BAXTER INTERNATIONAL INC

Listed Company

BAXCIK 0000010456NYSELarge AcceleratedSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$11.24B

Net Income

$-957.00M

Total Assets

$20.05B

Equity

$6.13B

Shares Out

516.47M

Op. Cash Flow

$845.00M

BAX$22.60−18.91% · past yearDBEQ Basic

Daily closing prices

Business

Baxter International Inc. provides essential healthcare products including sterile IV solutions, infusion systems, parenteral nutrition therapies, inhaled anesthetics, generic injectable pharmaceuticals, surgical hemostats and sealants, smart bed systems, patient monitoring technologies, and respiratory health devices. Products are used by hospitals, nursing homes, ambulatory surgery centers, dialysis centers, doctors' offices and home-care patients. The company operates three reportable segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. Baxter manufactures in over 20 countries and distributes through direct sales and independent distributors to over 100 countries.

Summary from 10-K filed 2026-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	11,244	10,636	10,360	10,057	12,146
Cost of sales	7,865	6,652	6,210	6,508	7,426
Gross margin	3,379	3,984	4,150	3,549	4,720
Selling, general and administrative expenses	2,890	2,967	2,953	3,097	2,845
Research and development expenses	518	590	518	450	531
Goodwill impairments	485	425	0	2,812	0
Other operating expense (income), net	−206	−12	−28	35	−6
Operating income (loss)	−308	14	707	−2,845	1,350
Interest expense, net	238	341	439	394	—
Other (income) expense, net	−41	−38	26	9	41
Income (loss) from continuing operations before income taxes	−505	−289	242	−3,248	1,116
Income tax (benefit) expense	395	37	61	−135	83
Income (loss) from continuing operations	−900	−326	181	−3,113	1,033
Income (loss) from discontinued operations, net of tax	−57	−312	2,482	692	262
Net income (loss)	−957	−638	2,663	−2,421	1,295
Less: Net income attributable to noncontrolling interests included in continuing operations	0	0	0	—	—
Less: Net income attributable to noncontrolling interest included in discontinued operations	0	11	7	—	—
Net income (loss) attributable to Baxter stockholders	−957	−649	2,656	−2,433	1,284
Basic (in dollars per share)	−1.75	−0.64	0.36	−6.18	2.04
Diluted (in dollars per share)	−1.75	−0.64	0.36	−6.18	2.01
Basic (in dollars per share)	−0.12	−0.63	4.89	1.35	0.52
Diluted (in dollars per share)	−0.12	−0.63	4.87	1.35	0.52
Basic (in dollars per share)	−1.87	−1.27	5.25	−4.83	2.56
Diluted (in dollars per share)	−1.87	−1.27	5.23	−4.83	2.53
Basic (in shares)	513	510	506	504	502
Diluted (in shares)	513	510	508	504	508

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,966	1,764	3,078	1,621	2,951
Accounts receivable, net of allowance of $63 in 2025 and $71 in 2024	1,861	1,679	1,719	2,571	2,629
Inventories	2,232	2,046	1,918	2,679	2,453
Prepaid expenses and other current assets	813	753	706	857	839
Current assets of discontinued operations	0	2,611	2,179	186	—
Total current assets	6,872	8,853	9,600	8,011	8,872
Property, plant and equipment, net	2,910	2,870	2,871	4,695	—
Goodwill	4,929	5,275	5,793	6,452	9,836
Other intangible assets, net	4,369	5,223	5,918	6,793	7,792
Operating lease right-of-use assets	276	306	336	541	630
Other non-current assets	699	755	809	1,109	1,213
Non-current assets of discontinued operations	0	2,500	2,949	686	—
Total assets	20,055	25,782	28,276	28,287	33,521
Short-term debt	1	2,126	0	299	301
Current maturities of long-term debt and finance lease obligations	2	626	2,667	1,105	210
Accounts payable	999	968	881	1,110	1,246
Accrued expenses and other current liabilities	1,968	1,861	1,915	2,170	2,479
Current liabilities of discontinued operations	0	930	1,040	61	—
Total current liabilities	2,970	6,511	6,503	4,745	4,236
Long-term debt and finance lease obligations, less current portion	9,473	10,374	—	—	—
Operating lease liabilities	223	243	265	447	522
Other non-current liabilities	1,287	1,076	1,400	1,848	2,493
Non-current liabilities of discontinued operations	0	554	551	120	—
Total liabilities	13,953	18,758	19,808	22,392	24,400
Commitments and contingencies	—	—	—	—	—
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2025 and 2024	683	683	683	683	683
Common stock in treasury, at cost, 169,213,617 shares in 2025 and 172,567,636 shares in 2024	−10,873	−11,059	−11,230	−11,389	—
Additional contributed capital	6,368	6,421	6,389	6,322	6,197
Retained earnings	13,705	14,929	16,114	14,050	17,065
Accumulated other comprehensive income (loss)	−3,754	−4,010	−3,554	−3,833	−3,380
Total Baxter stockholders equity	6,129	6,964	8,402	5,833	9,077
Noncontrolling interests	−27	60	66	62	44
Total equity	6,102	7,024	8,468	5,895	9,121
Total liabilities and equity	20,055	25,782	28,276	28,287	33,521

