Saturday 17 October 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. 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.

25.33 0.43 −1.67%

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Market cap: $13.3B
P/E: 0.0×
Fwd P/E: 44.7×
Dividend yield: 0.16%
F-score: 4/9
Altman Z: 2.12
Beneish M: −2.67
Dividend safety: 0/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Impairment Feb 12, 2026

All filings →

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.64%

Capital & Financial Ratios $m

Market Cap 13,320.00

Revenue 11,470.00

Net Income (1,063.00)

Free Cash Flow 815.00

Net Debt 7,309.00

Current Ratio 1.95

Debt/Equity 1.53

P/E ratio 0.00

Fwd P/E 44.70

P/S ratio 1.14

P/B ratio 2.12

Past 5Y EPS Growth —

This Y EPS Growth (7.18%)

Next Y EPS Growth (0.35%)

Next Y revenue growth 3.33%

Next 5Y EPS Growth (0.63%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 9.80%

10-year low 10-year high

P/B against its own 10 years 13.93%

10-year low 10-year high

EV/Sales against its own 10 years 8.70%

10-year low 10-year high

EV/FCF against its own 10 years 15.89%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate 0.04

Annual Dividend Yield 0.16%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.04	0.01 0.01 0.01
2025	0.69	0.17 0.17 0.17 0.01
2024	1.04	0.29 0.29 0.29 0.17
2023	1.16	0.29 0.29 0.29 0.29
2022	1.15	0.28 0.29 0.29 0.29
2021	1.09	0.25 0.28 0.28 0.28
2020	0.96	0.22 0.25 0.25 0.25
2019	0.85	0.19 0.22 0.22 0.22
2018	0.73	0.16 0.19 0.19 0.19
2017	0.61	0.13 0.16 0.16 0.16
2016	0.51	0.12 0.13 0.13 0.13

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3,078	1,764	1,966	2,150
Receivables	1,719	1,679	1,861	1,856
Inventory	1,918	2,046	2,232	2,259
Other	—	—	—	—
	9,600	8,853	6,872	6,989

	2023	2024	2025	Q'26
Payables	881	968	999	1,034
ST’ Debt	2,667	2,752	3	844
Other	—	—	—	—
	6,503	6,511	2,970	3,591

