BAXTER INTERNATIONAL INC
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $11.2B | $10.6B | $10.4B | $10.1B | $12.1B |
| Cost of revenue | $7.9B | $6.7B | $6.2B | $6.5B | $7.4B |
| Gross profit | $3.4B | $4.0B | $4.2B | $3.5B | $4.7B |
| Selling, general & administrative | $2.9B | $3.0B | $3.0B | $3.1B | $2.8B |
| Research and development | $518.0M | $590.0M | $518.0M | $450.0M | $531.0M |
| Operating income | -$308.0M | $14.0M | $707.0M | -$2.8B | $1.4B |
| Interest expense | $290.0M | $408.0M | $508.0M | $413.0M | $207.0M |
| Pretax income | -$505.0M | -$289.0M | $242.0M | -$3.2B | $1.1B |
| Income tax expense | $395.0M | $37.0M | $61.0M | -$135.0M | $83.0M |
| Net income | -$957.0M | -$649.0M | $2.7B | -$2.4B | $1.3B |
| Balance Sheet | |||||
| Cash and equivalents | $2.0B | $1.8B | $3.1B | $1.6B | $3.0B |
| Current assets | $6.9B | $8.9B | $9.6B | $8.0B | $8.9B |
| Total assets | $20.1B | $25.8B | $28.3B | $28.3B | $33.5B |
| Current liabilities | $3.0B | $6.5B | $6.5B | $4.7B | $4.2B |
| Total liabilities | $14.0B | $18.8B | $19.8B | $22.4B | $24.4B |
| Total debt | $9.5B | — | — | — | — |
| Stockholders' equity | $6.1B | $7.0B | $8.4B | $5.8B | $9.1B |
| Cash Flow Statement | |||||
| Cash from operations | $845.0M | $1.0B | $1.7B | $1.2B | $2.2B |
| Depreciation and amortization | $981.0M | $997.0M | $984.0M | $1.1B | $867.0M |
| Stock-based compensation | $117.0M | $114.0M | $115.0M | $140.0M | $146.0M |
| Capital expenditure | $513.0M | $446.0M | $432.0M | $377.0M | $691.0M |
| Free cash flow | $332.0M | $573.0M | $1.3B | $834.0M | $1.5B |
| Dividends paid | $348.0M | $590.0M | $586.0M | $573.0M | $530.0M |
| Share repurchases | — | $0 | $0 | $32.0M | $600.0M |
| Impairments | $485.0M | $425.0M | $0 | $2.8B | $0 |
Shares outstanding 516.5M · Free float 94.9%
Annual filing data through FY ended December 31, 2025; float as of July 8, 2026.