BAXTER INTERNATIONAL INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BAXTER INTERNATIONAL INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,163	10,584	11,099	11,362	11,673	12,146	10,057	10,360	10,636	11,244
Cost of revenue	6,047	6,110	6,340	6,601	7,086	7,426	6,508	6,210	6,652	7,865
Gross profit	4,116	4,474	4,759	4,761	4,587	4,720	3,549	4,150	3,984	3,379
Research and development	646	615	654	595	521	531	450	518	590	518
Selling, general and administrative	2,725	2,627	2,620	2,535	2,469	2,845	3,097	2,953	2,967	2,890
Operating income	745	1,288	1,584	1,772	1,616	1,350	-2,845	707	14	-308
Interest expense	89	85	93	111	153	207	413	508	408	290
Interest income	23	30	48	40	19	14	19	69	67	52
Other non-operating income	4,275	-133	78	-731	-190	-41	-9	-26	38	41
Pre-tax income	4,954	1,100	1,617	970	1,292	1,116	-3,248	242	-289	-505
Income tax	-12	491	65	-41	182	83	-135	61	37	395
Income from continuing operations	4,966	609	1,552	1,001	1,102	1,022	-3,114	181	-326	-900
Net income to minority interests		0	0	10	8	11	12	7	11	0
Net income	4,965	602	1,546	1,001	1,102	1,284	-2,433	2,656	-649	-957
EBITDA	1,545	2,038	2,355	2,561	2,439	2,217	-1,773	1,691	1,011	673
EPS, basic	7.61	1.11	2.90	1.97	2.17	2.56	-4.83	5.25	-1.27	-1.87
EPS, diluted	7.54	1.08	2.83	1.93	2.13	2.53	-4.83	5.23	-1.27	-1.87
Shares, basic (weighted)	652	543	534	509	509	502	504	506	510	513
Shares, diluted (weighted)	658	555	546	519	517	508	504	508	510	513
Dividend per share	0.43	0.61	0.73	0.85	0.96	1.09	1.15	1.16	1.04	0.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,801	3,394	1,838	3,335	3,730	2,951	1,621	3,078	1,764	1,966
Receivables			1,840	1,896	2,007	2,629	2,571	1,719	1,679	1,861
Inventory	1,430	1,475	1,667	1,653	1,916	2,453	2,679	1,918	2,046	2,232
Other current assets	341	368	404	315	342	390	368	145	205	341
Total current assets	6,574	7,263	5,959	7,503	8,411	8,872	8,011	9,600	8,853	6,872
Property, plant and equipment	4,289	4,588	4,530	4,512	4,722	5,178	4,695	2,871	2,870	2,910
Lease right-of-use assets				608	603	630	541	336	306	276
Goodwill	2,595	3,102	3,002	3,030	3,217	9,836	6,452	5,793	5,275	4,929
Intangible assets	1,111	1,374	1,410	1,471	1,671	7,792	6,793	5,918	5,223	4,369
Other non-current assets	977	787	819	1,069	1,395	1,213	1,109	809	755	699
Total assets	15,546	17,111	15,720	18,193	20,019	33,521	28,287	28,276	25,782	20,055
Accounts payable	791	920	998	892	1,043	1,246	1,110	881	968	999
Accrued liabilities	542	548	486	456	1,884	2,479	2,170	1,915	1,861	1,968
Deferred revenue					32	162	154	128	131	141
Short-term debt	3	3	2	315	406	210	1,105	2,667	626	2
Total current liabilities	2,744	2,821	2,814	3,230	3,333	4,236	4,745	6,503	6,511	2,970
Long-term debt	2,779	3,509	3,481	4,809	5,786	17,149	15,232	11,089	10,374	9,473
Lease liabilities				510	501	522	447	265	243	223
Other non-current liabilities	1,743	1,665	1,559	1,732	1,673	2,493	1,848	1,400	1,076	1,287
Total liabilities	7,325	7,995	7,854	10,281	11,293	24,400	22,392	19,808	18,758	13,953
Total debt	2,782	3,512	3,483	5,124	6,233	17,754	16,702	13,855	13,180	9,438
Paid-in capital	5,958	5,940	5,898	5,955	6,043	6,197	6,322	6,389	6,421	6,368
Retained earnings	14,200	14,483	15,075	15,718	16,328	17,065	14,050	16,114	14,929	13,705
Treasury stock	-7,995	-7,981	-9,989	-10,764	-11,051	-11,488	-11,389	-11,230	-11,059	-10,873
Other comprehensive income	-4,556	-4,001	-3,823	-3,710	-3,314	-3,380	-3,833	-3,554	-4,010	-3,754
Shareholders' equity	8,290	9,124	7,844	7,882	8,689	9,077	5,833	8,402	6,964	6,129
Minority interests	-10	-8	22	30	37	44	62	66	60	-27
Total equity	8,221	9,109	7,866	7,912	8,726	9,121	5,895	8,468	7,024	6,102
Total liabilities and equity	15,546	17,111	15,720	18,193	20,019	33,521	28,287	28,276	25,782	20,055

