Baxter International Inc (BAX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.37	$0.56	+51.4%	—	—	—
Q3 26	$0.31	$0.36	+16.1%	—	—	—
Q2 26	$0.54	$0.44	-18.5%	—	—	—
Q1 26	$0.61	$0.59	-3.3%	—	—	—
Q4 25	$0.48	$0.55	+14.6%	—	—	—
Q3 25	$0.53	$0.58	+9.4%	—	—	—
Q2 25	$0.78	$0.8	+2.6%	—	—	—
Q1 25	$0.66	$0.68	+3.0%	—	—	—
Q4 24	$0.61	$0.65	+6.6%	—	—	—
Q3 24	$0.86	$0.88	+2.3%	—	—	—
Q2 24	$0.68	$0.68	0.0%	—	—	—
Q1 24	$0.6	$0.55	-8.3%	—	—	—
Q4 23	$0.49	$0.59	+20.4%	—	—	—
Q3 23	$0.94	$0.88	-6.4%	—	—	—
Q2 23	$0.81	$0.82	+1.2%	—	—	—
Q1 23	$0.87	$0.87	0.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$1.87	—	—	$11.2B	—
FY24	—	-$1.27	—	—	$10.6B	—
FY23	—	$5.25	—	—	$14.8B	—
FY22	—	-$4.83	—	—	$14.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.2B	$10.6B	$11.1B	$11.4B	$11.7B	$12.1B	$14.5B	$14.8B	$10.6B	$11.2B
YoY change	+1.96%	+4.14%	+4.87%	+2.37%	+2.74%	+4.05%	+19.4%	+2.12%	-28.2%	+5.72%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	10.2B	10.6B	11.1B	11.4B	11.7B	12.1B	14.5B	14.8B	10.6B	11.2B
Cost of revenue	6B	6.1B	6.3B	6.6B	7.1B	7.4B	9.4B	9.8B	6.7B	7.9B
Gross profit	4.1B	4.5B	4.8B	4.8B	4.6B	4.7B	5.1B	5B	4B	3.4B
Gross margin	40.5%	42.3%	42.9%	41.9%	39.3%	38.9%	34.9%	33.6%	37.5%	30.1%
Research & development	646M	615M	654M	595M	521M	531M	602M	667M	590M	518M
Selling, general & administrative	2.7B	2.6B	2.6B	2.5B	2.5B	2.8B	3.9B	3.9B	3B	2.9B
Operating expenses	3.4B	3.2B	3.2B	3B	3B	3.4B	4.5B	4.6B	3.5B	3.2B
Operating income	745M	1.3B	1.6B	1.8B	1.6B	1.3B	605M	370M	439M	177M
Operating margin	7.33%	12.2%	14.3%	15.6%	13.7%	11.1%	4.17%	2.5%	4.13%	1.57%
Non-operating income, net	4.3B	-133M	78M	-731M	-171M	-35M	-2.9B	-32M	-387M	-444M
Pretax income	5B	1.1B	1.6B	970M	1.3B	1.1B	-2.6B	-103M	-289M	-505M
Income tax	-12M	491M	65M	-41M	182M	83M	4M	-34M	37M	395M
Net income	5B	602M	1.5B	1B	1.1B	1.3B	-2.4B	2.7B	-638M	-957M
Net margin	48.9%	5.69%	13.9%	8.9%	9.51%	10.7%	-16.7%	18%	-6%	-8.51%
EBITDA	1.6B	2B	2.5B	1.9B	2.4B	2.2B	2B	1.8B	1.6B	1.3B
EPS	9.09	1.32	3.04	1.97	2.17	2.56	-4.83	5.25	-1.27	-1.87
Diluted EPS	9.01	1.29	2.97	1.93	2.13	2.53	-4.83	5.25	-1.27	-1.87

