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BAXBaxter International

Health care · Medical Instruments · NYSE

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FY2025 at a glance

Sales up 5.7%, free cash flow down to $332.0M

XBRL, from each 10-K

RevenueStatements ↓

$11.2B

from $10.6B in FY2024

FY2016FY2025

Net incomeStatements ↓

-$957.0M

from -$649.0M in FY2024

FY2016FY2025

Free cash flowStatements ↓

$332.0M

from $573.0M in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$-1.87

from $-1.27 in FY2024

FY2016FY2025

Operating marginStatements ↓

-2.7%

from 0.1% in FY2024

FY2016FY2025

Total debtStatements ↓

$9.4B

from $15.3B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	-1.42	Sales (ttm)	11.6B	Net income (ttm)	-723.0M	Sales growth	+5.7%	EPS growth	-	Sales Q/Q	+5.0%
Free cash flow	1.1B	Gross margin	30.1%	Oper. margin	-1.9%	Net margin	-6.2%	FCF margin	9.7%	ROE	-11.1%
ROA	-3.7%	R&D / sales	4.6%	Dividend	0.52	Debt/Eq	1.45	Curr. ratio	1.79	Cash	2.0B
Op. cash flow (ttm)	1.6B	EBITDA	673.0M	EBITDA margin	6.0%	Net debt	7.5B	Quick ratio	1.21	Interest cover	-1.06
Stock pay / sales	1.0%	Shares out.	517.3M	Shares Y/Y	+0.6%	Book / share	12.57	Cash / share	3.82	Sales / share	22.44
Asset turnover	0.60	Inventory turns	3.52	Days sales out.	60	Sales 3Y CAGR	+3.8%	Sales 5Y CAGR	-0.7%	Employees	37,500
Sales / employee	310K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt fell 38%$15.3B → $9.4B · Short-term + long-term debt at year end
Free cash flow fell 42%$573.0M → $332.0M · Cash from operations − capital expenditure · 10-K ↗
Operating margin narrowed to -2.7%0.1% → -2.7% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

BAX against Health care peers

Ten years, side by side → · All 60 →

BAXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth

+5.7%38th of 60 · median +7.1%

Net margin

-6.2%58th of 60 · median 9.6%

Return on equity

-11.1%52nd of 54 · median 13.1%

Free cash flow margin

9.7%38th of 56 · median 15.5%

Debt / equity (less is better)

1.4543rd of 49 · median 0.66

BAX and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
BAX Baxter International	$11.6B	+5.7%	30.1%	-6.2%	-11.1%	9.7%	1.45
VRTX Vertex Pharmaceuticals	$13.0B	+8.9%	85.5%	30.7%	19.0%	24.7%	0.22
DGX Quest Diagnostics	$11.8B	+11.8%	33.1%	9.5%	14.8%	11.6%	0.73
ISRG Intuitive Surgical	$11.6B	+20.5%	67.2%	25.5%	18.5%	31.1%	-
BIIB Biogen	$10.3B	+2.2%	74.0%	3.4%	1.8%	20.1%	0.39
ZTS Zoetis	$9.5B	+2.3%	71.6%	26.4%	75.9%	23.5%	2.74

Where each dollar goes

FY2021FY2023

From $12.1B of sales to $1.3B of profit

FY2021, from the 10-K income statement

Swipe sideways for the whole flow →

From $10.4B of sales to $2.7B of profit

FY2023, from the 10-K income statement and revenue by region

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021

$61$23$11

FY2023

$60$14$26

Cost of revenue
R&D
Costs, tax, other
Tax, less other income
Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 4

!
Net margin below the peer median-6.2% vs 9.6%
!
Gross margin down over 5 years39.3% → 30.1%
!
Return on equity below 15%-11.1%
!
A profit in 7 of 10 years

Net margin, FY2016 to FY2025: 48.9% → -8.5%

Balance sheet

1 of 4

!
Interest covered less than 5 timesOperating income is -1.1× interest expense
!
Debt larger than equityDebt / equity 1.45 on the latest balance sheet (peer median 0.66)
✓
Current assets cover current liabilitiesCurrent ratio 1.79
!
Net debt over 3 years of free cash flow$7.5B net debt, 6.6 years

