Baxter International Inc. (BAX) financial statements: income statement, balance sheet and cash flow
Baxter International Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Baxter International Inc. reported revenue of $11.2B (+5.7% year on year) and net income of ($957.0M) (-50.0% year on year).
Income statement
Baxter International Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net sales
$11.2B
$10.6B
$14.8B
$15.1B
Cost of sales
$7.9B
$6.7B
$9.8B
$9.7B
Gross margin
$3.4B
$4.0B
$5.0B
$5.4B
Selling, general and administrative expenses
$2.9B
$3.0B
$3.9B
$3.9B
Research and development expenses
$518.0M
$590.0M
$667.0M
$605.0M
Goodwill impairments
$485.0M
$425.0M
$0
$2.8B
Other operating expense (income), net
($206.0M)
($12.0M)
($28.0M)
$36.0M
Operating income (loss)
($308.0M)
$14.0M
$390.0M
($1.9B)
Interest expense, net
$238.0M
$341.0M
$442.0M
$395.0M
Other (income) expense, net
($41.0M)
($38.0M)
$51.0M
$15.0M
Income (loss) from continuing operations before income taxes
($505.0M)
($289.0M)
($103.0M)
($2.4B)
Income tax (benefit) expense
$395.0M
$37.0M
($34.0M)
($68.0M)
Income (loss) from continuing operations
($900.0M)
($326.0M)
($69.0M)
—
Income (loss) from discontinued operations, net of tax
($57.0M)
($312.0M)
$2.7B
—
Net income (loss)
($957.0M)
($638.0M)
$2.7B
($2.4B)
Less: Net income attributable to noncontrolling interests included in continuing operations
$0
—
—
—
Less: Net income attributable to noncontrolling interest included in discontinued operations
$0
—
—
—
Net income (loss) attributable to Baxter stockholders
($957.0M)
($649.0M)
$2.7B
($2.4B)
Basic (in dollars per share)
-$1.75
-$0.64
-$0.15
—
Diluted (in dollars per share)
-$1.75
-$0.64
-$0.15
—
Basic (in dollars per share)
-$0.12
-$0.63
$5.40
—
Diluted (in dollars per share)
-$0.12
-$0.63
$5.40
—
Basic (in dollars per share)
-$1.87
-$1.27
$5.25
-$4.83
Diluted (in dollars per share)
-$1.87
-$1.27
$5.25
-$4.83
Basic (in shares)
513.0M
510.0M
506.0M
504.0M
Diluted (in shares)
513.0M
510.0M
506.0M
504.0M
Baxter International Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net sales
$3.0B
$2.7B
$2.8B
$2.8B
Cost of sales
$1.9B
$1.8B
$1.9B
$1.8B
Gross margin
$1.0B
$891.0M
$950.0M
$991.0M
Selling, general and administrative expenses
$735.0M
$728.0M
$708.0M
$718.0M
Research and development expenses
$129.0M
$139.0M
$118.0M
$134.0M
Other operating income, net
($49.0M)
($42.0M)
($48.0M)
($52.0M)
Operating income
$217.0M
$66.0M
$172.0M
$191.0M
Interest expense, net
$64.0M
$66.0M
$58.0M
$58.0M
Other (income) expense, net
($5.0M)
$6.0M
$7.0M
$0
Income (loss) from continuing operations before income taxes
$158.0M
($6.0M)
$121.0M
$133.0M
Income tax expense (benefit)
$23.0M
$11.0M
$172.0M
$11.0M
Income (loss) from continuing operations
$135.0M
($17.0M)
($51.0M)
$122.0M
Income (loss) from discontinued operations, net of tax
($9.0M)
$2.0M
$5.0M
($31.0M)
Net income (loss)
$126.0M
($15.0M)
($46.0M)
$91.0M
Net income attributable to noncontrolling interests
$0
$0
$0
$0
Net income (loss) attributable to Baxter stockholders
$126.0M
($15.0M)
($46.0M)
$91.0M
Income from continuing operations per common share, basic (in dollars per share)
$0.26
-$0.03
-$0.10
$0.24
Income from continuing operations per common share, diluted (in dollars per share)
$0.26
-$0.03
-$0.10
$0.24
