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Baxter International Inc.

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Key Metrics

Previous Close: $26.64
52-Week Range: $15.73 – $30.00
Market Cap: $13.65B
P/E (TTM): —
EPS (TTM): -1.88
Dividend Yield: 0.15%

Advanced Metrics

Price/Book: 2.20
PEG Ratio: 36.68
Return on Equity: -14.37%
Return on Assets: 2.85%
Gross Margin: 34.10%
Operating Margin: 14.43%
Profit Margin: -9.27%
Current Ratio: 1.95
Debt/Equity: 1.56
Total Debt: $9.67B
Free Cash Flow: $1.00B
Revenue Growth: 5.30%
Earnings Growth: 36.80%
Enterprise Value: $21.26B

BAX Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$10.06B	$10.36B	$10.64B	$11.24B
Cost of Revenue	$6.51B	$6.21B	$6.65B	$7.87B
Gross Profit	$3.55B	$4.15B	$3.98B	$3.38B
Research & Development	$450.00M	$518.00M	$590.00M	$518.00M
Selling, General & Admin	$3.10B	$2.95B	$2.97B	$2.89B
Operating Expenses	$3.58B	$3.44B	$3.54B	$3.20B
Operating Income	-$33.00M	$707.00M	$439.00M	$177.00M
EBITDA	-$1.76B	$1.73B	$1.12B	$766.00M
Pretax Income	-$3.25B	$242.00M	-$289.00M	-$505.00M
Income Tax	-$135.00M	$61.00M	$37.00M	$395.00M
Net Income	-$2.43B	$2.66B	-$649.00M	-$957.00M
Diluted EPS	-4.83	5.25	-1.27	-1.87
Diluted Shares	504.00M	506.00M	510.00M	513.00M

BAX Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$1.72B	$3.08B	$1.76B	$1.97B
Receivables	$2.62B	$1.77B	$1.73B	$1.93B
Inventory	$2.68B	$1.92B	$2.05B	$2.23B
Current Assets	$8.01B	$9.60B	$8.85B	$6.87B
Total Assets	$28.29B	$28.28B	$25.78B	$20.05B
Current Liabilities	$4.75B	$6.50B	$6.51B	$2.97B
Long-Term Debt	$15.23B	$11.09B	$10.37B	$9.47B
Total Debt	$17.20B	$14.11B	$13.45B	$9.78B
Total Liabilities	$22.39B	$19.81B	$18.76B	$13.95B
Retained Earnings	$14.05B	$16.11B	$14.93B	$13.71B
Shareholders' Equity	$5.83B	$8.40B	$6.96B	$6.13B
Working Capital	$3.27B	$3.10B	$2.34B	$3.90B
Net Debt	$14.92B	$10.68B	$11.36B	$7.51B

BAX Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$1.21B	$1.73B	$1.02B	$845.00M
Capital Expenditure	-$635.00M	-$436.00M	-$460.00M	-$522.00M
Free Cash Flow	$576.00M	$1.29B	$559.00M	$323.00M
Depreciation & Amortisation	$1.07B	$984.00M	$997.00M	$981.00M
Stock-Based Compensation	$140.00M	$115.00M	$114.00M	$117.00M
Investing Cash Flow	-$931.00M	$3.21B	-$626.00M	$2.84B
Financing Cash Flow	-$1.44B	-$3.49B	-$1.08B	-$4.22B
Dividends Paid	-$573.00M	-$586.00M	-$590.00M	-$348.00M
Share Repurchases	-$32.00M	$0.00	$0.00	—
Net Change in Cash	-$1.16B	$1.45B	-$688.00M	-$530.00M

