Baxter International Inc., founded in 1931 and headquartered in Deerfield, Illinois, United States, is a global healthcare company focused on innovative medical devices, pharmaceuticals, and biotechnology products. It is best known for its advanced renal care systems, infusion pumps, and sterile solutions, which drive recurring revenue across hospitals and home care segments. Under the leadership of CEO José E. Almeida since 2016, Baxter maintains a top-five global ranking in its core markets. The company is actively investing in next-generation therapies and digital health initiatives while expanding its footprint in emerging markets.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
11,244,000
10,636,000
10,360,000
10,057,000
Cost of Sales
7,865,000
6,652,000
6,210,000
6,508,000
Gross Profit
3,379,000
3,984,000
4,150,000
3,549,000
Selling, General & Administrative Expenses
2,890,000
2,967,000
2,953,000
3,097,000
Research & Development Expenses
518,000
590,000
518,000
450,000
Other Operating Expenses
279,000
413,000
(28,000)
2,847,000
Operating Profit
(308,000)
14,000
707,000
(2,845,000)
Interest Expense
(238,000)
(341,000)
(439,000)
(394,000)
Non-Operating Income
41,000
38,000
(26,000)
(9,000)
Total Non-Operating Income
(197,000)
(303,000)
(465,000)
(403,000)
Income Before Provision for Income Taxes
(505,000)
(289,000)
242,000
(3,248,000)
Provision for Income Taxes
395,000
37,000
61,000
(135,000)
Consolidated Net Income
(900,000)
(326,000)
181,000
(3,113,000)
Net Income Attributable to Minority Interests and Other
—
11,000
7,000
12,000
Net Income Attributable to Discontinued Operations
(57,000)
(312,000)
2,482,000
692,000
Net Income Attributable to Common Shareholders
(957,000)
(649,000)
2,656,000
(2,433,000)
Basic EPS
-1.87
-1.27
5.25
-4.83
Diluted EPS
-1.87
-1.27
5.23
-4.83
Basic Weighted Average Shares Outstanding
513,000
510,000
506,000
504,000
Diluted Weighted Average Shares Outstanding
513,000
510,000
508,000
504,000
Shares Outstanding
514,281
510,927
507,633
504,432
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,966,000
1,764,000
3,078,000
1,718,000
Total Cash and Cash Equivalents
1,966,000
1,764,000
3,078,000
1,718,000
Accounts Receivable
1,861,000
1,679,000
1,719,000
2,571,000
Total Trade Receivables
1,861,000
1,679,000
1,719,000
2,571,000
Inventories
2,232,000
2,046,000
1,918,000
2,679,000
Other Current Assets
813,000
3,364,000
2,885,000
1,043,000
Total Current Assets
6,872,000
8,853,000
9,600,000
8,011,000
Net Property, Plant & Equipment
3,186,000
3,176,000
3,207,000
5,236,000
Net Intangible Assets
4,369,000
5,223,000
5,918,000
6,793,000
Goodwill
4,929,000
5,275,000
5,793,000
6,452,000
Other Long-Term Assets
699,000
3,255,000
3,758,000
1,795,000
Total Assets
20,055,000
25,782,000
28,276,000
28,287,000
Accounts Payable
999,000
968,000
881,000
1,110,000
Accrued Expenses
1,968,000
1,861,000
1,915,000
2,170,000
Short-Term Debt
1,000
2,126,000
—
299,000
Current Portion of Long-Term Debt
2,000
626,000
2,667,000
1,105,000
Other Current Liabilities
—
930,000
1,040,000
61,000
Total Current Liabilities
2,970,000
6,511,000
6,503,000
4,745,000
Long-Term Debt
9,473,000
10,374,000
11,089,000
15,232,000
Leases
223,000
243,000
265,000
447,000
Other Long-Term Liabilities
1,287,000
1,630,000
1,951,000
1,968,000
Total Long-Term Liabilities
10,983,000
12,247,000
13,305,000
17,647,000
Total Liabilities
13,953,000
18,758,000
19,808,000
22,392,000
Common Stock
683,000
683,000
683,000
683,000
Treasury Stock
(10,873,000)
(11,059,000)
(11,230,000)
(11,389,000)
Additional Paid-in Capital
6,368,000
6,421,000
6,389,000
6,322,000
Accumulated Other Comprehensive Income
(3,754,000)
(4,010,000)
(3,554,000)
(3,833,000)
Retained Earnings
13,705,000
14,929,000
16,114,000
14,050,000
Total Common Shareholders' Equity
6,129,000
6,964,000
8,402,000
5,833,000
Minority Interests and Other
(27,000)
60,000
66,000
62,000
Total Shareholders' Equity
6,102,000
7,024,000
8,468,000
5,895,000
Total Liabilities and Shareholders' Equity
20,055,000
25,782,000
28,276,000
28,287,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
(1,857,000)
(964,000)
2,844,000
(5,534,000)
Depreciation & Amortization
981,000
997,000
984,000
1,072,000
Share-Based Compensation Expense
117,000
114,000
115,000
140,000
Other Adjustments
918,000
582,000
(2,716,000)
2,343,000
Changes in Trade Receivables
(132,000)
(35,000)
(38,000)
(48,000)
Changes in Inventories
(119,000)
(201,000)
(128,000)
(198,000)
Changes in Accounts Payable
3,000
112,000
92,000
(67,000)
Changes in Accrued Expenses
149,000
44,000
293,000
(158,000)
Changes in Other Operating Activities
(9,000)
(156,000)
(58,000)
(135,000)
Cash from Operating Activities
845,000
1,019,000
1,726,000
1,211,000
Capital Expenditure
(513,000)
(446,000)
(432,000)
(377,000)
Purchases of Investments
(9,000)
(14,000)
(4,000)
(258,000)
Proceeds from Sale of Investments
—
34,000
—
—
Other Investing Activities
58,000
16,000
26,000
11,000
Cash from Investing Activities
2,841,000
(626,000)
3,213,000
(931,000)
Issuance of Short-Term Debt
—
1,830,000
—
—
Repayments of Short-Term Debt
(300,000)
296,000
(301,000)
55,000
Net Issuance / (Repayments) of Short-Term Debt
(300,000)
2,126,000
(301,000)
55,000
Issuance of Long-Term Debt
1,998,000
—
—
—
Repayments of Long-Term Debt
(5,489,000)
(2,657,000)
(2,634,000)
(954,000)
Net Issuance / (Repayments) of Long-Term Debt
(3,491,000)
(2,657,000)
(2,634,000)
(954,000)
Issuance of Common Shares
30,000
71,000
95,000
127,000
Repurchases of Common Shares
—
—
—
(32,000)
Net Issuance / (Repurchases) of Common Shares
30,000
71,000
95,000
95,000
Common Share Dividends Paid
(348,000)
(590,000)
(586,000)
(573,000)
Other Financing Activities
(107,000)
(31,000)
(63,000)
(61,000)
Cash from Financing Activities
(4,216,000)
(1,081,000)
(3,489,000)
(1,438,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
84,000
(96,000)
26,000
(76,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash