What is Baxter International Inc.'s earnings per share (EPS)?

Baxter International Inc. (BAX) reported diluted earnings per share of -$1.87 for fiscal year 2025. This represents a -47.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Baxter International Inc. (BAX) Financials

BAX

FY2025 annual

Revenue $11.2B +5.7% YoY

Net Income -$957.0M -47.5% YoY

EPS (Diluted) -$1.87 -47.2% YoY

Free Cash Flow $332.0M -42.1% YoY

Market Cap $12.1B as of Oct 3, 2026

Price / Sales 1.1x on $11.5B revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 2.0x on $6.2B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BAX SEC filings page.

Baxter International Inc. (BAX) reported $11.2B in revenue for fiscal year 2025, up 5.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BAX FY2025 2026-10-04

Baxter's revenue has recovered, but sharply thinner margins and shrinking cash generation leave the business less profitable despite lower leverage.

The key disconnect is between accounting losses and cash generation: FY2025 produced a net loss of $957M but operating cash flow of $845M, indicating that non-cash charges and balance-sheet movements are cushioning reported earnings. That cushion is weakening, however, as free cash flow fell from $1.29B in FY2023 to $332M in FY2025 while capital spending increased to $513M.

Margin deterioration is the central operating shift: gross margin fell from 40.1% in FY2023 to 30.1% in FY2025 even as revenue reached $11.24B. Because operating expenses remained near $2.9B, the weaker gross profit flowed through to an operating loss of $308M, rather than being absorbed by scale.

The balance sheet is smaller but not clearly less debt-dependent: total assets declined from $28.3B in FY2023 to $20.1B in FY2025, while debt-to-equity moved from 1.3x to 1.5x. The current ratio improved to 2.3x because current liabilities fell sharply, but that liquidity improvement coexists with negative equity returns and declining free-cash-flow conversion.

Financial Health Signals

Financial Health Score 36/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Baxter International Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Baxter International Inc. has an operating margin of -2.7%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 27/100. This is down from 0.1% the prior year.

Growth

Baxter International Inc.'s revenue grew 5.7% year-over-year to $11.2B, a solid pace of expansion. This earns a growth score of 46/100.

Leverage

Baxter International Inc. has elevated debt relative to equity (D/E of 1.55), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 4/100, reflecting increased financial risk.

Liquidity

With a current ratio of 2.31, Baxter International Inc. holds $2.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.

Cash Flow

Baxter International Inc. has a free cash flow margin of 2.9%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Baxter International Inc. posts a -15.6% return on equity (ROE), meaning it loses $16 for every $100 of shareholders' equity. This results in a returns score of 25/100. This is down from -9.3% the prior year.

Altman Z-Score Grey Zone

2.22

Baxter International Inc. scores 2.22, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

Baxter International Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

N/A

Baxter International Inc. reported a net loss of $957.0M while generating $845.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Baxter International Inc. reported an operating loss of $308.0M against $290.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.0B

YoY+5.3%

QoQ+9.6%

5Y CAGR-0.9%

10Y CAGR+1.4%

Baxter International Inc. generated $3.0B in revenue in Q2 2026. This represents an increase of 5.3% from the same quarter a year earlier. Against the prior quarter it is up 9.6%.

EBITDA

$456.0M

YoY+1.8%

QoQ+50.5%

Baxter International Inc.'s EBITDA was $456.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.8% from the same quarter a year earlier. Against the prior quarter it is up 50.5%.

Net Income

$126.0M

YoY+38.5%

QoQ+940.0%

5Y CAGR-15.8%

10Y CAGR-20.3%

Baxter International Inc. reported $126.0M in net income in Q2 2026. This represents an increase of 38.5% from the same quarter a year earlier. Against the prior quarter it is up 940.0%.

EPS (Diluted)

$0.24

YoY+33.3%

QoQ+900.0%

5Y CAGR-16.5%

10Y CAGR-19.8%

Baxter International Inc. earned $0.24 per diluted share (EPS) in Q2 2026. This represents an increase of 33.3% from the same quarter a year earlier. Against the prior quarter it is up 900.0%.

Cash & Balance Sheet

Cash & Debt

$2.1B

YoY+27.5%

QoQ+6.6%

5Y CAGR-7.3%

10Y CAGR-2.0%

Baxter International Inc. held $2.1B in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.01

YoY-94.1%

QoQ0.0%

5Y CAGR-48.6%

10Y CAGR-22.6%

Baxter International Inc. paid $0.01 per share in dividends in Q2 2026. This represents a decrease of 94.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

517M

YoY+0.7%

QoQ+0.1%

5Y CAGR+0.7%

Baxter International Inc. had 517M shares outstanding in Q2 2026. This represents an increase of 0.7% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Gross Margin

34.9%

YoY-0.4pp

QoQ+1.9pp

5Y change-4.9pp

10Y change-2.8pp

Baxter International Inc.'s gross margin was 34.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.9 percentage points.

