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Baxter International (BAX) Financials

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$16.80 +0.18 (+1.06%)
As of 01:17 PM Eastern
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Annual Income Statements for Baxter International

Annual Income Statements for Baxter International

This table shows Baxter International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 968 4,965 602 1,546 1,001 1,102 1,284 -2,433 2,656 -649 -957
Consolidated Net Income / (Loss)		 968 4,965 602 1,546 1,011 1,110 1,295 -2,421 2,663 -638 -957
Net Income / (Loss) Continuing Operations		 393 4,966 609 1,552 1,011 1,110 1,033 -3,113 181 -326 -900
Total Pre-Tax Income 		428 4,954 1,100 1,617 970 1,292 1,116 -3,248 242 -289 -505
Total Operating Income		 449 745 1,288 1,584 1,772 1,616 1,350 -2,845 707 14 -308
Total Gross Profit		 4,146 4,116 4,474 4,759 4,761 4,587 4,720 3,549 4,150 3,984 3,379
Total Revenue		 9,968 10,163 10,584 11,099 11,362 11,673 12,146 10,057 10,360 10,636 11,244
Operating Revenue		 9,968 10,163 10,584 11,099 11,362 11,673 12,146 10,057 10,360 10,636 11,244
Total Cost of Revenue		 5,822 6,047 6,110 6,340 6,601 7,086 7,426 6,508 6,210 6,652 7,865
Operating Cost of Revenue		 5,822 6,047 6,110 6,340 6,601 7,086 7,426 6,508 6,210 6,652 7,865
Total Operating Expenses		 3,697 3,371 3,186 3,175 2,989 2,971 3,370 6,394 3,443 3,970 3,687
Selling, General & Admin Expense		 3,094 2,725 2,627 2,620 2,535 2,469 2,845 3,097 2,953 2,967 2,890
Research & Development Expense		 603 646 615 654 595 521 531 450 518 590 518
Other Operating Expenses / (Income)		 - 0.00 -56 -99 -141 -19 -6.00 35 -28 -12 -206
Impairment Charge		 - - - - - 0.00 0.00 2,812 0.00 425 485
Total Other Income / (Expense), net		 -21 4,209 -188 33 -802 -324 -234 -403 -465 -303 -197
Interest & Investment Income		 - - - - - - - -394 -439 -341 -238
Other Income / (Expense), net		 105 4,275 -133 78 -731 -190 -41 -9.00 -26 38 41
Income Tax Expense		 35 -12 491 65 -41 182 83 -135 61 37 395
Net Income / (Loss) Discontinued Operations		 575 -1.00 -7.00 -6.00 - - 262 692 2,482 -312 -57
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 0.00 0.00 10 8.00 11 12 7.00 11 0.00
Basic Earnings per Share		 $1.78 $9.09 $1.11 $2.90 $1.97 $2.17 $2.56 ($4.83) $5.25 ($1.27) ($1.87)
Weighted Average Basic Shares Outstanding		 545M 546M 543M 534M 509M 509M 502M 504M 506M 510M 513M
Diluted Earnings per Share		 $1.76 $9.01 $1.08 $2.83 $1.93 $2.13 $2.53 ($4.83) $5.23 ($1.27) ($1.87)
Weighted Average Diluted Shares Outstanding		 549M 551M 555M 546M 519M 517M 508M 504M 508M 510M 513M
Weighted Average Basic & Diluted Shares Outstanding		 - 546.20M 543.20M 534.20M 507.26M 505.10M 502.29M 504.67M 507.83M 511.62M 514.49M
Cash Dividends to Common per Share		 $1.27 $0.51 $0.61 $0.73 $0.85 $0.96 $1.09 $1.15 $1.16 $1.04 $0.52

Quarterly Income Statements for Baxter International

This table shows Baxter International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 2,508 245 37 -314 140 -512 126 91 -46 -1,128 -15
Consolidated Net Income / (Loss)		 2,511 246 39 -311 144 -510 126 91 -46 -1,128 -15
Net Income / (Loss) Continuing Operations		 37 337 6.00 95 61 -115 64 122 -51 -1,035 -17
Total Pre-Tax Income 		64 347 46 117 69 -217 -3.00 133 121 -756 -6.00
Total Operating Income		 179 416 115 179 155 -136 58 191 172 -729 66
Total Gross Profit		 1,056 708 961 1,031 1,033 133 861 991 950 577 891
Total Revenue		 2,599 541 2,490 2,694 2,699 533 2,625 2,810 2,835 2,974 2,701
Operating Revenue		 2,599 541 2,490 2,694 2,699 533 2,625 2,810 2,835 2,974 2,701
Total Cost of Revenue		 1,543 -167 1,529 1,663 1,666 400 1,764 1,819 1,885 2,397 1,810
Operating Cost of Revenue		 1,543 -167 1,529 1,663 1,666 400 1,764 1,819 1,885 2,397 1,810
Total Operating Expenses		 877 292 846 852 878 269 803 800 778 1,306 825
Selling, General & Admin Expense		 744 250 729 723 754 165 703 718 708 761 728
Research & Development Expense		 133 56 120 130 129 112 140 134 118 126 139
Other Operating Expenses / (Income)		 0.00 -14 -3.00 -1.00 -5.00 -3.00 -40 -52 -48 -66 -42
Total Other Income / (Expense), net		 -115 -69 -69 -62 -86 -81 -61 -58 -51 -27 -72
Interest & Investment Income		 -127 - -78 -86 -87 - -64 -58 -58 -58 -66
Other Income / (Expense), net		 12 2.00 9.00 24 1.00 10 3.00 0.00 7.00 31 -6.00
Income Tax Expense		 27 10 40 22 8.00 -102 -67 11 172 279 11
Net Income / (Loss) Discontinued Operations		 2,474 -91 33 -406 83 -395 62 -31 5.00 -93 2.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 3.00 1.00 2.00 3.00 4.00 2.00 0.00 0.00 0.00 - 0.00
Basic Earnings per Share		 $4.95 $0.49 $0.07 ($0.62) $0.27 ($0.99) $0.25 $0.18 ($0.09) ($2.21) ($0.03)
Weighted Average Basic Shares Outstanding		 507M 506M 508M 510M 510M 510M 512M 513M 514M 513M 515M
Diluted Earnings per Share		 $4.93 $0.49 $0.07 ($0.61) $0.27 ($0.99) $0.25 $0.18 ($0.09) ($2.21) ($0.03)
Weighted Average Diluted Shares Outstanding		 509M 508M 510M 511M 512M 510M 514M 514M 514M 513M 515M
Weighted Average Basic & Diluted Shares Outstanding		 507.32M 507.83M 509.58M 510.18M 510.59M 511.62M 513.17M 513.62M 514.06M 514.49M 516.47M
Cash Dividends to Common per Share		 $0.29 - $0.29 $0.29 $0.29 - $0.17 $0.17 $0.17 - $0.01

Annual Cash Flow Statements for Baxter International

This table details how cash moves in and out of Baxter International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -712 588 617 -1,502 1,497 401 -780 -1,234 1,476 -784 -446
Net Cash From Operating Activities		 1,771 1,654 1,714 2,017 2,104 1,868 2,222 1,211 1,726 1,019 845
Net Cash From Continuing Operating Activities		 1,253 1,624 1,730 2,017 2,110 1,870 2,026 528 1,207 819 951
Net Income / (Loss) Continuing Operations		 393 4,966 609 1,552 1,011 1,110 1,033 -3,113 181 -326 -900
Consolidated Net Income / (Loss)		 968 4,965 602 1,546 1,011 1,110 1,295 -2,421 2,663 -638 -957
Net Income / (Loss) Discontinued Operations		 575 -1.00 -7.00 -6.00 - - 262 692 2,482 -312 -57
Depreciation Expense		 759 800 750 771 789 823 867 1,072 984 997 981
Non-Cash Adjustments To Reconcile Net Income		 401 -3,828 270 205 1,045 297 344 3,435 137 646 901
Changes in Operating Assets and Liabilities, net		 -300 -314 101 -511 -735 -360 -218 -866 -95 -498 -31
Net Cash From Discontinued Operating Activities		 518 30 -16 0.00 -6.00 -2.00 196 683 519 200 -106
Net Cash From Investing Activities		 -1,807 -715 -1,292 -916 -1,100 -1,179 -11,200 -931 3,213 -626 2,841
Net Cash From Continuing Investing Activities		 -861 -730 -1,292 -916 -1,100 -1,179 -11,148 -624 -410 -410 -464
Purchase of Property, Plant & Equipment		 -911 -719 -616 -659 -696 -709 -691 -377 -432 -446 -513
Acquisitions		 -34 -48 -686 -268 -418 -494 -10,502 -258 -4.00 -14 -9.00
Sale and/or Maturity of Investments		 - - - - - - - 0.00 0.00 34 0.00
Other Investing Activities, net		 - - 10 - - 24 45 11 26 16 58
Net Cash From Discontinued Investing Activities		 -946 15 - - - - -52 -307 3,623 -216 3,305
Net Cash From Financing Activities		 -481 -324 93 -2,603 498 -345 8,245 -1,438 -3,489 -1,081 -4,216
Net Cash From Continuing Financing Activities		 -481 -324 93 -2,603 498 -345 8,245 -1,438 -3,489 -1,081 -4,216
Repayment of Debt		 -3,935 -1,691 -40 -33 -48 -1,233 -2,961 -1,015 -2,697 -2,688 -5,546
Payment of Dividends		 -3,032 -268 -315 -376 -423 -473 -530 -573 -586 -590 -348
Issuance of Debt		 6,293 1,641 665 0.00 1,883 1,659 12,149 55 -301 2,126 1,698
Issuance of Common Equity		 193 286 347 258 356 202 187 127 95 71 30
Other Financing Activities, net		 - - - - - - - - 0.00 0.00 -50
Other Net Changes in Cash		 - - - - - 57 -47 -76 26 -96 84

Quarterly Cash Flow Statements for Baxter International

This table details how cash moves in and out of Baxter International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 4,066 -2,594 -168 -934 -16 334 -118 -608 40 240 51
Net Cash From Operating Activities		 365 531 163 115 253 488 -193 217 237 584 213
Net Cash From Continuing Operating Activities		 12 415 67 115 98 443 -99 217 237 596 213
Net Income / (Loss) Continuing Operations		 155 219 6.00 -311 434 -488 64 122 -51 -1,035 -17
Consolidated Net Income / (Loss)		 2,511 246 39 -311 144 -510 126 91 -46 -1,128 -15
Net Income / (Loss) Discontinued Operations		 2,356 27 33 - -290 -22 62 -31 5.00 -93 2.00
Depreciation Expense		 92 264 271 288 129 245 247 257 237 240 237
Non-Cash Adjustments To Reconcile Net Income		 -257 38 15 478 -391 530 30 43 29 799 19
Changes in Operating Assets and Liabilities, net		 22 -106 -225 -340 -74 156 -440 -205 22 592 -26
Net Cash From Discontinued Operating Activities		 353 116 96 - 155 45 -94 - - -12 0.00
Net Cash From Investing Activities		 3,786 -230 -166 -91 -164 -205 3,265 -115 -111 -198 -133
Net Cash From Continuing Investing Activities		 1.00 -85 -100 -91 -24 -129 -124 -115 -111 -114 -133
Purchase of Property, Plant & Equipment		 -12 -92 -110 -116 -22 -132 -122 -140 -111 -140 -137
Other Investing Activities, net		 14 7.00 10 8.00 - 8.00 -2.00 34 - 26 4.00
Net Cash From Discontinued Investing Activities		 3,785 -145 -66 - -140 -76 3,389 - - -84 0.00
Net Cash From Financing Activities		 -62 -2,935 -140 -936 -146 141 -3,226 -762 -81 -147 -11
Net Cash From Continuing Financing Activities		 -62 -2,935 -140 -936 -146 141 -3,226 -762 -81 -147 -11
Repayment of Debt		 -212 -2,583 -33 -800 -9.00 -1,846 -2,849 -681 7.00 -2,023 -14
Payment of Dividends		 -147 -147 -147 -148 -148 -147 -87 -87 -87 -87 -5.00
Issuance of Debt		 265 -214 0.00 - - - -300 - - 1,998 0.00
Issuance of Common Equity		 32 9.00 40 12 11 8.00 10 6.00 9.00 5.00 8.00
Other Net Changes in Cash		 -46 - -25 -22 - - 36 52 -5.00 1.00 -18

Annual Balance Sheets for Baxter International

This table presents Baxter International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 20,962 15,546 17,111 15,720 18,193 20,019 33,521 28,287 28,276 25,782 20,055
Total Current Assets		 11,796 6,574 7,263 5,959 7,503 8,411 8,872 8,011 9,600 8,853 6,872
Cash & Equivalents		 2,213 2,801 3,394 1,838 3,335 3,730 2,951 1,718 3,078 1,764 1,966
Accounts Receivable		 1,731 1,691 1,793 1,840 1,896 2,007 2,629 2,571 1,719 1,679 1,861
Inventories, net		 1,604 1,430 1,475 1,667 1,653 1,916 2,453 2,679 1,918 2,046 2,232
Prepaid Expenses		 855 602 601 614 619 758 839 857 706 753 813
Plant, Property, & Equipment, net		 4,386 4,289 4,588 4,530 4,512 0.00 0.00 4,695 2,871 2,870 2,910
Total Noncurrent Assets		 4,780 4,683 5,260 5,231 6,178 11,608 24,649 15,581 15,805 14,059 10,273
Goodwill		 2,687 2,595 3,099 3,002 3,030 3,217 9,836 6,452 5,793 5,275 4,929
Intangible Assets		 1,349 1,111 1,374 1,410 1,471 1,671 7,792 6,793 5,918 5,223 4,369
Other Noncurrent Operating Assets		 744 977 787 819 1,677 6,720 7,021 1,650 1,145 1,061 975
Total Liabilities & Shareholders' Equity		 20,962 15,546 17,111 15,720 18,193 20,019 33,521 28,287 28,276 25,782 20,055
Total Liabilities		 12,097 7,266 7,995 7,854 10,281 11,293 24,400 22,392 19,808 18,758 13,953
Total Current Liabilities		 5,750 2,744 2,821 2,814 3,230 3,333 4,236 4,745 6,503 6,511 2,970
Short-Term Debt		 2,585 3.00 3.00 4.00 541 406 511 1,404 2,667 2,752 3.00
Accounts Payable		 2,666 2,612 2,733 2,810 2,689 1,043 1,246 1,110 881 968 999
Accrued Expenses		 - - - - - 1,884 2,479 2,170 1,915 1,861 1,968
Total Noncurrent Liabilities		 6,347 4,522 5,174 5,040 7,051 7,960 20,164 17,647 13,305 12,247 10,983
Long-Term Debt		 3,922 2,779 3,509 3,481 4,809 5,786 17,149 15,232 11,089 10,374 9,473
Other Noncurrent Operating Liabilities		 2,425 1,743 1,665 1,559 2,242 2,174 3,015 2,295 1,665 1,319 1,510
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 8,865 8,280 9,116 7,866 7,912 8,726 9,121 5,895 8,468 7,024 6,102
Total Preferred & Common Equity		 8,846 8,290 9,124 7,844 7,882 8,689 9,077 5,833 8,402 6,964 6,129
Total Common Equity		 8,846 8,290 9,124 7,844 7,882 8,689 9,077 5,833 8,402 6,964 6,129
Common Stock		 6,585 6,641 6,623 6,581 6,638 6,726 6,880 7,005 7,072 7,104 7,051
Retained Earnings		 9,683 14,200 14,483 15,075 15,718 16,328 17,065 14,050 16,114 14,929 13,705
Treasury Stock		 -7,646 -7,995 -7,981 -9,989 -10,764 -11,051 -11,488 -11,389 -11,230 -11,059 -10,873
Accumulated Other Comprehensive Income / (Loss)		 224 -4,556 -4,001 -3,823 -3,710 -3,314 -3,380 -3,833 -3,554 -4,010 -3,754
Noncontrolling Interest		 19 -10 -8.00 22 30 37 44 62 66 60 -27