Debt / equity at each year end, FY2016 to FY2025: 0.34 → 1.54

What the debt is made of ↓

Cash and shareholders

2 of 3

✓
Free cash flow positive in every one of 10 years$332.0M last year
✓
Share count down over 5 years−0.8%
!
Dividend per share not up over 5 years$0.95 → $0.52

Free cash flow, FY2016 to FY2025: 935.0M → 332.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$9.5B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 11.2B Net income -957.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

BAX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue11.2B

Net income-957.0M

Free cash flow332.0M

EPS (diluted)-1.87

Dividend per share0.52

Diluted shares513.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Medical Products And Therapies	5.3B	47.1%	+1.8%
Healthcare Systems And Technologies	3.1B	27.3%	+4.1%
Pharmaceuticals	2.5B	22.2%	+3.4%

10-K 0001628280-26-007733, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	6.1B	54.4%	+4.6%
Non-US	5.1B	45.6%	+7.0%
Rest of world	3.7B	33.2%	+8.5%
Emerging markets	1.4B	12.4%	+3.3%

10-K 0001628280-26-007733, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.2B	10.6B	11.1B	11.4B	11.7B	12.1B	10.1B	10.4B	10.6B	11.2B
Cost of revenue	6.0B	6.1B	6.3B	6.6B	7.1B	7.4B	6.5B	6.2B	6.7B	7.9B
Gross profit	4.1B	4.5B	4.8B	4.8B	4.6B	4.7B	3.5B	4.2B	4.0B	3.4B
R&D	646.0M	615.0M	654.0M	595.0M	521.0M	531.0M	450.0M	518.0M	590.0M	518.0M
SG&A	2.7B	2.6B	2.6B	2.5B	2.5B	2.8B	3.1B	3.0B	3.0B	2.9B
Operating income	745.0M	1.3B	1.6B	1.8B	1.6B	1.4B	-2.8B	707.0M	14.0M	-308.0M
Interest expense	89.0M	85.0M	93.0M	111.0M	153.0M	207.0M	413.0M	508.0M	408.0M	290.0M
Pretax income	5.0B	1.1B	1.6B	970.0M	1.3B	1.1B	-3.2B	242.0M	-289.0M	-505.0M
Income tax	-12.0M	491.0M	65.0M	-41.0M	182.0M	83.0M	-135.0M	61.0M	37.0M	395.0M
Net income	5.0B	602.0M	1.5B	1.0B	1.1B	1.3B	-2.4B	2.7B	-649.0M	-957.0M
EPS (diluted)	9.01	1.08	2.83	1.93	2.13	2.53	-4.83	5.23	-1.27	-1.87
Diluted shares	551.0M	555.0M	546.0M	519.0M	517.0M	508.0M	504.0M	508.0M	510.0M	513.0M
Depreciation & amortization	800.0M	750.0M	771.0M	789.0M	823.0M	867.0M	1.1B	984.0M	997.0M	981.0M
EBITDA	1.5B	2.0B	2.4B	2.6B	2.4B	2.2B	-1.8B	1.7B	1.0B	673.0M
Gross margin	40.5%	42.3%	42.9%	41.9%	39.3%	38.9%	35.3%	40.1%	37.5%	30.1%
Operating margin	7.3%	12.2%	14.3%	15.6%	13.8%	11.1%	-28.3%	6.8%	0.1%	-2.7%
Net margin	48.9%	5.7%	13.9%	8.8%	9.4%	10.6%	-24.2%	25.6%	-6.1%	-8.5%
Revenue growth	-	+4.1%	+4.9%	+2.4%	+2.7%	+4.1%	-17.2%	+3.0%	+2.7%	+5.7%
EPS growth	-	-88.0%	+162%	-31.8%	+10.4%	+18.8%	-291%	-	-124%	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.8B	3.4B	1.8B	3.3B	3.7B	3.0B	1.6B	3.1B	1.8B	2.0B
