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Baxter International Inc (BAX) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

HEALTHCARE · Health Care Equipment · DATA UPDATED 2026-09-19

Baxter International Inc (BAX) operates in the Health Care Equipment industry and is headquartered in Deerfield, United States with about 37,500 employees. Its market capitalization is roughly $12 billion. In the fiscal year ended 2025-12-31, BAX reported $11.2B in revenue and ($957M) in net income.

Baxter International Inc., through its subsidiaries, provides a portfolio of healthcare products in the United States. The company operates through three segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals.

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BAX Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$11.5B	$11.2B	$10.6B	$10.4B	$10.1B	$12.1B	$11.7B	$11.4B	$11.1B	$10.6B	$10.2B	$10.0B	$10.7B	$9.4B	$13.9B	$13.9B	$12.8B	$12.6B	$12.3B	$11.3B	$10.4B
Gross Profit	$3.5B	$3.4B	$4.0B	$4.2B	$3.5B	$4.7B	$4.6B	$4.8B	$4.8B	$4.5B	$4.1B	$4.1B	$4.6B	$4.2B	$7.1B	$7.0B	$6.0B	$6.5B	$6.1B	$5.5B	$4.7B
Gross Margin %	30.1%	30.0%	37.5%	40.1%	35.3%	38.9%	39.3%	41.9%	42.9%	42.3%	40.5%	41.6%	42.7%	44.2%	51.2%	50.7%	46.4%	51.9%	49.6%	49.0%	45.6%
Operating Income (EBIT)	($274M)	($308M)	$14M	$707M	($2.8B)	$1.4B	$1.6B	$1.8B	$1.6B	$1.3B	$745M	$449M	$656M	$496M	$2.8B	$2.9B	$2.1B	$2.9B	$2.6B	$2.2B	$1.8B
Operating Margin %	-2.4%	-2.7%	0.1%	6.8%	-28.3%	11.1%	13.8%	15.6%	14.3%	12.2%	7.3%	4.5%	6.1%	5.3%	20.2%	21.2%	16.6%	22.9%	20.8%	19.2%	17.7%
Net Income	($1.1B)	($957M)	($649M)	$2.7B	($2.4B)	$1.3B	$1.1B	$1.0B	$1.5B	$602M	$5.0B	$968M	$2.5B	$2.0B	$2.3B	$2.2B	$1.4B	$2.2B	$2.0B	$1.7B	$1.4B
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%	17.5%	16.3%	15.2%	13.5%
EBITDA	—	$766M	$1.1B	$1.7B	($1.8B)	$2.2B	$2.3B	$1.9B	$2.5B	$1.9B	$5.8B	$1.3B	$1.4B	$1.2B	$3.7B	$3.6B	$2.7B	$3.5B	$3.2B	$2.8B	$2.4B
Earnings Per Share (EPS)	$-2.07	$-1.87	$-1.27	$5.25	$-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
Shares Outstanding (M)	—	513M	510M	506M	504M	508M	517M	519M	546M	555M	551M	549M	547M	549M	556M	573M	594M	614M	637M	654M	656M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BAX Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$3.0B	$2.7B	$3.0B	$2.8B	$2.8B	$2.6B	$2.8B	$2.7B	$2.7B
Gross Profit	$1.0B	$891M	$577M	$950M	$991M	$861M	$959M	$1.0B	$1.0B
Gross Margin %	34.9%	33.0%	19.4%	33.5%	35.3%	32.8%	34.8%	38.3%	38.3%
Operating Income (EBIT)	$217M	$66M	($729M)	$172M	$191M	$58M	($435M)	$155M	$179M
Operating Margin %	7.3%	2.4%	-24.5%	6.1%	6.8%	2.2%	-15.8%	5.7%	6.6%
