Baxter International Inc.

BAX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$9,824	$14,889	$19,613	$25,695	$42,980	$40,176	$41,868	$32,956	$32,365	$22,201	$19,101	–	–	–	–	–	–	–	–	–	–	–	–	$6,858	$15,777	$13,978	$9,466	$9,491	$7,289	$5,794	$6,028	$4,110	$3,507	$4,701	$5,820	$3,475	$3,395	$2,273	$2,826	$2,494	$1,251
Enterprise value	$17,834	$26,634	$30,714	$41,339	$58,383	$43,287	$44,524	$34,625	$32,475	$22,172	$18,266	–	–	–	–	–	–	–	–	–	–	–	–	$10,336	$17,882	$15,759	$11,716	$12,149	$9,603	$7,074	$8,143	$6,511	$6,650	$7,602	$8,130	$5,596	$5,755	$4,913	$4,930	$4,313	$3,725
P/E (TTM) at period end	–	–	108.36×	–	33.47×	36.46×	41.83×	21.32×	53.76×	4.47×	19.73×	–	–	–	–	–	–	–	–	–	–	–	–	8.89×	25.78×	18.89×	11.88×	30.13×	24.30×	8.66×	9.29×	6.90×	–	10.66×	9.85×	86.88×	7.61×	5.86×	8.75×	11.39×	9.13×
P/S (TTM) at period end	0.87×	1.40×	1.89×	2.55×	3.54×	3.44×	3.68×	2.97×	3.06×	2.18×	1.92×	–	–	–	–	–	–	–	–	–	–	–	–	0.85×	2.14×	2.09×	1.48×	1.66×	1.39×	1.07×	1.19×	0.44×	0.39×	0.55×	0.65×	0.43×	0.46×	0.33×	0.45×	0.45×	0.53×
P/B at period end	1.60×	2.14×	2.33×	4.41×	4.73×	4.62×	5.31×	4.20×	3.55×	2.68×	2.16×	–	–	–	–	–	–	–	–	–	–	–	–	2.33×	4.20×	5.26×	2.83×	3.34×	2.78×	2.31×	1.63×	1.10×	1.10×	1.24×	1.33×	0.85×	0.80×	0.73×	1.00×	1.00×	0.60×
EV / EBITDA (TTM)	26.50×	26.34×	18.16×	–	26.33×	17.75×	17.39×	14.70×	15.93×	14.35×	13.71×	–	–	–	–	–	–	–	–	–	–	–	–	5.25×	10.84×	11.04×	7.70×	8.94×	7.97×	5.62×	7.08×	4.21×	9.07×	5.10×	5.37×	7.51×	4.79×	–	–	–	–
EV / Sales (TTM)	1.59×	2.50×	2.96×	4.11×	4.81×	3.71×	3.92×	3.12×	3.07×	2.18×	1.83×	–	–	–	–	–	–	–	–	–	–	–	–	1.28×	2.43×	2.35×	1.84×	2.13×	1.83×	1.30×	1.61×	0.70×	0.75×	0.90×	0.91×	0.69×	0.78×	0.72×	0.79×	0.78×	1.58×
Returns
Return on equity	(14.7%)	(4.7%)	2.2%	(41.7%)	14.1%	12.7%	12.7%	19.7%	6.6%	59.9%	10.9%	30.8%	23.8%	33.5%	33.8%	21.6%	30.7%	32.3%	24.7%	22.3%	22.2%	10.5%	26.5%	26.2%	16.3%	27.8%	23.8%	11.1%	11.5%	26.7%	17.5%	16.0%	(6.2%)	11.6%	13.5%	1.0%	10.5%	12.5%	11.4%	8.8%	6.6%
Return on invested capital	(2.2%)	0.1%	2.7%	(12.7%)	5.1%	11.8%	16.8%	16.0%	7.7%	9.1%	4.0%	4.5%	3.2%	23.5%	25.9%	19.0%	26.5%	26.6%	23.2%	22.4%	16.0%	11.6%	14.6%	17.6%	14.4%	18.3%	15.2%	10.3%	11.7%	17.5%	9.9%	12.4%	3.1%	11.6%	12.0%	2.2%	8.8%	9.7%	10.2%	7.8%	4.7%
Dividend yield	3.5%	4.0%	3.0%	2.2%	1.2%	1.2%	1.0%	1.1%	1.0%	1.2%	4.8%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.31×	1.36×	1.48×	1.69×	2.09×	2.52×	2.32×	2.12×	2.57×	2.40×	2.05×	1.68×	1.94×	1.95×	1.78×	1.98×	1.85×	1.97×	1.98×	1.93×	1.23×	1.40×	1.41×	1.34×	1.21×	1.08×	1.41×	1.52×	1.51×	1.42×	1.35×	1.57×	1.51×	1.52×	1.70×	1.48×	1.84×	1.76×	1.47×	1.25×	1.94×
Debt / equity	1.55×	1.79×	1.32×	2.66×	1.92×	0.67×	0.64×	0.44×	0.38×	0.34×	0.64×	1.02×	0.98×	0.81×	0.76×	0.67×	0.48×	0.60×	0.45×	0.45×	0.78×	1.16×	1.40×	1.57×	0.72×	0.89×	0.85×	1.19×	1.06×	0.82×	0.70×	0.77×	1.14×	0.77×	0.60×	0.53×	0.57×	0.92×	0.76×	0.74×	1.32×
Effective tax rate	(78.2%)	(12.8%)	25.2%	4.2%	7.4%	14.1%	(4.2%)	4.0%	44.6%	(0.2%)	8.2%	1.4%	2.4%	19.6%	19.7%	24.5%	19.0%	17.7%	19.1%	19.9%	33.7%	10.9%	19.7%	26.0%	31.1%	21.6%	26.0%	44.2%	34.9%	27.5%	29.2%	25.6%	18.8%	25.5%	26.6%	61.9%	30.0%	25.1%	27.6%	30.4%	18.9%
Share count
Diluted shares outstanding	513	510	508	504	508	517	519	546	555	551	549	547	549	556	573	594	614	637	654	656	629	618	577	464	561	592	590	578	564	552	556	560	554	566	568	480	515	500	483	499	313