Operating Margin

7.3%

YoY+0.5pp

QoQ+4.9pp

Baxter International Inc.'s operating margin was 7.3% in Q2 2026, reflecting core business profitability. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.9 percentage points.

Net Margin

4.3%

YoY+1.0pp

QoQ+4.8pp

5Y change-5.4pp

10Y change-42.6pp

Baxter International Inc.'s net profit margin was 4.3% in Q2 2026, showing the share of revenue converted to profit. This is up 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.8 percentage points.

Return on Equity

2.0%

YoY+0.8pp

QoQ+2.3pp

5Y change-1.5pp

10Y change-12.2pp

Baxter International Inc.'s ROE was 2.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.3 percentage points.

Capital Allocation

R&D Spending

$129.0M

YoY-3.7%

QoQ-7.2%

Baxter International Inc. invested $129.0M in research and development in Q2 2026. This represents a decrease of 3.7% from the same quarter a year earlier. Against the prior quarter it is down 7.2%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

BAX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BAX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$11.5B	$11.2B+5.7%	$10.6B+2.7%	$10.4B+3.0%	$10.1B-17.2%	$12.1B+4.1%	$11.7B+2.7%	$11.4B+2.4%	$11.1B+4.9%	$10.6B+4.1%	$10.2B+2.0%	$10.0B-7.0%	$10.7B+13.9%	$9.4B-32.5%	$13.9B+0.3%	$13.9B
Cost of Revenue	$8.0B	$7.9B+18.2%	$6.7B+7.1%	$6.2B-4.6%	$6.5B-12.4%	$7.4B+4.8%	$7.1B+7.3%	$6.6B+4.1%	$6.3B+3.8%	$6.1B+1.0%	$6.0B+4.7%	$5.8B-5.9%	$6.1B+16.9%	$5.3B-22.8%	$6.8B-0.7%	$6.8B
Gross Profit	$3.5B	$3.4B-15.2%	$4.0B-4.0%	$4.2B+16.9%	$3.5B-24.8%	$4.7B+2.9%	$4.6B-3.7%	$4.8B0.0%	$4.8B+6.4%	$4.5B+8.7%	$4.1B-1.8%	$4.2B-8.5%	$4.6B+10.1%	$4.2B-41.7%	$7.1B+1.2%	$7.0B
R&D Expenses	$512.0M	$518.0M-12.2%	$590.0M+13.9%	$518.0M+15.1%	$450.0M-15.3%	$531.0M+1.9%	$521.0M-12.4%	$595.0M-9.0%	$654.0M+6.3%	$615.0M-4.8%	$646.0M+10.1%	$587.0M-3.8%	$610.0M+4.8%	$582.0M-46.2%	$1.1B+14.3%	$946.0M
SG&A Expenses	$2.9B	$2.9B-2.6%	$3.0B+0.5%	$3.0B-4.6%	$3.1B+8.9%	$2.8B+15.2%	$2.5B-2.6%	$2.5B-3.2%	$2.6B-0.3%	$2.6B-3.6%	$2.7B-10.1%	$3.0B-8.6%	$3.3B+7.5%	$3.1B-6.1%	$3.3B+4.1%	$3.2B
Operating Income	-$274.0M	-$308.0M-2300.0%	$14.0M-98.0%	$707.0M+124.9%	-$2.8B-310.7%	$1.4B-16.5%	$1.6B-8.8%	$1.8B+11.9%	$1.6B+23.0%	$1.3B+72.9%	$745.0M+30.0%	$573.0M-12.7%	$656.0M+32.3%	$496.0M	N/A	N/A
EBITDA	N/A	$673.0M-33.4%	$1.0B-40.2%	$1.7B+195.4%	-$1.8B-180.0%	$2.2B-9.1%	$2.4B-4.8%	$2.6B+8.7%	$2.4B+15.6%	$2.0B+31.9%	$1.5B+16.0%	$1.3B-8.0%	$1.4B+28.0%	$1.1B	N/A	N/A