Receivables	-	-	1.8B	1.9B	2.0B	2.6B	2.6B	1.7B	1.7B	1.9B
Inventory	1.4B	1.5B	1.7B	1.7B	1.9B	2.5B	2.7B	1.9B	2.0B	2.2B
Current assets	6.6B	7.3B	6.0B	7.5B	8.4B	8.9B	8.0B	9.6B	8.9B	6.9B
Property & equipment	4.3B	4.6B	4.5B	4.5B	4.7B	5.2B	4.7B	2.9B	2.9B	2.9B
Goodwill	2.6B	3.1B	3.0B	3.0B	3.2B	9.8B	6.5B	5.8B	5.3B	4.9B
Total assets	15.5B	17.1B	15.7B	18.2B	20.0B	33.5B	28.3B	28.3B	25.8B	20.1B
Accounts payable	-	-	-	-	1.0B	1.2B	1.1B	881.0M	968.0M	999.0M
Current liabilities	2.7B	2.8B	2.8B	3.2B	3.3B	4.2B	4.7B	6.5B	6.5B	3.0B
Total debt	2.8B	3.5B	3.5B	5.3B	6.2B	18.1B	17.0B	13.9B	15.3B	9.4B
Total liabilities	-	8.0B	7.9B	10.3B	11.3B	24.4B	22.4B	19.8B	18.8B	14.0B
Shareholders' equity	8.3B	9.1B	7.8B	7.9B	8.7B	9.1B	5.8B	8.4B	7.0B	6.1B
Retained earnings	14.2B	14.5B	15.1B	15.7B	16.3B	17.1B	14.1B	16.1B	14.9B	13.7B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.7B	1.7B	2.0B	2.1B	1.9B	2.2B	1.2B	1.7B	1.0B	845.0M
Capital spending	719.0M	616.0M	659.0M	696.0M	709.0M	691.0M	377.0M	432.0M	446.0M	513.0M
Free cash flow	935.0M	1.1B	1.4B	1.4B	1.2B	1.5B	834.0M	1.3B	573.0M	332.0M
Stock-based pay (added back)	115.0M	107.0M	115.0M	122.0M	130.0M	146.0M	140.0M	115.0M	114.0M	117.0M
Dividends paid	268.0M	315.0M	376.0M	423.0M	473.0M	530.0M	573.0M	586.0M	590.0M	348.0M
Buybacks	292.0M	564.0M	2.5B	1.3B	500.0M	600.0M	32.0M	0	0	-
Acquisitions	48.0M	686.0M	268.0M	418.0M	494.0M	10.5B	258.0M	4.0M	14.0M	9.0M
Debt raised	1.6B	665.0M	0	1.7B	1.9B	11.9B	0	0	0	2.0B
Debt repaid	1.4B	1.0M	0	0	1.2B	2.8B	954.0M	2.6B	2.7B	5.5B
Investing cash flow	-715.0M	-1.3B	-916.0M	-1.1B	-1.2B	-11.2B	-931.0M	3.2B	-626.0M	2.8B
Financing cash flow	-324.0M	93.0M	-2.6B	498.0M	-345.0M	8.2B	-1.4B	-3.5B	-1.1B	-4.2B
Dividend per share	0.51	0.61	0.73	0.85	0.95	1.08	1.15	1.16	1.04	0.52

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	115.0M	107.0M	115.0M	122.0M	130.0M	146.0M	140.0M	115.0M	114.0M	117.0M
Stock-based pay / revenue	1.1%	1.0%	1.0%	1.1%	1.1%	1.2%	1.4%	1.1%	1.1%	1.0%
Operating lease cost	-	-	-	121.0M	115.0M	112.0M	93.0M	94.0M	89.0M	88.0M
Operating lease cash paid	-	-	-	119.0M	127.0M	123.0M	108.0M	115.0M	100.0M	102.0M
Finance lease principal paid	-	-	-	4.0M	4.0M	4.0M	1.0M	1.0M	2.0M	1.0M
Right-of-use assets	-	-	-	608.0M	603.0M	630.0M	541.0M	336.0M	306.0M	276.0M
Operating lease liabilities	-	-	-	611.0M	612.0M	650.0M	567.0M	357.0M	323.0M	304.0M
Finance lease liabilities	-	-	-	54.0M	65.0M	70.0M	64.0M	27.0M	21.0M	23.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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