Pricing Log in Create free account
Friday 6 November 2026 Export BAX’s income statement to Excel — free account

Baxter International Inc.

BAX Healthcare Medical Instruments & Supplies

Baxter International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.2 billion, up 5.72% from fiscal 2024.

Revenue
+4.97%
EPS
+731.9%
Free cash flow
+255.6%
Total debt
−9.48%

Quarter to September 2026, against a year earlier

25.57 0.93 −3.51%
Market cap
$13.3B
P/E
0.0×
Fwd P/E
21.3×
Dividend yield
0.16%
F-score
4/9
Altman Z
2.12
Beneish M
−2.67
Dividend safety
0/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2023

  • Medical Products & Therapies
  • Healthcare Systems & Technologies
  • Pharmaceuticals
  • Other, not broken out

Every year since 2008 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.57%

Capital & Financial Ratios $m

Size
Market Cap 13,270.00
Revenue ttm 11,611.00
Net income ttm (723.00)
Free cash flow ttm 1,137.00
Net debt Q 6,626.00
Valuation
P/E 0.00
Forward P/E 21.30
Price / sales 1.14
Forward P/S Powerpack
Price / FCF 11.63
Price / book 2.04
Financial health
Current ratio Q 1.79 (at or above 1.5: strong)
Debt / equity Q 1.33
Interest coverage Q 3.69
Growth
Revenue growth Q +4.97% (above 0%: growing)
Operating income growth Q +30.81% (above 0%: growing)
EPS, this year −5.10% (below 0%: weak)
EPS, next year A −2.88% (below 0%: weak)
Revenue, next year A +4.07%
EPS, past 5 yrs —
EPS, next 5 yrs A −0.65% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 3.4×; over the ten years it ranged from 1.4× in 2026 to 4.8× in 2021.
P/S against its own 10 years 10.12%
10-year low 10-year high
P/B against its own 10 years 12.47%
10-year low 10-year high
EV/Sales against its own 10 years 8.03%
10-year low 10-year high
EV/FCF against its own 10 years 0.88%
10-year low 10-year high

Dividends

Yield
0.16%
Annual rate
0.04
Payout ratio
—
Growth, 2017–25
−1.98%/yr
  1. 0.61 ’17
  2. 0.73 ’18 +20
  3. 0.85 ’19 +16
  4. 0.96 ’20 +12
  5. 1.09 ’21 +14
  6. 1.15 ’22 +6
  7. 1.16 ’23 +1
  8. 1.04 ’24 −10
  9. 0.52 ’25 −50
  10. 0.04 ’26e −92
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,078 1,764 1,966 1,975
Receivables 1,719 1,679 1,861 1,783
Inventory 1,918 2,046 2,232 2,300
Other — — — —
9,600 8,853 6,872 6,826
2023 2024 2025 Q'26
Payables 881 968 999 1,024
ST’ Debt 2,667 2,752 3 844
Other — — — —
6,503 6,511 2,970 3,809

Compound Annual Growth %

10y 5y 3y
Sales 1.21% (0.75%) 3.79%
Cash Flow (7.13%) (14.67%) (11.30%)
Earnings 0.00% 0.00% 0.00%
Book Value (3.67%) (6.90%) 1.16%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.51 Actual 0.58

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.53 0.44 Miss by 0.09
Q1 FY26 0.31 0.36 Beat by 0.05
Q2 FY26 0.36 0.56 Beat by 0.20
Q3 FY26 0.51 0.58 Beat by 0.07
Q4 FY26 0.60 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.03) 0.24 0.57 — —
’25 0.25 0.18 (0.09) (2.19) (1.87)
’24 0.07 (0.62) 0.27 (1.00) (1.27)
’23 0.09 (0.28) 4.93 0.48 5.25
’22 0.14 0.50 (5.83) 0.36 (4.83)
’21 0.58 0.59 0.89 0.47 2.53
’20 0.64 0.48 0.69 0.33 2.13
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,701 2,960 2,976 — —
’25 2,625 2,810 2,835 2,974 11,244
’24 2,490 2,694 2,699 2,753 10,636
’23 3,513 3,707 2,599 541 10,360
’22 3,707 3,594 3,609 (853) 10,057
’21 2,946 3,098 3,226 2,876 12,146
’20 2,802 2,718 2,972 3,181 11,673
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 213 285 558 — —
’25 (193) 217 237 584 845
’24 163 115 253 488 1,019
’23 479 351 365 531 1,726
’22 208 274 290 439 1,211
’21 377 477 675 693 2,222
’20 272 374 510 712 1,868
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 76 169 448 — —
’25 (315) 77 126 444 332
’24 53 45 119 356 573
’23 314 188 353 439 1,294
’22 68 137 129 500 834
’21 206 319 496 510 1,531
’20 100 230 354 475 1,159
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 5.2% a year for ten years. It grew −8.9% a year over the last ten.

