Baxter International

Health Care Health Care Equipment Deerfield, Illinois Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$11.2B
                    3y CAGR +3.8%
                    
                    P43
                    
                    +5.7%
                    
                    Net income
                    FY2025
                
$-957.0M
                    Net margin -8.5%
                    
                    P6
                    
                    -47.5%
                    
                    Total assets
                    FY2025
                
$20.1B
                    ROA -4.8%
                    
                    P7
                    
                    -22.2%
                    
                    Operating cash flow
                    FY2025
                
$845.0M
                    FCF margin +3.0%
                    
                    P14
                    
                    -17.1%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 10 years

Total assets $20.1B

Total liabilities $14.0B

Shareholders equity $6.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	9.8%	6.8%	10.9%	6.1%	8.8%	18.6%	18.3%	11.7%	19.8%	18.0%
Accounts Receivable	9.3%	6.5%	6.1%	9.1%	7.8%	10.0%	10.4%	11.6%	10.5%	10.9%
Inventory	11.1%	7.9%	6.8%	9.5%	7.3%	9.6%	9.1%	10.6%	8.6%	9.2%
Prepaid Expenses	4.1%	2.9%	2.5%	3.0%	2.5%	3.8%	3.4%	4.0%	3.5%	3.9%
Other Current Assets	0.0%	10.1%	7.7%	0.7%	—	—	—	—	—	0.3%
Total Current Assets	34.3%	34.3%	34.0%	28.3%	26.5%	42.0%	41.2%	37.8%	42.4%	42.3%
Property,Plant and Equipment	14.5%	11.1%	10.2%	16.6%	15.4%	23.6%	24.8%	29.0%	26.8%	27.6%
Operating Lease Assets	1.4%	1.2%	1.2%	1.9%	1.9%	3.0%	3.3%	—	—	—
Goodwill	24.6%	20.5%	20.5%	22.8%	29.3%	16.1%	16.7%	18.9%	18.1%	16.7%
Intangible Assets	21.8%	20.3%	20.9%	24.0%	23.2%	8.3%	8.1%	8.9%	8.0%	7.1%
Other Noncurrent Assets	3.5%	12.6%	13.3%	6.3%	3.6%	7.0%	5.9%	5.3%	4.6%	6.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	5.0%	3.8%	3.1%	3.9%	3.7%	5.2%	14.8%	17.4%	16.0%	16.8%
Accrued Liabilities	9.8%	7.2%	6.8%	7.7%	7.4%	9.4%	—	0.7%	0.5%	0.8%
Current Portion of Long Term Debt	0.0%	10.7%	9.4%	5.0%	1.5%	2.0%	3.0%	0.0%	0.0%	0.0%
Other Current Liabilities	0.0%	3.6%	3.7%	0.2%	—	—	—	—	—	0.0%
Total Current Liabilities	14.8%	25.3%	23.0%	16.8%	12.6%	16.6%	17.8%	18.1%	16.5%	17.7%
Long Term Debt	47.2%	40.2%	39.2%	53.8%	51.2%	28.9%	26.4%	22.2%	20.5%	17.9%
Operating Lease Liabilities Noncurrent	1.1%	0.9%	0.9%	1.6%	1.6%	2.5%	2.8%	—	—	—
Other Noncurrent Liabilities	6.4%	6.3%	6.9%	7.0%	7.4%	8.4%	9.5%	9.7%	9.7%	11.2%
Total Liabilities	69.6%	72.8%	70.1%	79.2%	72.8%	56.4%	56.5%	50.0%	46.7%	—
Equity
Common Stock	3.4%	2.6%	2.4%	2.4%	2.0%	3.4%	3.8%	4.4%	4.0%	4.4%
Additional Paid In Capital	31.8%	24.9%	22.6%	22.3%	18.5%	30.2%	32.7%	37.7%	34.7%	38.3%
Retained Earnings	68.3%	57.9%	57.0%	49.7%	50.9%	81.6%	86.4%	99.9%	84.6%	91.3%
Treasury Stock	54.2%	42.9%	39.7%	40.3%	34.3%	55.2%	59.2%	63.9%	46.6%	51.4%
Accumulated Other Comprehensive Income	-18.7%	-15.6%	-12.6%	-13.6%	-10.1%	-16.6%	-20.4%	-28.3%	-23.4%	-29.3%
Total Stockholders Equity	30.6%	27.0%	29.7%	20.6%	27.1%	43.4%	43.3%	49.8%	53.3%	53.3%
Noncontrolling Interest	-0.1%	0.2%	0.2%	0.2%	0.1%	0.2%	0.2%	0.1%	-0.0%	-0.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 10 years

