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Baxter International Inc., through its subsidiaries, provides a portfolio of healthcare products in the United States. The company operates through three segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. It offers sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices, as well as advanced equipment for the surgical space comprising operating room integration technologies, precision positioning devices, and other accessories. The company also provides specialty injectable pharmaceuticals, inhaled anesthetics, and drug compounding services. Its products are used in hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors' offices, kidney dialysis centers, and patients at home under physician supervision. The company sells its products through direct sales force, independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers. It operates in Eastern Europe, the Middle East, Africa, Latin America, Asia, Western Europe, Canada, Japan, Australia, and New Zealand. Baxter International Inc. was incorporated in 1931 and is headquartered in Deerfield, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.2B | $766M | $-957M | $323M | -15.6% | 5.7% | 47.5% |
| 2024 | $10.6B | $1.1B | $-649M | $559M | -9.3% | 2.7% | -124.4% |
| 2023 | $10.4B | $1.7B | $2.7B | $1.3B | 31.6% | 3.0% | -209.2% |
| 2022 | $10.1B | $-1.8B | $-2.4B | $576M | -41.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 10,057 | 10,360 | 10,636 | 11,244 |
| Operating Revenue | - | 10,057 | 10,360 | 10,636 | 11,244 |
| Cost Of Revenue | - | 6,508 | 6,210 | 6,652 | 7,865 |
| Gross Profit | - | 3,549 | 4,150 | 3,984 | 3,379 |
| Operating Expense | - | 3,582 | 3,443 | 3,545 | 3,202 |
| Research And Development | - | 450 | 518 | 590 | 518 |
| Selling General And Administration | - | 3,097 | 2,953 | 2,967 | 2,890 |
| Total Expenses | - | 10,090 | 9,653 | 10,197 | 11,067 |
| Operating Income | - | -33 | 707 | 439 | 177 |
| Total Operating Income As Reported | - | -2,845 | 707 | 14 | -308 |
| EBITDA | - | -1,763 | 1,734 | 1,116 | 766 |
| Normalized EBITDA | - | 1,100 | 1,814 | 1,563 | 1,261 |
| EBIT | - | -2,835 | 750 | 119 | -215 |
| Interest Income | - | 19 | 69 | 67 | 52 |
| Interest Expense | - | 413 | 508 | 408 | 290 |
| Net Interest Income | - | -394 | -439 | -341 | -238 |
| Other Non Operating Income Expenses | - | 42 | 54 | 60 | 51 |
| Other Income Expense | - | -2,821 | -26 | -387 | -444 |
| Interest Income Non Operating | - | 19 | 69 | 67 | 52 |
| Interest Expense Non Operating | - | 413 | 508 | 408 | 290 |
| Net Non Operating Interest Income Expense | - | -394 | -439 | -341 | -238 |
| Pretax Income | - | -3,248 | 242 | -289 | -505 |
| Tax Provision | - | -135 | 61 | 37 | 395 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -120.25 | -20.16 | -93.87 | -103.95 |
| Net Income Continuous Operations | - | -3,113 | 181 | -326 | -900 |
| Net Income From Continuing And Discontinued Operation | - | -2,433 | 2,656 | -649 | -957 |
| Net Income From Continuing Operation Net Minority Interest | - | -3,125 | 174 | -337 | -900 |
| Net Income | - | -2,433 | 2,656 | -649 | -957 |
| Net Income Common Stockholders | - | -2,433 | 2,656 | -649 | -957 |
| Net Income Including Noncontrolling Interests | - | -2,421 | 2,663 | -638 | -957 |
| Normalized Income | - | -382.25 | 233.84 | 16.13 | -508.95 |
| Diluted NI Availto Com Stockholders | - | -2,433 | 2,656 | -649 | -957 |
| Basic Average Shares | - | 504 | 506 | 510 | 513 |
| Diluted Average Shares | - | 504 | 506 | 510 | 513 |
| Reconciled Depreciation | - | 1,072 | 984 | 997 | 981 |
| Reconciled Cost Of Revenue | - | 6,508 | 6,210 | 6,652 | 7,865 |
| Total Unusual Items | - | -2,863 | -80 | -447 | -495 |
| Total Unusual Items Excluding Goodwill | - | -2,863 | -80 | -447 | -495 |
| Minority Interests | - | -12 | -7 | -11 | 0 |
| Net Income Discontinuous Operations | - | 692 | 2,482 | -312 | -57 |
| Special Income Charges | - | -2,877 | -34 | -425 | -478 |
| Gain On Sale Of Business | 0 | -65 | 0 | 0 | - |
| Other Special Charges | 7 | 54 | 1 | - | -16 |
| Write Off | - | 0 | 34 | 0 | 9 |
| Impairment Of Capital Assets | - | 2,812 | 0 | 425 | 485 |
| Restructuring And Mergern Acquisition | -6 | -39 | -19 | - | - |
| Gain On Sale Of Security | - | 14 | -46 | -22 | -17 |
| General And Administrative Expense | 2,845 | 3,097 | 3,938 | 2,967 | - |
| Other Gand A | 2,845 | 3,097 | 3,938 | 2,967 | - |
| Salaries And Wages | 8 | -26 | -42 | - | - |
| Other Operating Expenses | - | 35 | -28 | -12 | -206 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Baxter International Inc.this co. | BAX | $10.0B | -10.44 | 1.63 | -15.6% | 23.25 |
| Revvity, Inc. | RVTY | $11.4B | 47.36 | 1.58 | 3.3% | 18.15 |
| BrightSpring Health Services, Inc. | BTSG | $11.3B | 59.39 | 6.04 | 10.2% | 30.34 |
| Molina Healthcare, Inc. | MOH | $10.0B | 21.28 | 2.47 | 11.6% | - |
| Krystal Biotech, Inc. | KRYS | $9.1B |
| - |
| - |
| - |
| - |
| - |
| - |
| 44.30 |
| 7.44 |
| 16.8% |
| 51.16 |
| Charles River Laboratories International, Inc. | CRL | $8.9B | - | 2.83 | -4.6% | 27.52 |
| Henry Schein, Inc. | HSIC | $8.7B | 21.84 | 2.68 | 12.3% | 12.42 |
| Bio-Techne Corporation | TECH | $8.3B | 113.50 | 4.34 | 3.8% | 39.69 |
| Corcept Therapeutics Incorporated | CORT | $8.0B | 80.68 | 12.41 | 15.4% | 66.11 |
| Peer Median | - | 47.36 | 3.58 | 10.9% | 30.34 | |