BAX Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$2.81B	$2.83B	$2.97B	$2.70B	$2.96B
Cost of Revenue	$1.82B	$1.89B	$2.40B	$1.81B	$1.93B
Gross Profit	$991.00M	$950.00M	$577.00M	$891.00M	$1.03B
Research & Development	$134.00M	$118.00M	$126.00M	$139.00M	$129.00M
Selling, General & Admin	$718.00M	$708.00M	$761.00M	$728.00M	$735.00M
Operating Expenses	$800.00M	$778.00M	$821.00M	$825.00M	$815.00M
Operating Income	$191.00M	$172.00M	-$244.00M	$66.00M	$217.00M
EBITDA	$462.00M	$426.00M	-$447.00M	$309.00M	$474.00M
Pretax Income	$133.00M	$121.00M	-$756.00M	-$6.00M	$158.00M
Income Tax	$11.00M	$172.00M	$279.00M	$11.00M	$23.00M
Net Income	$91.00M	-$46.00M	-$1.13B	-$15.00M	$126.00M
Diluted EPS	0.18	-0.09	-2.19	-0.03	0.24
Diluted Shares	514.00M	514.00M	514.00M	515.00M	518.00M

BAX Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$1.69B	$1.73B	$1.97B	$2.02B	$2.15B
Receivables	$1.77B	$1.78B	$1.93B	$1.70B	$1.86B
Inventory	$2.38B	$2.46B	$2.23B	$2.32B	$2.26B
Current Assets	$6.75B	$6.93B	$6.87B	$6.85B	$6.99B
Total Assets	$21.05B	$21.07B	$20.05B	$19.85B	$19.79B
Current Liabilities	$2.94B	$3.77B	$2.97B	$3.69B	$3.59B
Long-Term Debt	$9.49B	$8.75B	$9.47B	$8.62B	$8.62B
Total Debt	$9.72B	$9.71B	$9.78B	$9.69B	$9.67B
Total Liabilities	$13.75B	$13.85B	$13.95B	$13.83B	$13.61B
Retained Earnings	$14.97B	$14.84B	$13.71B	$13.69B	$13.81B
Shareholders' Equity	$7.32B	$7.24B	$6.13B	$6.04B	$6.21B
Working Capital	$3.81B	$3.16B	$3.90B	$3.15B	$3.40B
Net Debt	$7.81B	$7.78B	$7.51B	$7.45B	$7.31B

BAX Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$217.00M	$237.00M	$584.00M	$213.00M	$285.00M
Capital Expenditure	-$149.00M	-$111.00M	-$140.00M	-$137.00M	-$119.00M
Free Cash Flow	$68.00M	$126.00M	$444.00M	$76.00M	$166.00M
Depreciation & Amortisation	$257.00M	$237.00M	$240.00M	$237.00M	$239.00M
Stock-Based Compensation	$35.00M	$35.00M	$37.00M	$10.00M	$33.00M
Investing Cash Flow	-$115.00M	-$111.00M	-$198.00M	-$133.00M	-$117.00M
Financing Cash Flow	-$762.00M	-$81.00M	-$147.00M	-$11.00M	-$31.00M
Dividends Paid	-$87.00M	-$87.00M	-$87.00M	-$5.00M	-$5.00M
Net Change in Cash	-$660.00M	$45.00M	$239.00M	$69.00M	$137.00M

Market Snapshot

About

Baxter International Inc. is a global healthcare company developing and manufacturing products used to treat patients with chronic and acute medical conditions. The company operates through segments including Medical Products & Therapies (infusion systems, IV solutions, nutrition products, and surgical care products) and Healthcare Systems & Technologies (pharmacy automation, software, and services). Founded in 1931, Baxter has pioneered numerous innovations including the first commercial dialysis machine and intravenous solutions. The company serves hospitals, dialysis centers, nursing homes, and patients receiving care at home across more than 100 countries. Headquartered in Deerfield, Illinois, Baxter has navigated significant portfolio changes including the 2015 spinoff of Baxalta (now part of Takeda) and the planned 2025 separation of its kidney care business into a new company called Vantive. Baxter maintains leadership positions in renal care, medication delivery, and pharmaceuticals with a focus on essential medical products. The company continues to invest in innovation, manufacturing excellence, and digital health technologies.