Income from discontinued operations per common share, basic (in dollars per share)
-$0.02
$0.00
$0.01
-$0.06
Income from discontinued operations per common share, diluted (in dollars per share)
-$0.02
$0.00
$0.01
-$0.06
Basic (in dollars per share)
$0.24
-$0.03
-$0.09
$0.18
Diluted (in dollars per share)
$0.24
-$0.03
-$0.09
$0.18
Basic (in shares)
517.0M
515.0M
514.0M
513.0M
Diluted (in shares)
518.0M
515.0M
514.0M
514.0M
Balance sheet
Baxter International Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$2.0B
$1.8B
$3.2B
$1.7B
Accounts receivable, net of allowance of $63 in 2025 and $71 in 2024
$1.9B
$1.7B
$2.7B
$2.7B
Inventories
$2.2B
$2.0B
$2.8B
$2.7B
Prepaid expenses and other current assets
$813.0M
$753.0M
$892.0M
$916.0M
Current assets of discontinued operations
$0
$2.6B
$0
—
Total current assets
$6.9B
$8.9B
$9.6B
$8.0B
Property, plant and equipment, net
$2.9B
$2.9B
$4.4B
$5.0B
Goodwill
$4.9B
$5.3B
$6.5B
$6.8B
Other intangible assets, net
$4.4B
$5.2B
$6.1B
$6.8B
Operating lease right-of-use assets
$276.0M
$306.0M
$524.0M
$550.0M
Other non-current assets
$699.0M
$755.0M
$1.1B
$1.1B
Non-current assets of discontinued operations
$0
$2.5B
$0
—
Total assets
$20.1B
$25.8B
$28.3B
$28.3B
Short-term debt
$1.0M
$2.1B
$0
$299.0M
Current maturities of long-term debt and finance lease obligations
$2.0M
$626.0M
$2.7B
$1.1B
Accounts payable
$999.0M
$968.0M
$1.2B
$1.1B
Accrued expenses and other current liabilities
$2.0B
$1.9B
$2.6B
$2.2B
Current liabilities of discontinued operations
$0
$930.0M
$0
—
Total current liabilities
$3.0B
$6.5B
$6.5B
$4.7B
Long-term debt and finance lease obligations, less current portion
$9.5B
—
—
—
Operating lease liabilities
$223.0M
$243.0M
$438.0M
$456.0M
Other non-current liabilities
$1.3B
$1.1B
$1.7B
$2.0B
Non-current liabilities of discontinued operations
$0
$554.0M
$0
—
Total liabilities
$14.0B
$18.8B
$19.8B
$22.4B
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2025 and 2024
683.0M
683.0M
683.0M
683.0M
Common stock in treasury, at cost, 169,213,617 shares in 2025 and 172,567,636 shares in 2024
-10.9B
-11.1B
-11.2B
—
Additional contributed capital
$6.4B
$6.4B
$6.4B
$6.3B
Retained earnings
$13.7B
$14.9B
$16.1B
$14.1B
Accumulated other comprehensive income (loss)
($3.8B)
($4.0B)
($3.6B)
($3.8B)
Total Baxter stockholders’ equity
$6.1B
$7.0B
$8.4B
$5.8B
Noncontrolling interests
($27.0M)
$60.0M
$66.0M
$62.0M
Total equity
$6.1B
$7.0B
$8.5B
$5.9B
Total liabilities and equity
$20.1B
$25.8B
$28.3B
$28.3B
Baxter International Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$2.1B
$2.0B
$1.7B
$1.7B
Accounts receivable, net of allowances of $56 in 2026 and $63 in 2025
$1.9B
$1.7B
$1.8B
$1.8B
Inventories
$2.3B
$2.3B
$2.5B
$2.4B
Prepaid expenses and other current assets
$724.0M
$816.0M
$970.0M
$906.0M
Total current assets
$7.0B
$6.8B
$6.9B
$6.7B
Property, plant and equipment, net
$2.9B
$2.9B
$2.8B
$2.8B
Goodwill
$4.9B
$4.9B
$5.4B
$5.4B
Other intangible assets, net
$4.1B
$4.2B
$4.8B
$5.0B
Operating lease right-of-use assets
$261.0M
$277.0M
$270.0M
$289.0M
Other non-current assets
$669.0M
$692.0M
$847.0M
$861.0M
Total assets
$19.8B
$19.8B
$21.1B
$21.0B
Short-term debt
$0
$0
$4.0M
$6.0M
Current maturities of long-term debt and finance lease obligations
$844.0M
$842.0M
$751.0M
$2.0M
Accounts payable
$1.0B
$1.1B
$953.0M
