B

BAXTER INTERNATIONAL INC

BAX · CIK 0000010456

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$11.24B5.7%
FY2025
Net income (FY)
−$957.0M47.5%
FY2025
Free cash flow (FY)
$332.0M42.1%
FY2025
Diluted EPS (FY)
$-1.8747.2%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10B$15BFY2007 · Revenue $11.26B · Net income $1.71B · 0000950123-10-015380 · filed 2010-02-23FY07Revenue $11.26BNet income $1.71B0000950123-10-015380 · filed 2010-02-23FY2008 · Revenue $12.35B · Net income $2.01B · 0000950123-11-017190 · filed 2011-02-23FY08Revenue $12.35BNet income $2.01B0000950123-11-017190 · filed 2011-02-23FY2009 · Revenue $12.56B · Net income $2.21B · 0001193125-12-075661 · filed 2012-02-23FY09Revenue $12.56BNet income $2.21B0001193125-12-075661 · filed 2012-02-23FY2010 · Revenue $12.84B · Net income $1.42B · 0001193125-13-069609 · filed 2013-02-21FY10Revenue $12.84BNet income $1.42B0001193125-13-069609 · filed 2013-02-21FY2011 · Revenue $13.89B · Net income $2.22B · 0001193125-14-061654 · filed 2014-02-21FY11Revenue $13.89BNet income $2.22B0001193125-14-061654 · filed 2014-02-21FY2012 · Revenue $13.94B · Net income $2.33B · 0001193125-15-065871 · filed 2015-02-26FY12Revenue $13.94BNet income $2.33B0001193125-15-065871 · filed 2015-02-26FY2013 · Revenue $9.41B · Net income $2.01B · 0001193125-16-479471 · filed 2016-02-26FY13Revenue $9.41BNet income $2.01B0001193125-16-479471 · filed 2016-02-26FY2014 · Revenue $10.72B · Net income $2.50B · 0001564590-17-002240 · filed 2017-02-23FY14Revenue $10.72BNet income $2.50B0001564590-17-002240 · filed 2017-02-23FY2015 · Revenue $9.97B · Net income $968.0M · 0001564590-18-002954 · filed 2018-02-23FY15Revenue $9.97BNet income $968.0M0001564590-18-002954 · filed 2018-02-23FY2016 · Revenue $10.16B · Net income $4.96B · 0001564590-19-003727 · filed 2019-02-21FY16Revenue $10.16BNet income $4.96B0001564590-19-003727 · filed 2019-02-21FY2017 · Revenue $10.58B · Net income $602.0M · 0001628280-20-003693 · filed 2020-03-17FY17Revenue $10.58BNet income $602.0M0001628280-20-003693 · filed 2020-03-17FY2018 · Revenue $11.10B · Net income $1.55B · 0001628280-21-001867 · filed 2021-02-11FY18Revenue $11.10BNet income $1.55B0001628280-21-001867 · filed 2021-02-11FY2019 · Revenue $11.36B · Net income $1.00B · 0001628280-22-003432 · filed 2022-02-23FY19Revenue $11.36BNet income $1.00B0001628280-22-003432 · filed 2022-02-23FY2020 · Revenue $11.67B · Net income $1.10B · 0001628280-23-002864 · filed 2023-02-09FY20Revenue $11.67BNet income $1.10B0001628280-23-002864 · filed 2023-02-09FY2021 · Revenue $12.15B · Net income $1.28B · 0001628280-24-003932 · filed 2024-02-08FY21Revenue $12.15BNet income $1.28B0001628280-24-003932 · filed 2024-02-08FY2022 · Revenue $10.06B · Net income −$2.43B · 0001628280-25-007201 · filed 2025-02-21FY22Revenue $10.06BNet income −$2.43B0001628280-25-007201 · filed 2025-02-21FY2023 · Revenue $10.36B · Net income $2.66B · 0001628280-26-007733 · filed 2026-02-12FY23Revenue $10.36BNet income $2.66B0001628280-26-007733 · filed 2026-02-12FY2024 · Revenue $10.64B · Net income −$649.0M · 0001628280-26-007733 · filed 2026-02-12FY24Revenue $10.64BNet income −$649.0M0001628280-26-007733 · filed 2026-02-12FY2025 · Revenue $11.24B · Net income −$957.0M · 0001628280-26-007733 · filed 2026-02-12FY25Revenue $11.24BNet income −$957.0M0001628280-26-007733 · filed 2026-02-12FY25Revenue $11.24BNet income −$957.0M0001628280-26-007733 · filed 2026-02-12FY07FY10FY13FY16FY19FY22FY25

