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

Year-over-year change per cell; first column has no prior.

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	+11.5%	-42.7%	—
Short Term Investments	—	—	—
Accounts Receivable	+10.8%	-37.6%	—
Inventory	+9.1%	-27.5%	—
Prepaid Expenses	+8.0%	-15.6%	—
Total Current Assets	-22.4%	-7.8%	—
Property,Plant and Equipment	+1.4%	-35.3%	—
Operating Lease Assets	-9.8%	-41.6%	—
Goodwill	-6.6%	-19.0%	—
Intangible Assets	-16.4%	-14.1%	—
Other Noncurrent Assets	-7.4%	-32.9%	—
Total Assets	-22.2%	-8.8%	—
Liabilities
Accounts Payable	+3.2%	-22.0%	—
Accrued Liabilities	+5.7%	-28.3%	—
Current Portion of Long Term Debt	-100.0%	—	—
Other Current Liabilities	+19.6%	-38.1%	—
Total Current Liabilities	-54.4%	+0.1%	—
Operating Lease Liabilities Noncurrent	-8.2%	-44.5%	—
Other Noncurrent Liabilities	+19.6%	-38.1%	—
Total Liabilities	-25.6%	-5.3%	—
Equity
Preferred Stock	—	—	—
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	-0.8%	+0.5%	—
Retained Earnings	-8.2%	-7.4%	—
Treasury Stock	-1.7%	-1.5%	—
Accumulated Other Comprehensive Income	+6.4%	-12.8%	—
Noncontrolling Interest	-145.0%	-9.1%	—
Total Stockholders Equity	-12.0%	-17.1%	—
Total Liabilitiesand Equity	-22.2%	-8.8%	—

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	+5.7%	+2.7%	—
Expenses Cost of Revenue	+18.2%	+7.1%	—
Expenses Research and Development	-12.2%	+13.9%	—
Expenses Selling,General and Administrative	-2.6%	+0.5%	—
Expenses Depreciation and Amortization	-1.6%	+1.3%	—
Expenses Share Based Compensation	+2.6%	-0.9%	—
Expenses Restructuring and Asset Impairment	+11.0%	+3.5%	—
Other Income Expense Gross Profit	-15.2%	-4.0%	—
Other Income Expense Operating Income	-2300.0%	-98.0%	—
Other Income Expense Interest Income	-22.4%	-2.9%	—
Other Income Expense Interest Expense	-28.9%	-19.7%	—
Other Income Expense Other Income/expense	+7.9%	+246.2%	—
Other Income Expense Income Before Tax	-74.7%	-219.4%	—
Income Tax Income Tax Expense	+967.6%	-39.3%	—
net Income net Income	-47.5%	-124.4%	—
net Income Comprehensive Income	+36.6%	-137.6%	—
Earnings Per Share Basic Eps	-47.2%	-124.2%	—
Earnings Per Share Diluted Eps	-47.2%	-124.3%	—
Earnings Per Share Weighted Average Shares Basic	+0.6%	+0.8%	—
Earnings Per Share Weighted Average Shares Diluted	+0.6%	+0.4%	—

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	-47.5%	-124.4%	—
Operating Activities Depreciation and Amortization	+3.0%	-5.6%	—
Operating Activities Stock Based Compensation	+2.6%	-0.9%	—
Operating Activities Deferred Income Taxes	+129.4%	-2.3%	—
Operating Activities Changes In Operating Assets and Liabilities	-61.5%	+56.1%	—
Operating Activities Other Non Cash Items	-161.3%	-138.5%	—
Operating Activities net Cash From Operating Activities	-17.1%	-41.0%	—
Investing Activities Business Acquisitions	-35.7%	+250.0%	—
Investing Activities Proceeds From Sale of Investments	-100.0%	—	—
Investing Activities Other Investing Activities	-262.5%	+38.5%	—
Investing Activities net Cash From Investing Activities	+553.8%	-119.5%	—
Financing Activities Proceeds From Debt	—	—	—
Financing Activities Repayment of Debt	+106.6%	+0.9%	—
Financing Activities Dividends Paid	-41.0%	+0.7%	—
Financing Activities Proceeds From Stock Issuance	-57.7%	-25.3%	—
Financing Activities Other Financing Activities	-83.9%	+50.8%	—
Financing Activities net Cash From Financing Activities	-290.0%	+69.0%	—
Cash Reconciliation net Change In Cash	+43.1%	-153.1%	—
Cash Reconciliation Cash At Beginning of Period	+11.3%	-42.7%	—
Cash Reconciliation Cash At End of Period	+11.3%	-42.7%	—

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

Valuation

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Baxter International

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