BAX
Baxter InternationalStock · HealthcareS&P 500 Equal Weight 0.2% · S&P 500 0.02% · Russell 1000 0.02% · US Stock Market 0.02% · Russell 3000 0.01%$22.80-0.96%
as of market close, Sep 18, 2026
☾ AH $22.80 +0.00%
BAX financial statements
The full income statement, balance sheet, and cash-flow statement for Baxter International (BAX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 510.2M2024-09 510.6M2024-12 511.6M2025-03 513.2M2025-06 513.6M2025-09 514.1M2025-12 514.5M2026-03 516.5M2026-06 517.0M+1.3% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 11.2B+5.7% | 10.6B+2.7% | 10.4B+3.0% | 10.1B-17.2% | 12.1B+4.1% | ||
| Lease income | 350M-7.9% | 380M-4.3% | 397M-1.0% | 401M+197.0% | 135M+60.7% | |
| 3.38B-15.2% | 3.98B-4.0% | 4.15B+16.9% | 3.55B-24.8% | 4.72B+2.9% | ||
| Cost of revenue | 7.87B+18.2% | 6.65B+7.1% | 6.21B-4.6% | 6.51B-12.4% | 7.43B+4.8% | |
| Research & development | 518M-12.2% | 590M+13.9% | 518M+15.1% | 450M-15.3% | 531M+1.9% | |
| Selling, general & administrative | 2.89B-2.6% | 2.97B+0.5% | 2.95B-4.6% | 3.10B+8.9% | 2.85B+15.2% | |
| Restructuring | 162M+11.0% | 146M+3.5% | 141M-2.1% | 144M+58.2% | 91.0M-18.0% | |
| Amortization of intangibles | 598M-4.3% | 625M+5.9% | 590M-13.1% | 679M+127.9% | 298M+34.2% | |
| Provision for credit losses | 6.00M+185.7% | -7.00M+0.0% | -7.00M-133.3% | -3.00M-250.0% | 2.00M-81.8% | |
| Operating income | -308M-2300.0% | 14.0M-98.0% | 707M+124.9% | -2.85B-310.7% | 1.35B-16.5% | |
| Interest expense | 290M-28.9% | 408M-19.7% | 508M+23.0% | 413M+99.5% | 207M+35.3% | |
| Interest & investment income | 52.0M-22.4% | 67.0M-2.9% | 69.0M+263.2% | 19.0M+35.7% | 14.0M-26.3% | |
| Net interest income | — | — | -442M-11.9% | -395M-104.7% | -193M-44.0% | |
| Other non-operating income | 41.0M+7.9% | 38.0M+246.2% | -26.0M-188.9% | -9.00M+78.0% | -41.0M+78.4% | |
| Gain (loss) on equity securities | 1.00M-66.7% | 3.00M-57.1% | 7.00M-36.4% | 11.0M+257.1% | -7.00M-153.8% | |
| Pre-tax income | -505M-74.7% | -289M-219.4% | 242M+107.5% | -3.25B-391.0% | 1.12B-13.6% | |
| Income tax | 395M+967.6% | 37.0M-39.3% | 61.0M+145.2% | -135M-262.7% | 83.0M-54.4% | |
| -957M-47.5% | -649M-124.4% | 2.66B+209.2% | -2.43B-289.5% | 1.28B+16.5% | ||
| Income from continuing operations | -900M-176.1% | -326M-280.1% | 181M+105.8% | -3.11B-404.7% | 1.02B-7.3% | |
| Discontinued operations | -57.0M+81.7% | -312M-112.6% | 2.48B+258.7% | 692M+164.1% | 262M | |
| Net income to non-controlling interest | 0.00-100.0% | 11.0M+57.1% | 7.00M-41.7% | 12.0M+9.1% | 11.0M+37.5% | |
| -$1.87-47.2% | -$1.27-124.3% | $5.23+208.3% | -$4.83-290.9% | $2.53+18.8% | ||
| EPS (basic) | -$1.87-47.2% | -$1.27-124.2% | $5.25+208.7% | -$4.83-288.7% | $2.56+18.0% | |
| Weighted-avg shares (basic) | 513M+0.6% | 510M+0.8% | 506M+0.4% | 504M+0.4% | 502M-1.4% | |
| Weighted-avg shares (diluted) | 513M+0.6% | 510M+0.4% | 508M+0.8% | 504M-0.8% | 508M-1.7% | |
| Dividends per share | $0.52-50.0% | $1.04-10.3% | $1.16+0.9% | $1.15+6.0% | $1.08+13.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 6.87B-22.4% | 8.85B-7.8% | 9.60B+19.8% | 8.01B-9.7% | 8.87B+5.5% | ||
| Cash & equivalents | 1.97B+11.5% | 1.76B-42.7% | 3.08B+89.9% | 1.62B-45.1% | 2.95B-20.9% | |
| Accounts receivable | 1.86B+10.8% | 1.68B-2.3% | 1.72B-33.1% | 2.57B-2.2% | 2.63B+31.0% | |
