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. In the quarter to June 2026, revenue grew 5.34%, EPS grew 33.3%, free cash flow grew 119.5% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years.
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Baxter International Inc. (BAX) Free cash flow margin
Baxter International Inc.'s free cash flow margin over the twelve months to 30 June 2026 was 7.11%, up 4.2 percentage points from fiscal 2025 (2.95%). Over the past ten years it has ranged from 2.95% (fiscal 2025) to 12.6% (fiscal 2021) — the current reading is the lowest in ten years. That is above the Medical Instruments & Supplies industry median of 1.08% and above the Healthcare sector median of 0.00%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 2.95% | (2.44) |
| FY2024 | 5.39% | (7.10) |
| FY2023 | 12.5% | 4.20 |
| FY2022 | 8.29% | (4.31) |
| FY2021 | 12.6% | 2.67 |
| FY2020 | 9.93% | (2.46) |
| FY2019 | 12.4% | 0.15 |
| FY2018 | 12.2% | 1.87 |
| FY2017 | 10.4% | 1.17 |
| FY2016 | 9.20% | 0.57 |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| ALGN Align Technology, Inc. compare | 16.3% |
| COO The Cooper Companies, Inc. compare | 16.0% |
| RGEN Repligen Corporation compare | 14.1% |
| WST West Pharmaceutical Services, Inc. compare | 13.1% |
| ATR AptarGroup, Inc. compare | 8.00% |
| BAX Baxter International Inc. | 7.11% |
| AVTR Avantor, Inc. compare | 6.93% |
| BLCO Bausch + Lomb Corporation compare | 2.57% |
| SOLV Solventum Corporation compare | −1.42% |
| Medical Instruments & Supplies industry median | 1.08% |
| Healthcare sector median | 0.00% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
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