Interest Expense	$296.0M	$290.0M-28.9%	$408.0M-19.7%	$508.0M+23.0%	$413.0M+99.5%	$207.0M+35.3%	$153.0M+37.8%	$111.0M+19.4%	$93.0M+9.4%	$85.0M-4.5%	$89.0M-39.0%	$146.0M-12.6%	$167.0M+7.7%	$155.0M+37.2%	$113.0M+22.8%	$92.0M
Income Tax	$485.0M	$395.0M+967.6%	$37.0M-39.3%	$61.0M+145.2%	-$135.0M-262.7%	$83.0M-54.4%	$182.0M+543.9%	-$41.0M-163.1%	$65.0M-86.8%	$491.0M+4191.7%	-$12.0M-134.3%	$35.0M+6.1%	$33.0M-45.0%	$60.0M-89.2%	$555.0M+0.4%	$553.0M
Net Income	-$1.1B	-$957.0M-47.5%	-$649.0M-124.4%	$2.7B+209.2%	-$2.4B-289.5%	$1.3B+16.5%	$1.1B+10.1%	$1.0B-35.3%	$1.5B+156.8%	$602.0M-87.9%	$5.0B+412.9%	$968.0M-61.2%	$2.5B+24.1%	$2.0B-13.5%	$2.3B+4.6%	$2.2B
EPS (Basic)	N/A	-$1.87-47.2%	-$1.27-124.2%	$5.25+208.7%	-$4.83-288.7%	$2.56+18.0%	$2.17+10.2%	$1.97-32.1%	$2.90+161.3%	$1.11-87.8%	$9.09+410.7%	$1.78-61.4%	$4.61+24.6%	$3.70-12.3%	$4.22+7.9%	$3.91
EPS (Diluted)	-$2.08	-$1.87-47.2%	-$1.27-124.3%	$5.23+208.3%	-$4.83-290.9%	$2.53+18.8%	$2.13+10.4%	$1.93-31.8%	$2.83+162.0%	$1.08-88.0%	$9.01+411.9%	$1.76-61.4%	$4.56+24.6%	$3.66-12.4%	$4.18+7.7%	$3.88
Diluted Shares (Avg)	N/A	513M+0.6%	510M+0.4%	508M+0.8%	504M-0.8%	508M-1.7%	517M-0.4%	519M-4.9%	546M-1.6%	555M+0.7%	551M+0.4%	549M+0.4%	547M-0.4%	549M-1.3%	556M-3.0%	573M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$3.0B+5.3%	$2.7B+2.9%	$3.0B+8.0%	$2.8B+5.0%	$2.8B+4.3%	$2.6B+5.4%	$2.8B+0.9%	$2.7B+3.8%
Cost of Revenue	$1.9B+6.0%	$1.8B+2.6%	$2.4B	$1.9B+13.1%	$1.8B+9.4%	$1.8B+15.4%	N/A	$1.7B+8.0%
Gross Profit	$1.0B+4.1%	$891.0M+3.5%	$577.0M-39.8%	$950.0M-8.0%	$991.0M-3.9%	$861.0M-10.4%	$959.0M-12.8%	$1.0B-2.2%
R&D Expenses	$129.0M-3.7%	$139.0M-0.7%	$126.0M	$118.0M-8.5%	$134.0M+3.1%	$140.0M+16.7%	N/A	$129.0M-3.0%
SG&A Expenses	$735.0M+2.4%	$728.0M+3.6%	$761.0M	$708.0M-6.1%	$718.0M-0.7%	$703.0M-3.6%	N/A	$754.0M+1.3%
Operating Income	$217.0M+13.6%	$66.0M+13.8%	-$729.0M	$172.0M+11.0%	$191.0M+6.7%	$58.0M-49.6%	N/A	$155.0M-13.4%
EBITDA	$456.0M+1.8%	$303.0M-0.7%	-$489.0M	$409.0M0.0%	$448.0M+10.3%	$305.0M-21.0%	N/A	$409.0M+50.9%
Interest Expense	-$13.0M+7.1%	-$12.0M+29.4%	$331.0M	-$10.0M+28.6%	-$14.0M-113.5%	-$17.0M-116.5%	N/A	-$14.0M-110.3%
Income Tax	$23.0M+109.1%	$11.0M+116.4%	$279.0M	$172.0M+2050.0%	$11.0M-50.0%	-$67.0M-267.5%	N/A	$8.0M-70.4%
Net Income	$126.0M+38.5%	-$15.0M-111.9%	-$1.1B-120.3%	-$46.0M-132.9%	$91.0M+129.0%	$126.0M+240.5%	-$512.0M-309.0%	$140.0M-94.4%
EPS (Basic)	$0.24+33.3%	-$0.03-112.0%	-$2.20-120.0%	-$0.09-133.3%	$0.18+129.0%	$0.25+257.1%	-$1.00-308.3%	$0.27-94.5%
EPS (Diluted)	$0.24+33.3%	-$0.03-112.0%	-$2.20-120.0%	-$0.09-133.3%	$0.18+129.5%	$0.25+257.1%	-$1.00-308.3%	$0.27-94.5%
Diluted Shares (Avg)	518M+0.8%	515M+0.2%	N/A	514M+0.4%	514M+0.6%	514M+0.8%	N/A	512M+0.6%

