Baxter International Inc (BAX) Financial Statements
Industry: Surgical & Medical Instruments & Apparatus
In fiscal 2025, Baxter International reported revenue of $11.24B, up 5.7% from $10.64B the year before. Net income was -$957.0M (a -8.5% net margin), or -$1.87 per diluted share. Gross margin was 30.1% and operating margin was -2.7%. Operating activities generated $845.0M of cash, leaving $332.0M of free cash flow. At fiscal year end, Baxter International held $20.05B in total assets against $13.95B in total liabilities, including $1.97B of cash and equivalents.
Open the full interactive Baxter International financials → Quarterly statements, key ratios, valuation history and price charts.
Baxter International Key Stats
| Share Price | $24.89 |
|---|---|
| Market Cap | $12.89B |
| Revenue YoY Growth | +5.7% |
| 52-Week Range | $15.79 – $28.34 |
| Shares Outstanding | 517.0 million (basic, 2026 Q2) |
Baxter International Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $11.67B | $12.78B | $15.11B | $14.81B | $10.64B | $11.24B |
| Cost of Goods Sold | $7.09B | $7.68B | $9.72B | $9.84B | $6.65B | $7.87B |
| Gross Profit | $4.59B | $5.11B | $5.40B | $4.97B | $3.98B | $3.38B |
| Operating Income | $1.62B | $1.71B | -$1.94B | $390.0M | $14.0M | -$308.0M |
| Pre-Tax Income | $1.29B | $1.48B | -$2.35B | -$103.0M | -$289.0M | -$505.0M |
| Income Tax | $182.0M | $182.0M | $68.0M | -$34.0M | $37.0M | $395.0M |
| Net Income | $1.10B | $1.28B | -$2.43B | $2.66B | -$649.0M | -$957.0M |
| Diluted EPS | $2.13 | $2.53 | -$4.83 | $5.25 | -$1.27 | -$1.87 |
Baxter International Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $2.83B | $2.97B | $2.70B | $2.96B |
| Net Income | -$46.0M | -$1.13B | -$15.0M | $126.0M |
| Diluted EPS | -$0.09 | -$2.20 | -$0.03 | $0.24 |
Baxter International Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.73B | $2.95B | $1.72B | $3.19B | $1.76B | $1.97B |
| Current Assets | $8.41B | $8.87B | $8.01B | $9.60B | $8.85B | $6.87B |
| Total Assets | $20.02B | $33.52B | $28.29B | $28.28B | $25.78B | $20.05B |
| Current Liabilities | $3.33B | $4.24B | $4.75B | $6.50B | $6.51B | $2.97B |
| Total Long-Term Debt | $6.19B | $17.36B | $16.34B | $13.80B | $11.00B | $9.47B |
| Total Liabilities | $11.29B | $24.40B | $22.39B | $19.81B | $18.76B | $13.95B |
| Shareholders' Equity | $8.69B | $9.08B | $5.83B | $8.40B | $6.96B | $6.13B |
Baxter International Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.87B | $2.22B | $1.21B | $1.73B | $1.02B | $845.0M |
| Cash From Investing | -$1.18B | -$11.20B | -$931.0M | $3.21B | -$626.0M | $2.84B |
| Cash From Financing | -$345.0M | $8.24B | -$1.44B | -$3.49B | -$1.08B | -$4.22B |
| Free Cash Flow | $1.16B | $1.48B | $532.0M | $1.03B | $573.0M | $332.0M |
Figures from Baxter International's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Baxter International financials page for every line item.
Baxter International Company Profile
| Ticker | BAX |
|---|---|
| Exchange | NYSE |
| Industry | Surgical & Medical Instruments & Apparatus |
| Headquarters | Deerfield, Illinois |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000010456 |
Frequently Asked Questions
What was Baxter International's revenue in fiscal 2025?
Baxter International (BAX) reported revenue of $11.24B for fiscal 2025.
What is Baxter International's annual revenue history?
Baxter International's annual revenue by fiscal year: 2020: $11.67B; 2021: $12.78B; 2022: $15.11B; 2023: $14.81B; 2024: $10.64B; 2025: $11.24B.
What was Baxter International's net income in fiscal 2025?
Baxter International reported net income of -$957.0M for fiscal 2025.
What was Baxter International's earnings per share (EPS) in fiscal 2025?
Baxter International's diluted EPS was -$1.87 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Baxter International generate in fiscal 2025?
Baxter International generated $332.0M of free cash flow in fiscal 2025.
What was Baxter International's revenue last quarter?
In its most recent reported quarter (2026 Q2), Baxter International reported revenue of $2.96B.
How much debt does Baxter International have?
Baxter International reported $9.47B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Baxter International are outstanding?
Baxter International reported a weighted average of 517.0 million basic shares outstanding in 2026 Q2.
What is Baxter International's market cap?
Based on its latest closing price, Baxter International (BAX) has a market capitalization of about $12.89B.
When does Baxter International's fiscal year end?
Baxter International's fiscal year end, as registered with the SEC, is December 31.
Where is Baxter International headquartered?
Baxter International lists its business address in Deerfield, Illinois in its SEC filings.