FirmAtlas

Company handbook · BAX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17

BAX · CIK 10456 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026

Baxter International Inc.

$25.28 −0.48 (−1.86%)

Close, Oct 16, 2026 · 52-week $16–30

↗ baxter.com

Last fiscal year

Baxter International Inc. reported revenue of $11.2B for the year ended Dec 31, 2025 (FY25), up 5.7% from FY24. Net loss was $957M, operating cash flow $845M and free cash flow $332M. Source: 10-K filed Feb 12, 2026.

Market cap

$13.0B

EV/EBITDA

30.4x

P/B

2.1

Div yield

0.16%

ROIC

−2.1%

Revenue 1Y

5.7%/yr

EPS 1Y

n/m

Shares 1Y

+0.6%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOAndrew P. Hider

HQDeerfield, IL

AuditorPricewaterhouseCoopers LLP

Employees37,500

Year endsDecember

Compounded growth & averages

10Y

TTM

Share price

−6.1%

−20.5%

−7.5%

10.1%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$1.9B deployed

Capex $959M 49.9%

Acquisitions $23M 1.2%

Dividends $938M 48.9%

Operating cash flow over the period: $1.9B. Total debt changed by −$901M. R&D of $1.1B is already inside operating costs.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Aug 19, 2026 Executive or director change 8-K Aug 18, 2026 Material agreement 8-K Aug 4, 2026 Executive or director change 8-K Aug 4, 2026 Other announcement 8-K Jul 30, 2026 Quarterly results 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

10,636

11,244+5.7%

11,470

YoY

+5.7%

Gross profit

3,984

3,379−15.2%

3,450

Gross margin

37.5%

30.1%−7.4 pp

—

Operating income

(308)−2300.0%

(274)

Operating margin

0.1%

−2.7%−2.9 pp

—

EBITDA

1,011

673−33.4%

—

EBITDA margin

9.5%

6.0%−3.5 pp

—

Interest expense

408

290−28.9%

—

Interest coverage

2.48x

2.32x−0.16x

—

Net income

(649)

(957)n/m

(1,063)

YoY

n/m

Net margin

−6.1%

−8.5%−2.4 pp

—

EPS (diluted, $)

−1.27

−1.87n/m

−2.08

YoY

n/m

Balance sheet

FY24 FY25

TTM

Total assets

25,782

20,055−22.2%

19,791

Cash & short-term investments

1,766

1,968+11.4%

—

Accounts receivable

1,679

1,861+10.8%

—

Inventory

2,046

2,232+9.1%

—

Net PP&E

2,870

2,910+1.4%

—

Other assets

17,421

11,084−36.4%

—

Total liabilities

18,818

13,926−26.0%

13,585

Accounts payable

968

999+3.2%

—

Total debt

10,374

9,473−8.7%

Other liabilities

7,476

3,454−53.8%

—

Shareholders’ equity

6,964

6,129−12.0%

6,206

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

1,019

845−17.1%

1,319

Net income

(638)

(957)n/m

—

Depreciation & amortization

997

981−1.6%

—

Stock-based compensation

114

117+2.6%

—

Working capital & other

546

704+28.9%

—

Cash from investing

(626)

2,841n/m

—

Capex

(446)

(513)n/m

—

Acquisitions

(14)

(9)n/m

—

Investments sold / matured

0−100.0%

—

Other investing

(200)

3,363n/m

—

Cash from financing

(1,081)

(4,216)n/m

—

Debt raised

1,998n/m

—

Debt repaid

(2,657)

(5,489)n/m

—

Dividends

(590)

(348)n/m

—

Buybacks

—

Other financing

2,166

(377)−117.4%

—

Net change in cash

(784)

(446)n/m

—

Free cash flow (OCF − capex)

573

332−42.1%

—

Where the cash went

FY24 FY25

TTM

Operating cash flow

1,019

845−17.1%

1,319

Reinvested in the business

460

522+13.5%

—

% of operating cash flow

45.1%

61.8%

Capex

446

513+15.0%

—

Acquisitions

9−35.7%

—

R&D (memo, already in costs)

590

518−12.2%

—

Free cash flow

573

332−42.1%

—

YoY

−42.1%

Returned to shareholders

590

348−41.0%

—

% of free cash flow

103.0%

104.8%

Dividends

590

348−41.0%

—

Buybacks

—

Change in total debt

—

(901)

—

Cash left over

—

(926)

—

Owner earnings

—

(826)

—

Owner earnings margin

—

−7.3%

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

0.1%

−2.1%−2.2 pp

—

ROIC (operating)

0.2%

−5.3%−5.5 pp

—

Net debt / EBITDA

8.51x

11.15x+2.64x

—

Debt / equity

1.49x

1.55x+0.06x

—

Cash conversion cycle (days)

117

118+1 d

—

ROE

−9.3%

−15.6%−6.3 pp

—

ROA

−2.5%

−4.8%−2.3 pp

—

ROCE

0.1%

−1.8%−1.9 pp

—

NOPAT

(308)−2300.0%

—

Invested capital (operating)

5,627

6,004+6.7%

—

Invested capital (all)

15,572

13,634−12.4%

—

Reinvestment rate

—

−122.4%

—

Debtor days

60+3 d

—

Inventory days

112

104−9 d

—

Days payable

46−7 d

—

Net debt is 11.2x EBITDA (FY25).

Income

Sep '25

Dec '25

Mar '26

Jun '26

Revenue

2,835

2,974

2,701

2,960

vs year-ago quarter

Gross profit

950

577

891

1,032

Gross margin

33.5%

19.4%

33.0%

34.9%

Operating income

172

(729)

217

Net income

(46)

(1,128)

(15)

126

vs year-ago quarter

Net margin

−1.6%

−37.9%

−0.6%

4.3%

EPS (diluted, $)

−0.09

−2.20

−0.03

0.24

vs year-ago quarter

Balance sheet

Sep '25

Dec '25

Mar '26

Jun '26

Total assets

21,067

20,055

19,846

19,791

Cash & equivalents

1,728

1,968

2,019

2,150

Total debt

9,473

Shareholders’ equity

7,241

6,129

6,043

6,206

Cash flow

Sep '25

Dec '25

Mar '26

Jun '26

Operating cash flow

237

584

213

285