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	981	997	984	1,072	867
Net periodic pension and other postretirement costs	−32	−28	−29	42	99
Deferred income taxes	77	−262	−256	−260	−161
Stock compensation	117	114	115	140	146
Indefinite-lived asset impairments	290	50	0	—	—
Other long-lived asset impairments	27	44	−11	9	11
Gain on early extinguishment of debt	−16	0	0	0	5
Other	30	41	62	−40	81
Accounts receivable, net	−132	−35	−38	−48	−170
Inventories	−119	−201	−128	−198	−27
Prepaid expenses and other current assets	72	−125	−45	−44	−35
Accounts payable	3	112	92	−67	105
Accrued expenses and other current liabilities	149	44	293	−158	207
Other	−81	−31	−13	−91	−137
Cash flows from (used in) operations continuing operations	951	819	1,207	528	2,026
Cash flows from (used in) operations discontinued operations	−106	200	519	683	196
Cash flows from (used in) operations	845	1,019	1,726	1,211	2,222
Capital expenditures	−513	−446	−432	−377	−691
Acquisitions of developed technology and investments	−9	−14	−4	−258	−10,502
Proceeds from sale of marketable equity securities	0	34	0	0	—
Other investing activities, net	58	16	26	11	45
Cash flows from (used in) investing activities - continuing operations	−464	−410	−410	−624	−11,148
Cash flows from (used in) investing activities - discontinued operations	3,305	−216	3,623	−307	−52
Cash flows from (used in) investing activities	2,841	−626	3,213	−931	−11,200
Issuances of debt	1,998	0	0	0	11,903
Increase in short term debt	0	1,830	0	0	—
Repayments of debt	−5,489	−2,657	−2,634	−954	−2,823
Net (decreases) increases in debt with original maturities of three months or less	−300	296	−301	55	246
Cash dividends on common stock	−348	−590	−586	−573	−530
Proceeds from stock issued under employee benefit plans	30	71	95	127	187
Payments of contingent liabilities	−50	0	0	—	—
Other financing activities, net	−57	−31	−63	−61	−40
Cash flows from (used in) financing activities	−4,216	−1,081	−3,489	−1,438	8,245
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	84	−96	26	−76	—
Increase (decrease) in cash, cash equivalents and restricted cash	−446	−784	1,476	−1,234	−780

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro

Frequently asked questions

What is BAXTER INTERNATIONAL INC's CIK number?

BAXTER INTERNATIONAL INC's SEC CIK number is 0000010456 (10456). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find BAXTER INTERNATIONAL INC's SEC filings?

All of BAXTER INTERNATIONAL INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did BAXTER INTERNATIONAL INC last report earnings?

BAXTER INTERNATIONAL INC (BAX) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-028582). This is BAXTER INTERNATIONAL INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is BAXTER INTERNATIONAL INC's most recent earnings 8-K?

BAXTER INTERNATIONAL INC's latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001628280-26-028582. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View BAXTER INTERNATIONAL INC's latest earnings 8-K →
Look up any company's CIK number →