Quarterly Balance Sheets for Baxter International

This table presents Baxter International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 27,885 30,656 28,276 27,788 26,312 26,676 25,782 21,304 21,046 21,067 19,846
Total Current Assets		 8,205 12,034 9,600 9,400 8,593 8,864 8,853 7,035 6,749 6,933 6,847
Cash & Equivalents		 1,722 5,788 3,078 3,026 2,095 1,420 1,764 2,294 1,686 1,726 2,017
Accounts Receivable		 2,495 2,512 1,719 2,521 2,639 1,729 1,679 1,646 1,773 1,777 1,698
Inventories, net		 2,897 2,873 1,918 2,988 2,985 2,103 2,046 2,170 2,384 2,460 2,316
Prepaid Expenses		 858 861 706 865 874 720 753 925 906 970 816
Plant, Property, & Equipment, net		 4,494 4,278 2,871 4,370 4,314 2,833 2,870 2,717 2,802 2,812 2,913
Total Noncurrent Assets		 15,186 14,344 15,805 14,018 13,405 14,979 14,059 11,552 11,495 11,322 10,086
Goodwill		 6,418 6,407 5,793 6,430 6,001 5,783 5,275 5,338 5,395 5,400 4,899
Intangible Assets		 6,470 6,230 5,918 5,905 5,741 5,449 5,223 5,081 4,950 4,805 4,218
Other Noncurrent Operating Assets		 1,600 1,707 1,145 1,683 1,663 1,213 1,061 1,133 1,150 1,117 969
Total Liabilities & Shareholders' Equity		 27,885 30,656 28,276 27,788 26,312 26,676 25,782 21,304 21,046 21,067 19,846
Total Liabilities		 22,254 22,490 19,808 19,553 18,604 18,734 18,758 14,250 13,753 13,853 13,830
Total Current Liabilities		 5,765 6,209 6,503 6,365 6,131 6,200 6,511 3,481 2,939 3,775 3,693
Short-Term Debt		 2,177 2,426 2,667 2,634 2,468 2,498 2,752 662 8.00 755 842
Accounts Payable		 1,240 1,246 881 1,329 1,251 841 968 963 995 953 1,086
Accrued Expenses		 2,278 2,537 1,915 2,402 2,412 1,772 1,861 1,856 1,936 2,067 1,765
Total Noncurrent Liabilities		 16,489 16,281 13,305 13,188 12,473 12,534 12,247 10,769 10,814 10,078 10,137
Long-Term Debt		 14,306 14,067 11,089 11,092 10,436 10,437 10,374 9,412 9,492 8,747 8,621
Other Noncurrent Operating Liabilities		 2,060 2,214 1,665 2,096 2,037 1,522 1,319 1,357 1,322 1,331 1,516
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 5,631 8,166 8,468 8,235 7,708 7,942 7,024 7,054 7,293 7,214 6,016
Total Preferred & Common Equity		 5,569 8,101 8,402 8,173 7,643 7,872 6,964 7,081 7,320 7,241 6,043
Total Common Equity		 5,569 8,101 8,402 8,173 7,643 7,872 6,964 7,081 7,320 7,241 6,043
Common Stock		 7,024 7,051 7,072 7,022 7,036 7,074 7,104 6,992 7,011 7,028 6,897
Retained Earnings		 13,655 16,015 16,114 16,003 15,539 15,529 14,929 14,968 14,970 14,837 13,685
Treasury Stock		 -11,296 -11,249 -11,230 -11,130 -11,104 -11,084 -11,059 -10,937 -10,915 -10,891 -10,737
Accumulated Other Comprehensive Income / (Loss)		 -3,814 -3,716 -3,554 -3,722 -3,828 -3,647 -4,010 -3,942 -3,746 -3,733 -3,802
Noncontrolling Interest		 62 65 66 62 65 70 60 -27 -27 -27 -27