BAX Balance Sheet

BAX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$20.1B-22.2%	$25.8B-8.8%	$28.3B0.0%	$28.3B-15.6%	$33.5B+67.4%	$20.0B+10.0%	$18.2B+15.7%	$15.7B-8.1%	$17.1B+10.1%	$15.5B-25.8%	$21.0B-19.8%	$26.1B+3.6%	$25.2B+23.7%	$20.4B+6.9%	$19.1B
Current Assets	$6.9B-22.4%	$8.9B-7.8%	$9.6B+19.8%	$8.0B-9.7%	$8.9B+5.5%	$8.4B+12.1%	$7.5B+25.9%	$6.0B-18.0%	$7.3B+10.5%	$6.6B-44.3%	$11.8B+16.1%	$10.2B-0.3%	$10.2B+10.1%	$9.3B+7.1%	$8.7B
Cash & Equivalents	$2.0B+11.5%	$1.8B-42.7%	$3.1B+89.9%	$1.6B-45.1%	$3.0B-20.9%	$3.7B+11.8%	$3.3B+81.4%	$1.8B-45.8%	$3.4B+21.2%	$2.8B+26.6%	$2.2B-24.3%	$2.9B+7.0%	$2.7B-16.4%	$3.3B+12.6%	$2.9B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$5.1B	$0	$0	$0	$0
Inventory	$2.2B+9.1%	$2.0B+6.7%	$1.9B-28.4%	$2.7B+9.2%	$2.5B+28.0%	$1.9B+15.9%	$1.7B-0.8%	$1.7B+13.0%	$1.5B+3.1%	$1.4B-10.8%	$1.6B+1.7%	$1.6B-54.9%	$3.5B+24.8%	$2.8B+6.7%	$2.6B
Accounts Receivable	$1.9B+10.8%	$1.7B-2.3%	$1.7B-33.1%	$2.6B-2.2%	$2.6B+31.0%	$2.0B+5.9%	$1.9B+3.0%	$1.8B+8.2%	$1.7B	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$103.0M-5.5%	$109.0M-19.9%	$136.0M-44.9%	$247.0M+26.7%	$195.0M+44.4%	$135.0M+77.6%	$76.0M+72.7%	$44.0M	$0	$0	$0	$0	$0	$0	$0
Goodwill	$4.9B-6.6%	$5.3B-8.9%	$5.8B-10.2%	$6.5B-34.4%	$9.8B+205.8%	$3.2B+6.2%	$3.0B+0.9%	$3.0B-3.2%	$3.1B+19.5%	$2.6B-3.4%	$2.7B-8.2%	$2.9B-11.0%	$3.3B+31.5%	$2.5B+8.0%	$2.3B
Total Liabilities	$14.0B-25.6%	$18.8B-5.3%	$19.8B-11.5%	$22.4B-8.2%	$24.4B+116.1%	$11.3B+9.8%	$10.3B+30.9%	$7.9B-1.8%	$8.0B+10.2%	$7.3B-40.1%	$12.1B-32.8%	$18.0B+7.5%	$16.8B+24.6%	$13.5B+7.7%	$12.5B
Current Liabilities	$3.0B-54.4%	$6.5B+0.1%	$6.5B+37.0%	$4.7B+12.0%	$4.2B+27.1%	$3.3B+3.2%	$3.2B+14.8%	$2.8B-0.2%	$2.8B+2.8%	$2.7B-52.3%	$5.8B-4.8%	$6.0B+15.0%	$5.2B+10.3%	$4.8B-2.0%	$4.9B
Non-Current Liabilities	$11.0B-10.3%	$12.2B-8.0%	$13.3B-24.6%	$17.6B-12.5%	$20.2B+153.3%	$8.0B+12.9%	$7.1B+39.9%	$5.0B-2.6%	$5.2B+14.7%	$4.5B-29.1%	$6.4B-46.9%	$12.0B+4.1%	$11.5B+32.4%	$8.7B+13.9%	$7.6B
