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Baxter International

BAX Clue Score26
United States Fiscal year ends December CIK 0000010456
$24.78 +1.77% Close, 12 Oct 2026
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Price $24.78 −68.52% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue10.16Operating income0.75Net income4.97EPS, diluted9.01Fiscal year 2017Revenue10.58 +4.1%Operating income1.29Net income0.60 −87.9%EPS, diluted1.08 −88.0%Fiscal year 2018Revenue11.10 +4.9%Operating income1.58Net income1.55 +156.8%EPS, diluted2.83 +162.0%Fiscal year 2019Revenue11.36 +2.4%Operating income1.77Net income1.00 −35.3%EPS, diluted1.93 −31.8%Fiscal year 2020Revenue11.67 +2.7%Operating income1.62Net income1.10 +10.1%EPS, diluted2.13 +10.4%Fiscal year 2021Revenue12.15 +4.1%Operating income1.35Net income1.28 +16.5%EPS, diluted2.53 +18.8%Fiscal year 2022Revenue10.06 −17.2%Operating income−2.85Net income−2.43 −289.5%EPS, diluted−4.83 −290.9%Fiscal year 2023Revenue10.36 +3.0%Operating income0.71Net income2.66EPS, diluted5.23Fiscal year 2024Revenue10.64 +2.7%Operating income0.01Net income−0.65 −124.4%EPS, diluted−1.27 −124.3%Fiscal year 2025Revenue11.24 +5.7%Operating income−0.31Net income−0.96EPS, diluted−1.87
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 10.16 10.58 11.10 11.36 11.67 12.15 10.06 10.36 10.64 11.24
Growth +4.1% +4.9% +2.4% +2.7% +4.1% −17.2% +3.0% +2.7% +5.7%
Operating income 0.75 1.29 1.58 1.77 1.62 1.35 −2.85 0.71 0.01 −0.31
Net income 4.97 0.60 1.55 1.00 1.10 1.28 −2.43 2.66 −0.65 −0.96
Growth −87.9% +156.8% −35.3% +10.1% +16.5% −289.5% −124.4%
EPS, diluted 9.01 1.08 2.83 1.93 2.13 2.53 −4.83 5.23 −1.27 −1.87
Growth −88.0% +162.0% −31.8% +10.4% +18.8% −290.9% −124.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin40.5%Operating margin7.3%Net margin48.9%Free cash flow margin9.2%Fiscal year 2017Gross margin42.3%Operating margin12.2%Net margin5.7%Free cash flow margin10.4%Fiscal year 2018Gross margin42.9%Operating margin14.3%Net margin13.9%Free cash flow margin12.2%Fiscal year 2019Gross margin41.9%Operating margin15.6%Net margin8.8%Free cash flow margin12.4%Fiscal year 2020Gross margin39.3%Operating margin13.8%Net margin9.4%Free cash flow margin9.9%Fiscal year 2021Gross margin38.9%Operating margin11.1%Net margin10.6%Free cash flow margin12.6%Fiscal year 2022Gross margin35.3%Operating margin−28.3%Net margin−24.2%Free cash flow margin8.3%Fiscal year 2023Gross margin40.1%Operating margin6.8%Net margin25.6%Free cash flow margin12.5%Fiscal year 2024Gross margin37.5%Operating margin0.1%Net margin−6.1%Free cash flow margin5.4%Fiscal year 2025Gross margin30.1%Operating margin−2.7%Net margin−8.5%Free cash flow margin3.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 40.5% 42.3% 42.9% 41.9% 39.3% 38.9% 35.3% 40.1% 37.5% 30.1%
Operating margin 7.3% 12.2% 14.3% 15.6% 13.8% 11.1% −28.3% 6.8% 0.1% −2.7%
Net margin 48.9% 5.7% 13.9% 8.8% 9.4% 10.6% −24.2% 25.6% −6.1% −8.5%
Free cash flow margin 9.2% 10.4% 12.2% 12.4% 9.9% 12.6% 8.3% 12.5% 5.4% 3.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.65Capital expenditure−0.72Free cash flow0.94Buybacks−0.29Dividends paid−0.27Fiscal year 2017Operating cash flow1.71Capital expenditure−0.62Free cash flow1.10 +17.4%Buybacks−0.56Dividends paid−0.32Fiscal year 2018Operating cash flow2.02Capital expenditure−0.66Free cash flow1.36 +23.7%Buybacks−2.45Dividends paid−0.38Fiscal year 2019Operating cash flow2.10Capital expenditure−0.70Free cash flow1.41 +3.7%Buybacks−1.27Dividends paid−0.42Fiscal year 2020Operating cash flow1.87Capital expenditure−0.71Free cash flow1.16 −17.7%Buybacks−0.50Dividends paid−0.47Fiscal year 2021Operating cash flow2.22Capital expenditure−0.69Free cash flow1.53 +32.1%Buybacks−0.60Dividends paid−0.53Fiscal year 2022Operating cash flow1.21Capital expenditure−0.38Free cash flow0.83 −45.5%Buybacks−0.03Dividends paid−0.57Fiscal year 2023Operating cash flow1.73Capital expenditure−0.43Free cash flow1.29 +55.2%Buybacks0.00Dividends paid−0.59Fiscal year 2024Operating cash flow1.02Capital expenditure−0.45Free cash flow0.57 −55.7%Buybacks0.00Dividends paid−0.59Fiscal year 2025Operating cash flow0.85Capital expenditure−0.51Free cash flow0.33 −42.1%Dividends paid−0.35
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.65 1.71 2.02 2.10 1.87 2.22 1.21 1.73 1.02 0.85
Capital expenditure −0.72 −0.62 −0.66 −0.70 −0.71 −0.69 −0.38 −0.43 −0.45 −0.51
Free cash flow 0.94 1.10 1.36 1.41 1.16 1.53 0.83 1.29 0.57 0.33
Growth +17.4% +23.7% +3.7% −17.7% +32.1% −45.5% +55.2% −55.7% −42.1%
Buybacks −0.29 −0.56 −2.45 −1.27 −0.50 −0.60 −0.03 0.00 0.00 n/a
Dividends paid −0.27 −0.32 −0.38 −0.42 −0.47 −0.53 −0.57 −0.59 −0.59 −0.35