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$11,470	$11,244	$10,636	$10,360	$10,057	$12,146	$11,673	$11,362	$11,099	$10,561	$10,163	$9,968	$10,719	$9,413	$13,936	$13,893	$12,843	$12,562	$12,348	$11,263	$10,378	$9,849	$9,509	$8,904	$8,099	$7,356	$6,697	$6,380	$5,706	$5,259	$5,438	$5,048	$9,324	$8,879	$8,471	$8,921	$8,100	$7,399	$6,861	$6,223	$5,543	$2,355
Cost of revenue	($8,020)	($7,865)	($6,652)	($6,210)	($6,508)	($7,426)	($7,086)	($6,601)	($6,340)	($6,110)	($6,047)	($5,777)	($6,138)	($5,251)	($6,802)	($6,847)	($6,885)	($6,037)	($6,218)	($5,744)	($5,641)	($5,756)	($5,594)	($4,951)	($4,314)	($3,944)	($3,641)	($3,215)	($2,816)	($2,570)	($2,697)	($2,469)	($5,575)	($5,163)	($4,783)	($5,224)	($4,814)	($4,386)	($4,032)	($3,667)	($3,241)	($1,299)
Gross profit	$3,450	$3,379	$3,984	$4,150	$3,549	$4,720	$4,587	$4,761	$4,759	$4,474	$4,116	$4,191	$4,581	$4,162	$7,134	$7,046	$5,958	$6,525	$6,130	$5,519	$4,737	$4,093	$3,915	$3,953	$3,785	$3,412	$3,056	$3,165	$2,890	$2,689	$2,741	$2,579	$3,749	$3,716	$3,688	$3,697	$3,286	$3,013	$2,829	$2,556	$2,302	$1,056
Operating expenses
Research and development	($512)	($518)	($590)	($518)	($450)	($531)	($521)	($595)	($654)	($615)	($646)	($587)	($610)	($582)	($1,081)	($946)	($915)	($917)	($868)	($760)	($614)	($533)	($517)	($553)	($501)	($426)	($378)	($332)	($323)	($339)	($340)	($345)	($343)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,932)	($2,890)	($2,967)	($2,953)	($3,097)	($2,845)	($2,469)	($2,535)	($2,620)	($2,627)	($2,725)	($3,031)	($3,315)	($3,084)	($3,283)	($3,154)	($2,907)	($2,731)	($2,698)	($2,521)	($2,282)	($2,030)	($1,960)	($1,805)	($1,566)	($1,440)	($1,330)	($1,311)	($1,208)	($1,145)	($1,142)	($1,084)	($1,859)	($2,983)	($2,196)	($2,182)	($2,541)	($1,811)	($1,749)	($1,550)	($1,534)	($657)
Total operating expenses	($3,724)	($3,687)	($3,970)	($3,443)	($6,394)	($3,370)	($2,971)	($2,989)	($3,175)	($3,186)	($3,371)	($3,618)	($3,925)	($3,666)	($4,313)	($4,100)	($3,822)	($3,648)	($3,566)	($3,351)	($2,896)	($2,454)	($3,020)	($2,695)	($2,256)	($2,189)	($2,022)	($2,015)	($1,875)	($1,802)	($1,830)	($1,765)	($2,726)	($3,477)	($2,643)	($2,609)	($2,924)	($2,179)	($2,084)	($1,864)	($1,819)	($791)
Total costs and expenses	($11,744)	($11,552)	($10,622)	($9,653)	($12,902)	($10,796)	($10,057)	($9,590)	($9,515)	($9,273)	($9,418)	($9,395)	($10,063)	($8,917)	($11,115)	($10,947)	($10,707)	($9,685)	($9,784)	($9,095)	($8,537)	($8,210)	($8,614)	($7,646)	($6,570)	($6,133)	($5,663)	($5,230)	($4,691)	($4,372)	($4,527)	($4,234)	($8,301)	($8,640)	($7,426)	($7,833)	($7,738)	($6,565)	($6,116)	($5,531)	($5,060)	($2,090)
Operating income	($274)	($308)	$14	$707	($2,845)	$1,350	$1,616	$1,772	$1,584	$1,288	$745	$573	$656	$496	$2,821	$2,946	$2,136	$2,877	$2,564	$2,168	$1,841	$1,639	$895	$1,258	$1,529	$1,223	$1,034	$1,150	$1,015	$887	$911	$814	$1,023	$239	$1,045	$1,088	$362	$834	$745	$692	$483	$265
Earnings