Long-Term Debt	$9.5B-8.7%	$10.4B-6.4%	$11.1B-27.2%	$15.2B-11.2%	$17.1B+196.4%	$5.8B+20.3%	$4.8B+38.1%	$3.5B-0.8%	$3.5B+26.3%	$2.8B-29.1%	$3.9B-46.5%	$7.3B-9.8%	$8.1B+45.6%	$5.6B+17.5%	$4.7B
Total Equity	$6.1B-12.0%	$7.0B-17.1%	$8.4B+44.0%	$5.8B-35.7%	$9.1B+4.5%	$8.7B+10.2%	$7.9B+0.5%	$7.8B-14.0%	$9.1B+10.1%	$8.3B-6.3%	$8.8B+8.9%	$8.1B-4.1%	$8.5B+22.0%	$6.9B+5.4%	$6.6B
Retained Earnings	$13.7B-8.2%	$14.9B-7.4%	$16.1B+14.7%	$14.1B-17.7%	$17.1B+4.5%	$16.3B+3.9%	$15.7B+4.3%	$15.1B+4.1%	$14.5B+2.0%	$14.2B+46.6%	$9.7B-26.8%	$13.2B+11.6%	$11.9B+8.9%	$10.9B+15.5%	$9.4B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$19.8B-6.0%	$19.8B-6.8%	$20.1B-22.2%	$21.1B-21.0%	$21.0B-20.0%	$21.3B-23.3%	$25.8B-8.8%	$26.7B-13.0%
Current Assets	$7.0B+3.6%	$6.8B-2.7%	$6.9B-22.4%	$6.9B-21.8%	$6.7B-21.5%	$7.0B-25.2%	$8.9B-7.8%	$8.9B-26.3%
Cash & Equivalents	$2.1B+27.5%	$2.0B-12.1%	$2.0B+11.5%	$1.7B+21.5%	$1.7B+7.1%	$2.3B-18.8%	$1.8B-42.7%	$1.4B-75.2%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$2.3B-5.2%	$2.3B+6.7%	$2.2B+9.1%	$2.5B+17.0%	$2.4B-20.1%	$2.2B-27.4%	$2.0B+6.7%	$2.1B-26.8%
Accounts Receivable	$1.9B+4.7%	$1.7B+3.2%	$1.9B+10.8%	$1.8B+2.8%	$1.8B-32.8%	$1.6B-34.7%	$1.7B-2.3%	$1.7B-31.2%
Long-Term Investments	$0	$0	$103.0M-5.5%	$0	$0	$0	$109.0M-19.9%	$0
Goodwill	$4.9B-9.4%	$4.9B-8.2%	$4.9B-6.6%	$5.4B-6.6%	$5.4B-10.1%	$5.3B-17.0%	$5.3B-8.9%	$5.8B-9.7%
Total Liabilities	$13.6B-1.0%	$13.8B-2.9%	$14.0B-25.6%	$13.9B-26.1%	$13.8B-26.1%	$14.3B-27.1%	$18.8B-5.3%	$18.7B-16.7%
Current Liabilities	$3.6B+22.2%	$3.7B+6.1%	$3.0B-54.4%	$3.8B-39.1%	$2.9B-52.1%	$3.5B-45.3%	$6.5B+0.1%	$6.2B-0.1%
Non-Current Liabilities	$10.0B-7.3%	$10.1B-5.9%	$11.0B-10.3%	$10.1B-19.6%	$10.8B-13.3%	$10.8B-18.3%	$12.2B-8.0%	$12.5B-23.0%
Long-Term Debt	N/A	N/A	$9.5B-8.7%	N/A	N/A	N/A	$10.4B-6.4%	$10.4B-25.8%
Total Equity	$6.2B-15.2%	$6.0B-14.7%	$6.1B-12.0%	$7.2B-8.0%	$7.3B-4.2%	$7.1B-13.4%	$7.0B-17.1%	$7.9B-2.8%
Retained Earnings	$13.8B-7.8%	$13.7B-8.6%	$13.7B-8.2%	$14.8B-4.5%	$15.0B-3.7%	$15.0B-6.5%	$14.9B-7.4%	$15.5B-3.0%