Annual Metrics And Ratios for Baxter International

This table displays calculated financial ratios and metrics derived from Baxter International's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -7.01% 1.96% 4.14% 4.87% 2.37% 2.74% 4.05% -17.20% 3.01% 2.66% 5.72%
EBITDA Growth		 -7.99% 343.26% -67.27% 27.72% -24.78% 22.90% -3.25% -181.89% 193.43% -37.00% -31.94%
EBIT Growth		 -12.76% 806.14% -76.99% 43.90% -37.36% 36.98% -8.20% -318.03% 123.86% -92.36% -613.46%
NOPAT Growth		 -32.61% 81.14% -4.52% 113.20% 21.48% -24.83% -9.99% -259.37% 126.55% -98.15% -2,300.00%
Net Income Growth		 -61.23% 412.91% -87.88% 156.81% -34.61% 9.79% 16.67% -286.95% 210.00% -123.96% -50.00%
EPS Growth		 -61.40% 411.93% -88.01% 162.04% -31.80% 10.36% 18.78% -290.91% 208.28% -124.28% -47.24%
Operating Cash Flow Growth		 -44.91% -6.61% 3.63% 17.68% 4.31% -11.22% 18.95% -45.50% 42.53% -40.96% -17.08%
Free Cash Flow Firm Growth		 -93.44% -31.08% -189.01% 504.45% 15.43% -91.11% -9,045.10% 115.07% 193.73% -82.95% 8.33%
Invested Capital Growth		 -1.11% 5.15% 12.42% 3.02% 4.35% 12.70% 113.00% -15.56% -22.43% -5.45% -7.77%
Revenue Q/Q Growth		 35.20% 0.42% 1.46% 0.20% 1.97% 1.23% -2.45% -27.05% -22.77% -29.55% 2.00%
EBITDA Q/Q Growth		 663.37% 1.57% -5.69% 9.99% -24.47% 25.36% -10.01% -50.89% 10.41% -32.28% -27.59%
EBIT Q/Q Growth		 189.21% 1.11% -8.11% 15.58% -37.21% 46.26% -16.09% -16.16% 47.40% -79.53% 0.00%
NOPAT Q/Q Growth		 194.84% 19.74% -35.77% 32.41% 36.43% -25.76% -17.29% -17.08% 50.78% -94.38% -2,100.00%
Net Income Q/Q Growth		 -43.59% 0.77% -41.61% 45.30% -23.76% 20.65% 5.80% -2.41% 2.34% -640.68% -182.30%
EPS Q/Q Growth		 -43.95% -0.55% -42.86% 45.13% -23.11% 20.34% 6.30% -2.33% 2.55% -652.17% -183.33%
Operating Cash Flow Q/Q Growth		 -19.13% -0.66% -15.82% 18.72% 6.05% -5.89% -0.85% -17.34% 5.63% -4.05% 12.82%
Free Cash Flow Firm Q/Q Growth		 -92.60% -80.68% 74.63% 46.53% 0.79% -84.33% -1,665.28% 116.20% 166.80% -74.34% 33.98%
Invested Capital Q/Q Growth		 -5.66% 15.37% -2.18% -2.34% 2.63% 4.27% 106.98% -1.41% -17.29% -5.96% -9.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 41.59% 40.50% 42.27% 42.88% 41.90% 39.30% 38.86% 35.29% 40.06% 37.46% 30.05%
EBITDA Margin		 13.17% 57.27% 18.00% 21.92% 16.11% 19.27% 17.92% -17.72% 16.07% 9.86% 6.35%
Operating Margin		 4.50% 7.33% 12.17% 14.27% 15.60% 13.84% 11.11% -28.29% 6.82% 0.13% -2.74%
EBIT Margin		 5.56% 49.39% 10.91% 14.97% 9.16% 12.22% 10.78% -28.38% 6.57% 0.49% -2.37%
Profit (Net Income) Margin		 9.71% 48.85% 5.69% 13.93% 8.90% 9.51% 10.66% -24.07% 25.70% -6.00% -8.51%
Tax Burden Percent		 226.17% 100.22% 54.73% 95.61% 104.23% 85.91% 116.04% 74.54% 1,100.41% 220.76% 189.51%
Interest Burden Percent		 77.26% 98.69% 95.24% 97.29% 93.18% 90.60% 85.26% 113.81% 35.54% -555.77% 189.14%
Effective Tax Rate		 8.18% -0.24% 44.64% 4.02% -4.23% 14.09% 7.44% 0.00% 25.21% 0.00% 0.00%
Return on Invested Capital (ROIC)		 5.25% 9.32% 8.17% 16.22% 19.00% 13.15% 7.14% -9.06% 2.96% 0.06% -1.52%
ROIC Less NNEP Spread (ROIC-NNEP)		 -79.66% -744.60% -419.07% 19.13% -26.65% 0.72% 7.67% -12.03% 22.94% -8.64% -11.25%
Return on Net Nonoperating Assets (RNNOA)		 6.13% 48.60% -1.25% 1.99% -6.19% 0.19% 7.38% -23.18% 34.12% -8.30% -13.06%
Return on Equity (ROE)		 11.37% 57.92% 6.92% 18.21% 12.82% 13.34% 14.51% -32.25% 37.08% -8.24% -14.58%
Cash Return on Invested Capital (CROIC)		 6.37% 4.30% -3.52% 13.24% 14.74% 1.21% -65.07% 7.81% 28.22% 5.66% 6.57%
Operating Return on Assets (OROA)		 2.35% 27.50% 7.07% 10.12% 6.14% 7.46% 4.89% -9.24% 2.41% 0.19% -1.17%
Return on Assets (ROA)		 4.11% 27.20% 3.69% 9.42% 5.96% 5.81% 4.84% -7.83% 9.42% -2.36% -4.18%
Return on Common Equity (ROCE)		 11.34% 57.89% 6.93% 18.19% 12.77% 13.29% 14.45% -32.02% 36.75% -8.17% -14.55%
Return on Equity Simple (ROE_SIMPLE)		 10.94% 59.89% 6.60% 19.71% 12.83% 12.77% 14.27% -41.51% 31.69% -9.16% 0.00%
Net Operating Profit after Tax (NOPAT)		 412 747 713 1,520 1,847 1,388 1,250 -1,992 529 9.80 -216
NOPAT Margin		 4.14% 7.35% 6.74% 13.70% 16.26% 11.89% 10.29% -19.80% 5.10% 0.09% -1.92%
Net Nonoperating Expense Percent (NNEP)		 84.91% 753.92% 427.24% -2.91% 45.65% 12.44% -0.53% 2.97% -19.98% 8.71% 9.73%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -8.84% 2.38% 0.05% -1.38%
Cost of Revenue to Revenue		 58.41% 59.50% 57.73% 57.12% 58.10% 60.70% 61.14% 64.71% 59.94% 62.54% 69.95%
SG&A Expenses to Revenue		 31.04% 26.81% 24.82% 23.61% 22.31% 21.15% 23.42% 30.79% 28.50% 27.90% 25.70%
R&D to Revenue		 6.05% 6.36% 5.81% 5.89% 5.24% 4.46% 4.37% 4.47% 5.00% 5.55% 4.61%
Operating Expenses to Revenue		 37.09% 33.17% 30.10% 28.61% 26.31% 25.45% 27.75% 63.58% 33.23% 37.33% 32.79%
Earnings before Interest and Taxes (EBIT)		 554 5,020 1,155 1,662 1,041 1,426 1,309 -2,854 681 52 -267
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,313 5,820 1,905 2,433 1,830 2,249 2,176 -1,782 1,665 1,049 714
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.07 2.58 3.46 4.05 4.96 4.37 4.45 4.16 2.27 2.14 1.60
Price to Tangible Book Value (P/TBV)		 3.81 4.67 6.79 9.25 11.57 9.99 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.84 2.11 2.99 2.86 3.44 3.25 3.33 2.41 1.84 1.40 0.87
Price to Earnings (P/E)		 18.92 4.31 52.49 20.54 39.08 34.47 31.45 0.00 7.18 0.00 0.00
Dividend Yield		 2.38% 1.28% 1.05% 1.22% 1.11% 1.28% 1.35% 2.39% 3.09% 3.57% 2.72%
Earnings Yield		 5.28% 23.18% 1.91% 4.87% 2.56% 2.90% 3.18% 0.00% 13.93% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.24 2.60 3.43 3.51 4.15 3.62 2.31 1.95 1.91 1.78 1.27
Enterprise Value to Revenue (EV/Rev)		 1.75 2.10 3.00 3.01 3.62 3.47 4.54 3.90 2.88 2.47 1.54
Enterprise Value to EBITDA (EV/EBITDA)		 13.32 3.67 16.64 13.74 22.49 18.00 25.34 0.00 17.90 25.08 24.24
Enterprise Value to EBIT (EV/EBIT)		 31.56 4.26 27.45 20.11 39.54 28.39 42.12 0.00 43.77 505.98 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 42.41 28.64 44.47 21.98 22.29 29.16 44.12 0.00 56.37 2,684.77 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.87 12.93 18.50 16.57 19.56 21.67 24.81 32.40 17.27 25.82 20.48
Enterprise Value to Free Cash Flow (EV/FCFF)		 34.95 62.03 0.00 26.92 28.73 317.85 0.00 22.86 5.91 30.60 18.58
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.73 0.34 0.39 0.44 0.68 0.71 1.94 2.82 1.62 1.87 1.55
Long-Term Debt to Equity		 0.44 0.34 0.38 0.44 0.61 0.66 1.88 2.58 1.31 1.48 1.55
Financial Leverage		 -0.08 -0.07 0.00 0.10 0.23 0.27 0.96 1.93 1.49 0.96 1.16