Implied
5.2%
10 years, reported
−8.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,163 10,584 11,099 11,362 11,673 12,146 10,057 10,360 10,636 11,244 11,611 +1.1% 11,702 11,948 12,240 +2.9%
Gross margin, % 40.50 42.27 42.88 41.90 39.30 38.86 35.29 40.06 37.46 30.05 30.09 (10.5) pt
EBT 4,954 1,100 1,617 970 1,292 1,116 (3,248) 242 (289) (505) (187) n/m
EBT margin, % 48.75 10.39 14.57 8.54 11.07 9.19 (32.30) 2.34 (2.72) (4.49) (1.61) (53.2) pt
Net income 4,965 602 1,546 1,011 1,110 1,295 (2,421) 2,663 (638) (957) (723) n/m
Per share, $
Per share, $ Revenue 18.61 19.49 20.78 22.32 22.93 24.20 19.95 20.47 20.85 21.92 22.46 +1.8%
Earnings 9.09 1.11 3.04 1.97 2.17 2.56 (4.83) 5.25 (1.27) (1.87) (1.41) n/m
Cash flow 3.03 3.16 3.78 4.13 3.67 4.43 2.40 3.41 2.00 1.65 3.17 (6.5%)
Capex (1.32) (1.13) (1.23) (1.37) (1.39) (1.38) (0.75) (0.85) (0.87) (1.00) (0.97) (3.0%)
Free cash flow 1.71 2.02 2.54 2.77 2.28 3.05 1.65 2.56 1.12 0.65 2.20 (10.2%)
Book value 15.16 16.79 14.73 15.54 17.14 18.17 11.70 16.74 13.77 11.89 12.52 (2.7%)
Shares, m 546 543 534 509 509 502 504 506 510 513 516 (0.7%)
Valuation, ×
Valuation, × P/E 4.91 50.89 21.65 41.40 37.15 33.53 0.00 7.41 0.00 0.00 0.00 19.7
P/S 2.39 3.45 3.17 3.75 3.50 3.55 2.56 1.90 1.40 0.87 1.14 2.7
P/B 2.93 4.00 4.47 5.38 4.68 4.72 4.36 2.32 2.12 1.61 2.04 3.7
EV/Sales 2.39 3.46 3.32 3.92 3.71 4.76 4.04 2.93 2.47 1.54 1.71 3.3
EV/FCF 25.93 33.33 27.09 31.66 37.36 37.75 48.73 23.44 45.78 52.15 17.45 36.3
Cash, $m
Cash, $m Operating cash flow 1,654 1,714 2,017 2,104 1,868 2,222 1,211 1,726 1,019 845 1,640 (7.2%)
Capex (719) (616) (659) (696) (709) (691) (377) (432) (446) (513) (503) (3.7%)
Free cash flow 935 1,098 1,358 1,408 1,159 1,531 834 1,294 573 332 1,137 (10.9%)
Balance, $m
Balance, $m Working capital 3,830 4,442 3,145 4,273 5,078 4,636 3,266 3,097 2,342 3,902 3,017 +0.2%
Net debt (19) 118 1,647 2,015 2,462 14,709 14,918 10,678 11,362 7,510 6,626 n/m
Shareholders’ equity 8,280 9,116 7,866 7,912 8,726 9,121 5,895 8,468 7,024 6,102 6,475 (3.3%)
Returns, %
Returns, % ROA 27.20 3.69 9.42 5.90 5.77 4.80 (7.87) 9.39 (2.40) (4.18) (3.57) (31.4) pt
ROIC 5.64 8.72 10.41 11.16 9.03 3.54 (8.54) 2.31 0.05 (1.41) (1.05) (7.0) pt
ROE 57.92 6.92 18.21 12.69 13.25 14.39 (32.41) 36.98 (8.38) (14.58) (10.56) (72.5) pt
People
People Employees 48,000 47,000 50,000 50,000 50,000 60,000 60,000 60,000 38,000 37,500 — (2.7%)
Revenue/emp, $m 0.21 0.23 0.22 0.23 0.23 0.20 0.17 0.17 0.28 0.30 — +3.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Baxter International develops, manufactures and sells medical products used in healthcare facilities and, under physician supervision, in patients’ homes. Founded in 1931 and headquartered in Deerfield, the company is led by President and Chief Executive Officer Andrew Hider.

