financial statements

The full income statement, balance sheet, and cash-flow statement for Baxter International (BAX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	11.2B YoY+5.7%	10.6B YoY+2.7%	10.4B YoY+3.0%	10.1B YoY-17.2%	12.1B YoY+4.1%
	3.38B YoY-15.2%	3.98B YoY-4.0%	4.15B YoY+16.9%	3.55B YoY-24.8%	4.72B YoY+2.9%
Cost of revenue	7.87B YoY+18.2%	6.65B YoY+7.1%	6.21B YoY-4.6%	6.51B YoY-12.4%	7.43B YoY+4.8%
Research & development	518M YoY-12.2%	590M YoY+13.9%	518M YoY+15.1%	450M YoY-15.3%	531M YoY+1.9%
Selling, general & administrative	2.89B YoY-2.6%	2.97B YoY+0.5%	2.95B YoY-4.6%	3.10B YoY+8.9%	2.85B YoY+15.2%
Restructuring	162M YoY+11.0%	146M YoY+3.5%	141M YoY-2.1%	144M YoY+58.2%	91.0M YoY-18.0%
Amortization of intangibles	598M YoY-4.3%	625M YoY+5.9%	590M YoY-13.1%	679M YoY+127.9%	298M YoY+34.2%
Provision for credit losses	6.00M YoY+185.7%	-7.00M YoY+0.0%	-7.00M YoY-133.3%	-3.00M YoY-250.0%	2.00M YoY-81.8%
Operating income	-308M YoY-2300.0%	14.0M YoY-98.0%	707M YoY+124.9%	-2.85B YoY-310.7%	1.35B YoY-16.5%
Interest expense	290M YoY-28.9%	408M YoY-19.7%	508M YoY+23.0%	413M YoY+99.5%	207M YoY+35.3%
Interest & investment income	52.0M YoY-22.4%	67.0M YoY-2.9%	69.0M YoY+263.2%	19.0M YoY+35.7%	14.0M YoY-26.3%
Net interest income	—	—	-442M YoY-11.9%	-395M YoY-104.7%	-193M YoY-44.0%
Other non-operating income	41.0M YoY+7.9%	38.0M YoY+246.2%	-26.0M YoY-188.9%	-9.00M YoY+78.0%	-41.0M YoY+78.4%
Pre-tax income	-505M YoY-74.7%	-289M YoY-219.4%	242M YoY+107.5%	-3.25B YoY-391.0%	1.12B YoY-13.6%
Income tax	395M YoY+967.6%	37.0M YoY-39.3%	61.0M YoY+145.2%	-135M YoY-262.7%	83.0M YoY-54.4%
	-957M YoY-47.5%	-649M YoY-124.4%	2.66B YoY+209.2%	-2.43B YoY-289.5%	1.28B YoY+16.5%
Income from continuing operations	-900M YoY-176.1%	-326M YoY-280.1%	181M YoY+105.8%	-3.11B YoY-404.7%	1.02B YoY-7.3%
Discontinued operations	-57.0M YoY+81.7%	-312M YoY-112.6%	2.48B YoY+258.7%	692M YoY+164.1%	262M
Net income to non-controlling interest	0.00 YoY-100.0%	11.0M YoY+57.1%	7.00M YoY-41.7%	12.0M YoY+9.1%	11.0M YoY+37.5%
	-$1.87 YoY-47.2%	-$1.27 YoY-124.3%	$5.23 YoY+208.3%	-$4.83 YoY-290.9%	$2.53 YoY+18.8%
EPS (basic)	-$1.87 YoY-47.2%	-$1.27 YoY-124.2%	$5.25 YoY+208.7%	-$4.83 YoY-288.7%	$2.56 YoY+18.0%
Weighted-avg shares (basic)	513M YoY+0.6%	510M YoY+0.8%	506M YoY+0.4%	504M YoY+0.4%	502M YoY-1.4%