EBITDA	$679	$673	$1,011	$1,691	($1,773)	$2,217	$2,439	$2,561	$2,355	$2,038	$1,545	$1,332	$1,448	$1,131	$3,533	$3,616	$2,821	$3,515	$3,195	$2,749	$2,416	$2,219	$1,496	$1,803	$1,968	$1,650	$1,428	$1,522	$1,359	$1,205	$1,259	$1,150	$1,547	$733	$1,492	$1,515	$745	$1,202	–	–	–	–
Interest income	$46	$52	$67	$69	$19	$14	$19	$40	$48	$30	$23	$20	$22	$27	$26	$38	$28	$19	$72	$102	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($104)	($290)	($408)	($508)	($413)	($207)	($153)	($111)	($93)	($85)	($89)	($146)	($167)	($155)	($113)	($92)	($115)	($117)	($148)	($124)	($101)	($118)	($99)	($115)	($71)	($108)	($131)	–	($193)	–	($214)	($214)	($237)	($222)	($211)	($222)	($259)	($284)	($242)	–	($226)	($74)
Pre-tax income	($483)	($505)	($289)	$242	($3,248)	$1,116	$1,292	$970	$1,617	$1,100	$4,954	$428	$2,439	$2,546	$2,838	$2,809	$1,890	$2,734	$2,462	$2,128	$1,746	$1,444	$430	$1,129	$1,386	$979	$962	$1,052	$493	$570	$793	$524	$801	($330)	$753	$805	$105	$637	$518	$446	$260	$169
Income tax expense	($485)	($395)	($37)	($61)	$135	($83)	($182)	$41	($65)	($491)	$12	($35)	($33)	($60)	($555)	($553)	($463)	($519)	($437)	($407)	($348)	($486)	($47)	($222)	($360)	($304)	($208)	($273)	($218)	($199)	($218)	($153)	($205)	$62	($192)	($214)	($65)	($191)	($130)	($123)	($79)	($32)
Net income	($1,063)	($957)	($649)	$2,656	($2,433)	$1,284	$1,102	$1,001	$1,546	$602	$4,965	$968	$2,497	$2,012	$2,326	$2,224	$1,420	$2,205	$2,014	$1,707	$1,396	$956	$388	$866	$771	$612	$740	$797	$315	$300	$669	$649	$596	($198)	$441	$591	$40	$446	$388	$323	$219	$137
Per share
Diluted EPS (GAAP)	($1.98)	($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	$2.13	$1.52	$0.63	$1.50	$1.66	$1.09	$1.25	$1.35	$0.55	$0.53	$1.23	$1.18	$1.07	($0.36)	$0.77	$1.00	($0.025)	$0.75	$0.65	$0.55	$0.40	$0.42
Basic EPS (GAAP)	($1.97)	($1.87)	($1.27)	$5.25	($4.83)	$2.56	$2.17	$1.97	$2.90	$1.11	$9.09	$1.78	$4.61	$3.70	$4.22	$3.91	$2.41	$3.63	$3.22	$2.65	$2.15	$1.54	$0.63	$1.51	$1.71	$1.13	$1.27	$1.38	$0.56	$0.54	$1.23	$1.18	$1.07	($0.36)	$0.78	$1.01	($0.025)	$0.75	$0.66	$0.55	$0.40	$0.43
Basic shares outstanding	515	513	510	506	504	502	509	509	534	543	546	545	542	543	551	569	590	607	625	644	651	622	614	574	451	542	583	580	568	556	544	554	560	554	559	560	480	512	496	478	499	306
Margins
Gross margin	30.1%	30.1%	37.5%	40.1%	35.3%	38.9%	39.3%	41.9%	42.9%	42.4%	40.5%	42.0%	42.7%	44.2%	51.2%	50.7%	46.4%	51.9%	49.6%	49.0%	45.6%	41.6%	41.2%	44.4%	46.7%	46.4%	45.6%	49.6%	50.6%	51.1%	50.4%	51.1%	40.2%	41.9%	43.5%	41.4%	40.6%	40.7%	41.2%	41.1%	41.5%	44.8%
Operating margin	(2.4%)	(2.7%)	0.1%	6.8%	(28.3%)	11.1%	13.8%	15.6%	14.3%	12.2%	7.3%	5.7%	6.1%	5.3%	20.2%	21.2%	16.6%	22.9%	20.8%	19.2%	17.7%	16.6%	9.4%	14.1%	18.9%	16.6%	15.4%	18.0%	17.8%	16.9%	16.8%	16.1%	11.0%	2.7%	12.3%	12.2%	4.5%	11.3%	10.9%	11.1%	8.7%	11.3%
Net margin	(9.3%)	(8.5%)	(6.1%)	25.6%	(24.2%)	10.6%	9.4%	8.8%	13.9%	5.7%	48.9%	9.7%	23.3%	21.4%	16.7%	16.0%	11.1%	17.6%	16.3%	15.2%	13.5%	9.7%	4.1%	9.7%	9.5%	8.3%	11.0%	12.5%	5.5%	5.7%	12.3%	12.9%	6.4%	(2.2%)	5.2%	6.6%	0.5%	6.0%	5.7%	5.2%	4.0%	5.8%