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.6B	3.9B	3.6B	3.8B	2.7B	2.8B	2.6B	2.8B	2.8B	3B	2.7B	3B
Cost of revenue	1.5B	2.4B	2.2B	2.4B	1.7B	1.8B	1.8B	1.8B	1.9B	2.4B	1.8B	1.9B
Gross profit	1.1B	1.5B	1.4B	1.4B	1B	959M	861M	991M	950M	577M	891M	1B
Gross margin	40.6%	37.9%	38.6%	37.5%	38.3%	34.8%	32.8%	35.3%	33.5%	19.4%	33%	34.9%
Research & development	133M	172M	176M	173M	129M	211M	140M	134M	118M	126M	139M	129M
Selling, general & administrative	744M	977M	1B	1B	754M	761M	703M	718M	708M	761M	728M	735M
Operating expenses	877M	1.1B	1.2B	1.2B	883M	972M	803M	800M	778M	821M	825M	815M
Operating income	179M	323M	184M	237M	150M	-1M	58M	191M	172M	-244M	66M	217M
Operating margin	6.89%	8.31%	5.12%	6.22%	5.56%	-0.04%	2.21%	6.8%	6.07%	-8.2%	2.44%	7.33%
Non-operating income, net	12M	-13M	10M	-409M	6M	-430M	3M	—	7M	-454M	-6M	5M
Pretax income	64M	238M	116M	-257M	69M	-521M	-3M	133M	121M	-756M	-6M	158M
Income tax	27M	165M	77M	54M	8M	-33M	-67M	11M	172M	279M	11M	23M
Net income	2.5B	246M	39M	-311M	144M	-510M	126M	91M	-46M	-1.1B	-15M	126M
Net margin	96.6%	6.33%	1.09%	-8.16%	5.34%	-18.5%	4.8%	3.24%	-1.62%	-37.9%	-0.56%	4.26%
EBITDA	284M	729M	561M	628M	426M	262M	335M	472M	432M	22M	321M	476M
EPS	4.95	0.48	0.07	-0.62	0.27	-1	0.25	0.18	-0.09	-2.19	-0.03	0.24
Diluted EPS	4.93	0.48	0.07	-0.62	0.27	-1	0.25	0.18	-0.09	-2.19	-0.03	0.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	24.2B	35.1B	35.1B	42.6B	40.8B	43.1B	25.7B	19.6B	14.9B	9.8B	12.1B
Enterprise value	24.2B	35.2B	36.8B	45.2B	43.9B	58.5B	41.2B	30.7B	26.6B	17.6B	19.6B
Shares outstanding	546M	543M	534M	509M	509M	502M	504M	506M	510M	513M	513M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	4.88	58.3	22.7	42.1	36.8	33.3	—	7.35	—	—	86.3
P/S	2.38	3.32	3.17	3.75	3.5	3.55	1.77	1.32	1.4	0.87	1.06
P/B	2.92	3.85	4.47	5.38	4.68	4.72	4.36	2.31	2.12	1.61	1.96
EV/EBITDA	15.3	17.4	14.9	24.4	18.4	26.4	20.2	17.6	17	14	10.4
EV/Sales	2.38	3.33	3.32	3.98	3.76	4.81	2.84	2.07	2.5	1.57	1.71
Earnings yield	20.5%	1.72%	4.4%	2.38%	2.72%	3.01%	—	13.6%	—	—	1.16%
FCF yield	3.86%	3.13%	3.86%	3.31%	2.84%	3.55%	2.3%	5.29%	3.76%	3.29%	8.24%
PEG	—	—	—	—	—	—	—	—	—	—	2.59

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	40.5%	42.3%	42.9%	41.9%	39.3%	38.9%	34.9%	33.6%	37.5%	30.1%	34.9%
Operating margin	7.33%	12.2%	14.3%	15.6%	13.7%	11.1%	4.17%	2.5%	4.13%	1.57%	14.4%
Net margin	48.9%	5.69%	13.9%	8.9%	9.51%	10.7%	-16.7%	18%	-6%	-8.51%	-9.27%
ROE	60%	6.6%	19.7%	12.8%	12.7%	14.2%	-41.1%	31.4%	-9.08%	-15.7%	-14.4%
ROA	31.9%	3.52%	9.83%	5.56%	5.54%	3.86%	-8.56%	9.42%	-2.47%	-4.77%	2.85%
ROIC	9.02%	7.72%	16%	16.8%	11.6%	5.08%	2.83%	1.88%	2.35%	1.27%	1.54%
Return on tangible assets	61%	7.37%	22.4%	11%	10.8%	-74.6%	-134.7%	86.2%	-13.3%	-65.6%	-56.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.4	2.57	2.12	2.32	2.52	2.09	1.69	1.48	1.36	2.31	1.95
Quick ratio	1.87	2.05	1.53	1.81	1.95	1.52	1.12	1.04	1.05	1.56	1.32
Debt / equity	0.34	0.39	0.44	0.75	0.78	2.01	2.92	1.7	1.91	1.6	1.56
Debt / assets	0.18	0.21	0.22	0.33	0.34	0.55	0.61	0.51	0.52	0.49	0.49
Net debt / EBITDA	-0.01	0.06	0.67	1.42	1.29	6.93	7.59	6.38	7.48	6.2	6.01
Interest coverage	56.7	13.9	18.4	9.74	9.44	6.39	-5.39	0.8	0.29	-0.74	-0.65
Effective tax rate	0%	44.6%	4.02%	0%	14.1%	7.44%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	18.6	19.5	20.8	22.3	22.9	24.2	28.8	29.3	20.9	21.9	22.3
EPS (basic)	9.09	1.32	3.04	1.97	2.17	2.56	-4.83	5.25	-1.27	-1.87	-1.87
EPS (diluted)	9.01	1.29	2.97	1.93	2.13	2.53	-4.83	5.25	-1.27	-1.87	-1.88
Book value per share	15.2	16.8	14.7	15.5	17.1	18.2	11.7	16.7	13.8	11.9	12
FCF per share	1.71	2.02	2.54	2.77	2.28	3.05	1.17	2.04	1.1	0.63	1.57
Cash per share	5.13	6.25	3.44	6.55	7.33	5.88	3.41	6.31	3.46	3.83	4.16
Capex per share	—	—	—	—	—	—	—	—	—	1	0.97

