Baxter International (BAX) financial statements
Baxter International reported revenue of $11.2B in fiscal 2025, up 1.1% a year over 9 years.
Net income was -$957M and the operating margin -2.7%, against 7.3% in 2016.
Free cash flow was $332M, and the company returned $348M in dividends.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Baxter International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Research and development | $646M | $615M | $654M | $595M | $521M | $531M | $450M | $518M | $590M | $518M |
| Selling, general and admin | $2.7B | $2.6B | $2.6B | $2.5B | $2.5B | $2.8B | $3.1B | $3.0B | $3.0B | $2.9B |
| Operating income | $745M | $1.3B | $1.6B | $1.8B | $1.6B | $1.4B | -$2.8B | $707M | $14M | -$308M |
| Interest expense | $89M | $85M | $93M | $111M | $153M | $207M | $413M | $508M | $408M | $290M |
| Pre-tax income | $5.0B | $1.1B | $1.6B | $970M | $1.3B | $1.1B | -$3.2B | $242M | -$289M | -$505M |
| Income tax | -$12M | $491M | $65M | -$41M | $182M | $83M | -$135M | $61M | $37M | $395M |
| Net income | $5.0B | $602M | $1.5B | $1.0B | $1.1B | $1.3B | -$2.4B | $2.7B | -$649M | -$957M |
| EPS (diluted) | $9.01 | $1.08 | $2.83 | $1.93 | $2.13 | $2.53 | -$4.83 | $5.23 | -$1.27 | -$1.87 |
| Diluted shares | 551M | 555M | 546M | 519M | 517M | 508M | 504M | 508M | 510M | 513M |
| 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% |
Balance sheet
Fiscal years, from Baxter International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $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 |
| Total current assets | $6.6B | $7.3B | $6.0B | $7.5B | $8.4B | $8.9B | $8.0B | $9.6B | $8.9B | $6.9B |
| Property, plant and 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 |
| Total current liabilities | $2.7B | $2.8B | $2.8B | $3.2B | $3.3B | $4.2B | $4.7B | $6.5B | $6.5B | $3.0B |
| Long-term debt | $2.8B | $3.5B | $3.5B | $4.8B | $5.8B | $17.1B | $15.2B | $11.1B | $10.4B | $9.5B |
| Total liabilities | $7.3B | $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 |
| Net debt | -$22M | $115M | $1.6B | $1.5B | $2.1B | $14.2B | $13.6B | $8.0B | $8.6B | $7.5B |
Cash flow
Fiscal years, from Baxter International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.7B | $2.0B | $2.1B | $1.9B | $2.2B | $1.2B | $1.7B | $1.0B | $845M |
| Capital spending | $719M | $616M | $659M | $696M | $709M | $691M | $377M | $432M | $446M | $513M |
| Free cash flow | $935M | $1.1B | $1.4B | $1.4B | $1.2B | $1.5B | $834M | $1.3B | $573M | $332M |
| Stock-based compensation | $115M | $107M | $115M | $122M | $130M | $146M | $140M | $115M | $114M | $117M |
| Dividends paid | $268M | $315M | $376M | $423M | $473M | $530M | $573M | $586M | $590M | $348M |
| Share buybacks (net) | -$292M | -$564M | -$2.5B | -$1.3B | -$500M | -$600M | -$32M | $0 | $0 | — |
| Net borrowing | $260M | $664M | $0 | $1.7B | $704M | $9.1B | -$954M | -$2.6B | -$2.7B | -$3.5B |
| Free cash flow margin | 9.2% | 10.4% | 12.2% | 12.4% | 9.9% | 12.6% | 8.3% | 12.5% | 5.4% | 3.0% |
| Dividends per share | $0.49 | $0.57 | $0.69 | $0.82 | $0.91 | $1.04 | $1.14 | $1.15 | $1.16 | $0.68 |
Questions
What was Baxter International's revenue in 2025?
$11.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Baxter International generate?
$332M in fiscal 2025 (operating cash flow minus capital spending).
From Baxter International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.