MARKETS / NYSE / BAX

NYSE · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · LARGE CAP

Baxter International Inc. BAX

19 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$11.2B

▲ 5.7% YoY

Net income

$-957.0M

Free cash flow

$332.0M

▼ 42.1% YoY

In brief

What this company does

Baxter International, through its subsidiaries, provides a portfolio of healthcare products, including sterile intravenous solutions, infusion systems and devices, parenteral nutrition therapies, inhaled anesthetics, generic injectable pharmaceuticals, surgical hemostat and sealant products, advanced surgical equipment, smart bed systems, patient monitoring and diagnostic technologies, and respiratory health devices. These products are used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors' offices, kidney dialysis centers and patients at home under physician supervision. As of December 31, 2025, after giving effect to the sale of its Kidney Care business, the company manufactured products in over 20 countries and sold them in over 100 countries. Its business is currently comprised of three reportable segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. The Medical Products & Therapies segment includes sales of sterile IV solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant and adhesion prevention products; the Healthcare Systems & Technologies segment includes sales of connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices and advanced equipment for the surgical space; and the Pharmaceuticals segment includes sales of specialty injectable pharmaceuticals, inhaled anesthetics and drug compounding services. As of December 31, 2025, after giving effect to the Kidney Care sale, the company employed approximately 37,500 people globally, with approximately 15,100 employees in the United States and approximately 22,400 employees outside of the United States. Baxter International Inc. was incorporated under Delaware law in 1931.

Written from the business description in BAXTER INTERNATIONAL INC's annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth

USD 11.2B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 11.2 · Net income -1.0

Compound annual growth

Revenue

+3.8%

−0.7%

+1.2%

−0.9%

Dividend / share

−23.2%

−11.4%

−8.5%

−5.3%

Returned to shareholders

−16.8%

−18.6%

−9.2%

−11.4%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at −0.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−9 cents

lost on every revenue dollar

Operating margin Net margin

FY2025 · Operating -2.7% · Net -8.5%

ROE

FY2025 · ROE -14.6%

Gross margin30.1%

Operating margin-2.7%

Net margin-8.5%

Return on assets-4.2%

EBITDAUSD 673.0M

Each USD of equity lost 15 cents this year.

Cash & shareholders

USD 348.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 0.3

Net buybacks $B Dividends $B

FY2025 · Dividends 0.3 · Net buybacks —

Dividends paidUSD 348.0M

Net buybacks—

Share of profit-36.4%

Consecutive raises—

USD 348.0M in dividends went back to shareholders in a year without profit.

Total assetsUSD 20.1B

EquityUSD 6.1B

CashUSD 2.0B

Gross debtUSD 9.4B

Net debtUSD 7.5B

Current ratio2.31×

Net debt stands at 122% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	11.2	10.6	10.4	10.1	12.1	11.7	11.4	11.1	10.6	10.2	10.0	10.7	9.4	13.9	13.9	12.8	12.6	12.3	11.3
Operating income $B	−0.3	0.0	0.7	−2.8	1.4	1.6	1.8	1.6	1.3	0.7	0.4	0.7	0.5	2.9	2.8	1.9	2.7	·	·
EBITDA $B	0.7	1.0	1.7	−1.8	2.2	2.4	2.6	2.4	2.0	1.5	1.2	1.4	1.1	3.6	3.5	2.6	3.4	·	·
Income tax $B	0.4	0.0	0.1	−0.1	0.1	0.2	−0.0	0.1	0.5	−0.0	0.0	0.0	0.1	0.6	0.6	0.5	0.5	0.4	0.4
Net income $B	−1.0	−0.6	2.7	−2.4	1.3	1.1	1.0	1.5	0.6	5.0	1.0	2.5	2.0	2.3	2.2	1.4	2.2	2.0	1.7
Free cash flow $B	0.3	0.6	1.3	0.8	1.5	1.2	1.4	1.4	1.1	0.9	0.9	2.3	2.5	1.9	1.9	2.0	1.9	1.6	1.6
EPS, diluted $	−1.87	−1.27	5.23	−4.83	2.53	2.13	1.93	2.83	1.08	9.01	1.76	4.56	3.66	4.18	3.88	2.39	3.59	3.16	2.61
Dividend / sh $	0.52	1.04	1.16	1.15	1.08	0.95	0.85	0.73	0.61	0.51	1.27	2.05	1.92	1.57	1.26	1.18	1.07	0.91	0.72
Payout %	−36	−91	22	−24	41	43	42	24	52	5	94	44	51	35	32	48	29	27	41
ROE %	−14.6	−8.4	37.3	−32.6	14.5	13.3	12.7	18.2	6.9	57.9	11.4	30.1	26.1	34.4	33.8	20.6	32.9	32.3	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 93 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 2 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivitySurgical & Medical Instruments & Apparatus

Listed onNYSE

Incorporated inDelaware

Fiscal year endsDecember 31

Data on record since2007