Leverage Ratio		 2.77 2.13 1.88 1.93 2.15 2.30 3.00 4.12 3.94 3.49 3.49
Compound Leverage Factor		 2.14 2.10 1.79 1.88 2.00 2.08 2.56 4.68 1.40 -19.39 6.60
Debt to Total Capital		 42.33% 25.15% 27.81% 30.70% 40.34% 41.51% 65.94% 73.84% 61.90% 65.14% 60.83%
Short-Term Debt to Total Capital		 16.82% 0.03% 0.02% 0.04% 4.08% 2.72% 1.91% 6.23% 12.00% 13.66% 0.02%
Long-Term Debt to Total Capital		 25.51% 25.12% 27.79% 30.67% 36.26% 38.79% 64.03% 67.60% 49.90% 51.48% 60.81%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.12% -0.09% -0.06% 0.19% 0.23% 0.25% 0.16% 0.28% 0.30% 0.30% -0.17%
Common Equity to Total Capital		 57.55% 74.94% 72.25% 69.10% 59.43% 58.25% 33.89% 25.89% 37.81% 34.56% 39.34%
Debt to EBITDA		 4.96 0.48 1.84 1.43 2.92 2.75 8.12 -9.34 8.26 12.51 13.27
Net Debt to EBITDA		 -0.65 0.00 0.06 0.68 1.10 1.09 6.76 -8.37 6.41 10.83 10.52
Long-Term Debt to EBITDA		 2.99 0.48 1.84 1.43 2.63 2.57 7.88 -8.55 6.66 9.89 13.27
Debt to NOPAT		 15.78 3.73 4.93 2.29 2.90 4.46 14.13 -8.35 26.01 1,339.39 -43.95
Net Debt to NOPAT		 -2.07 -0.03 0.17 1.08 1.09 1.77 11.77 -7.49 20.19 1,159.39 -34.83
Long-Term Debt to NOPAT		 9.51 3.72 4.92 2.29 2.60 4.17 13.72 -7.65 20.97 1,058.57 -43.94
Altman Z-Score		 2.46 5.06 4.71 5.06 4.59 4.28 2.36 1.51 1.95 1.82 2.13
Noncontrolling Interest Sharing Ratio		 0.32% 0.05% -0.10% 0.08% 0.33% 0.40% 0.45% 0.71% 0.89% 0.81% 0.25%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.05 2.40 2.57 2.12 2.32 2.52 2.09 1.69 1.48 1.36 2.31
Quick Ratio		 1.58 1.64 1.84 1.31 1.62 1.72 1.32 0.90 0.74 0.53 1.29
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 500 345 -307 1,241 1,433 127 -11,392 1,717 5,042 860 931
Operating Cash Flow to CapEx		 194.40% 230.04% 278.25% 306.07% 302.30% 263.47% 321.56% 321.22% 399.54% 228.48% 164.72%
Free Cash Flow to Firm to Interest Expense		 3.97 5.22 -5.58 27.59 20.18 0.95 -59.03 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 14.06 25.06 31.16 44.82 29.63 13.94 11.51 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 6.83 14.17 19.96 30.18 19.83 8.65 7.93 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.42 0.56 0.65 0.68 0.67 0.61 0.45 0.33 0.37 0.39 0.49
Accounts Receivable Turnover		 5.51 5.94 6.08 6.11 6.08 5.98 5.24 3.87 4.83 6.26 6.35
Inventory Turnover		 3.66 3.99 4.21 4.04 3.98 3.97 3.40 2.54 2.70 3.36 3.68
Fixed Asset Turnover		 2.26 2.34 2.38 2.43 2.51 0.00 0.00 0.00 2.74 3.71 3.89
Accounts Payable Turnover		 2.18 2.29 2.29 2.29 2.40 3.80 6.49 5.52 6.24 7.20 8.00
Days Sales Outstanding (DSO)		 66.19 61.45 60.07 59.74 60.01 61.02 69.66 94.36 75.57 58.31 57.46
Days Inventory Outstanding (DIO)		 99.71 91.57 86.77 90.44 91.79 91.92 107.37 143.91 135.10 108.75 99.27
Days Payable Outstanding (DPO)		 167.49 159.29 159.65 159.56 152.03 96.12 56.25 66.07 58.51 50.73 45.64
Cash Conversion Cycle (CCC)		 -1.59 -6.27 -12.81 -9.38 -0.23 56.82 120.78 172.21 152.16 116.33 111.08
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7,812 8,214 9,234 9,513 9,927 11,188 23,830 20,122 15,609 14,759 13,612
Invested Capital Turnover		 1.27 1.27 1.21 1.18 1.17 1.11 0.69 0.46 0.58 0.70 0.79
Increase / (Decrease) in Invested Capital		 -88 402 1,020 279 414 1,261 12,642 -3,708 -4,513 -850 -1,147
Enterprise Value (EV)		 17,483 21,387 31,708 33,422 41,162 40,481 55,138 39,236 29,807 26,311 17,307
Market Capitalization		 18,318 21,416 31,598 31,753 39,117 37,982 40,385 24,256 19,063 14,889 9,824
Book Value per Share		 $16.17 $15.24 $16.75 $14.74 $15.44 $17.01 $18.13 $11.57 $16.56 $13.64 $11.92
Tangible Book Value per Share		 $8.79 $8.43 $8.54 $6.45 $6.62 $7.44 ($17.08) ($14.70) ($6.52) ($6.92) ($6.16)
Total Capital		 15,372 11,062 12,628 11,351 13,262 14,918 26,781 22,531 22,224 20,150 15,578
Total Debt		 6,507 2,782 3,512 3,485 5,350 6,192 17,660 16,636 13,756 13,126 9,476
Total Long-Term Debt		 3,922 2,779 3,509 3,481 4,809 5,786 17,149 15,232 11,089 10,374 9,473
Net Debt		 -854 -19 118 1,647 2,015 2,462 14,709 14,918 10,678 11,362 7,510
Capital Expenditures (CapEx)		 911 719 616 659 696 709 691 377 432 446 513
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,270 1,032 1,051 1,311 1,479 1,754 2,196 2,952 2,686 3,330 1,939
Debt-free Net Working Capital (DFNWC)		 8,631 3,833 4,445 3,149 4,814 5,484 5,147 4,670 5,764 5,094 3,905
Net Working Capital (NWC)		 6,046 3,830 4,442 3,145 4,273 5,078 4,636 3,266 3,097 2,342 3,902
Net Nonoperating Expense (NNE)		 -556 -4,218 111 -26 836 278 -45 430 -2,134 648 741
Net Nonoperating Obligations (NNO)		 -1,053 -66 118 1,647 2,015 2,462 14,709 14,227 7,141 7,735 7,510
Total Depreciation and Amortization (D&A)		 759 800 750 771 789 823 867 1,072 984 997 981
Debt-free, Cash-free Net Working Capital to Revenue		 12.74% 10.15% 9.93% 11.81% 13.02% 15.03% 18.08% 29.35% 25.93% 31.31% 17.24%
Debt-free Net Working Capital to Revenue		 86.59% 37.72% 42.00% 28.37% 42.37% 46.98% 42.38% 46.44% 55.64% 47.89% 34.73%
Net Working Capital to Revenue		 60.65% 37.69% 41.97% 28.34% 37.61% 43.50% 38.17% 32.47% 29.89% 22.02% 34.70%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $3.04 $1.97 $2.17 $2.56 ($4.83) $5.25 ($1.27) ($1.87)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 534M 509M 509M 502M 504M 506M 510M 513M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $2.97 $1.93 $2.13 $2.53 ($4.83) $5.25 ($1.27) ($1.87)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 546M 519M 517M 508M 504M 506M 510M 513M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 512.54M 507.26M 505.10M 502.29M 504.67M 507.83M 511.62M 514.49M
Normalized Net Operating Profit after Tax (NOPAT)		 412 522 713 1,520 1,240 1,388 1,250 -23 529 307 124
Normalized NOPAT Margin		 4.14% 5.13% 6.74% 13.70% 10.92% 11.89% 10.29% -0.23% 5.10% 2.89% 1.10%
Pre Tax Income Margin		 4.29% 48.75% 10.39% 14.57% 8.54% 11.07% 9.19% -32.30% 2.34% -2.72% -4.49%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.40 76.06 21.00 36.93 14.66 10.64 6.78 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 3.27 11.32 12.97 33.79 26.01 10.36 6.47 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -2.83 65.17 9.80 22.29 4.86 5.35 3.20 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -3.96 0.42 1.77 19.14 16.21 5.07 2.89 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 313.22% 5.40% 52.33% 24.32% 41.84% 42.61% 40.93% -23.67% 22.01% -92.48% -36.36%
Augmented Payout Ratio		 313.22% 11.28% 146.01% 182.92% 167.46% 87.66% 87.26% -24.99% 22.01% -92.48% -36.36%

Quarterly Metrics And Ratios for Baxter International

This table displays calculated financial ratios and metrics derived from Baxter International's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 514,490,045.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 514,490,045.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -27.99% 163.42% 2.25% 2.83% 3.85% -1.48% 5.42% 4.31% 5.04% 8.03% 2.90%
EBITDA Growth		 110.84% 278.53% 19.14% -54.69% 0.71% -82.55% -22.03% 4.19% 1.46% -146.24% -3.57%
EBIT Growth		 106.49% 204.50% 48.09% -191.53% -18.32% -130.14% -50.81% -5.91% 14.74% -61.95% -1.64%
NOPAT Growth		 105.13% 247.23% 0.00% -1,029.41% 32.42% -123.56% 170.67% 20.55% -152.91% -67.59% 13.79%
Net Income Growth		 185.58% 32.97% -13.33% -123.74% -94.27% -307.32% 223.08% 129.26% -131.94% -121.18% -111.90%
EPS Growth		 184.56% 36.11% -22.22% -121.43% -94.52% -302.04% 257.14% 129.51% -133.33% -121.00% -112.00%
Operating Cash Flow Growth		 25.86% 20.96% -65.97% -67.24% -30.68% -8.10% -218.40% 88.70% -6.32% 19.67% 210.36%
Free Cash Flow Firm Growth		 115.05% 43.20% -44.64% -75.37% 101.71% -84.65% 132.80% 179.58% -80.91% 16.72% -65.76%
Invested Capital Growth		 -7.54% -22.43% -8.52% -5.79% -16.83% -5.45% -21.66% -18.42% -4.49% -7.77% -9.25%
Revenue Q/Q Growth		 -29.89% -79.18% -7.54% 6.12% -29.20% -80.25% 392.50% 7.05% 0.89% 4.90% -9.18%
EBITDA Q/Q Growth		 10.55% 140.99% -16.69% -78.07% 145.69% -58.25% 158.82% 45.45% -7.14% -210.10% 164.85%
EBIT Q/Q Growth		 423.73% 118.85% -37.62% -188.66% 190.70% -180.77% 148.41% 213.11% -6.28% -489.94% 108.60%
NOPAT Q/Q Growth		 969.62% 290.41% -37.70% -313.77% 201.96% -169.47% 142.65% 331.53% -141.38% -603.90% 109.05%
Net Income Q/Q Growth		 1,906.47% -90.20% -84.15% -897.44% 146.30% -454.17% 124.71% -27.78% -150.55% -2,352.17% 98.67%
EPS Q/Q Growth		 1,860.71% -90.06% -86.27% -985.71% 143.55% -466.67% 125.25% -28.00% -150.00% -2,355.56% 98.64%
Operating Cash Flow Q/Q Growth		 3.99% 45.48% -69.30% -29.45% 120.00% 92.89% -139.55% 212.44% 9.22% 146.41% -63.53%
Free Cash Flow Firm Q/Q Growth		 -59.66% 199.36% 58.73% -45.12% 230.44% -77.22% 448.70% -13.43% -82.36% 0.66% 122.74%
Invested Capital Q/Q Growth		 -3.98% -17.29% -0.72% -2.21% -15.24% -5.96% 0.51% 1.84% -0.77% -9.19% -1.10%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 40.63% 130.87% 38.61% 37.54% 38.27% 24.95% 32.80% 35.27% 33.51% 19.40% 32.99%
EBITDA Margin		 10.89% 126.06% 14.73% 3.04% 10.56% 22.33% 11.73% 15.94% 14.67% -15.40% 11.00%
Operating Margin		 6.89% 76.89% 5.21% -5.04% 5.74% -25.52% 2.21% 6.80% 6.07% -24.51% 2.44%
EBIT Margin		 7.35% 77.26% 5.40% -4.51% 5.78% -23.64% 2.32% 6.80% 6.31% -23.47% 2.22%
Profit (Net Income) Margin		 96.61% 45.47% 1.09% -8.16% 5.34% -95.68% 4.80% 3.24% -1.62% -37.93% -0.56%
Tax Burden Percent		 3,923.44% 70.89% 33.62% 121.01% 208.70% 235.02% -4,200.00% 68.42% -38.02% 149.21% 250.00%
Interest Burden Percent		 33.51% 83.01% 59.79% 149.42% 44.23% 172.22% -4.92% 69.63% 67.60% 108.31% -10.00%
Effective Tax Rate		 42.19% 2.88% 66.38% 0.00% 11.59% 0.00% 0.00% 8.27% 142.15% 0.00% 0.00%
Return on Invested Capital (ROIC)		 2.72% 43.31% 1.32% -2.77% 4.43% -12.51% 0.99% 4.04% -1.84% -13.60% 1.37%
ROIC Less NNEP Spread (ROIC-NNEP)		 21.58% 41.83% 1.13% -4.19% 4.51% -18.09% 1.91% 3.13% -1.50% -21.70% 0.56%
Return on Net Nonoperating Assets (RNNOA)		 40.08% 62.23% 2.03% -7.81% 5.17% -17.37% 2.31% 3.89% -1.53% -25.21% 0.66%
Return on Equity (ROE)		 42.80% 105.53% 3.34% -10.58% 9.60% -29.88% 3.30% 7.93% -3.37% -38.81% 2.03%
Cash Return on Invested Capital (CROIC)		 9.62% 28.22% 10.48% 6.96% 19.38% 5.66% 24.11% 20.15% 4.53% 6.57% 8.21%
Operating Return on Assets (OROA)		 3.36% 28.30% 2.87% -2.50% 3.04% -9.30% 1.02% 3.13% 2.92% -11.51% 1.22%
Return on Assets (ROA)		 44.22% 16.66% 0.58% -4.52% 2.81% -37.65% 2.11% 1.49% -0.75% -18.61% -0.31%
Return on Common Equity (ROCE)		 42.46% 104.59% 3.31% -10.48% 9.52% -29.64% 3.29% 7.91% -3.36% -38.71% 2.03%
Return on Equity Simple (ROE_SIMPLE)		 32.12% 0.00% 32.51% 32.51% 1.50% 0.00% -7.78% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 103 404 63 -134 137 -95 41 175 -72 -510 46
NOPAT Margin		 3.98% 74.68% 1.75% -3.53% 5.08% -17.86% 1.55% 6.24% -2.56% -17.16% 1.71%
Net Nonoperating Expense Percent (NNEP)		 -18.86% 1.48% 0.19% 1.42% -0.08% 5.58% -0.92% 0.90% -0.34% 8.10% 0.80%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.82% - - - -0.47% 0.24% 1.04% -0.43% -3.28% 0.30%
Cost of Revenue to Revenue		 59.37% -30.87% 61.39% 62.46% 61.73% 75.05% 67.20% 64.73% 66.49% 80.60% 67.01%
SG&A Expenses to Revenue		 28.63% 46.21% 28.59% 26.78% 27.94% 30.96% 26.78% 25.55% 24.97% 25.59% 26.95%
R&D to Revenue		 5.12% 10.35% 4.90% 4.54% 4.78% 21.01% 5.33% 4.77% 4.16% 4.24% 5.15%
Operating Expenses to Revenue		 33.74% 53.97% 33.41% 42.58% 32.53% 50.47% 30.59% 28.47% 27.44% 43.91% 30.54%
Earnings before Interest and Taxes (EBIT)		 191 418 194 -172 156 -126 61 191 179 -698 60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 283 682 529 116 285 119 308 448 416 -458 297
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.29 2.27 2.63 2.23 2.46 2.14 2.47 2.12 1.62 1.60 1.43
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.38 1.84 1.44 1.14 1.28 1.40 1.63 1.43 1.06 0.87 0.76
Price to Earnings (P/E)		 7.15 7.18 8.11 6.88 179.37 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 3.17% 3.09% 2.74% 3.47% 3.06% 3.57% 2.69% 2.64% 2.99% 2.72% 2.14%
Earnings Yield		 13.99% 13.93% 12.32% 14.53% 0.56% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.55 1.91 1.70 1.51 1.97 1.78 1.70 1.54 1.30 1.27 1.19
Enterprise Value to Revenue (EV/Rev)		 2.18 2.88 2.17 1.86 2.05 2.47 2.35 2.14 1.76 1.54 1.42
Enterprise Value to EBITDA (EV/EBITDA)		 19.42 17.90 19.12 18.05 19.98 25.08 26.26 23.80 19.72 24.24 22.85
Enterprise Value to EBIT (EV/EBIT)		 63.40 43.77 80.24 96.61 121.88 505.98 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 83.52 56.37 102.86 146.10 177.60 2,684.77 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.93 17.27 22.88 23.78 29.15 25.82 38.11 30.49 25.96 20.48 12.84
Enterprise Value to Free Cash Flow (EV/FCFF)		 15.50 5.91 15.53 21.02 9.24 30.60 6.21 6.88 27.97 18.58 13.82
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.02 1.62 1.67 1.67 1.63 1.87 1.43 1.30 1.32 1.55 1.57
Long-Term Debt to Equity		 1.72 1.31 1.35 1.35 1.31 1.48 1.33 1.30 1.21 1.55 1.43
Financial Leverage		 1.86 1.49 1.80 1.86 1.15 0.96 1.21 1.24 1.02 1.16 1.17