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.80Shareholders’ equity8.29Fiscal year 2017Cash3.39Shareholders’ equity9.12Fiscal year 2018Cash1.84Shareholders’ equity7.84Fiscal year 2019Cash3.34Shareholders’ equity7.88Fiscal year 2020Cash3.73Total debt6.23Net cash (debt)−2.50Shareholders’ equity8.69Debt to equity0.72Fiscal year 2021Cash2.95Total debt17.75Net cash (debt)−14.80Shareholders’ equity9.08Debt to equity1.96Fiscal year 2022Cash1.62Total debt16.70Net cash (debt)−15.08Shareholders’ equity5.83Debt to equity2.86Fiscal year 2023Cash3.08Total debt13.86Net cash (debt)−10.78Shareholders’ equity8.40Debt to equity1.65Fiscal year 2024Cash1.76Total debt13.18Net cash (debt)−11.42Shareholders’ equity6.96Debt to equity1.89Fiscal year 2025Cash1.97Total debt9.44Net cash (debt)−7.47Shareholders’ equity6.13Debt to equity1.54
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.80 3.39 1.84 3.34 3.73 2.95 1.62 3.08 1.76 1.97
Total debt n/a n/a n/a n/a 6.23 17.75 16.70 13.86 13.18 9.44
Net cash (debt) n/a n/a n/a n/a −2.50 −14.80 −15.08 −10.78 −11.42 −7.47
Shareholders’ equity 8.29 9.12 7.84 7.88 8.69 9.08 5.83 8.40 6.96 6.13
Debt to equity n/a n/a n/a n/a 0.72 1.96 2.86 1.65 1.89 1.54

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
40.5% 42.3% 42.9% 41.9% 39.3% 38.9% 35.3% 40.1% 37.5% 30.1%
7.3% 12.2% 14.3% 15.6% 13.8% 11.1% −28.3% 6.8% 0.1% −2.7%
48.7% 10.4% 14.6% 8.5% 11.1% 9.2% −32.3% 2.3% −2.7% −4.5%
48.9% 5.7% 13.9% 8.8% 9.4% 10.6% −24.2% 25.6% −6.1% −8.5%
9.2% 10.4% 12.2% 12.4% 9.9% 12.6% 8.3% 12.5% 5.4% 3.0%
Spending
6.4% 5.8% 5.9% 5.2% 4.5% 4.4% 4.5% 5.0% 5.5% 4.6%
26.8% 24.8% 23.6% 22.3% 21.2% 23.4% 30.8% 28.5% 27.9% 25.7%
7.1% 5.8% 5.9% 6.1% 6.1% 5.7% 3.7% 4.2% 4.2% 4.6%
−0.2% 44.6% 4.0% −4.2% 14.1% 7.4% n/a 25.2% n/a n/a
Returns
59.9% 6.6% 19.7% 12.7% 12.7% 14.1% −41.7% 31.6% −9.3% −15.6%
31.9% 3.5% 9.8% 5.5% 5.5% 3.8% −8.6% 9.4% −2.5% −4.8%
Balance and payout
n/a n/a n/a n/a 0.72 1.96 2.86 1.65 1.89 1.54
n/a 46.7% 50.0% 56.5% 56.4% 72.8% 79.2% 70.1% 72.8% 69.6%
5.4% 52.3% 24.3% 42.3% 42.9% 41.3% n/a 22.1% n/a n/a
59.9% 80.1% 208.2% 120.2% 84.0% 73.8% 72.5% 45.3% 103.0% 104.8%