Weighted-avg shares (diluted)	513M YoY+0.6%	510M YoY+0.4%	508M YoY+0.8%	504M YoY-0.8%	508M YoY-1.7%
Dividends per share	$0.52 YoY-50.0%	$1.04 YoY-10.3%	$1.16 YoY+0.9%	$1.15 YoY+6.0%	$1.08 YoY+13.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	6.87B YoY-22.4%	8.85B YoY-7.8%	9.60B YoY+19.8%	8.01B YoY-9.7%	8.87B YoY+5.5%
Cash & equivalents	1.97B YoY+11.5%	1.76B YoY-42.7%	3.08B YoY+89.9%	1.62B YoY-45.1%	2.95B YoY-20.9%
Short-term investments	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%	1.23B YoY+0.0%
Accounts receivable	1.86B YoY+10.8%	1.68B YoY-2.3%	1.72B YoY-33.1%	2.57B YoY-2.2%	2.63B YoY+31.0%
Inventory	2.23B YoY+9.1%	2.05B YoY+6.7%	1.92B YoY-28.4%	2.68B YoY+9.2%	2.45B YoY+28.0%
Prepaid expenses	813M YoY+8.0%	753M YoY+6.7%	706M YoY-17.6%	857M YoY+2.1%	839M YoY+10.7%
Other current assets	341M YoY+66.3%	205M YoY+41.4%	145M YoY-60.6%	368M YoY-5.6%	390M YoY+14.0%
	20.1B YoY-22.2%	25.8B YoY-8.8%	28.3B YoY-0.0%	28.3B YoY-15.6%	33.5B YoY+67.4%
Property, plant & equipment	2.91B YoY+1.4%	2.87B YoY-0.0%	2.87B YoY-38.8%	4.70B YoY-9.3%	5.18B YoY+9.7%
Operating lease right-of-use	276M YoY-9.8%	306M YoY-8.9%	336M YoY-37.9%	541M YoY-14.1%	630M YoY+4.5%
Goodwill	4.93B YoY-6.6%	5.28B YoY-8.9%	5.79B YoY-10.2%	6.45B YoY-34.4%	9.84B YoY+205.8%
Intangible assets	4.37B YoY-16.4%	5.22B YoY-11.7%	5.92B YoY-12.9%	6.79B YoY-12.8%	7.79B YoY+366.3%
Deferred tax assets	200M YoY-2.0%	204M YoY-22.4%	263M YoY-6.1%	280M YoY-25.5%	376M YoY-49.7%
Other non-current assets	699M YoY-7.4%	755M YoY-6.7%	809M YoY-27.1%	1.11B YoY-8.6%	1.21B YoY-13.0%
Total non-current assets	4.42B YoY+0.0%	4.42B YoY+0.0%	4.42B YoY+0.0%	4.42B YoY+0.0%	4.42B YoY+0.0%
	2.97B YoY-54.4%	6.51B YoY+0.1%	6.50B YoY+37.0%	4.75B YoY+12.0%	4.24B YoY+27.1%
Accounts payable	999M YoY+3.2%	968M YoY+9.9%	881M YoY-20.6%	1.11B YoY-10.9%	1.25B YoY+19.5%
Accrued liabilities	1.97B YoY+5.7%	1.86B YoY-2.8%	1.92B YoY-11.8%	2.17B YoY-12.5%	2.48B YoY+31.6%
Deferred revenue	141M YoY+7.6%	131M YoY+2.3%	128M YoY-16.9%	154M YoY-4.9%	162M YoY+406.3%
Short-term & current debt	1.00M YoY-100.0%	2.13B	0.00 YoY-100.0%	299M YoY-0.7%	301M
Current lease liability	81.0M YoY+1.3%	80.0M YoY-13.0%	92.0M YoY-23.3%	120M YoY-6.3%	128M YoY+15.3%