BAX Cash Flow Statement

BAX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$1.3B	$845.0M-17.1%	$1.0B-41.0%	$1.7B+42.5%	$1.2B-45.5%	$2.2B+19.0%	$1.9B-11.2%	$2.1B+4.3%	$2.0B+17.7%	$1.7B+3.6%	$1.7B-6.6%	$1.8B-44.9%	$3.2B+0.5%	$3.2B+3.0%	$3.1B+10.3%	$2.8B
Depreciation & Amortization	N/A	$981.0M-1.6%	$997.0M+1.3%	$984.0M-8.2%	$1.1B+23.6%	$867.0M+5.3%	$823.0M+4.3%	$789.0M+2.3%	$771.0M+2.8%	$750.0M-6.3%	$800.0M+5.4%	$759.0M-4.2%	$792.0M+24.7%	$635.0M-10.8%	$712.0M+6.3%	$670.0M
Stock-Based Compensation	N/A	$117.0M+2.6%	$114.0M-0.9%	$115.0M-17.9%	$140.0M-4.1%	$146.0M+12.3%	$130.0M+6.6%	$122.0M+6.1%	$115.0M+7.5%	$107.0M-7.0%	$115.0M-8.7%	$126.0M0.0%	$126.0M+3.3%	$122.0M-6.2%	$130.0M+9.2%	$119.0M
Capital Expenditures	N/A	$513.0M+15.0%	$446.0M+3.2%	$432.0M+14.6%	$377.0M-45.4%	$691.0M-2.5%	$709.0M+1.9%	$696.0M+5.6%	$659.0M+7.0%	$616.0M-14.3%	$719.0M-21.1%	$911.0M-1.5%	$925.0M+31.0%	$706.0M-39.2%	$1.2B+20.9%	$960.0M
Free Cash Flow	N/A	$332.0M-42.1%	$573.0M-55.7%	$1.3B+55.2%	$834.0M-45.5%	$1.5B+32.1%	$1.2B-17.7%	$1.4B+3.7%	$1.4B+23.7%	$1.1B+17.4%	$935.0M+8.7%	$860.0M-62.4%	$2.3B-8.1%	$2.5B+28.1%	$1.9B+4.7%	$1.9B
Investing Cash Flow	-$559.0M	$2.8B+553.8%	-$626.0M-119.5%	$3.2B+445.1%	-$931.0M+91.7%	-$11.2B-850.0%	-$1.2B-7.2%	-$1.1B-20.1%	-$916.0M+29.1%	-$1.3B-80.7%	-$715.0M+60.4%	-$1.8B-17.2%	-$1.5B+71.2%	-$5.4B-241.7%	-$1.6B-10.0%	-$1.4B
Financing Cash Flow	-$270.0M	-$4.2B-290.0%	-$1.1B+69.0%	-$3.5B-142.6%	-$1.4B-117.4%	$8.2B+2489.9%	-$345.0M-169.3%	$498.0M+119.1%	-$2.6B-2898.9%	$93.0M+128.7%	-$324.0M+32.6%	-$481.0M+65.7%	-$1.4B-185.2%	$1.6B+247.5%	-$1.1B+1.9%	-$1.1B
Dividends Paid	$184.0M	$348.0M-41.0%	$590.0M+0.7%	$586.0M+2.3%	$573.0M+8.1%	$530.0M+12.1%	$473.0M+11.8%	$423.0M+12.5%	$376.0M+19.4%	$315.0M+17.5%	$268.0M-70.5%	$910.0M-16.9%	$1.1B+7.0%	$1.0B+27.2%	$804.0M+13.4%	$709.0M
Share Buybacks	N/A	N/A	$0	$0-100.0%	$32.0M-94.7%	$600.0M+20.0%	$500.0M-60.6%	$1.3B-48.2%	$2.5B+334.8%	$564.0M+93.2%	$292.0M	N/A	$550.0M-39.8%	$913.0M-38.3%	$1.5B-6.5%	$1.6B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$285.0M+31.3%	$213.0M+210.4%	$584.0M+19.7%	$237.0M-6.3%	$217.0M+88.7%	-$193.0M-218.4%	$488.0M-8.1%	$253.0M-30.7%
Depreciation & Amortization	$239.0M-7.0%	$237.0M-4.0%	$240.0M-2.0%	$237.0M-6.7%	$257.0M+13.2%	$247.0M-8.9%	$245.0M-7.2%	$254.0M+176.1%
Stock-Based Compensation	N/A	$10.0M0.0%	N/A	N/A	N/A	$10.0M-41.2%	N/A	N/A
Investing Cash Flow	-$117.0M-1.7%	-$133.0M-104.1%	-$198.0M+3.4%	-$111.0M+32.3%	-$115.0M-26.4%	$3.3B+2066.9%	-$205.0M+10.9%	-$164.0M-104.3%
Financing Cash Flow	-$31.0M+95.9%	-$11.0M+99.7%	-$147.0M-204.3%	-$81.0M+44.5%	-$762.0M+18.6%	-$3.2B-2204.3%	$141.0M+104.8%	-$146.0M-135.5%
Dividends Paid	$5.0M-94.3%	$5.0M-94.3%	$87.0M-40.8%	$87.0M-41.2%	$87.0M-41.2%	$87.0M-40.8%	$147.0M0.0%	$148.0M+0.7%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