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,965	602	1,546	1,011	1,110	1,295	-2,421	2,663	-638	-957
Depreciation and amortization	800	750	771	789	823	867	1,072	984	997	981
Stock-based compensation	115	107	115	122	130	146	140	115	114	117
Deferred income tax	-301	211	-263	-310	-88	-161	-260	-256	-262	77
Change in receivables	15	30	-12	-52	-119	-170	-48	-38	-35	-132
Change in inventory	80	76	-197	4	-162	-27	-198	-128	-201	-119
Change in payables	-197	11	60	-23	57	105	-67	92	112	3
Cash from operations	1,654	1,714	2,017	2,104	1,868	2,222	1,211	1,726	1,019	845
Capital expenditures	-719	-616	-659	-696	-709	-691	-377	-432	-446	-513
Acquisitions	-48	-686	-268	-418	-494	-10,502	-258	-4	-14	-9
Sales and maturities of investments							0	0	34	0
Cash from investing	-715	-1,292	-916	-1,100	-1,179	-11,200	-931	3,213	-626	2,841
Debt issued	1,641	665	0	1,661	1,885	11,903	0	0	0	1,998
Debt repaid	-1,381	-1	0	0	-1,181	-2,823	-954	-2,634	-2,657	-5,489
Share buybacks	-292	-564	-2,452	-1,270	-500	-600	-32	0	0
Dividends paid	-268	-315	-376	-423	-473	-530	-573	-586	-590	-348
Cash from financing	-324	93	-2,603	498	-345	8,245	-1,438	-3,489	-1,081	-4,216
Exchange rate effect	-27	102	-63	-5	57	-47	-76	26
Net change in cash	588	617	-1,565	1,497	401	-780	-1,234	1,476	-784	-446
Free cash flow	935	1,098	1,358	1,408	1,159	1,531	834	1,294	573	332
Interest paid	99	80	94	103	137	145	355	484	401	303
Income taxes paid	500	255	301	294	249	182	168	174	223	222

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.1%	Gross profit / revenue.
Operating margin	-2.4%	Operating income / revenue.
EBITDA margin	3.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.2%	Pre-tax income / revenue.
Net margin	-9.3%	Net income / revenue.
Operating cash flow margin	11.5%	Cash from operations / revenue.
Return on equity (ROE)	-17.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.4%	Net income / average total assets.
Return on invested capital (ROIC)	-4.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.5%	Research and development expense / revenue.
SG&A / revenue	25.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	5.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-15.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-5.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2,300.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-33.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-22.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-17.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-14.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-42.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-26.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-22.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-50.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-23.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-11.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-12.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-22.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.95x	Current assets / current liabilities.
Quick ratio	1.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.3%	Total debt / total assets.
Liabilities / assets	68.8%	Total liabilities / total assets.
Net debt	-$1.31B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.37x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$3.40B	Current assets - current liabilities.
Goodwill and intangibles / assets	45.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.75B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	3.94x	Revenue / average property, plant and equipment.
Inventory turnover	3.55x	Cost of revenue / average inventory.
Days inventory	103 days	365 x average inventory / cost of revenue.
Receivables turnover	6.18x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	115 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.14	Revenue / diluted weighted shares.
Operating cash flow per share	$2.55	Cash from operations / diluted weighted shares.
Book value per share	$11.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$5.31	Tangible book value / shares outstanding.
Cash per share	$4.15	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$12.08B	Share price x shares outstanding.
Enterprise value	$10.78B	Market cap + total debt - cash - short-term investments.
P/S	1.05x	Market cap / revenue.
P/B	1.95x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	9.16x	Market cap / cash from operations, when positive.
EV/Sales	0.94x	Enterprise value / revenue.
EV/EBITDA	27.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-8.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.

What was BAXTER INTERNATIONAL INC's revenue in fiscal 2025?

BAXTER INTERNATIONAL INC reported revenue of $11.24B for fiscal 2025, 5.7% higher than the year before.

Was BAXTER INTERNATIONAL INC profitable in fiscal 2025?

No. It reported a net loss of $957.0M.

How much free cash flow did BAXTER INTERNATIONAL INC generate in fiscal 2025?

Cash from operations of $845.0M minus capital expenditures of $513.0M left free cash flow of $332.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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