	14.0B YoY-25.6%	18.8B YoY-5.3%	19.8B YoY-11.5%	22.4B YoY-8.2%	24.4B YoY+116.1%
Long-term debt	9.44B YoY-28.4%	13.2B YoY-4.9%	13.9B YoY-17.0%	16.7B YoY-5.9%	17.8B YoY+184.8%
Deferred revenue (non-current)	36.0M YoY-10.0%	40.0M YoY-2.4%	41.0M YoY+2.5%	40.0M YoY-52.4%	84.0M YoY+147.1%
Non-current lease liability	223M YoY-8.2%	243M YoY-8.3%	265M YoY-40.7%	447M YoY-14.4%	522M YoY+4.2%
Deferred tax liabilities	245M YoY+137.9%	103M YoY-74.4%	403M YoY-39.0%	661M YoY-31.3%	962M YoY+572.7%
Other non-current liabilities	1.29B YoY+19.6%	1.08B YoY-23.1%	1.40B YoY-24.2%	1.85B YoY-25.9%	2.49B YoY+49.0%
	6.13B YoY-12.0%	6.96B YoY-17.1%	8.40B YoY+44.0%	5.83B YoY-35.7%	9.08B YoY+4.5%
Common stock	683M YoY+0.0%	683M YoY+0.0%	683M YoY+0.0%	683M YoY+0.0%	683M YoY+0.0%
Additional paid-in capital	6.37B YoY-0.8%	6.42B YoY+0.5%	6.39B YoY+1.1%	6.32B YoY+2.0%	6.20B YoY+2.5%
Retained earnings	13.7B YoY-8.2%	14.9B YoY-7.4%	16.1B YoY+14.7%	14.1B YoY-17.7%	17.1B YoY+4.5%
Treasury stock	10.9B YoY-1.7%	11.1B YoY-1.5%	11.2B YoY-1.4%	11.4B YoY-0.9%	11.5B YoY+4.0%
Accumulated other comprehensive income	-3.75B YoY+6.4%	-4.01B YoY-12.8%	-3.55B YoY+7.3%	-3.83B YoY-13.4%	-3.38B YoY-2.0%
Non-controlling interest	-27.0M YoY-145.0%	60.0M YoY-9.1%	66.0M YoY+6.5%	62.0M YoY+40.9%	44.0M YoY+18.9%
Total equity incl. non-controlling	6.10B YoY-13.1%	7.02B YoY-17.1%	8.47B YoY+43.6%	5.89B YoY-35.4%	9.12B YoY+4.5%
Total liabilities & equity	20.1B YoY-22.2%	25.8B YoY-8.8%	28.3B YoY-0.0%	28.3B YoY-15.6%	33.5B YoY+67.4%
Common shares issued	683M YoY+0.0%	683M YoY+0.0%	683M YoY+0.0%	683M YoY+0.0%	683M YoY+0.0%
Shares outstanding (cover)	514M YoY+0.7%	511M YoY+0.6%	507M YoY+0.6%	504M YoY+0.7%	501M YoY-2.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	845M YoY-17.1%	1.02B YoY-41.0%	1.73B YoY+42.5%	1.21B YoY-45.5%	2.22B YoY+19.0%
Depreciation & amortization	981M YoY-1.6%	997M YoY+1.3%	984M YoY-8.2%	1.07B YoY+23.6%	867M YoY+5.3%
Share-based compensation	117M YoY+2.6%	114M YoY-0.9%	115M YoY-17.9%	140M YoY-4.1%	146M YoY+12.3%
Deferred income taxes	77.0M YoY+129.4%	-262M YoY-2.3%	-256M YoY+1.5%	-260M YoY-61.5%	-161M YoY-83.0%
Change in receivables	132M YoY+277.1%	35.0M YoY-7.9%	38.0M YoY-20.8%	48.0M YoY-71.8%	170M
Change in inventory	119M YoY-40.8%	201M YoY+57.0%	128M YoY-35.4%	198M YoY+633.3%	27.0M YoY-83.3%
