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 revenue.

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	17.5%	16.6%	29.7%
Accounts Receivable	16.6%	15.8%	16.6%
Inventory	19.9%	19.2%	18.5%
Prepaid Expenses	7.2%	7.1%	6.8%
Other Current Assets	0.0%	24.5%	21.0%
Total Current Assets	61.1%	83.2%	92.7%
Property,Plant and Equipment	25.9%	27.0%	27.7%
Operating Lease Assets	2.5%	2.9%	3.2%
Goodwill	43.8%	49.6%	55.9%
Intangible Assets	38.9%	49.1%	57.1%
Other Noncurrent Assets	6.2%	30.6%	36.3%
Total Assets	178.4%	242.4%	272.9%
Liabilities
Accounts Payable	8.9%	9.1%	8.5%
Accrued Liabilities	17.5%	17.5%	18.5%
Current Portion of Long Term Debt	0.0%	25.9%	25.7%
Other Current Liabilities	0.0%	8.7%	10.0%
Total Current Liabilities	26.4%	61.2%	62.8%
Long Term Debt	84.2%	97.5%	107.0%
Operating Lease Liabilities Noncurrent	2.0%	2.3%	2.6%
Other Noncurrent Liabilities	11.4%	15.3%	18.8%
Total Liabilities	124.1%	176.4%	191.2%
Equity
Common Stock	6.1%	6.4%	6.6%
Additional Paid In Capital	56.6%	60.4%	61.7%
Retained Earnings	121.9%	140.4%	155.5%
Treasury Stock	96.7%	104.0%	108.4%
Accumulated Other Comprehensive Income	-33.4%	-37.7%	-34.3%
Total Stockholders Equity	54.5%	65.5%	81.1%
Noncontrolling Interest	-0.2%	0.6%	0.6%
Total Liabilitiesand Equity	178.4%	242.4%	272.9%

Income Statement

Revenue, expense, and profitability

18 accounts · 3 years

Revenue $11.2B

Operating income $-308.0M

Net income $-957.0M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	69.9%	62.5%	59.9%
Other Income Expense Gross Profit	30.1%	37.5%	40.1%
Expenses Research and Development	4.6%	5.5%	5.0%
Expenses Selling,General and Administrative	25.7%	27.9%	28.5%
Expenses Restructuring and Asset Impairment	4.3%	4.0%	0.0%
Expenses Other Operating Expenses	-1.8%	-0.1%	-0.3%
Other Income Expense Operating Income	-2.7%	0.1%	6.8%
Other Income Expense Interest Expense	2.1%	3.2%	4.2%
Other Income Expense Other Income/expense	0.4%	0.4%	-0.3%
Other Income Expense Income Before Tax	-4.5%	-2.7%	2.3%
Income Tax Income Tax Expense	3.5%	0.3%	0.6%
net Income Other Items Below Tax	-0.5%	-3.0%	23.9%
net Income net Income	-8.5%	-6.1%	25.6%
net Income Comprehensive Income	-6.2%	-10.4%	28.3%
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 Diluted	4.6%	4.8%	4.9%

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	-8.5%	-6.0%	25.7%
Operating Activities Depreciation and Amortization	8.7%	9.4%	9.5%
Operating Activities Stock Based Compensation	1.0%	1.1%	1.1%
Operating Activities Deferred Income Taxes	0.7%	-2.5%	-2.5%
Operating Activities Changes In Operating Assets and Liabilities	-0.2%	-1.9%	1.7%
Operating Activities Other Non Cash Items	5.3%	6.6%	5.1%
Operating Activities net Cash From Operating Activities	7.5%	9.6%	16.7%
Investing Activities Capital Expenditures	-4.6%	-4.2%	-4.2%
Investing Activities Business Acquisitions	-0.1%	-0.1%	-0.0%
Investing Activities Proceeds From Sale of Investments	0.0%	0.3%	0.0%
Investing Activities Other Investing Activities	29.9%	-1.9%	35.2%
Investing Activities net Cash From Investing Activities	25.3%	-5.9%	31.0%
Financing Activities Proceeds From Debt	17.8%	17.2%	0.0%
Financing Activities Repayment of Debt	-51.5%	-22.2%	-28.3%
Financing Activities Dividends Paid	-3.1%	-5.5%	-5.7%
Financing Activities Proceeds From Stock Issuance	0.3%	0.7%	0.9%
Financing Activities Other Financing Activities	-1.0%	-0.3%	-0.6%
Financing Activities net Cash From Financing Activities	-37.5%	-10.2%	-33.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.7%	-0.9%	0.3%
Cash Reconciliation net Change In Cash	-4.0%	-7.4%	14.2%

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	+3.0%	+5.4%	+12.5%
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	-2.3%	+0.1%	+2.8%
Liquidity
Current ratio	2.31x	1.36x	1.48x
Quick ratio	1.29x	0.53x	0.74x
Leverage
D/E	2.28x	2.69x	2.36x
Interest coverage	-1.29x	0.04x	1.61x
Efficiency
Asset turnover	0.56x	0.41x	0.37x
Cash conversion cycle	+118d	+117d	+122d

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Baxter International

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