net margin 15.2% → -8.5%

MarginsNet marginFCF margin
0%50%FY2007 · Net margin 15.2% · FCF margin 14.3%FY07Net margin 15.2%FCF margin 14.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 16.3% · FCF margin 12.6%FY08Net margin 16.3%FCF margin 12.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 17.6% · FCF margin 15.1%FY09Net margin 17.6%FCF margin 15.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 11.1% · FCF margin 15.9%FY10Net margin 11.1%FCF margin 15.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 16.0% · FCF margin 13.4%FY11Net margin 16.0%FCF margin 13.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 16.7% · FCF margin 14.0%FY12Net margin 16.7%FCF margin 14.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 21.4% · FCF margin 26.5%FY13Net margin 21.4%FCF margin 26.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 23.3% · FCF margin 21.4%FY14Net margin 23.3%FCF margin 21.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 9.7% · FCF margin 8.6%FY15Net margin 9.7%FCF margin 8.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 48.9% · FCF margin 9.2%FY16Net margin 48.9%FCF margin 9.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 5.7% · FCF margin 10.4%FY17Net margin 5.7%FCF margin 10.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 13.9% · FCF margin 12.2%FY18Net margin 13.9%FCF margin 12.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 8.8% · FCF margin 12.4%FY19Net margin 8.8%FCF margin 12.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 9.4% · FCF margin 9.9%FY20Net margin 9.4%FCF margin 9.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 10.6% · FCF margin 12.6%FY21Net margin 10.6%FCF margin 12.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin -24.2% · FCF margin 8.3%FY22Net margin -24.2%FCF margin 8.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 25.6% · FCF margin 12.5%FY23Net margin 25.6%FCF margin 12.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin -6.1% · FCF margin 5.4%FY24Net margin -6.1%FCF margin 5.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin -8.5% · FCF margin 3.0%FY25Net margin -8.5%FCF margin 3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin -8.5%FCF margin 3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net -8.5% · free cash flow 3.0% of revenue

Cash engineOperating cash flowFree cash flow
$0$1B$2B$3BFY2007 · OCF $2.31B · FCF $1.61B · 0000950123-10-015380 · filed 2010-02-23FY07OCF $2.31BFCF $1.61B0000950123-10-015380 · filed 2010-02-23FY2008 · OCF $2.52B · FCF $1.56B · 0000950123-11-017190 · filed 2011-02-23FY08OCF $2.52BFCF $1.56B0000950123-11-017190 · filed 2011-02-23FY2009 · OCF $2.91B · FCF $1.90B · 0001193125-12-075661 · filed 2012-02-23FY09OCF $2.91BFCF $1.90B0001193125-12-075661 · filed 2012-02-23FY2010 · OCF $3.00B · FCF $2.04B · 0001193125-13-069609 · filed 2013-02-21FY10OCF $3.00BFCF $2.04B0001193125-13-069609 · filed 2013-02-21FY2011 · OCF $2.82B · FCF $1.86B · 0001193125-14-061654 · filed 2014-02-21FY11OCF $2.82BFCF $1.86B0001193125-14-061654 · filed 2014-02-21FY2012 · OCF $3.11B · FCF $1.95B · 0001193125-15-065871 · filed 2015-02-26FY12OCF $3.11BFCF $1.95B0001193125-15-065871 · filed 2015-02-26FY2013 · OCF $3.20B · FCF $2.49B · 0001193125-16-479471 · filed 2016-02-26FY13OCF $3.20BFCF $2.49B0001193125-16-479471 · filed 2016-02-26FY2014 · OCF $3.21B · FCF $2.29B · 0001564590-17-002240 · filed 2017-02-23FY14OCF $3.21BFCF $2.29B0001564590-17-002240 · filed 2017-02-23FY2015 · OCF $1.77B · FCF $860.0M · 0001564590-18-002954 · filed 2018-02-23FY15OCF $1.77BFCF $860.0M0001564590-18-002954 · filed 2018-02-23FY2016 · OCF $1.65B · FCF $935.0M · 0001564590-19-003727 · filed 2019-02-21FY16OCF $1.65BFCF $935.0M0001564590-19-003727 · filed 2019-02-21FY2017 · OCF $1.71B · FCF $1.10B · 0001628280-20-003693 · filed 2020-03-17FY17OCF $1.71BFCF $1.10B0001628280-20-003693 · filed 2020-03-17FY2018 · OCF $2.02B · FCF $1.36B · 0001628280-21-001867 · filed 2021-02-11FY18OCF $2.02BFCF $1.36B0001628280-21-001867 · filed 2021-02-11FY2019 · OCF $2.10B · FCF $1.41B · 0001628280-22-003432 · filed 2022-02-23FY19OCF $2.10BFCF $1.41B0001628280-22-003432 · filed 2022-02-23FY2020 · OCF $1.87B · FCF $1.16B · 0001628280-23-002864 · filed 2023-02-09FY20OCF $1.87BFCF $1.16B0001628280-23-002864 · filed 2023-02-09FY2021 · OCF $2.22B · FCF $1.53B · 0001628280-24-003932 · filed 2024-02-08FY21OCF $2.22BFCF $1.53B0001628280-24-003932 · filed 2024-02-08FY2022 · OCF $1.21B · FCF $834.0M · 0001628280-25-007201 · filed 2025-02-21FY22OCF $1.21BFCF $834.0M0001628280-25-007201 · filed 2025-02-21FY2023 · OCF $1.73B · FCF $1.29B · 0001628280-26-007733 · filed 2026-02-12FY23OCF $1.73BFCF $1.29B0001628280-26-007733 · filed 2026-02-12FY2024 · OCF $1.02B · FCF $573.0M · 0001628280-26-007733 · filed 2026-02-12FY24OCF $1.02BFCF $573.0M0001628280-26-007733 · filed 2026-02-12FY2025 · OCF $845.0M · FCF $332.0M · 0001628280-26-007733 · filed 2026-02-12FY25OCF $845.0MFCF $332.0M0001628280-26-007733 · filed 2026-02-12FY25OCF $845.0MFCF $332.0M0001628280-26-007733 · filed 2026-02-12’09’13’17’21’25