Net Income	$126M	($15M)	($1.1B)	($46M)	$91M	$126M	($512M)	$140M	($314M)
Net Margin %	4.3%	-0.6%	-37.9%	-1.6%	3.2%	4.8%	-18.6%	5.2%	-11.7%
EBITDA	—	$297M	($447M)	$426M	$462M	$325M	($176M)	$424M	$448M
Earnings Per Share (EPS)	$0.24	$-0.03	$-2.19	$-0.09	$0.18	$0.25	$-1.00	$0.27	$-0.62
Shares Outstanding (M)	—	515M	514M	514M	514M	514M	510M	512M	510M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BAX Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.3B	$845M	$1.0B	$1.7B	$1.2B	$2.2B	$1.9B	$2.1B	$2.0B	$1.7B	$1.7B	$1.8B	$3.2B	$3.2B	$3.1B	$2.8B	$3.0B	$2.9B	$2.5B	$2.3B	$2.2B
Capital Expenditures (CapEx)	$507M	$522M	$460M	$436M	$679M	$743M	$709M	$696M	$659M	$616M	$719M	$911M	$925M	$706M	$1.2B	$960M	$963M	$1.0B	$954M	$692M	$526M
Free Cash Flow (FCF)	$812M	$323M	$559M	$1.3B	$532M	$1.5B	$1.2B	$1.4B	$1.4B	$1.1B	$935M	$860M	$2.3B	$2.5B	$1.9B	$1.9B	$2.0B	$1.9B	$1.6B	$1.6B	$1.7B
FCF Margin %	7.1%	2.9%	5.3%	12.4%	5.3%	12.2%	9.9%	12.4%	12.2%	10.4%	9.2%	8.6%	21.4%	26.5%	14.0%	13.4%	15.9%	15.1%	12.6%	14.3%	16.0%
Dividends Paid	—	$348M	$590M	$586M	$573M	$530M	$473M	$423M	$376M	$315M	$268M	$910M	$1.1B	$1.0B	$804M	$709M	$688M	$632M	$546M	$704M	$364M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BAX Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$285M	$213M	$584M	$237M	$217M	($193M)	$488M	$253M	$115M
Capital Expenditures (CapEx)	$119M	$137M	$140M	$111M	$149M	$122M	$137M	$24M	$189M
Free Cash Flow (FCF)	$166M	$76M	$444M	$126M	$68M	($315M)	$351M	$229M	($74M)
FCF Margin %	5.6%	2.8%	14.9%	4.4%	2.4%	-12.0%	12.8%	8.5%	-2.8%
Dividends Paid	—	$5M	$87M	$87M	$87M	$87M	$147M	$148M	$148M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BAX Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$19.8B	$20.1B	$25.8B	$28.3B	$28.3B	$33.5B	$20.0B	$18.2B	$15.7B	$17.1B	$15.5B	$21.0B	$26.1B	$25.2B	$20.4B	$19.1B	$17.5B	$17.4B	$15.4B	$15.3B	$14.7B
Cash & Cash Equivalents	$2.1B	$2.0B	$1.8B	$3.1B	$1.7B	$3.0B	$3.7B	$3.3B	$1.8B	$3.4B	$2.8B	$2.2B	$2.9B	$2.7B	$3.3B	$2.9B	$2.7B	$2.8B	$2.1B	$2.5B	$2.5B
Total Liabilities	$13.6B	$14.0B	$18.8B	$19.8B	$22.4B	$24.4B	$11.3B	$10.3B	$7.9B	$8.0B	$7.3B	$12.1B	$18.0B	$16.7B	$13.4B	$12.2B	$10.7B	$9.9B	$9.2B	$8.4B	$8.4B
Total Debt (Short + Long-Term)	$9.7B	$9.6B	$13.2B	$13.9B	$16.8B	$17.7B	$6.3B	$5.5B	$3.5B	$3.5B	$2.8B	$6.5B	$9.3B	$9.2B	$5.9B	$5.2B	$4.4B	$4.2B	$3.8B	$3.1B	$2.8B
Total Shareholders' Equity	$6.2B	$6.1B	$7.0B	$8.4B	$5.8B	$9.1B	$8.7B	$7.9B	$7.8B	$9.1B	$8.3B	$8.8B	$8.1B	$8.5B	$6.9B	$6.6B	$6.6B	$7.2B	$6.2B	$6.9B	$6.3B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive BAX viewer.

BAX Metric Deep Dives

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