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,701	2,960	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.03)	0.24	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	34.06	44.06	61.05	64.13	69.10	73.12	49.00	31.01	28.34	17.40	Analyst estimates 2026–2028 Powerpack
	High	50.16	66.18	78.38	89.93	95.19	88.32	89.70	53.12	44.01	37.74
People
People	Employees	48,000	47,000	50,000	50,000	50,000	60,000	60,000	60,000	38,000	37,500
	Revenue/emp, $m	0.21	0.23	0.22	0.23	0.23	0.20	0.17	0.17	0.28	0.30
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
	Gross margin, %	40.50	42.27	42.88	41.90	39.30	38.86	35.29	40.06	37.46	30.05
	EBT	4,954	1,100	1,617	970	1,292	1,116	(3,248)	242	(289)	(505)
	EBT margin, %	48.75	10.39	14.57	8.54	11.07	9.19	(32.30)	2.34	(2.72)	(4.49)
	Net income	4,965	602	1,546	1,011	1,110	1,295	(2,421)	2,663	(638)	(957)
	Depreciation	800	750	771	820	840	867	4,228	984	1,472	1,756
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
	Earnings	9.09	1.32	3.04	1.97	2.17	2.56	(4.83)	5.25	(1.27)	(1.87)
	Cash flow	3.03	3.16	3.78	4.13	3.67	4.43	2.40	3.41	2.00	1.65
	Capex	(1.32)	(1.13)	(1.23)	(1.37)	(1.39)	(1.38)	(0.75)	(0.85)	(0.87)	(1.00)
	Free cash flow	1.71	2.02	2.54	2.77	2.28	3.05	1.65	2.56	1.12	0.65
	Book value	15.16	16.79	14.73	15.54	17.14	18.17	11.70	16.74	13.77	11.89
	Shares, m	546	543	534	509	509	502	504	506	510	513
Valuation, ×
Valuation, ×	P/E	4.91	50.89	21.65	41.40	37.15	33.53	0.00	7.41	0.00	0.00
	P/S	2.39	3.45	3.17	3.75	3.50	3.55	2.56	1.90	1.40	0.87
	P/B	2.93	4.00	4.47	5.38	4.68	4.72	4.36	2.32	2.12	1.61
	EV/Sales	2.39	3.46	3.32	3.92	3.71	4.76	4.04	2.93	2.47	1.54
	EV/FCF	25.93	33.33	27.09	31.66	37.36	37.75	48.73	23.44	45.78	52.15
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
	Capex	(719)	(616)	(659)	(696)	(709)	(691)	(377)	(432)	(446)	(513)
	Free cash flow	935	1,098	1,358	1,408	1,159	1,531	834	1,294	573	332
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
	Total debt	2,782	3,512	3,485	5,350	6,192	17,660	16,636	13,756	13,126	9,476
	Net debt	(19)	118	1,647	2,015	2,462	14,709	14,918	10,678	11,362	7,510
	Shareholders’ equity	8,280	9,116	7,866	7,912	8,726	9,121	5,895	8,468	7,024	6,102
Returns, %
Returns, %	ROA	27.20	3.69	9.42	5.90	5.77	4.80	(7.87)	9.39	(2.40)	(4.18)
	ROIC	5.64	8.72	10.41	11.16	9.03	3.54	(8.54)	2.31	0.05	(1.41)
	ROE	57.92	6.92	18.21	12.69	13.25	14.39	(32.41)	36.98	(8.38)	(14.58)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$27.0B	48.7×	37.3×	+13.80% (above 0%: growing)	+19.23% (above 0%: growing)	−20.71% (below 0%: shrinking)	37.74%	20.53%	Compare
SOLV Solventum Corporation	$15.0B	10.4×	39.0×	+2.22% (above 0%: growing)	+1.92% (above 0%: growing)	+144.07% (above 0%: growing)	58.22%	8.19%	Compare
BAX Baxter International Inc.	$13.3B	— (loss-making)	44.7×	+5.34% (above 0%: growing)	+33.33% (above 0%: growing)	+119.48% (above 0%: growing)	34.86%	7.33%
RGEN Repligen Corporation	$11.7B	234×	112×	+11.93% (above 0%: growing)	−65.38% (below 0%: shrinking)	+27.10% (above 0%: growing)	53.91%	6.85%	Compare
COO The Cooper Companies, Inc.	$10.9B	19.8×	28.7×	+0.56% (above 0%: growing)	+357.14% (above 0%: growing)	+65.96% (above 0%: growing)	66.77%	20.82%	Compare
AVTR Avantor, Inc.	$10.9B	— (loss-making)	25.5×	+0.53% (above 0%: growing)	−33.33% (below 0%: shrinking)	+12.66% (above 0%: growing)	31.73%	7.20%	Compare
ALGN Align Technology, Inc.	$10.6B	25.6×	20.7×	+4.32% (above 0%: growing)	−12.21% (below 0%: shrinking)	+85.77% (above 0%: growing)	71.71%	14.58%	Compare
ATR AptarGroup, Inc.	$7.9B	22.2×	21.0×	+6.26% (above 0%: growing)	−18.34% (below 0%: shrinking)	−23.07% (below 0%: shrinking)	35.61%	12.34%	Compare
BLCO Bausch + Lomb Corporation	$6.0B	— (loss-making)	— (loss-making)	+9.08% (above 0%: growing)	n/m	+251.85% (above 0%: growing)	62.20%	5.95%	Compare
Median of peers	$10.9B	23.9×	28.7×	+5.29%	−12.21%	+46.53%	56.07%	10.26%

All 55 Medical Instruments & Supplies stocks →

Baxter International Inc. (BAX) key facts

Strength: Baxter International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.2 billion, up 5.72% from fiscal 2024.
Baxter International Inc. (BAX) is a Medical Instruments & Supplies company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 16, 2026, BAX traded at $25.33, a market capitalization of $13.3 billion.
Baxter International Inc. pays an annual dividend of $0.04 per share, a yield of 0.16%.
Return on equity was −14.6% and debt-to-equity 1.53.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 2.12 (grey zone) for fiscal 2025.