FY2025: $845.0M operating cash − $513.0M capex = $332.0M free cash flow

Returns on capitalReturn on equityReturn on assets
0%50%FY2008 · ROE 32.3% · ROA 13.1%FY08ROE 32.3%ROA 13.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 30.7% · ROA 12.7%FY09ROE 30.7%ROA 12.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 21.6% · ROA 8.1%FY10ROE 21.6%ROA 8.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 33.8% · ROA 11.7%FY11ROE 33.8%ROA 11.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 33.5% · ROA 11.4%FY12ROE 33.5%ROA 11.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 23.8% · ROA 8.0%FY13ROE 23.8%ROA 8.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 30.8% · ROA 9.6%FY14ROE 30.8%ROA 9.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 10.9% · ROA 4.6%FY15ROE 10.9%ROA 4.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 59.9% · ROA 31.9%FY16ROE 59.9%ROA 31.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 6.6% · ROA 3.5%FY17ROE 6.6%ROA 3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 19.7% · ROA 9.8%FY18ROE 19.7%ROA 9.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 12.7% · ROA 5.5%FY19ROE 12.7%ROA 5.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 12.7% · ROA 5.5%FY20ROE 12.7%ROA 5.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 14.1% · ROA 3.8%FY21ROE 14.1%ROA 3.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE -41.7% · ROA -8.6%FY22ROE -41.7%ROA -8.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 31.6% · ROA 9.4%FY23ROE 31.6%ROA 9.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE -9.3% · ROA -2.5%FY24ROE -9.3%ROA -2.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE -15.6% · ROA -4.8%FY25ROE -15.6%ROA -4.8%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE -15.6%ROA -4.8%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 32% (FY2008) → -16% (FY2025) · on assets -4.8%

Balance sheetLiabilitiesEquity
$0$10B$20B$30BFY2017 · Liabilities $8.00B · Equity $9.12BFY17Liabilities $8.00BEquity $9.12B0001564590-19-003727 · filed 2019-02-21FY2018 · Liabilities $7.85B · Equity $7.84BFY18Liabilities $7.85BEquity $7.84B0001628280-20-003693 · filed 2020-03-17FY2019 · Liabilities $10.28B · Equity $7.88BFY19Liabilities $10.28BEquity $7.88B0001628280-21-001867 · filed 2021-02-11FY2020 · Liabilities $11.29B · Equity $8.69BFY20Liabilities $11.29BEquity $8.69B0001628280-22-003432 · filed 2022-02-23FY2021 · Liabilities $24.40B · Equity $9.08BFY21Liabilities $24.40BEquity $9.08B0001628280-23-002864 · filed 2023-02-09FY2022 · Liabilities $22.39B · Equity $5.83BFY22Liabilities $22.39BEquity $5.83B0001628280-24-003932 · filed 2024-02-08FY2023 · Liabilities $19.81B · Equity $8.40BFY23Liabilities $19.81BEquity $8.40B0001628280-25-007201 · filed 2025-02-21FY2024 · Liabilities $18.76B · Equity $6.96BFY24Liabilities $18.76BEquity $6.96B0001628280-26-007733 · filed 2026-02-12FY2025 · Liabilities $13.95B · Equity $6.13BFY25Liabilities $13.95BEquity $6.13B0001628280-26-007733 · filed 2026-02-12FY25Liabilities $13.95BEquity $6.13B0001628280-26-007733 · filed 2026-02-12’17’19’21’23’25

FY2025: $20.05B assets · $13.95B liabilities · $6.13B equity

The receipts