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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%

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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 Segments Valuation Filings

Baxter International Inc. (BAX) revenue by segment, product and region

Where the money comes from and where it goes

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 $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Medical Products & Therapies	5,299 47.13%	5,207 48.96%	5,011 48.37%	4,815 47.88%	4,821 39.69%	—	—	—	—	—	—	—	—	—	—	—	—
Healthcare Systems & Technologies	3,071 27.31%	2,951 27.75%	3,013 29.08%	2,939 29.22%	212 1.75%	0 0.00%	0 0.00%	—	—	—	—	—	—	—	—	—	—
Pharmaceuticals	2,493 22.17%	2,411 22.67%	2,249 21.71%	2,126 21.14%	2,291 18.86%	2,098 17.97%	2,119 18.65%	2,087 18.80%	1,886 17.82%	1,722 16.94%	1,801 18.07%	—	—	—	—	—	—
Kidney Care	—	—	—	—	4,682 38.55%	—	—	—	—	—	—	—	—	—	—	—	—
Americas	—	—	—	—	—	6,321 54.15%	6,306 55.50%	5,951 53.62%	5,718 54.02%	5,437 53.50%	5,222 52.39%	—	—	—	—	—	—
E M E A	—	—	—	—	—	2,877 24.65%	2,756 24.26%	2,946 26.54%	2,752 26.00%	2,697 26.54%	2,774 27.83%	—	—	—	—	—	—
Asia Pacific	—	—	—	—	—	2,475 21.20%	2,300 20.24%	2,202 19.84%	2,114 19.97%	2,029 19.96%	1,972 19.78%	—	—	—	—	—	—
Hospital Products	—	—	—	—	—	—	—	—	—	—	—	6,547 61.08%	6,324 67.18%	—	—	—	—
Renal	—	—	—	—	—	—	—	—	—	—	—	4,172 38.92%	3,089 32.82%	—	—	—	—
Medical Products	—	—	—	—	—	—	—	—	—	—	—	—	—	7,953 57.07%	7,804 56.17%	7,157 55.73%	6,915 55.05%
Bio Science	—	—	—	—	—	—	—	—	—	—	—	—	—	5,983 42.93%	6,053 43.57%	5,640 43.91%	5,573 44.36%
Business Segment Other Member	—	—	—	—	—	—	—	—	—	—	—	—	—	—	36 0.26%	46 0.36%	74 0.59%
Other, not broken out	381 3.39%	67 0.63%	87 0.84%	177 1.76%	140 1.15%	—	—	—	—	—	—	—	—	—	—	—	—
Eliminations	—	—	—	—	—	(2,098) (17.97%)	(2,119) (18.65%)	(2,087) (18.80%)	(1,886) (17.82%)	(1,722) (16.94%)	(1,801) (18.07%)	—	—	—	—	—	—
Revenue	11,244	10,636	10,360	10,057	12,146	11,673	11,362	11,099	10,584	10,163	9,968	10,719	9,413	13,936	13,893	12,843	12,562

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Reportable Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Medical Products & Therapies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Healthcare Systems & Technologies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Pharmaceuticals	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Kidney Care	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Americas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Asia Pacific	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
E M E A	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
U.S.	6,122 54.45%	5,850 55.00%	5,802 56.00%	5,769 57.36%	4,938 40.66%	4,878 41.79%	4,826 42.47%	4,723 42.55%	4,510 42.61%	4,259 41.91%	4,001 40.14%	3,999 37.31%	3,584 38.08%	6,043 43.36%	5,709 41.09%	5,264 40.99%	5,317 42.33%	5,044 40.85%
Rest of world	3,728 33.16%	3,436 32.31%	3,215 31.03%	3,035 30.18%	4,196 34.55%	—	—	—	—	—	—	—	—	—	—	—	—	—
Emerging markets	1,394 12.40%	1,350 12.69%	1,343 12.96%	1,253 12.46%	3,012 24.80%	—	—	—	—	—	—	—	—	—	—	—	—	—
Emea	—	—	—	—	—	3,129 26.81%	2,968 26.12%	2,946 26.54%	2,752 26.00%	2,697 26.54%	—	—	—	—	—	—	—	—
Asia Pacific	—	—	—	—	—	2,475 21.20%	2,300 20.24%	2,202 19.84%	2,114 19.97%	2,029 19.96%	1,972 19.78%	2,079 19.40%	1,810 19.23%	2,183 15.66%	2,107 15.17%	1,873 14.58%	1,613 12.84%	1,444 11.69%
Latin America And Canada	—	—	—	—	—	1,191 10.20%	1,268 11.16%	1,228 11.06%	1,208 11.41%	1,178 11.59%	1,221 12.25%	1,384 12.91%	1,345 14.29%	1,702 12.21%	1,685 12.13%	1,518 11.82%	1,451 11.55%	1,474 11.94%
Europe	—	—	—	—	—	—	—	—	—	—	2,774 27.83%	3,257 30.39%	2,674 28.41%	4,008 28.76%	4,392 31.61%	4,188 32.61%	4,181 33.28%	4,386 35.52%
Americas	—	—	—	—	—	—	—	5,951	5,718	5,437	5,222	—	—	—	—	—	—	—
International	5,122	4,786	4,558	4,288	7,208	6,795	6,536	6,376	6,074	—	—	—	—	—	—	—	—	—
Revenue	11,244	10,636	10,360	10,057	12,146	11,673	11,362	11,099	10,584	10,163	9,968	10,719	9,413	13,936	13,893	12,843	12,562	12,348

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Remaining performance obligations	Q3 FY2026	$7.6B	$9.9B	−23.36%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.