Change in payables	3.00M YoY-97.3%	112M YoY+21.7%	92.0M YoY+237.3%	-67.0M YoY-163.8%	105M YoY+84.2%
Other operating activities	-81.0M YoY-161.3%	-31.0M YoY-138.5%	-13.0M YoY+85.7%	-91.0M YoY+33.6%	-137M YoY-41.2%
	2.84B YoY+553.8%	-626M YoY-119.5%	3.21B YoY+445.1%	-931M YoY+91.7%	-11.2B YoY-850.0%
Capital expenditure	513M YoY+15.0%	446M YoY+3.2%	432M YoY+14.6%	377M YoY-45.4%	691M YoY-2.5%
Acquisitions	9.00M YoY-35.7%	14.0M YoY+250.0%	4.00M YoY-98.4%	258M YoY-97.5%	10.5B YoY+2025.9%
Other investing activities	-58.0M YoY-262.5%	-16.0M YoY+38.5%	-26.0M YoY-136.4%	-11.0M YoY+75.6%	-45.0M
	-4.22B YoY-290.0%	-1.08B YoY+69.0%	-3.49B YoY-142.6%	-1.44B YoY-117.4%	8.24B YoY+2489.9%
Long-term debt issued	2.00B	0.00	0.00	0.00 YoY-100.0%	11.9B YoY+531.5%
Long-term debt repaid	—	—	—	954M YoY-66.2%	2.82B YoY+139.0%
Common stock repurchased	—	0.00	0.00 YoY-100.0%	32.0M YoY-94.7%	600M YoY+20.0%
Dividends paid	348M YoY-41.0%	590M YoY+0.7%	586M YoY+2.3%	573M YoY+8.1%	530M YoY+12.1%
Other financing activities	-57.0M YoY-83.9%	-31.0M YoY+50.8%	-63.0M YoY-3.3%	-61.0M YoY-52.5%	-40.0M YoY+14.9%
FX effect on cash	—	—	26.0M YoY+134.2%	-76.0M YoY-61.7%	-47.0M YoY-182.5%
Net change in cash	-446M YoY+43.1%	-784M YoY-153.1%	1.48B YoY+219.6%	-1.23B YoY-58.2%	-780M YoY-294.5%
Interest paid	303M YoY-24.4%	401M YoY-17.1%	484M YoY+36.3%	355M YoY+144.8%	145M YoY+5.8%
Income taxes paid	222M YoY-0.4%	223M YoY+28.2%	174M YoY+3.6%	168M YoY-7.7%	182M YoY-26.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	9.82B YoY-34.0%	14.9B YoY-24.1%	19.6B YoY-23.7%	25.7B YoY-40.2%	43.0B YoY+4.9%
P/E	—	—	7.6×	—	33.5× YoY-10.0%
P/S	0.9× YoY-37.6%	1.4× YoY-18.7%	1.7× YoY-8.6%	1.9× YoY-46.8%	3.5× YoY+0.8%
P/B	1.6× YoY-25.0%	2.1× YoY-11.5%	2.4× YoY-47.9%	4.6× YoY-2.1%	4.7× YoY+0.4%
P/FCF	11.6× YoY-20.4%	14.6× YoY-11.0%	16.4× YoY-46.0%	30.4× YoY+8.3%	28.1× YoY-20.6%
Earnings yield	—	—	13.2%	—	3.0% YoY+11.1%
FCF yield	8.6% YoY+25.7%	6.8% YoY+12.3%	6.1% YoY+85.3%	3.3% YoY-7.7%	3.6% YoY+26.0%
Dividend yield	2.7% YoY-23.7%	3.6% YoY+18.9%	3.0% YoY+33.0%	2.3% YoY+78.5%	1.3% YoY+6.2%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: BAX's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BAX filings on SEC EDGAR → Not investment advice.

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