| Inventory | 2.23B+9.1% | 2.05B+6.7% | 1.92B-28.4% | 2.68B+9.2% | 2.45B+28.0% | |
| Prepaid expenses | 813M+8.0% | 753M+6.7% | 706M-17.6% | 857M+2.1% | 839M+10.7% | |
| Other current assets | 341M+66.3% | 205M+41.4% | 145M-60.6% | 368M-5.6% | 390M+14.0% | |
| 20.1B-22.2% | 25.8B-8.8% | 28.3B-0.0% | 28.3B-15.6% | 33.5B+67.4% | ||
| Property, plant & equipment | 2.91B+1.4% | 2.87B-0.0% | 2.87B-38.8% | 4.70B-9.3% | 5.18B+9.7% | |
| Operating lease right-of-use | 276M-9.8% | 306M-8.9% | 336M-37.9% | 541M-14.1% | 630M+4.5% | |
| Goodwill | 4.93B-6.6% | 5.28B-8.9% | 5.79B-10.2% | 6.45B-34.4% | 9.84B+205.8% | |
| Intangible assets | 4.37B-16.4% | 5.22B-11.7% | 5.92B-12.9% | 6.79B-12.8% | 7.79B+366.3% | |
| Deferred tax assets | 200M-2.0% | 204M-22.4% | 263M-6.1% | 280M-25.5% | 376M-49.7% | |
| Other non-current assets | 699M-7.4% | 755M-6.7% | 809M-27.1% | 1.11B-8.6% | 1.21B-13.0% | |
| 2.97B-54.4% | 6.51B+0.1% | 6.50B+37.0% | 4.75B+12.0% | 4.24B+27.1% | ||
| Accounts payable | 999M+3.2% | 968M+9.9% | 881M-20.6% | 1.11B-10.9% | 1.25B+19.5% | |
| Accrued liabilities | 1.97B+5.7% | 1.86B-2.8% | 1.92B-11.8% | 2.17B-12.5% | 2.48B+31.6% | |
| Deferred revenue | 141M+7.6% | 131M+2.3% | 128M-16.9% | 154M-4.9% | 162M+406.3% | |
| Short-term & current debt | 1.00M-100.0% | 2.13B | 0.00-100.0% | 299M-0.7% | 301M | |
| Current lease liability | 81.0M+1.3% | 80.0M-13.0% | 92.0M-23.3% | 120M-6.3% | 128M+15.3% | |
| Finance lease liability (current) | 2.00M+0.0% | 2.00M+0.0% | 2.00M+0.0% | 2.00M+0.0% | 2.00M+100.0% | |
| 14.0B-25.6% | 18.8B-5.3% | 19.8B-11.5% | 22.4B-8.2% | 24.4B+116.1% | ||
| Long-term debt | 9.44B-28.4% | 13.2B-4.9% | 13.9B-17.0% | 16.7B-5.9% | 17.8B+184.8% | |
| Deferred revenue (non-current) | 36.0M-10.0% | 40.0M-2.4% | 41.0M+2.5% | 40.0M-52.4% | 84.0M+147.1% | |
| Non-current lease liability | 223M-8.2% | 243M-8.3% | 265M-40.7% | 447M-14.4% | 522M+4.2% | |
| Operating lease liability (total) | 304M-5.9% | 323M-9.5% | 357M-37.0% | 567M-12.8% | 650M+6.2% | |
| Finance lease liability (total) | 23.0M+9.5% | 21.0M-22.2% | 27.0M-57.8% | 64.0M-8.6% | 70.0M+7.7% | |
| Finance lease liability | 21.0M+10.5% | 19.0M-24.0% | 25.0M-59.7% | 62.0M-8.8% | 68.0M+6.3% | |
| Deferred tax liabilities | 245M+137.9% | 103M-74.4% | 403M-39.0% | 661M-31.3% | 962M+572.7% | |
| Other non-current liabilities | 1.29B+19.6% | 1.08B-23.1% | 1.40B-24.2% | 1.85B-25.9% | 2.49B+49.0% | |
| 6.13B-12.0% | 6.96B-17.1% | 8.40B+44.0% | 5.83B-35.7% | 9.08B+4.5% | ||
| Common stock | 683M+0.0% | 683M+0.0% | 683M+0.0% | 683M+0.0% | 683M+0.0% | |
| Additional paid-in capital | 6.37B-0.8% | 6.42B+0.5% | 6.39B+1.1% | 6.32B+2.0% | 6.20B+2.5% | |
| Retained earnings | 13.7B-8.2% | 14.9B-7.4% | 16.1B+14.7% | 14.1B-17.7% | 17.1B+4.5% | |
| Treasury stock | 10.9B-1.7% | 11.1B-1.5% | 11.2B-1.4% | 11.4B-0.9% | 11.5B+4.0% | |
| Accumulated other comprehensive income | -3.75B+6.4% | -4.01B-12.8% | -3.55B+7.3% | -3.83B-13.4% | -3.38B-2.0% | |
| Non-controlling interest | -27.0M-145.0% | 60.0M-9.1% | 66.0M+6.5% | 62.0M+40.9% | 44.0M+18.9% | |
| Total equity incl. non-controlling | 6.10B-13.1% | 7.02B-17.1% | 8.47B+43.6% | 5.89B-35.4% | 9.12B+4.5% | |
| Total liabilities & equity | 20.1B-22.2% | 25.8B-8.8% | 28.3B-0.0% | 28.3B-15.6% | 33.5B+67.4% | |