BAX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BAX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	30.0%-7.4pp	37.5%-2.6pp	40.1%+4.8pp	35.3%-3.6pp	38.9%-0.4pp	39.3%-2.6pp	41.9%-1.0pp	42.9%+0.6pp	42.3%+1.8pp	40.5%-1.5pp	42.0%-0.7pp	42.7%-1.5pp	44.2%-7.0pp	51.2%+0.5pp	50.7%
Operating Margin	-2.7%-2.9pp	0.1%-6.7pp	6.8%+35.1pp	-28.3%-39.4pp	11.1%-2.7pp	13.8%-1.8pp	15.6%+1.3pp	14.3%+2.1pp	12.2%+4.8pp	7.3%+1.6pp	5.8%-0.4pp	6.1%+0.9pp	5.3%	N/A	N/A
Net Margin	-8.5%-2.4pp	-6.1%-31.7pp	25.6%+49.8pp	-24.2%-34.8pp	10.6%+1.1pp	9.4%+0.6pp	8.8%-5.1pp	13.9%+8.2pp	5.7%-43.2pp	48.9%+39.1pp	9.7%-13.6pp	23.3%+1.9pp	21.4%+4.7pp	16.7%+0.7pp	16.0%
Return on Equity	-15.6%-6.3pp	-9.3%-40.9pp	31.6%+73.3pp	-41.7%-55.9pp	14.1%+1.5pp	12.7%0.0pp	12.7%-7.0pp	19.7%+13.1pp	6.6%-53.3pp	59.9%+48.9pp	10.9%-19.8pp	30.8%+7.0pp	23.8%-9.8pp	33.5%-0.2pp	33.8%
Return on Assets	-4.8%-2.3pp	-2.5%-11.9pp	9.4%+18.0pp	-8.6%-12.4pp	3.8%-1.7pp	5.5%0.0pp	5.5%-4.3pp	9.8%+6.3pp	3.5%-28.4pp	31.9%+27.3pp	4.6%-4.9pp	9.6%+1.6pp	8.0%-3.4pp	11.4%-0.3pp	11.7%
Current Ratio	2.31+1.0x	1.36-0.1x	1.48-0.2x	1.69-0.4x	2.09-0.4x	2.52+0.2x	2.32+0.2x	2.12-0.5x	2.57+0.2x	2.40+0.3x	2.05+0.4x	1.68-0.3x	1.940.0x	1.95+0.2x	1.78
Debt-to-Equity	1.55+0.1x	1.49+0.2x	1.32-1.3x	2.61+0.7x	1.89+1.2x	0.67+0.1x	0.61+0.2x	0.44+0.1x	0.380.0x	0.34-0.1x	0.44-0.5x	0.90-0.1x	0.96+0.2x	0.80+0.1x	0.72
Asset Turnover	0.56+0.1x	0.410.0x	0.370.0x	0.360.0x	0.36-0.2x	0.580.0x	0.62-0.1x	0.71+0.1x	0.620.0x	0.65+0.2x	0.48+0.1x	0.410.0x	0.37-0.3x	0.680.0x	0.73
FCF Margin	2.9%-2.4pp	5.4%-7.1pp	12.5%+4.2pp	8.3%-4.3pp	12.6%+2.7pp	9.9%-2.5pp	12.4%+0.2pp	12.2%+1.9pp	10.4%+1.2pp	9.2%+0.6pp	8.6%-12.7pp	21.4%-5.1pp	26.5%+12.5pp	14.0%+0.6pp	13.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	34.9%-0.4pp	33.0%+0.2pp	19.4%-15.4pp	33.5%-4.8pp	35.3%-3.0pp	32.8%-5.8pp	34.8%-5.5pp	38.3%-2.4pp
Operating Margin	7.3%+0.5pp	2.4%+0.2pp	-24.5%	6.1%+0.3pp	6.8%+0.2pp	2.2%-2.4pp	N/A	5.7%-1.2pp
Net Margin	4.3%+1.0pp	-0.6%-5.4pp	-37.9%-19.3pp	-1.6%-6.8pp	3.2%+14.9pp	4.8%+3.3pp	-18.6%-27.6pp	5.2%-91.3pp
Return on Equity	2.0%+0.8pp	-0.3%-2.0pp	-18.4%-11.1pp	-0.6%-2.4pp	1.2%+5.3pp	1.8%+1.3pp	-7.3%-10.3pp	1.8%-29.2pp
Return on Assets	0.6%+0.2pp	-0.1%-0.7pp	-5.6%-3.6pp	-0.2%-0.7pp	0.4%+1.6pp	0.6%+0.5pp	-2.0%-2.9pp	0.5%-7.7pp
Current Ratio	1.95-0.4x	1.85-0.2x	2.31+1.0x	1.84+0.4x	2.30+0.9x	2.02+0.5x	1.36-0.1x	1.43-0.5x
Debt-to-Equity	2.19+0.3x	2.29+0.3x	1.55+0.1x	1.91+0.6x	1.88+0.5x	2.01+0.7x	1.49+0.2x	1.33-0.4x
Asset Turnover	0.150.0x	0.140.0x	0.150.0x	0.130.0x	0.130.0x	0.120.0x	0.110.0x	0.100.0x