$995.0M
Accrued expenses and other current liabilities
$1.7B
$1.8B
$2.1B
$1.9B
Total current liabilities
$3.6B
$3.7B
$3.8B
$2.9B
Long-term debt and finance lease obligations, less current portion
$8.6B
$8.6B
$8.7B
$9.5B
Operating lease liabilities
$208.0M
$224.0M
$210.0M
$225.0M
Other non-current liabilities
$1.2B
$1.3B
$1.1B
$1.1B
Total liabilities
$13.6B
$13.8B
$13.9B
$13.8B
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2026 and 2025
683.0M
683.0M
683.0M
683.0M
Common stock in treasury, at cost, 166,499,043 shares in 2026 and 169,213,617 shares in 2025
-10.7B
-10.7B
-10.9B
-10.9B
Additional contributed capital
$6.2B
$6.2B
$6.3B
$6.3B
Retained earnings
$13.8B
$13.7B
$14.8B
$15.0B
Accumulated other comprehensive loss
($3.8B)
($3.8B)
($3.7B)
($3.7B)
Total Baxter stockholders’ equity
$6.2B
$6.0B
$7.2B
$7.3B
Noncontrolling interests
($27.0M)
($27.0M)
($27.0M)
($27.0M)
Total equity
$6.2B
$6.0B
$7.2B
$7.3B
Total liabilities and equity
$19.8B
$19.8B
$21.1B
$21.0B
Cash flow statement
Baxter International Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Income (loss) from continuing operations
($957.0M)
($638.0M)
$2.7B
($2.4B)
Income (loss) from discontinued operations, net of tax
($57.0M)
($312.0M)
$2.7B
—
Income (loss) from continuing operations
($900.0M)
($326.0M)
($69.0M)
—
Depreciation and amortization
$981.0M
$997.0M
$1.3B
$1.4B
Net periodic pension and other postretirement costs
($32.0M)
($28.0M)
($19.0M)
$51.0M
Deferred income taxes
$77.0M
($262.0M)
($499.0M)
($225.0M)
Stock compensation
$117.0M
$114.0M
$133.0M
$154.0M
Goodwill impairments
$485.0M
$425.0M
$0
$2.8B
Indefinite-lived asset impairments
$290.0M
—
—
—
Other long-lived asset impairments
$27.0M
$44.0M
$470.0M
—
Gain on early extinguishment of debt
($16.0M)
—
$0
$0
Other
$30.0M
$41.0M
$77.0M
($12.0M)
Accounts receivable, net
($132.0M)
($35.0M)
($66.0M)
($146.0M)
Inventories
($119.0M)
($201.0M)
($114.0M)
($361.0M)
Prepaid expenses and other current assets
$72.0M
($125.0M)
($40.0M)
($39.0M)
Accounts payable
$3.0M
$112.0M
$107.0M
($76.0M)
Accrued expenses and other current liabilities
$149.0M
$44.0M
$412.0M
($273.0M)
Other
($81.0M)
($31.0M)
($31.0M)
($128.0M)
Cash flows from (used in) operations – continuing operations
$951.0M
$819.0M
$1.7B
$1.2B
Cash flows from (used in) operations – discontinued operations
($106.0M)
$200.0M
$24.0M
$0
Cash flows from (used in) operations
$845.0M
$1.0B
$1.7B
$1.2B
Capital expenditures
($513.0M)
($446.0M)
($692.0M)
($679.0M)
Acquisitions of developed technology and investments
($9.0M)
($14.0M)
($6.0M)
($263.0M)
Proceeds from sale of marketable equity securities
$0
$34.0M
—
—
Other investing activities, net
$58.0M
$16.0M
$26.0M
$11.0M
Cash flows from (used in) investing activities - continuing operations
($464.0M)
($410.0M)
($672.0M)
—
Cash flows from (used in) investing activities - discontinued operations
$3.3B
($216.0M)
$3.9B
—
Cash flows from (used in) investing activities
$2.8B
($626.0M)
$3.2B
($931.0M)
Issuances of debt
$2.0B
—
$0
$0
Increase in short term debt
$0
$1.8B
—
—
Repayments of debt
($5.5B)
($2.7B)
($2.6B)
($954.0M)
Net (decreases) increases in debt with original maturities of three months or less
($300.0M)
$296.0M
($299.0M)
—
Cash dividends on common stock
($348.0M)
($590.0M)
($586.0M)
($573.0M)