Revenue $11.2B

Operating income $-308.0M

Net income $-957.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	56.1%	41.3%	36.6%	35.6%	36.2%	58.3%	62.5%	71.1%	61.7%	65.4%
Expenses Cost of Revenue	39.2%	25.8%	22.0%	23.0%	22.2%	35.4%	36.3%	40.6%	35.6%	38.9%
Other Income Expense Gross Profit	16.8%	15.5%	14.7%	12.5%	14.1%	22.9%	26.2%	30.6%	26.1%	26.5%
Expenses Research and Development	2.6%	2.3%	1.8%	1.6%	1.6%	2.6%	3.3%	4.2%	3.6%	4.2%
Expenses Selling,General and Administrative	14.4%	11.5%	10.4%	10.9%	8.5%	12.3%	13.9%	16.7%	15.1%	17.5%
Expenses Restructuring and Asset Impairment	2.4%	1.6%	0.0%	9.9%	0.0%	0.0%	—	—	—	—
Expenses Other Operating Expenses	-1.0%	-0.0%	-0.1%	0.1%	-0.0%	-0.1%	-0.8%	-0.6%	—	—
Other Income Expense Operating Income	-1.5%	0.1%	2.5%	-10.1%	4.0%	8.1%	9.7%	10.2%	7.4%	4.8%
Other Income Expense Interest Expense	1.2%	1.3%	1.6%	1.4%	-0.6%	-0.7%	-0.4%	-0.3%	-0.3%	-0.4%
Other Income Expense Other Income/expense	0.2%	0.1%	-0.1%	-0.0%	-0.1%	-0.9%	-4.0%	0.9%	0.1%	27.5%
Other Income Expense Income Before Tax	-2.5%	-1.1%	0.9%	-11.5%	3.3%	6.5%	5.3%	10.8%	7.1%	31.9%
Income Tax Income Tax Expense	2.0%	0.1%	0.2%	-0.5%	0.2%	0.9%	-0.2%	0.4%	2.9%	-0.1%
net Income Other Items Below Tax	-0.3%	-1.3%	8.8%	2.4%	0.7%	-0.0%	-0.1%	-0.0%	-0.0%	-0.0%
net Income net Income	-4.8%	-2.5%	9.4%	-8.6%	3.8%	5.5%	5.5%	10.4%	4.2%	31.9%
net Income Comprehensive Income	-3.5%	-4.3%	10.4%	-10.2%	3.6%	7.5%	7.0%	8.1%	7.7%	—
Earnings Per Share Basic Eps	-0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	2.6%	2.0%	1.8%	1.8%	1.5%	2.6%	2.9%	3.5%	3.2%	3.5%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $845.0M