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	4.56%	4.39%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	60.7%	38.2%
Payout ratio	5.4%	52.3%	24.3%	41.8%	42.6%	40.9%	-23.7%	22%	-92.5%	-36.4%	307.7%
Dividend yield	1.11%	0.9%	1.07%	0.99%	1.16%	1.23%	2.23%	3%	3.97%	3.55%	0.17%

Yield

0.17%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.01

ex-dividend Aug 28, 2026

Payout ratio

308%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 28, 2026	$0.01
May 29, 2026	$0.01
Feb 27, 2026	$0.01

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.6B	$3.9B	$3.6B	$3.8B	$2.7B	$2.8B	$2.6B	$2.8B	$2.8B	$3B	$2.7B	$3B
YoY change	-28%	-0.05%	+2.25%	+2.83%	+3.85%	-29.1%	-26.9%	-26.3%	+5.04%	+8.03%	+2.9%	+5.34%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.8B	3.4B	1.8B	3.3B	3.7B	3B	1.7B	3.2B	1.8B	2B
Receivables	1.7B	1.8B	1.8B	1.9B	2B	2.6B	2.6B	2.7B	1.7B	1.9B
Inventory	1.4B	1.5B	1.7B	1.7B	1.9B	2.5B	2.7B	2.8B	2B	2.2B
Total current assets	6.6B	7.3B	6B	7.5B	8.4B	8.9B	8B	9.6B	8.9B	6.9B
Property, plant & equipment	2.8B	2.9B	2.8B	3.4B	3.5B	3.9B	3.5B	3.2B	1.9B	1.8B
Goodwill & intangibles	7.4B	8.9B	8.8B	9B	9.8B	35.3B	26.5B	25.2B	21B	18.6B
Total assets	15.5B	17.1B	15.7B	18.2B	20B	33.5B	28.3B	28.3B	25.8B	20.1B
Accounts payable	791M	920M	998M	892M	1B	1.2B	1.1B	1.2B	968M	999M
Short-term debt	3M	3M	4M	642M	517M	639M	1.5B	2.8B	2.8B	84M
Total current liabilities	2.7B	2.8B	2.8B	3.2B	3.3B	4.2B	4.7B	6.5B	6.5B	3B
Long-term debt	2.8B	3.5B	3.5B	5.3B	6.3B	17.7B	15.7B	11.6B	10.6B	9.7B
Total liabilities	7.3B	8B	7.9B	10.3B	11.3B	24.4B	22.4B	19.8B	18.8B	14B
Shareholders' equity	8.3B	9.1B	7.9B	7.9B	8.7B	9.1B	5.9B	8.5B	7B	6.1B
Total debt	2.8B	3.5B	3.5B	6B	6.8B	18.3B	17.2B	14.4B	13.4B	9.8B
Net debt	-19M	118M	1.6B	2.6B	3.1B	15.4B	15.5B	11.2B	11.7B	7.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.8B	3.2B	3B	2.1B	1.4B	1.8B	2.3B	1.7B	1.7B	2B	2B	2.1B
Receivables	2.5B	2.7B	2.5B	2.6B	1.7B	1.7B	1.6B	1.8B	1.8B	1.9B	1.7B	1.9B
Inventory	2.9B	2.8B	3B	3B	2.1B	2B	2.2B	2.4B	2.5B	2.2B	2.3B	2.3B
Total current assets	12B	9.6B	9.4B	8.6B	8.9B	8.9B	7B	6.7B	6.9B	6.9B	6.8B	7B
Property, plant & equipment	4.8B	3.2B	4.9B	4.8B	3.2B	1.9B	3B	3.1B	3.1B	1.8B	3.2B	3.2B
Goodwill & intangibles	25.3B	25.2B	24.7B	23.5B	22.5B	21B	20.8B	20.7B	20.4B	18.6B	18.2B	17.9B
Total assets	30.7B	28.3B	27.8B	26.3B	26.7B	25.8B	21.3B	21B	21.1B	20.1B	19.8B	19.8B
Accounts payable	1.2B	1.2B	1.3B	1.3B	841M	968M	963M	995M	953M	999M	1.1B	1B
Short-term debt	2.4B	2.8B	2.6B	2.5B	2.5B	2.8B	662M	8M	755M	84M	842M	844M