Proceeds from stock issued under employee benefit plans
30.0M
71.0M
95.0M
127.0M
Payments of contingent liabilities
($50.0M)
—
—
—
Other financing activities, net
($57.0M)
($31.0M)
($65.0M)
($61.0M)
Cash flows from (used in) financing activities
($4.2B)
($1.1B)
($3.5B)
($1.4B)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
$84.0M
($96.0M)
$26.0M
($76.0M)
Increase (decrease) in cash, cash equivalents and restricted cash
($446.0M)
($784.0M)
$1.5B
($1.2B)
Cash, cash equivalents and restricted cash at beginning of year
$2.4B
$3.2B
—
—
Cash, cash equivalents and restricted cash at end of year
$2.0B
$2.4B
$3.2B
$1.7B
Less cash and cash equivalents of discontinued operations
$0
$648.0M
—
—
Cash, cash equivalents and restricted cash
$2.0B
$1.8B
$1.7B
$3.0B
Baxter International Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$111.0M
($15.0M)
$171.0M
$217.0M
Less: Income (loss) from discontinued operations, net of tax
($7.0M)
$2.0M
$36.0M
$31.0M
Income (loss) from continuing operations
$118.0M
($17.0M)
$135.0M
$186.0M
Depreciation and amortization
$476.0M
$237.0M
$741.0M
$504.0M
Deferred income taxes
($5.0M)
$29.0M
($115.0M)
($165.0M)
Stock compensation
$43.0M
$10.0M
$80.0M
$45.0M
Net periodic pension and other postretirement costs
($8.0M)
($4.0M)
($24.0M)
($16.0M)
Other long-lived asset impairments
$0
$0
$24.0M
$24.0M
Other
$22.0M
$13.0M
$22.0M
$20.0M
Accounts receivable, net
($4.0M)
$152.0M
($44.0M)
($40.0M)
Inventories
($36.0M)
($95.0M)
($360.0M)
($279.0M)
Prepaid expenses and other current assets
$81.0M
$2.0M
($32.0M)
$10.0M
Accounts payable
$50.0M
$102.0M
($36.0M)
$21.0M
Accrued expenses and other current liabilities
($232.0M)
($203.0M)
$31.0M
($151.0M)
Other
$5.0M
($13.0M)
($67.0M)
($41.0M)
Cash flows from (used in) operations - continuing operations
$510.0M
$213.0M
$355.0M
$118.0M
Cash flows from (used in) operations - discontinued operations
($12.0M)
$0
($94.0M)
($94.0M)
Cash flows from (used in) operations
$498.0M
$213.0M
$261.0M
$24.0M
Capital expenditures
($253.0M)
($137.0M)
($373.0M)
($262.0M)
Acquisitions of developed technology and investments
($3.0M)
—
($9.0M)
($9.0M)
Other investing activities, net
$6.0M
$4.0M
$32.0M
$32.0M
Cash flows from (used in) investing activities - continuing operations
($250.0M)
($133.0M)
($350.0M)
($239.0M)
Cash flows from (used in) investing activities - discontinued operations
$0
$0
$3.4B
$3.4B
Cash flows from (used in) investing activities
($250.0M)
($133.0M)
$3.0B
$3.1B
Repayments of debt
$0
$0
($3.5B)
($3.5B)
Repayments of debt with original maturities of three months or less
$0
$0
($300.0M)
($300.0M)
Cash dividends on common stock
($10.0M)
($5.0M)
($261.0M)
($174.0M)
Proceeds from stock issued under employee benefit plans
13.0M
8.0M
25.0M
16.0M
Payments of contingent liabilities
($31.0M)
—
($10.0M)
—
Other financing activities, net
($14.0M)
($14.0M)
($18.0M)
($25.0M)
Cash flows from (used in) financing activities
($42.0M)
($11.0M)
($4.1B)
($4.0B)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash - continuing operations
($18.0M)
($18.0M)
$83.0M
$88.0M
Increase (decrease) in cash, cash equivalents and restricted cash
$188.0M
$51.0M
($686.0M)
($726.0M)
Cash, cash equivalents and restricted cash at beginning of period
$2.0B
$2.0B
$2.4B
$2.4B
Cash, cash equivalents and restricted cash at end of period