Baxter International (BAX) financial statements
- FY2025 revenue
- $11.2B▲ +5.7%
- FY2025 net income
- −$957M
- FY2025 diluted EPS
- −$1.87
- FY2025 free cash flow
- $332M▼ −42.1%
Baxter International income statement
| USD millions | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Period ended | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 |
| Revenue | 11,244 | 10,636 | 10,360 |
| Gross profit | 3,379 | 3,984 | 4,150 |
| Operating income | -308 | 14 | 707 |
| Pretax income | -505 | -289 | 242 |
| Net income | -957 | -649 | 2,656 |
| Diluted earnings per share | -1.87 | -1.27 | 5.23 |
Baxter International balance sheet
| USD millions | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Period ended | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 |
| Cash and cash equivalents | 1,966 | 1,764 | 3,078 |
| Total assets | 20,055 | 25,782 | 28,276 |
| Total liabilities | 13,953 | 18,758 | 19,808 |
| Total equity | 6,102 | 7,024 | 8,468 |
| Long-term debt | 9,473 | 10,374 | 11,089 |
Baxter International cash flow statement
| USD millions | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Period ended | 31 Dec 2025 | 31 Dec 2024 | 31 Dec 2023 |
| Operating cash flow | 845 | 1,019 | 1,726 |
| Capital expenditure | -513 | -446 | -432 |
| Free cash flow (derived) | 332 | 573 | 1,294 |
| Dividends paid | -348 | -590 | -586 |
| Share repurchases | n/a | 0 | 0 |
Quarterly highlights
| USD millions | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 |
|---|---|---|---|---|
| Period ended | 30 Sep 2026 | 30 Jun 2026 | 31 Mar 2026 | 31 Dec 2025 |
| Revenue (derived) | 2,976 | 2,960 | 2,701 | 2,974 |
| Operating income (derived) | 225 | 217 | 66 | -729 |
| Net income (derived) | 294 | 126 | -15 | -1,128 |
| Diluted earnings per share | 0.57 | 0.24 | -0.03 | n/a |
| Operating cash flow (derived) | 558 | 285 | 213 | 584 |
| Total assets | 19,414 | 19,791 | 19,846 | 20,055 |
Baxter International major shareholders
| Holder | Share of class | Shares | Filed |
|---|---|---|---|
| PZENA INVESTMENT MANAGEMENT LLC | 12.7% | 65,347,621 | 21 April 2026 |
| Dodge & Cox | 11.2% | 57,396,370 | 13 November 2025 |
| Abigail P. Johnson | 10.3% | 52,972,914 | 5 June 2026 |
| FMR LLC | 10.3% | 52,972,914 | 5 June 2026 |
| Vanguard Capital Management | 7.4% | 38,033,907 | 29 April 2026 |
Baxter International 10-K and SEC filings
| Filed | Form | Type | Description |
|---|---|---|---|
| 29 October 2026 | 10-Q | Quarterly report | Quarterly report |
| 29 October 2026 | 8-K | Current report | Current report |
| 19 August 2026 | 8-K | Current report | Current report |
| 18 August 2026 | 8-K | Current report | Current report |
| 4 August 2026 | 8-K | Current report | Current report |
| 4 August 2026 | 8-K | Current report | Current report |
| 30 July 2026 | 10-Q | Quarterly report | Quarterly report |
| 30 July 2026 | 8-K | Current report | Current report |
Common questions
What was Baxter International's revenue in fiscal 2025?
Baxter International reported $11.2 billion in revenue for fiscal 2025, the year ended 31 December 2025, up 5.7% from fiscal 2024.
What was Baxter International's net income in fiscal 2025?
Baxter International reported a net loss of $957 million for fiscal 2025, the year ended 31 December 2025. Diluted earnings per share were −$1.87.
What was Baxter International's free cash flow in fiscal 2025?
Baxter International had $332 million in free cash flow in fiscal 2025. Operating cash flow was $845 million and capital expenditure was $513 million.
What were Baxter International's total assets at the end of fiscal 2025?
Baxter International reported total assets of $20.1 billion at the end of fiscal 2025, the year ended 31 December 2025.
How much Baxter International history does each plan include?
Free covers the last 3 fiscal years of annual figures. Basic covers the last 10 fiscal years, annual and quarterly. Pro covers the full history, with first reported values and as of dates.
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