Leverage Ratio		 4.26 3.94 3.96 4.06 3.56 3.49 3.21 3.16 3.15 3.49 3.15
Compound Leverage Factor		 1.43 3.27 2.37 6.07 1.57 6.01 -0.16 2.20 2.13 3.78 -0.31
Debt to Total Capital		 66.88% 61.90% 62.50% 62.60% 61.96% 65.14% 58.82% 56.57% 56.84% 60.83% 61.13%
Short-Term Debt to Total Capital		 9.84% 12.00% 11.99% 11.97% 11.97% 13.66% 3.87% 0.05% 4.52% 0.02% 5.44%
Long-Term Debt to Total Capital		 57.05% 49.90% 50.51% 50.63% 49.99% 51.48% 54.95% 56.52% 52.33% 60.81% 55.69%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.26% 0.30% 0.28% 0.32% 0.34% 0.30% -0.16% -0.16% -0.16% -0.17% -0.17%
Common Equity to Total Capital		 32.85% 37.81% 37.22% 37.08% 37.71% 34.56% 41.34% 43.59% 43.32% 39.34% 39.04%
Debt to EBITDA		 10.94 8.26 8.14 8.34 8.35 12.51 10.47 9.69 9.64 13.27 13.46
Net Debt to EBITDA		 7.10 6.41 6.34 6.99 7.43 10.83 8.09 7.97 7.89 10.52 10.59
Long-Term Debt to EBITDA		 9.33 6.66 6.58 6.75 6.74 9.89 9.78 9.69 8.87 13.27 12.26
Debt to NOPAT		 47.03 26.01 43.77 67.52 74.21 1,339.39 -334.68 -437.79 -969.59 -43.95 -45.06
Net Debt to NOPAT		 30.52 20.19 34.12 56.56 66.06 1,159.39 -258.47 -360.09 -793.47 -34.83 -35.46
Long-Term Debt to NOPAT		 40.11 20.97 35.37 54.61 59.88 1,058.57 -312.69 -437.42 -892.55 -43.94 -41.05
Altman Z-Score		 1.91 1.92 2.16 2.04 2.14 1.79 2.44 2.44 2.22 2.06 2.11
Noncontrolling Interest Sharing Ratio		 0.79% 0.89% 0.87% 0.95% 0.84% 0.81% 0.23% 0.25% 0.28% 0.25% -0.41%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.94 1.48 1.48 1.40 1.43 1.36 2.02 2.30 1.84 2.31 1.85
Quick Ratio		 1.34 0.74 0.87 0.77 0.51 0.53 1.13 1.18 0.93 1.29 1.01
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,642 4,917 1,827 1,003 3,313 755 4,142 3,585 633 637 1,418
Operating Cash Flow to CapEx		 3,041.67% 577.17% 92.61% 99.14% 1,150.00% 369.70% -158.20% 155.00% 213.51% 417.14% 155.47%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 23.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 2.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.46 0.37 0.53 0.55 0.53 0.39 0.44 0.46 0.46 0.49 0.55
Accounts Receivable Turnover		 5.30 4.83 5.88 5.84 7.12 6.26 5.17 4.94 6.29 6.35 6.77
Inventory Turnover		 3.13 2.70 3.32 3.26 3.90 3.36 2.67 2.62 3.18 3.68 3.53
Fixed Asset Turnover		 2.96 2.74 3.18 3.41 4.25 3.71 3.04 3.06 3.91 3.89 4.02
Accounts Payable Turnover		 6.99 6.24 7.49 7.70 9.31 7.20 6.01 6.27 8.10 8.00 7.72
Days Sales Outstanding (DSO)		 68.93 75.57 62.11 62.48 51.27 58.31 70.60 73.96 58.05 57.46 53.91
Days Inventory Outstanding (DIO)		 116.77 135.10 110.00 111.94 93.50 108.75 136.68 139.12 114.67 99.27 103.49
Days Payable Outstanding (DPO)		 52.20 58.51 48.75 47.40 39.21 50.73 60.74 58.20 45.08 45.64 47.27
Cash Conversion Cycle (CCC)		 133.51 152.16 123.36 127.01 105.55 116.33 146.55 154.88 127.63 111.08 110.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,871 15,609 18,935 18,517 15,695 14,759 14,834 15,107 14,990 13,612 13,462
Invested Capital Turnover		 0.68 0.58 0.75 0.79 0.87 0.70 0.64 0.65 0.72 0.79 0.80
Increase / (Decrease) in Invested Capital		 -1,539 -4,513 -1,764 -1,137 -3,176 -850 -4,101 -3,410 -705 -1,147 -1,372
Enterprise Value (EV)		 29,292 29,807 32,257 27,919 30,956 26,311 25,266 23,326 19,444 17,307 16,062
Market Capitalization		 18,522 19,063 21,495 17,045 19,371 14,889 17,513 15,539 11,695 9,824 8,643
Book Value per Share		 $16.00 $16.56 $16.09 $15.00 $15.43 $13.64 $13.84 $14.26 $14.10 $11.92 $11.75
Tangible Book Value per Share		 ($8.96) ($6.52) ($8.19) ($8.04) ($6.59) ($6.92) ($6.52) ($5.89) ($5.77) ($6.16) ($5.97)
Total Capital		 24,659 22,224 21,961 20,612 20,877 20,150 17,128 16,793 16,716 15,578 15,479
Total Debt		 16,493 13,756 13,726 12,904 12,935 13,126 10,074 9,500 9,502 9,476 9,463
Total Long-Term Debt		 14,067 11,089 11,092 10,436 10,437 10,374 9,412 9,492 8,747 9,473 8,621
Net Debt		 10,705 10,678 10,700 10,809 11,515 11,362 7,780 7,814 7,776 7,510 7,446
Capital Expenditures (CapEx)		 12 92 176 116 22 132 122 140 111 140 137
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 2,463 2,686 2,643 2,835 3,742 3,330 1,922 2,132 2,187 1,939 1,979
Debt-free Net Working Capital (DFNWC)		 8,251 5,764 5,669 4,930 5,162 5,094 4,216 3,818 3,913 3,905 3,996
Net Working Capital (NWC)		 5,825 3,097 3,035 2,462 2,664 2,342 3,554 3,810 3,158 3,902 3,154
Net Nonoperating Expense (NNE)		 -2,408 158 24 177 -6.97 415 -85 84 -26 618 61
Net Nonoperating Obligations (NNO)		 10,705 7,141 10,700 10,809 7,753 7,735 7,780 7,814 7,776 7,510 7,446
Total Depreciation and Amortization (D&A)		 92 264 335 288 129 245 247 257 237 240 237
Debt-free, Cash-free Net Working Capital to Revenue		 18.36% 25.93% 17.75% 18.90% 24.79% 31.31% 17.84% 19.58% 19.84% 17.24% 17.48%
Debt-free Net Working Capital to Revenue		 61.51% 55.64% 38.07% 32.87% 34.19% 47.89% 39.14% 35.07% 35.50% 34.73% 35.30%
Net Working Capital to Revenue		 43.42% 29.89% 20.38% 16.42% 17.65% 22.02% 33.00% 35.00% 28.65% 34.70% 27.86%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.95 $0.49 $0.07 ($0.62) $0.27 ($0.99) $0.25 $0.18 ($0.09) ($2.21) ($0.03)
Adjusted Weighted Average Basic Shares Outstanding		 507M 506M 508M 510M 510M 510M 512M 513M 514M 513M 515M
Adjusted Diluted Earnings per Share		 $4.93 $0.49 $0.07 ($0.62) $0.27 ($0.99) $0.25 $0.18 ($0.09) ($2.21) ($0.03)
Adjusted Weighted Average Diluted Shares Outstanding		 509M 508M 510M 510M 512M 510M 514M 514M 514M 513M 515M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 507.32M 507.83M 509.58M 510.18M 510.59M 511.62M 513.17M 513.62M 514.06M 514.49M 516.47M
Normalized Net Operating Profit after Tax (NOPAT)		 103 404 131 167 137 -95 41 175 120 -510 46
Normalized NOPAT Margin		 3.98% 74.68% 3.64% 4.37% 5.08% -17.86% 1.55% 6.24% 4.25% -17.16% 1.71%
Pre Tax Income Margin		 2.46% 64.14% 3.23% -6.74% 2.56% -40.71% -0.11% 4.73% 4.27% -25.42% -0.22%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 2.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.81 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -1.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 22.48% 22.01% 22.09% 23.70% 500.00% -92.48% -96.19% -314.77% -120.35% -36.36% -24.23%
Augmented Payout Ratio		 22.48% 22.01% 22.09% 23.70% 500.00% -92.48% -96.19% -314.77% -120.35% -36.36% -24.23%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Baxter International's quarterly statements over the last four years, focusing on trends in revenue, profitability, cash flow, and leverage (through Q4 2025).

