BAXBaxter International

Health care · Medical Instruments · NYSE

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

What the 10-K filed 2026-02-12 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-21.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

2 new

Parts or manufacturing that depend on one or a few suppliers.

New “In certain instances, we use a single source or supplier or there is only a sole source or supplier.”
Read it in the 10-K ↗

“Our reliance on sole source suppliers may also lead to increased costs.”
Read it in the 10-K ↗

New “Sole source supplier relationships may limit our ability to respond to these tariffs with alternative or lower cost raw materials or component parts.”
Read it in the 10-K ↗

Lawsuits and legal claims

1 new

Pending cases, settlements and what the company has set aside for them.

“In March 2020, two lawsuits were filed against us in the Northern District of Illinois by plaintiffs alleging injuries as a result of exposure to ethylene oxide used in our manufacturing facility in Mountain Home, Arkansas to sterilize certain of our products.”
Read it in the 10-K ↗

“The plaintiffs sought damages, including compensatory and punitive damages in an unspecified amount, and unspecified injunctive and declaratory relief.”
Read it in the 10-K ↗

“The parties reached an agreement to settle these lawsuits in the third quarter of 2021 for amounts that were not material to our financial results, which were paid in the fourth quarter of 2021.”
Read it in the 10-K ↗

“We have since resolved, without litigation, additional claims of injuries from exposure to ethylene oxide at Mountain Home for amounts within accruals previously established as of December 31, 2021.”
Read it in the 10-K ↗

New “In the second quarter of 2025, plaintiffs voluntarily dismissed Baxter from 30 of the filed cases, which dismissal was granted by the court, and have filed additional complaints.”
Read it in the 10-K ↗

Guarantees and indemnities

3 new

Promises to pay someone else's debts or losses if they cannot.

New “We recently decreased our quarterly dividend to $0.01 per share and cannot guarantee that we will increase the amount of dividends we pay, or that we will not cease paying dividends;”
Read it in the 10-K ↗

New “The net indemnification liability as of December 31, 2025 was $53 million.”
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New “As of December 31, 2025, the total amount of Kidney Care business guarantees retained by us was approximately $35 million.”
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“The majority of these indemnities, commitments and guarantees do not provide for any limitation on the maximum potential for future payments that we could be obligated to make.”
Read it in the 10-K ↗

Debt covenants

1 new

Conditions in loan agreements that, if broken, can make debt due early.

New “The Multicurrency Revolver contains various covenants, including a maximum net leverage ratio (which ratio was most recently increased for the four fiscal quarters ending December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026 pursuant to a November 2025 amendment).”
Read it in the 10-K ↗

“As of December 31, 2025, we were in compliance with the financial covenants in the Multicurrency Revolver.”
Read it in the 10-K ↗

“The Term Loan Facility, which has now been terminated, contained various covenants, including a maximum net leverage ratio.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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.