Here are the 10-K annual reports from Baxter International Inc. (BAX) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow BAX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BAX filings page.
Baxter International Inc. describes how it reshaped the company in 2025 through major divestitures and debt reduction. The Kidney Care business was sold to Carlyle for $3.80 billion in cash, yielding about $3.71 billion in pre-tax proceeds and roughly $3.3 billion after tax, which helped repay $3.81 billion of legacy debt. Baxter had $9.48 billion of indebtedness outstanding as of December 31 2025 and is targeting net leverage of about 3.0% by the end of 2026, while maintaining an investment‑grade rating. The company now operates three segments—Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals—after exiting Kidney Care and previously selling its BioPharma Solutions business.
Baxter reports ongoing integration work for the Hillrom acquisition and highlights risks from its higher debt load, supply chain disruptions, global inflation, intense competition, and extensive regulatory oversight. R&D spending was $518 million in 2025 as the company prioritizes connected care and core therapy innovations within a more focused, less diversified portfolio.