Total current liabilities	6.2B	6.5B	6.4B	6.1B	6.2B	6.5B	3.5B	2.9B	3.8B	3B	3.7B	3.6B
Long-term debt	14.5B	11.6B	11.5B	10.9B	10.7B	10.6B	9.6B	9.7B	9B	9.7B	8.8B	8.8B
Total liabilities	22.5B	19.8B	19.6B	18.6B	18.7B	18.8B	14.3B	13.8B	13.9B	14B	13.8B	13.6B
Shareholders' equity	8.2B	8.5B	8.2B	7.7B	7.9B	7B	7.1B	7.3B	7.2B	6.1B	6B	6.2B
Total debt	16.9B	14.4B	14.2B	13.3B	13.2B	13.4B	10.3B	9.7B	9.7B	9.8B	9.7B	9.7B
Net debt	11.1B	11.2B	11.1B	11.2B	11.8B	11.7B	8B	8B	8B	7.8B	7.7B	7.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	5B	609M	1.5B	1B	1.1B	1B	-2.7B	-69M	-326M	-900M
Depreciation & amortization	800M	750M	771M	789M	823M	867M	1.4B	1.3B	997M	981M
Stock-based compensation	115M	107M	115M	122M	130M	146M	153M	133M	114M	117M
Change in working capital	21M	-121M	-308M	-198M	-321M	-229M	-671M	-104M	-155M	-329M
Operating cash flow	1.7B	1.6B	1.9B	1.5B	1.6B	1.7B	-2B	801M	409M	845M
Capital expenditure	—	—	—	—	—	—	—	—	—	-513M
Investing cash flow	-22M	-676M	-257M	-404M	-470M	-10.5B	-252M	20M	50M	-455M
Dividends paid	-268M	-315M	-376M	-423M	-473M	-530M	-573M	-586M	-590M	-348M
Share repurchases	-292M	-564M	-2.5B	-1.3B	-500M	-600M	-32M	0	0	—
Financing cash flow	-610M	-255M	-2.9B	142M	-547M	8.1B	-1.6B	-3.6B	-1.2B	-4.5B
Net change in cash	1.1B	663M	-1.2B	1.3B	550M	-662M	-3.9B	-2.8B	-693M	-4.2B
Free cash flow	935M	1.1B	1.4B	1.4B	1.2B	1.5B	591M	1B	559M	323M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	155M	73M	39M	-278M	61M	-488M	64M	122M	-51M	-1B	-17M	135M
Depreciation & amortization	92M	324M	335M	352M	254M	245M	247M	257M	237M	240M	237M	239M
Stock-based compensation	28M	30M	25M	36M	38M	39M	10M	35M	35M	37M	10M	33M
Change in working capital	6M	1M	29M	-313M	-65M	110M	-131M	-208M	-168M	178M	146M	-131M
Operating cash flow	192M	558M	368M	-261M	239M	-199M	54M	217M	237M	584M	213M	285M
Capital expenditure	—	—	—	—	—	—	—	-140M	-111M	-140M	-137M	-116M
Investing cash flow	11M	7M	16M	16M	0	8M	-2M	-106M	-111M	-114M	-133M	-114M
Dividends paid	-147M	-147M	-147M	-148M	-148M	-147M	-87M	-87M	-87M	-87M	-5M	-5M
Share repurchases	—	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-43M	-2.9B	-180M	-948M	-157M	133M	-3.5B	-468M	210M	-2.5B	-19M	-36M
Net change in cash	160M	-2.4B	204M	-1.2B	82M	-58M	-3.5B	-357M	336M	-2B	61M	135M
Free cash flow	352M	341M	-19M	-74M	114M	351M	-315M	68M	126M	444M	76M	166M

Date	Ratio
Jul 1, 2015	1841:1000
May 31, 2001	2:1
Dec 1, 1992	100000:90823
Nov 18, 1983	2:1
Nov 9, 1981	2:1

Baxter International Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history