FY2025 · ended Dec 31, 2025 · Revenue $11.24B, +5.7% YoY · Filed Feb 12, 2026
Baxter International Inc. (BAX) files with the SEC under industry code 3841, Surgical & Medical Instruments & Apparatus. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $11.2 billion and a net loss of $957.0 million. Free cash flow was $332.0 million. As of Sep 30, 2026 it held $2.0 billion in cash and investments and $206.0 million in total debt.
Revenue (TTM)
$11.61B
+5.3% vs year-ago TTM
Net income (TTM)
$-723.00M
-112.0% vs year-ago TTM
Operating cash flow (TTM)
$1.64B
+119.0% vs year-ago TTM
Free cash flow
$332.00M
-42.1% vs prior year
EPS (TTM)
$-1.40
-110.5% vs year-ago TTM
Dividend per share (TTM)
$0.04
-94.1% vs year-ago TTM
Shares outstanding
514.49M
+0.6% vs prior year
Net cash
$1.77B
as of Sep 30, 2026
Operating margin
-1.9%
FY 2026
Company profile
- Industry
- Surgical & Medical Instruments & Apparatus (SIC 3841)
- Listed as
- BAX (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Deerfield, IL
- SEC filer status
- Large accelerated filer
- SEC CIK
- 10456
Other Surgical & Medical Instruments & Apparatus companies
- Stryker Corp SYK
- 3M Co MMM
- Boston Scientific Corp BSX
- Becton Dickinson & Co BDX
- Medline Inc. MDLN
- Resmed Inc RMD
- Dexcom Inc DXCM
- Fresenius SE & Co. KGaA FSNUY
All 151 Surgical & Medical Instruments & Apparatus companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $11.2B | $10.6B | $10.4B | $10.1B | $12.1B |
| Operating income | -$308.0M | $14.0M | $707.0M | -$2.8B | $1.4B |
| Net income | -$957.0M | -$649.0M | $2.7B | -$2.4B | $1.3B |
| Diluted EPS | -$1.87 | -$1.27 | $5.23 | -$4.83 | $2.53 |
| Operating cash flow | $845.0M | $1.0B | $1.7B | $1.2B | $2.2B |
| Free cash flow | $332.0M | $573.0M | $1.3B | $834.0M | $1.5B |
| Total assets | $20.1B | $25.8B | $28.3B | $28.3B | $33.5B |
| Total liabilities | $14.0B | $18.8B | $19.8B | $22.4B | $24.4B |
| Stockholders' equity | $6.1B | $7.0B | $8.4B | $5.8B | $9.1B |
| Cash and investments | $2.0B | $1.8B | $3.1B | $1.6B | $3.0B |
| Total debt | $9.8B | $15.7B | $14.2B | $17.6B | $18.8B |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 10-Q | Quarterly report | Oct 29, 2026 | Sep 30, 2026 |
| 8-K |
Current report
Results of operations, Other events
|
Oct 29, 2026 | Oct 28, 2026 |
| 8-K |
Current report
Officer or director change, Regulation FD disclosure
|
Aug 19, 2026 | Aug 18, 2026 |
| 8-K |
Current report
Material agreement, Other events
|
Aug 18, 2026 | Aug 18, 2026 |
| 8-K |
Current report
Officer or director change
|
Aug 4, 2026 | Jul 31, 2026 |
| 8-K |
Current report
Other events
|
Aug 4, 2026 | Aug 4, 2026 |
All 1001 Baxter International Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.