Investing cash flow $2.8B

Financing cash flow $-4.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	-4.8%	-2.5%	9.4%	-8.6%	3.9%	5.5%	5.6%	9.9%	3.6%	31.9%
Operating Activities Depreciation and Amortization	4.9%	3.9%	3.5%	3.8%	2.6%	4.1%	4.3%	4.9%	4.4%	—
Operating Activities Stock Based Compensation	0.6%	0.4%	0.4%	0.5%	0.4%	0.6%	0.7%	0.7%	0.6%	0.7%
Operating Activities Deferred Income Taxes	0.4%	-1.0%	-0.9%	-0.9%	-0.5%	-0.4%	-1.7%	-1.7%	1.2%	-2.2%
Operating Activities Changes In Operating Assets and Liabilities	-0.1%	-0.8%	0.6%	-1.8%	0.2%	-0.9%	-1.5%	-1.0%	0.7%	-0.7%
Operating Activities Other Non Cash Items	3.0%	2.7%	1.9%	13.7%	0.8%	0.3%	4.2%	-0.1%	-0.5%	-24.3%
Operating Activities net Cash From Operating Activities	4.2%	4.0%	6.1%	4.3%	6.6%	9.3%	11.6%	12.9%	10.0%	10.6%
Investing Activities Capital Expenditures	-2.6%	-1.7%	-1.5%	-1.3%	-2.1%	-3.5%	-3.8%	-4.2%	-3.6%	-4.6%
Investing Activities Business Acquisitions	-0.0%	-0.1%	-0.0%	-0.9%	-31.3%	-2.5%	-2.3%	-1.7%	-4.0%	-0.3%
Investing Activities Proceeds From Sale of Investments	0.0%	0.1%	0.0%	0.0%	—	—	—	—	—	—
Investing Activities Other Investing Activities	16.8%	-0.8%	12.9%	-1.0%	-0.0%	0.1%	0.1%	0.1%	0.1%	0.3%
Investing Activities net Cash From Investing Activities	14.2%	-2.4%	11.4%	-3.3%	-33.4%	-5.9%	-6.0%	-5.9%	-7.6%	-4.6%
Financing Activities Proceeds From Debt	10.0%	7.1%	0.0%	0.0%	35.5%	9.4%	10.4%	0.0%	3.9%	10.6%
Financing Activities Repayment of Debt	-28.9%	-9.2%	-10.4%	-3.2%	-7.7%	-7.0%	—	—	—	-10.9%
Financing Activities Dividends Paid	-1.7%	-2.3%	-2.1%	-2.0%	-1.6%	-2.4%	-2.3%	-2.4%	-1.8%	-1.7%
Financing Activities Proceeds From Stock Issuance	0.1%	0.3%	0.3%	0.4%	0.6%	1.0%	2.0%	1.6%	2.0%	1.8%
Financing Activities Other Financing Activities	-0.5%	-0.1%	-0.2%	-0.2%	-0.4%	-0.3%	-0.3%	-0.2%	-0.2%	0.0%
Financing Activities net Cash From Financing Activities	-21.0%	-4.2%	-12.3%	-5.1%	24.6%	-1.7%	2.7%	-16.6%	0.5%	-2.1%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.4%	0.1%	-0.3%	-0.1%	0.3%	-0.0%	-0.4%	0.6%	-0.2%
Cash Reconciliation net Change In Cash	-2.2%	-3.0%	5.2%	-4.4%	-2.3%	2.0%	8.2%	-10.0%	3.6%	3.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+30.1%	+37.5%	+40.1%	+35.3%	+38.9%	+39.3%	+41.9%	+43.0%	+42.2%	+40.5%
Operating margin	-2.7%	+0.1%	+6.8%	-28.3%	+11.1%	+13.8%	+15.6%	+14.4%	+11.9%	+7.3%
Net margin	-8.5%	-6.1%	+25.6%	-24.2%	+10.6%	+9.4%	+8.8%	+14.6%	+6.8%	+48.9%
FCF margin	+3.0%	+5.4%	+12.5%	+8.3%	+12.6%	+9.9%	+12.4%	+12.2%	+10.4%	+9.2%
Growth
Revenue CAGR (3y)	+3.8%	-4.3%	-3.9%	-4.0%	+3.0%	+3.4%	+3.8%	+3.7%	-0.5%	+2.6%
Returns
ROE	-15.6%	-9.3%	+31.6%	-41.7%	+14.1%	+12.7%	+12.7%	+20.8%	+7.9%	+59.9%
ROA	-4.8%	-2.5%	+9.4%	-8.6%	+3.8%	+5.5%	+5.5%	+10.4%	+4.2%	+31.9%
ROIC	-2.3%	+0.1%	+2.8%	-13.7%	+5.3%	+12.5%	+17.9%	+16.3%	+8.1%	+9.0%
Liquidity
Current ratio	2.31x	1.36x	1.48x	1.69x	2.09x	2.52x	2.32x	2.09x	2.57x	2.40x
Quick ratio	1.29x	0.53x	0.74x	0.90x	1.32x	1.72x	1.62x	1.28x	1.84x	1.64x
Leverage
D/E	2.28x	2.69x	2.36x	3.84x	2.69x	1.30x	1.30x	1.00x	0.88x	0.88x
Interest coverage	-1.29x	0.04x	1.61x	-7.22x	-6.99x	-12.06x	-24.96x	-35.53x	-22.87x	-11.29x
Efficiency
Asset turnover	0.56x	0.41x	0.37x	0.36x	0.36x	0.58x	0.62x	0.71x	0.62x	0.65x
Cash conversion cycle	+118d	+117d	+122d	+181d	+138d	+108d	+4d	-2d	-13d	-11d

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FY2025 fundamentals · no price

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Baxter International

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