| Common shares issued | 683M+0.0% | 683M+0.0% | 683M+0.0% | 683M+0.0% | 683M+0.0% | |
| Common shares outstanding | 683M+0.0% | 683M+0.0% | 683M+0.0% | 683M+0.0% | 683M+0.0% | |
| Shares outstanding (cover) | 514M+0.6% | 512M+0.7% | 508M+0.6% | 505M+0.5% | 502M-0.6% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 845M-17.1% | 1.02B-41.0% | 1.73B+42.5% | 1.21B-45.5% | 2.22B+19.0% | ||
| Depreciation & amortization | 981M-1.6% | 997M+1.3% | 984M-8.2% | 1.07B+23.6% | 867M+5.3% | |
| Intangible amortization | 598M-4.3% | 625M+5.9% | 590M-13.1% | 679M+127.9% | 298M+34.2% | |
| Share-based compensation | 117M+2.6% | 114M-0.9% | 115M-17.9% | 140M-4.1% | 146M+12.3% | |
| Deferred income taxes | 77.0M+129.4% | -262M-2.3% | -256M+1.5% | -260M-61.5% | -161M-83.0% | |
| Change in receivables | 132M+277.1% | 35.0M-7.9% | 38.0M-20.8% | 48.0M-71.8% | 170M | |
| Change in inventory | 119M-40.8% | 201M+57.0% | 128M-35.4% | 198M+633.3% | 27.0M-83.3% | |
| Change in payables | 3.00M-97.3% | 112M+21.7% | 92.0M+237.3% | -67.0M-163.8% | 105M+84.2% | |
| Other operating activities | -81.0M-161.3% | -31.0M-138.5% | -13.0M+85.7% | -91.0M+33.6% | -137M-41.2% | |
| 2.84B+553.8% | -626M-119.5% | 3.21B+445.1% | -931M+91.7% | -11.2B-850.0% | ||
| Capital expenditure | 513M+15.0% | 446M+3.2% | 432M+14.6% | 377M-45.4% | 691M-2.5% | |
| Free cash flow | 332M-42.1% | 573M-55.7% | 1.29B+55.2% | 834M-45.5% | 1.53B+32.1% | |
| Acquisitions | 9.00M-35.7% | 14.0M+250.0% | 4.00M-98.4% | 258M-97.5% | 10.5B+2025.9% | |
| Other investing activities | -58.0M-262.5% | -16.0M+38.5% | -26.0M-136.4% | -11.0M+75.6% | -45.0M | |
| -4.22B-290.0% | -1.08B+69.0% | -3.49B-142.6% | -1.44B-117.4% | 8.24B+2489.9% | ||
| Long-term debt issued | 2.00B | 0.00 | 0.00 | 0.00-100.0% | 11.9B+531.5% | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00-100.0% | 954M-66.2% | 2.82B+139.0% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00-100.0% | 32.0M-94.7% | 600M+20.0% | |
| Dividends paid | 348M-41.0% | 590M+0.7% | 586M+2.3% | 573M+8.1% | 530M+12.1% | |
| Other financing activities | -57.0M-83.9% | -31.0M+50.8% | -63.0M-3.3% | -61.0M-52.5% | -40.0M+14.9% | |
| FX effect on cash | — | — | 26.0M+134.2% | -76.0M-61.7% | -47.0M-182.5% | |
| Net change in cash | -446M+43.1% | -784M-153.1% | 1.48B+219.6% | -1.23B-58.2% | -780M-294.5% | |
| Interest paid | 303M-24.4% | 401M-17.1% | 484M+36.3% | 355M+144.8% | 145M+5.8% | |
| Income taxes paid | 222M-0.4% | 223M+28.2% | 174M+3.6% | 168M-7.7% | 182M-26.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 9.83B-34.1% | 14.9B-23.9% | 19.6B-23.7% | 25.7B-40.4% | 43.1B+6.4% | |
| P/E | — | — | 7.6× | — | 33.6×-8.7% | |
| P/S | 0.9×-37.7% | 1.4×-18.6% | 1.7×-8.5% | 1.9×-46.9% | 3.5×+2.2% | |
| P/B | 1.6×-25.1% | 2.1×-11.5% | 2.4×-47.8% | 4.6×-2.3% | 4.8×+1.8% | |
| P/FCF | 29.6×+13.7% | 26.0×+58.4% | 16.4×-46.0% | 30.4×+8.1% | 28.2×-19.5% | |
| Earnings yield | — | — | 13.2% | — | 3.0%+9.5% | |
| FCF yield | 3.4%-12.1% | 3.8%-36.9% | 6.1%+85.2% | 3.3%-7.5% | 3.6%+24.2% | |
| Dividend yield | 2.7%-23.7% | 3.6%+18.9% | 3.0%+33.0% | 2.3%+78.5% | 1.3%+6.2% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: BAX’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BAX filings on SEC EDGAR → Not investment advice.