B 
Baxter International BAX · USD
Health Care · Health Care Equipment & Supplies · US listing · 🇺🇸 United States
S&P 500
26.41
+2.40%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$11.24bn
FY2016FY2025
Net income
−$957.0m
FY2016FY2025
Free cash flow
$323.0m
FY2016FY2025
Shareholders' equity
$6.13bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.24bn | $10.64bn | $10.36bn | $10.06bn | $12.15bn | $11.67bn | $11.36bn | $11.10bn | $10.58bn | $10.16bn |
| Gross profit | $3.38bn | $3.98bn | $4.15bn | $3.55bn | $4.72bn | $4.59bn | $4.76bn | $4.76bn | $4.47bn | $4.12bn |
| Research and development | $518.0m | $590.0m | $518.0m | $450.0m | $531.0m | $521.0m | $595.0m | $654.0m | $615.0m | $646.0m |
| Operating income | −$267.0m | $14.0m | $707.0m | −$2.83bn | $1.35bn | $1.62bn | $1.08bn | $1.71bn | $1.29bn | $745.0m |
| Net income | −$957.0m | −$649.0m | $2.66bn | −$2.43bn | $1.28bn | $1.10bn | $1.00bn | $1.55bn | $602.0m | $4.96bn |
| Diluted earnings per share | -1.86 | -1.27 | 5.24 | -4.80 | 2.53 | 2.14 | 1.94 | 2.87 | 1.08 | 9.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $20.05bn | $25.78bn | $28.28bn | $28.29bn | $33.52bn | $20.02bn | $18.19bn | $15.72bn | $17.11bn | $15.55bn |
| Cash and short-term investments | $1.97bn | $1.76bn | $3.08bn | $1.72bn | $2.95bn | $3.73bn | $3.33bn | $1.84bn | $3.39bn | $2.80bn |
| Total liabilities | $13.95bn | $18.76bn | $19.81bn | $22.39bn | $24.40bn | $11.29bn | $10.28bn | $7.85bn | $8.00bn | $7.27bn |
| Debt | $9.56bn | $13.13bn | $13.80bn | $16.64bn | $17.66bn | $6.19bn | $5.35bn | $3.48bn | $3.51bn | $2.78bn |
| Shareholders' equity | $6.13bn | $6.96bn | $8.40bn | $5.83bn | $9.08bn | $8.69bn | $7.88bn | $7.84bn | $9.12bn | $8.29bn |
| Shares outstanding | 514m | 510m | 507m | 507m | 507m | 516m | 516m | 538m | 556m | 551m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $845.0m | $1.02bn | $1.73bn | $1.21bn | $2.22bn | $1.87bn | $2.10bn | $2.02bn | $1.71bn | $1.65bn |
| Capital spending | −$522.0m | −$460.0m | −$436.0m | −$679.0m | −$743.0m | −$709.0m | −$696.0m | −$659.0m | −$616.0m | −$719.0m |
| Free cash flow | $323.0m | $559.0m | $1.29bn | $532.0m | $1.48bn | $1.16bn | $1.41bn | $1.36bn | $1.10bn | $935.0m |
| Dividends paid | −$348.0m | −$590.0m | −$586.0m | −$573.0m | −$530.0m | −$473.0m | −$423.0m | −$376.0m | −$315.0m | −$268.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.96bn | $2.70bn | $2.97bn | $2.83bn | $2.81bn | $2.63bn | $2.75bn | $2.70bn |
| Gross profit | $1.03bn | $891.0m | $577.0m | $950.0m | $991.0m | $861.0m | $959.0m | $1.03bn |
| Operating income | $217.0m | $66.0m | −$687.0m | $172.0m | $191.0m | $58.0m | −$431.0m | $156.0m |
| Net income | $126.0m | −$15.0m | −$1.13bn | −$46.0m | $91.0m | $126.0m | −$512.0m | $140.0m |
| Diluted earnings per share | 0.24 | -0.03 | -2.19 | -0.09 | 0.18 | 0.25 | -1.00 | 0.27 |
| Cash from operations | $285.0m | $213.0m | $584.0m | $237.0m | $217.0m | −$193.0m | $488.0m | $253.0m |
| Capital spending | −$253.0m | −$137.0m | −$140.0m | −$111.0m | −$149.0m | −$122.0m | −$137.0m | −$24.0m |
| Free cash flow | $32.0m | $76.0m | $444.0m | $126.0m | $68.0m | −$315.0m | $351.0m | $229.0m |
| Total assets | $19.79bn | $19.85bn | $20.05bn | $21.07bn | $21.05bn | $21.30bn | $25.78bn | $26.68bn |
| Cash and short-term investments | $2.15bn | $2.02bn | $1.97bn | $1.73bn | $1.69bn | $2.29bn | $1.76bn | $1.42bn |
| Debt | $9.46bn | $9.46bn | $9.55bn | $9.50bn | $9.50bn | $10.07bn | $13.21bn | $12.94bn |
| Shareholders' equity | $6.21bn | $6.04bn | $6.13bn | $7.24bn | $7.32bn | $7.08bn | $6.96bn | $7.87bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 30.1% | 37.5% | 40.1% | 35.3% | 38.9% | 39.3% |
| Operating margin | -2.4% | 0.1% | 6.8% | -28.2% | 11.1% | 13.8% |
| Net margin | -8.5% | -6.1% | 25.6% | -24.2% | 10.6% | 9.4% |
| Return on equity | -15.6% | -9.3% | 31.6% | -41.7% | 14.1% | 12.7% |
| Return on assets | -4.8% | -2.5% | 9.4% | -8.6% | 3.8% | 5.5% |
| Free cash flow yield | 11.3% | 12.3% | 18.2% | 15.9% | 24.9% | 21.3% |
| Revenue growth | 5.7% | 2.7% | 3.0% | -17.2% | 4.1% | 2.7% |
| Earnings growth | 47.5% | -124.4% | -209.2% | -289.5% | 16.5% | 10.1% |
| Current ratio | 2.31x | 1.36x | 1.48x | 1.69x | 2.09x | 2.52x |
| Debt to equity | 1.56x | 1.90x | 1.65x | 2.87x | 1.95x | 0.73x |
| Equity ratio | 30.6% | 27.0% | 29.7% | 20.6% | 27.1% | 43.4% |
| Interest coverage | -0.92x | 0.03x | 1.39x | -6.86x | 6.52x | 10.56x |
| R&D as a share of sales | 4.6% | 5.5% | 5.0% | 4.5% | 4.4% | 4.5% |
| Buybacks as a share of market value | -0.8% | -0.6% | 0.0% | 0.0% | 1.7% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.8% | -0.7% | 1.2% |
| Operating income | -54.5% | — | — |
| Net income | -26.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 33.7% | 35.6% | 36.9% | 39.1% |
| Operating margin | -1.2% | -5.6% | 0.9% | 4.9% |
| Net margin | -7.3% | -3.3% | 1.5% | 8.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -10.3 | -22.9 | 7.4 | -10.6 | 33.9 | 37.6 | 43.1 | 22.9 | 59.7 | 4.9 |
| Price to sales | 0.9 | 1.4 | 1.9 | 2.6 | 3.6 | 3.5 | 3.8 | 3.2 | 3.4 | 2.4 |
Market value over time
30 Nov 2016 to 2 Oct 2026, in USD
$24.45bn$12.17bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -34% | -25% | -23% | -39% | 4% | -4% | 32% | -4% | 48% | 19% |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 28 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.52 | 1.04 | 1.16 | 1.15 | 1.085 | 0.955 | 0.85 |
- 2-for-1 split · 31 May 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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