  • Revenue trended higher in 2025, increasing each quarter and finishing Q4 at about $2.97 billion, signaling improving topline momentum.
  • Operating cash flow (net cash from continuing operations) turned positive in 2025 and showed meaningful improvement, ending Q4 around $596 million, after a weaker start to the year.
  • The quarterly dividend per share remained at $0.17, indicating ongoing cash return to shareholders amid volatility in earnings.
  • Liquidity appears solid on a quarterly basis, with total current assets around $6.9 billion against current liabilities near $3.7–3.9 billion, implying a current ratio well above 1x.
  • Debt and leverage remain sizable: long-term debt hovered around $9 billion (roughly $8.7–$9.5 billion across 2025), and total liabilities ran around $13–14 billion, contributing to a modestly elevated debt-to-equity position.
  • Net income is highly volatile across quarters. The company posted positive results in several 2025 quarters (e.g., Q2 2025), but Q3 2025 and especially Q4 2025 show substantial losses, underscoring earnings variability.
  • Gross margins fluctuated quarter to quarter, with Q4 2025 showing a weaker margin relative to earlier 2025 quarters, suggesting some challenge in sustaining margin gains amid revenue growth.
  • Q4 2025 results were weak on the bottom line: net income attributable to common shareholders fell to -$1.128 billion and operating income was -$729 million, highlighting a material profitability headwind at year-end.
  • Debt and leverage remain a concern: very large long-term debt levels (around $9 billion) and elevated total liabilities continue to weigh on the balance sheet, limiting financial flexibility.
  • Profitability has been cyclical, with several quarters posting losses or highly tight margins, suggesting that earnings quality may be sensitive to cost structure and non-operating items.
05/05/26 12:21 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Baxter International's Financials

When does Baxter International's financial year end?

According to the most recent income statement we have on file, Baxter International's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Baxter International's net income changed over the last 10 years?

Baxter International's net income appears to be on a downward trend, with a most recent value of -$957 million in 2025, falling from $968 million in 2015. The previous period was -$638 million in 2024. See where experts think Baxter International is headed by visiting Baxter International's forecast page.

What is Baxter International's operating income?
Baxter International's total operating income in 2025 was -$308 million, based on the following breakdown:
  • Total Gross Profit: $3.38 billion
  • Total Operating Expenses: $3.69 billion
How has Baxter International's revenue changed over the last 10 years?

Over the last 10 years, Baxter International's total revenue changed from $9.97 billion in 2015 to $11.24 billion in 2025, a change of 12.8%.

How much debt does Baxter International have?

Baxter International's total liabilities were at $13.95 billion at the end of 2025, a 25.6% decrease from 2024, and a 15.3% increase since 2015.

How much cash does Baxter International have?

In the past 10 years, Baxter International's cash and equivalents has ranged from $1.72 billion in 2022 to $3.73 billion in 2020, and is currently $1.97 billion as of their latest financial filing in 2025.

How has Baxter International's book value per share changed over the last 10 years?

Over the last 10 years, Baxter International's book value per share changed from 16.17 in 2015 to 11.92 in 2025, a change of -26.3%.


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Financial statements for NYSE:BAX last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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