Loading…
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 |
| 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 |
| Operating Income | - | -33 | 707 | 439 | 177 |
| EBITDA | - | -1,763 | 1,734 | 1,116 | 766 |
| EBIT | - | -2,835 | 750 | 119 | -215 |
| Pretax Income | - | -3,248 | 242 | -289 | -505 |
| Tax Provision | - | -135 | 61 | 37 | 395 |
| Net Income | - | -2,433 | 2,656 | -649 | -957 |
| Net Income Common Stockholders | - | -2,433 | 2,656 | -649 | -957 |
| Total Expenses | - | 10,090 | 9,653 | 10,197 | 11,067 |
| Interest Expense | - | 413 | 508 | 408 | 290 |
| Interest Income | - | 19 | 69 | 67 | 52 |
| Research And Development | - | 450 | 518 | 590 | 518 |
| Selling General And Administration | - | 3,097 | 2,953 | 2,967 | 2,890 |
| Normalized EBITDA | - | 1,100 | 1,814 | 1,563 | 1,261 |
| Normalized Income | - | -382.25 | 233.84 | 16.13 | -508.95 |
| Market Cap | 9,375.15 | 9,375.15 | 9,375.15 | 9,375.15 | 9,375.15 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Baxter International Inc.this co. | BAX | - | -9.80 | 1.53 | -15.6% | 22.44 |
| Integer Holdings Corporation | ITGR | $3.0B | 28.79 | 1.69 | 5.9% | 14.55 |
| Organon & Co. | OGN | $2.9B | 15.67 | 3.90 | 24.9% | 8.53 |
| Prestige Consumer Healthcare Inc. | PBH | $2.9B | 13.00 | 1.52 | 11.7% | 10.32 |
| Privia Health Group, Inc. | PRVA | $2.9B |
| - |
| - |
| - |
| - |
| - |
| - |
| 130.67 |
| 4.06 |
| 3.1% |
| 57.20 |
| Veracyte, Inc. | VCYT | $2.7B | 41.28 | 2.09 | 5.1% | 26.96 |
| National HealthCare Corporation | NHC | $2.7B | 22.47 | 2.52 | 11.2% | 12.59 |
| LeMaitre Vascular, Inc. | LMAT | $2.6B | 44.90 | 6.59 | 14.7% | 30.28 |
| Phibro Animal Health Corporation | PAHC | $2.2B | 46.33 | 7.83 | 16.9% | 19.95 |
| Peer Median | - | 35.04 | 3.21 | 11.5% | 17.25 | |