Gross margin: 30.1%, above 14% of 50 peers (their median 65.2%) GROSS MARGIN 30.1% · above 14% Operating margin: -1.9%, above 4% of 50 peers (their median 13.7%) OPERATING MARGIN -1.9% · above 4% Net margin: -6.2%, above 3% of 59 peers (their median 9.7%) NET MARGIN -6.2% · above 3% FCF margin: 9.7%, above 33% of 55 peers (their median 15.8%) FCF MARGIN 9.7% · above 33%
BAX Peer median Below the median

What changed

39 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 12, 2026 against Feb 21, 2025.

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.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • 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
  • Receivables +10.8% vs revenue +5.7% (+5.1 pts)
9 more checks with nothing to note
  • Cash from operations $845.0M vs net income −$957.0M (FY ending Dec 31, 2025)
  • 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

In their words

39 paragraphs in Risk Factors that were not in the 10-K filed Feb 21, 2025. Quoted as filed.

All 39 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    In addition to the transactions referenced above, other strategic transactions we have undertaken or strategic transactions we may undertake in the future could subject us to various risks and additional costs.
  3. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    As of December 31, 2025, we had approximately $9.48 billion of indebtedness outstanding. While we repaid $3.81 billion of legacy indebtedness in 2025 (which repayment does not include $2.00 billion of indebtedness repaid with proceeds from a new notes offering), our significant level of indebtedness requires us to use a substantial
  4. Item 1A · new paragraph · not in the 10-K filed Feb 21, 2025 10-K, ITEM 1A
    We have experienced significant challenges to our global supply chain in recent periods, including: •increased costs and shortages of raw materials and component parts (including resins and electromechanical devices); •heightened inventory levels to reduce the risk of patient supply disruption and higher transportation and labor costs…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$10.1B$10.4B$10.6B$11.2B
Net income−$2.4B$2.7B−$649.0M−$957.0M
Operating cash flow$1.2B$1.7B$1.0B$845.0M
Free cash flow$834.0M$1.3B$573.0M$332.0M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$11.2B ▲ 5.7% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Baxter International, Deerfield, IL · from the 10-K filed Feb 12, 2026

Baxter International Inc., through our subsidiaries, provides a broad portfolio of essential healthcare products, including sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices. These products are used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors’ offices, kidney dialysis centers and patients at home under physician supervision.

Headquarters
Deerfield, IL
Country
United States
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, after giving effect to the Kidney Care sale, we employed approximately 37,500 people globally, with approximately 15,100 employees in the United States and approximately 22,400 employees outside of the United States" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 12, 2026 (open at SEC), compared with the 10-K filed Feb 21, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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