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
Baxter International Inc.'s free cash flow for fiscal 2025 was $332.0M, down 42.1% from $573.0M in fiscal 2024. Over the twelve months to 30 June 2026 it was $815.0M. Over the past ten years it has ranged from $332.0M (fiscal 2025) to $1.5B (fiscal 2021) — the current reading is the lowest in ten years. Baxter International Inc. ranks 6th of 54 Medical Instruments & Supplies companies by free cash flow.
Free cash flow, annual
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Annual newest first
| Period | Free cash flow | Change |
|---|---|---|
| FY2025 | $332.0M | (42.06%) |
| FY2024 | $573.0M | (55.72%) |
| FY2023 | $1.3B | 55.16% |
| FY2022 | $834.0M | (45.53%) |
| FY2021 | $1.5B | 32.10% |
| FY2020 | $1.2B | (17.68%) |
| FY2019 | $1.4B | 3.68% |
| FY2018 | $1.4B | 23.68% |
| FY2017 | $1.1B | 17.43% |
| FY2016 | $935.0M | 8.72% |
Quarterly newest first
| Period | Free cash flow | Change |
|---|---|---|
| Jun 2026 | $169.0M | 122.37% |
| Mar 2026 | $76.0M | (82.88%) |
| Dec 2025 | $444.0M | 252.38% |
| Sep 2025 | $126.0M | 63.64% |
| 42 more quarters | Free account |
Against its own ten years
Free cash flow against peers
| Company | Free cash flow |
|---|---|
| BAX Baxter International Inc. | $815.0M |
| COO The Cooper Companies, Inc. compare | $678.0M |
| ALGN Align Technology, Inc. compare | $675.6M |
| AVTR Avantor, Inc. compare | $454.7M |
| WST West Pharmaceutical Services, Inc. compare | $436.9M |
| ATR AptarGroup, Inc. compare | $314.6M |
| BLCO Bausch + Lomb Corporation compare | $137.0M |
| RGEN Repligen Corporation compare | $110.3M |
| SOLV Solventum Corporation compare | −$118.0M |
What Free cash flow is
Free Cash Flow tells an investor how much cash a company’s operations generate after paying for its investment in physical and intangible assets.
Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)
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