Not reported in any period shown, so not listed: FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Baxter International Inc. BAX	FY2025	$11.2B	-$957.0M	-8.5%	$12.1B	36/100
Solventum Corporation SOLV	FY2025	$8.3B	$1.6B	18.7%	$15.0B	50/100
Hologic Inc HOLX	FY2025	$4.1B	$565.7M	13.8%	$17.0B	69/100
The Cooper Companies, Inc. COO	FY2025	$4.1B	$374.9M	9.2%	$10.8B	59/100
West Pharmaceutical Services, Inc. WST	FY2025	$3.1B	$493.7M	16.1%	$25.7B	76/100
Becton, Dickinson and Co. BDX	FY2025	$21.8B	$1.7B	7.7%	$48.2B	52/100

Where Baxter International Inc. Ranks

Frequently Asked Questions

What is Baxter International Inc.'s annual revenue?

Baxter International Inc. (BAX) reported $11.2B in total revenue for fiscal year 2025. This represents a 5.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Baxter International Inc.'s revenue growing?

Baxter International Inc. (BAX) revenue grew by 5.7% year-over-year, from $10.6B to $11.2B in fiscal year 2025.

Is Baxter International Inc. profitable?

No, Baxter International Inc. (BAX) reported a net income of -$957.0M in fiscal year 2025, with a net profit margin of -8.5%.

What is Baxter International Inc.'s EBITDA?

Baxter International Inc. (BAX) had EBITDA of $673.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Baxter International Inc. have?

As of fiscal year 2025, Baxter International Inc. (BAX) had $2.0B in cash and equivalents against $9.5B in long-term debt.

What is Baxter International Inc.'s gross margin?

Baxter International Inc. (BAX) had a gross margin of 30.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Baxter International Inc.'s operating margin?

Baxter International Inc. (BAX) had an operating margin of -2.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Baxter International Inc.'s net profit margin?

Baxter International Inc. (BAX) had a net profit margin of -8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Baxter International Inc. pay dividends?

Yes, Baxter International Inc. (BAX) paid $0.52 per share in dividends during fiscal year 2025.

What is Baxter International Inc.'s return on equity (ROE)?

Baxter International Inc. (BAX) has a return on equity of -15.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Baxter International Inc.'s free cash flow?

Baxter International Inc. (BAX) generated $332.0M in free cash flow during fiscal year 2025. This represents a -42.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Baxter International Inc.'s operating cash flow?

Baxter International Inc. (BAX) generated $845.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Baxter International Inc.'s total assets?

Baxter International Inc. (BAX) had $20.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Baxter International Inc.'s capital expenditures?

Baxter International Inc. (BAX) invested $513.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Baxter International Inc. spend on research and development?

Baxter International Inc. (BAX) invested $518.0M in research and development during fiscal year 2025.

How many shares does Baxter International Inc. have outstanding?

Baxter International Inc. (BAX) had 514M shares outstanding as of fiscal year 2025.

What is Baxter International Inc.'s current ratio?

Baxter International Inc. (BAX) had a current ratio of 2.31 as of fiscal year 2025, which is generally considered healthy.

What is Baxter International Inc.'s debt-to-equity ratio?

Baxter International Inc. (BAX) had a debt-to-equity ratio of 1.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Baxter International Inc.'s return on assets (ROA)?

Baxter International Inc. (BAX) had a return on assets of -4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Baxter International Inc.'s P/E ratio?

Baxter International Inc. (BAX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $12.1B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Baxter International Inc.'s price-to-sales ratio?

Baxter International Inc. (BAX) trades at 1.1x sales, its market capitalization divided by revenue of $11.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $12.1B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Baxter International Inc.'s Altman Z-Score?

Baxter International Inc. (BAX) has an Altman Z-Score of 2.22, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Baxter International Inc.'s Piotroski F-Score?

Baxter International Inc. (BAX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Baxter International Inc.'s earnings high quality?

Baxter International Inc. (BAX) reported a net loss of $957.0M while generating $845.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Baxter International Inc. cover its interest payments?

Baxter International Inc. (BAX) reported an operating loss of $308.0M against $290.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Baxter International Inc.?

Baxter International Inc. (BAX) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.