BAXTER INTERNATIONAL INC
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 9,439 | 60.6 |
| Stockholders' equity | 6,129 | 39.4 |
| Total capitalization | 15,568 | 100.0 |
516,995,999 shares outstanding at 23 July 2026 (cover page of the 10-Q filed 30 July 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 9,438 |
| Long-term debt, noncurrent | 9,473 |
| Current maturities | 2 |
| Short-term borrowings / commercial paper | 1 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 2,000,000,000 |
| Common shares issued | 683,494,944 |
| Treasury shares | 169,213,617 |
| Par or stated value per share ($) | 1 |
| Outstanding at 7/23/26 | 516,995,999 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 0.52 | – |
| 2024 | 1.04 | – |
| 2023 | 1.16 | 22.2 |
| 2022 | 1.15 | – |
| 2021 | 1.08 | 42.9 |
HISTORY AND BUSINESS
HISTORY: Incorporated in Delaware.
BUSINESS: Classified by the SEC under Standard Industrial Classification 3841, Surgical & Medical Instruments & Apparatus. Large accelerated filer. Principal executive office: One Baxter Parkway, Deerfield, IL 60015. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 11,244 | 10,636 | 10,360 |
| Cost of revenues | 7,865 | 6,652 | 6,210 |
| Gross profit | 3,379 | 3,984 | 4,150 |
| Research and development | 518 | 590 | 518 |
| Selling, general and administrative | 2,890 | 2,967 | 2,953 |
| Depreciation and amortization | 981 | 997 | 984 |
| Operating income | (308) | 14 | 707 |
| Interest expense | 290 | 408 | 508 |
| Income before income taxes | (505) | (289) | 242 |
| Income taxes | 395 | 37 | 61 |
| Net income | (957) | (649) | 2,656 |
| Earned per share, diluted ($) | (1.87) | (1.27) | 5.23 |
| Dividends per share ($) | 0.52 | 1.04 | 1.16 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 1,966 | 1,764 |
| Receivables, net | 1,861 | 1,679 |
| Inventories | 2,232 | 2,046 |
| Total current assets | 6,872 | 8,853 |
| Property, plant and equipment, net | 2,910 | 2,870 |
| Goodwill | 4,929 | 5,275 |
| Total assets | 20,055 | 25,782 |
| Total current liabilities | 2,970 | 6,511 |
| Long-term debt | 9,473 | 10,374 |
| Total liabilities | 13,953 | 18,758 |
| Stockholders' equity | 6,129 | 6,964 |
| Total liabilities and equity | 20,055 | 25,782 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 11,244 | (308) | (957) | -8.5 | (1.87) | 0.52 | 845 | 513 | 332 | 20,055 | 13,953 | 9,439 | 6,129 | -15.6 | 1.54 |
| 12/31/24 | 10,636 | 14 | (649) | -6.1 | (1.27) | 1.04 | 1,019 | 446 | 573 | 25,782 | 18,758 | 15,306 | 6,964 | -9.3 | 2.20 |
| 12/31/23 | 10,360 | 707 | 2,656 | 25.6 | 5.23 | 1.16 | 1,726 | 432 | 1,294 | 28,276 | 19,808 | 13,855 | 8,402 | 31.6 | 1.65 |
| 12/31/22 | 10,057 | (2,845) | (2,433) | -24.2 | (4.83) | 1.15 | 1,211 | 377 | 834 | 28,287 | 22,392 | 17,001 | 5,833 | -41.7 | 2.91 |
| 12/31/21 | 12,146 | 1,350 | 1,284 | 10.6 | 2.53 | 1.08 | 2,222 | 691 | 1,531 | 33,521 | 24,400 | 18,055 | 9,077 | 14.1 | 1.99 |
| 12/31/20 | 11,673 | 1,616 | 1,102 | 9.4 | 2.13 | 0.95 | 1,868 | 709 | 1,159 | 20,019 | 11,293 | 6,233 | 8,689 | 12.7 | 0.72 |
| 12/31/19 | 11,362 | 1,772 | 1,001 | 8.8 | 1.93 | 0.85 | 2,104 | 696 | 1,408 | 18,193 | 10,281 | 5,350 | 7,882 | 12.7 | 0.68 |
| 12/31/18 | 11,099 | 1,584 | 1,546 | 13.9 | 2.83 | 0.73 | 2,017 | 659 | 1,358 | 15,720 | 7,854 | 3,485 | 7,844 | 19.7 | 0.44 |
| 12/31/17 | 10,584 | 1,288 | 602 | 5.7 | 1.08 | 0.61 | 1,714 | 616 | 1,098 | 17,111 | 7,995 | 3,512 | 9,124 | 6.6 | 0.38 |
| 12/31/16 | 10,163 | 745 | 4,965 | 48.9 | 9.01 | 0.51 | 1,654 | 719 | 935 | 15,546 | 7,325d | 2,782 | 8,290 | 59.9 | 0.34 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
BAXTER INTERNATIONAL INC
CIK 10456 · EIN 36-0781620
PRINCIPAL OFFICE:
One Baxter Parkway, Deerfield, IL 60015
Tel.: 2249482000
INCORPORATED:
Delaware
INDUSTRY (SEC SIC CODE):
3841 · Surgical & Medical Instruments & Apparatus
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 12 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/12/26) · 10-K FY2024 (filed 2/21/25) · 10-K FY2023 (filed 2/8/24) · 10-K FY2022 (filed 2/9/23) · 10-K FY2021 (filed 2/23/22) · 10-K FY2020 (filed 2/11/21) · 10-K FY2019 (filed 3/17/20) · 10-K FY2018 (filed 2/21/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.