Analyst consensus

Hold36 analysts

Bearish · 1 · Hold · 20 · Bullish · 15

Earnings history

	EPS	Estimate
Q3 2024	$0.80	$0.78	Beat
Q4 2024	$0.58	$0.53	Beat
Q1 2025	$0.55	$0.48	Beat
Q2 2025	$0.59	$0.60	Miss
Q3 2025	$0.69	$0.60	Beat
Q4 2025	$0.44	$0.53	Miss
Q1 2026	$0.36	$0.31	Beat
Q2 2026	$0.56	$0.37	Beat

Peers

Company overview

IPO dateOct 27, 1981

CEOAndrew Hider

Employees37,500

SectorHealthcare

IndustryMedical - Instruments & Supplies

CountryUS

ExchangeNew York Stock Exchange

Websitewww.baxter.com

Baxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products. The company's comprehensive portfolio includes various dialysis treatments, such as peritoneal and hemodialysis, along with related therapies and services. It also specializes in intravenous (IV) therapies, infusion pumps, administration sets, and devices for drug reconstitution. Further expanding its pharmaceutical offerings, Baxter delivers pre-mixed and oncology drug platforms, inhaled anesthetic agents, critical care products, and pharmacy compounding services. Nutritional support is provided through its parenteral nutrition therapies and associated products. For surgical procedures, the company develops biological products and medical devices vital for achieving hemostasis, tissue sealing, and preventing adhesions. Additionally, Baxter supplies continuous renal replacement therapies (CRRT) and other organ support solutions, primarily tailored for intensive care units. Beyond direct medical supplies, Baxter provides sophisticated connected care solutions, integrating devices, software, communication systems, and other advanced technologies. This includes a range of patient monitoring and diagnostic technologies designed to aid in the diagnosis, treatment, and management of numerous illnesses and conditions, spanning respiratory therapy, cardiology, vision screening, and physical assessment. The surgical suite benefits from its specialized video technologies, operating tables, lights, pendants, precision positioning tools, and various ancillary accessories. The company also offers contracted services to a multitude of pharmaceutical and biopharmaceutical companies. Baxter's products are utilized across diverse healthcare environments, including hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and for home-based patients under medical supervision. Operating in approximately 100 countries, Baxter distributes its extensive product line through a direct sales force, independent distributors, drug wholesalers, and specialty pharmacies or other alternative site providers. The company also holds a collaborative agreement with Celerity Pharmaceutical, LLC, focused on developing generic injectable pre-mixed medications for acute care and oncolytic molecules. Established in 1931, Baxter International Inc. is headquartered in Deerfield, Illinois.

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