Its products include sterile intravenous (IV) solutions, which deliver fluids into a patient’s veins, and infusion systems and administration sets used to deliver therapies. Baxter also sells injectable medicines, inhaled anesthetics and nutrition therapies. Its surgical portfolio includes products that help control bleeding and seal tissue, as well as equipment used in operating rooms.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by segment, and margins
Medical Products & Therapies 5,011 48.37%
Healthcare Systems & Technologies 3,013 29.08%
Pharmaceuticals 2,249 21.71%
Other, not broken out 87 0.84%
Gross margin 40.06%
Operating margin 6.82%
Pre-tax margin 2.34%

Revenue by segment since 2008

Baxter International Inc. vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WST West Pharmaceutical Services, Inc. $27.3B 43.8× 48.1× +8.69% (above 0%: growing) +56.69% (above 0%: growing) +12.32% (above 0%: growing) 39.73% 30.58% Compare
SOLV Solventum Corporation $14.8B 97.3× 47.7× −7.01% (below 0%: shrinking) n/m +561.90% (above 0%: growing) 0.00% 0.00% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 21.3× +4.97% (above 0%: growing) n/m +255.56% (above 0%: growing) 33.40% 7.56%
COO The Cooper Companies, Inc. $12.1B 21.7× 17.5× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
ALGN Align Technology, Inc. $11.3B 23.1× 20.4× +1.92% (above 0%: growing) +143.87% (above 0%: growing) +8.26% (above 0%: growing) 68.73% 16.67% Compare
RGEN Repligen Corporation $10.8B — (loss-making) — (loss-making) +10.86% (above 0%: growing) n/m −11.46% (below 0%: shrinking) 53.02% (14.12%) Compare
AVTR Avantor, Inc. $10.3B 30.3× 34.8× +4.59% (above 0%: growing) n/m −9.03% (below 0%: shrinking) 31.49% 8.21% Compare
ATR AptarGroup, Inc. $9.1B 34.6× 25.9× +6.03% (above 0%: growing) −73.85% (below 0%: shrinking) −16.86% (below 0%: shrinking) 36.59% 13.25% Compare
BLCO Bausch + Lomb Corporation $7.1B — (loss-making) 749× +7.34% (above 0%: growing) n/m +182.54% (above 0%: growing) 64.65% 11.27% Compare
Median of peers $11.0B 32.4× 34.8× +5.31% +100.28% +10.29% 46.38% 12.26%

All 53 Medical Instruments & Supplies stocks →

From the latest earnings call

Updated

  • CEO Andrew Hider said Baxter will discontinue cephalosporin production at Round Lake to simplify operations and address some issues referenced in an FDA warning letter.
  • CFO John Rogers said reducing leverage remains Baxter’s near-term capital allocation priority, while identifying inflation and the end of transition services as factors for 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 107.63%
Held by the ten largest 76.27%
Holder Shares Stake Change
BlackRock 81.84m 15.83% +2.44m
PZENA INVESTMENT MANAGEMENT LLC 65.30m 12.63% +767.57k
Vanguard 62.46m 12.08% +308.48k
Dodge & Cox 58.39m 11.29% +1.13m
Fidelity (FMR) 53.91m 10.43% +7.65m
State Street 20.60m 3.98% +620.51k
GREENHAVEN ASSOCIATES INC 14.29m 2.76% −22.46k
Geode Capital Management 14.12m 2.73% +360.72k
Invesco 12.36m 2.39% −759.29k
UBS 11.04m 2.14% +4.95m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Baxter International Inc. (BAX) Latest News

30 Oct

Impact 3 · · StockStory
Impact 3 · · Moby
Impact 3 · · medicaldevice-network.com
Impact 3 · · MarketBeat

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · StockStory

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 3 · · StockStory

20 Oct

Impact 3 · · StockStory

15 Oct

Impact 3 · · StockStory

13 Oct

Impact 3 · · Barchart

9 Oct

Impact 3 · · Simply Wall St.

6 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

30 Sep

Impact 3 · · Simply Wall St.
Impact 3 · · Business Wire

24 Sep

Impact 3 · · Zacks
Impact 3 · · StockStory

21 Sep

Impact 3 · · Barchart

7 Sep

Impact 4 ·

1 Aug

Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript

31 Jul

Impact 4 · · The Motley Fool

BAX metrics, ten years each

stockrow.com/BAX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com