Baxter International

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

                    Revenue
                    FY2025
                
$11.2B
                    3y CAGR +3.8%
                    
                    P42
                    
                    +5.7%
                    
                    Net income
                    FY2025
                
$-957.0M
                    Net margin -8.5%
                    
                    P5
                    
                    -47.5%
                    
                    Total assets
                    FY2025
                
$20.1B
                    ROA -4.8%
                    
                    P7
                    
                    -22.2%
                    
                    Operating cash flow
                    FY2025
                
$845.0M
                    
                    -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 · 3 years

Total assets $20.1B

Total liabilities $14.0B

Shareholders equity $6.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	9.8%	6.8%	10.9%
Short Term Investments	0.1%	0.0%	0.0%
Accounts Receivable	9.3%	6.5%	9.5%
Inventory	11.1%	7.9%	10.0%
Prepaid Expenses	4.1%	2.9%	3.2%
Total Current Assets	34.3%	34.3%	34.0%
Property,Plant and Equipment	14.5%	11.1%	15.7%
Operating Lease Assets	1.4%	1.2%	1.9%
Goodwill	24.6%	20.5%	23.0%
Intangible Assets	21.8%	20.3%	21.5%
Other Noncurrent Assets	3.5%	2.9%	4.0%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	5.0%	3.8%	4.4%
Accrued Liabilities	9.8%	7.2%	9.2%
Current Portion of Long Term Debt	0.0%	8.2%	0.0%
Other Current Liabilities	6.4%	4.2%	6.1%
Total Current Liabilities	14.8%	25.3%	23.0%
Operating Lease Liabilities Noncurrent	1.1%	0.9%	1.5%
Other Noncurrent Liabilities	6.4%	4.2%	6.1%
Total Liabilities	69.6%	72.8%	70.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	3.4%	2.6%	2.4%
Additional Paid In Capital	31.8%	24.9%	22.6%
Retained Earnings	68.3%	57.9%	57.0%
Treasury Stock	54.2%	42.9%	39.7%
Accumulated Other Comprehensive Income	-18.7%	-15.6%	-12.6%
Noncontrolling Interest	-0.1%	0.2%	0.2%
Total Stockholders Equity	30.6%	27.0%	29.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $11.2B

Operating income $-308.0M

Net income $-957.0M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	56.1%	41.3%	36.6%
Expenses Cost of Revenue	39.2%	25.8%	22.0%
Expenses Research and Development	2.6%	2.3%	1.8%
Expenses Selling,General and Administrative	14.4%	11.5%	10.4%
Expenses Depreciation and Amortization	4.9%	3.9%	3.5%
Expenses Share Based Compensation	0.6%	0.4%	0.4%
Expenses Restructuring and Asset Impairment	0.8%	0.6%	0.5%
Other Income Expense Gross Profit	16.8%	15.5%	14.7%
Other Income Expense Operating Income	-1.5%	0.1%	2.5%
Other Income Expense Interest Income	0.3%	0.3%	0.2%
Other Income Expense Interest Expense	1.4%	1.6%	1.8%
Other Income Expense Other Income/expense	0.2%	0.1%	-0.1%
Other Income Expense Income Before Tax	-2.5%	-1.1%	0.9%
Income Tax Income Tax Expense	2.0%	0.1%	0.2%
net Income net Income	-4.8%	-2.5%	9.4%
net Income Comprehensive Income	-3.5%	-4.3%	10.4%
Earnings Per Share Basic Eps	-0.0%	-0.0%	0.0%
Earnings Per Share Diluted Eps	-0.0%	-0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.6%	2.0%	1.8%
Earnings Per Share Weighted Average Shares Diluted	2.6%	2.0%	1.8%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $845.0M

Investing cash flow $2.8B

Financing cash flow $-4.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	-4.8%	-2.5%	9.4%
Operating Activities Depreciation and Amortization	1.9%	1.4%	1.4%
Operating Activities Stock Based Compensation	0.6%	0.4%	0.4%
Operating Activities Deferred Income Taxes	0.4%	-1.0%	-0.9%
Operating Activities Changes In Operating Assets and Liabilities	0.9%	1.8%	1.1%
Operating Activities Other Non Cash Items	-0.4%	-0.1%	-0.0%
Operating Activities net Cash From Operating Activities	4.2%	4.0%	6.1%
Investing Activities Business Acquisitions	0.0%	0.1%	0.0%
Investing Activities Proceeds From Sale of Investments	0.0%	0.1%	0.0%
Investing Activities Other Investing Activities	-0.3%	-0.1%	-0.1%
Investing Activities net Cash From Investing Activities	14.2%	-2.4%	11.4%
Financing Activities Proceeds From Debt	10.0%	0.0%	0.0%
Financing Activities Repayment of Debt	27.4%	10.3%	9.3%
Financing Activities Dividends Paid	1.7%	2.3%	2.1%
Financing Activities Proceeds From Stock Issuance	0.1%	0.3%	0.3%
Financing Activities Other Financing Activities	-0.3%	-0.1%	-0.2%
Financing Activities net Cash From Financing Activities	-21.0%	-4.2%	-12.3%
Cash Reconciliation net Change In Cash	-2.2%	-3.0%	5.2%
Cash Reconciliation Cash At Beginning of Period	9.8%	6.8%	10.9%
Cash Reconciliation Cash At End of Period	9.8%	6.8%	10.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+30.1%	+37.5%	+40.1%
Operating margin	-2.7%	+0.1%	+6.8%
Net margin	-8.5%	-6.1%	+25.6%
FCF margin	—	—	—
Growth
Revenue CAGR (3y)	+3.8%	-4.3%	-3.9%
Returns
ROE	-15.6%	-9.3%	+31.6%
ROA	-4.8%	-2.5%	+9.4%
ROIC	-7.4%	+0.2%	—
Liquidity
Current ratio	2.31x	1.36x	1.48x
Quick ratio	1.29x	0.53x	0.89x
Leverage
D/E	2.28x	2.69x	2.36x
Interest coverage	-1.06x	0.03x	1.39x
Efficiency
Asset turnover	0.56x	0.41x	0.37x
Cash conversion cycle	+118d	+117d	+188d

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Baxter International

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