BAXTER INTERNATIONAL INC

BAX 10-K · FY 2025

BAX FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 11,244 10,636 +5.7%
Show Product Lines breakouts
Advanced Surgery · Medical Products & Therapies 648 603 +7.5%
Advanced Surgery · Medical Products & Therapies 550 501 +9.8%
Advanced Surgery · Medical Products & Therapies 1,198 1,104 +8.5%
Care & Connectivity Solutions · Healthcare Systems & Technologies 1,372 1,311 +4.7%
Care & Connectivity Solutions · Healthcare Systems & Technologies 539 503 +7.2%
Care & Connectivity Solutions · Healthcare Systems & Technologies 1,911 1,814 +5.3%
Drug Compounding · Pharmaceuticals 1,141 1,038 +9.9%
Drug Compounding · Pharmaceuticals 1,141 1,038 +9.9%
Front Line Care · Healthcare Systems & Technologies 871 843 +3.3%
Front Line Care · Healthcare Systems & Technologies 289 294 -1.7%
Front Line Care · Healthcare Systems & Technologies 1,160 1,137 +2.0%
Infusion Therapies & Technologies · Medical Products & Therapies 2,236 2,279 -1.9%
Infusion Therapies & Technologies · Medical Products & Therapies 1,865 1,824 +2.2%
Infusion Therapies & Technologies · Medical Products & Therapies 4,101 4,103 -0.0%
Injectables & Anesthesia · Pharmaceuticals 749 780 -4.0%
Injectables & Anesthesia · Pharmaceuticals 603 593 +1.7%
Injectables & Anesthesia · Pharmaceuticals 1,352 1,373 -1.5%
Show Business Segments breakouts
Healthcare Systems & Technologies · Non Us 828 797 +3.9%
Healthcare Systems & Technologies · Operating Segments 3,071 2,951 +4.1%
Healthcare Systems & Technologies · US 2,243 2,154 +4.1%
Medical Products & Therapies · Non Us 2,415 2,325 +3.9%
Medical Products & Therapies · Operating Segments 5,299 5,207 +1.8%
Medical Products & Therapies · US 2,884 2,882 +0.1%
Pharmaceuticals · Non Us 1,744 1,631 +6.9%
Pharmaceuticals · Operating Segments 2,493 2,411 +3.4%
Pharmaceuticals · US 749 780 -4.0%
Show Geography breakouts
Emerging markets 1,394 1,350 +3.3%
Non Us 5,122 4,786 +7.0%
Non Us · Corporate Non Segment 135 33 +309.1%
Rest of world 3,728 3,436 +8.5%
US 6,122 5,850 +4.6%
US · Corporate Non Segment 246 34 +623.5%
Show Consolidation Items breakouts
Corporate Non Segment 381 67 +468.7%
Cost of Revenue 7,865 6,652 +18.2%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 1,603 1,464 +9.5%
Medical Products & Therapies · Operating Segments 3,065 2,867 +6.9%
Pharmaceuticals · Operating Segments 1,777 1,612 +10.2%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Foreign Exchange Contract -6 -8 +25.0%
Gross Profit 3,379 3,984 -15.2%
Selling, General & Administrative 2,890 2,967 -2.6%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 873 836 +4.4%
Medical Products & Therapies · Operating Segments 1,162 1,176 -1.2%
Pharmaceuticals · Operating Segments 429 396 +8.3%
Research & Development 518 590 -12.2%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 190 184 +3.3%
Medical Products & Therapies · Operating Segments 209 216 -3.2%
Pharmaceuticals · Operating Segments 101 91 +11.0%
Goodwill Impairment Loss 485 425 +14.1%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 485 425 +14.1%
Reportable Segment · Material Reconciling Items -485 -425 -14.1%
Show Consolidation Items breakouts
Operating Segments 485 425 +14.1%
Other Operating Income Expense Net -206 -12 -1616.7%
Operating Income -308 14 -2300.0%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 441 468 -5.8%
Medical Products & Therapies · Operating Segments 970 950 +2.1%
Pharmaceuticals · Operating Segments 222 313 -29.1%
Reportable Segment -308 14 -2300.0%
Reportable Segment · Operating Segments 1,633 1,731 -5.7%
Show Disposal Group Classification breakouts
Discontinued Operations Disposed Of By Sale -6 -112 +94.6%
Discontinued Operations Disposed Of By Sale · Kidney Care -6 -112 +94.6%
Interest Income Expense Nonoperating Net 238 341 -30.2%
Show Business Segments breakouts
Reportable Segment 238 341 -30.2%
Show Disposal Group Classification breakouts
Discontinued Operations Disposed Of By Sale 13 13 0.0%
Discontinued Operations Disposed Of By Sale · Kidney Care 13 13 0.0%
Other Non-Operating Income (Expense) -41 -38 -7.9%
Show Business Segments breakouts
Reportable Segment -41 -38 -7.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -11 -6 -83.3%
Show Disposal Group Classification breakouts
Discontinued Operations Disposed Of By Sale 7 10 -30.0%
Discontinued Operations Disposed Of By Sale · Kidney Care 7 10 -30.0%
Income Before Taxes -505 -289 -74.7%
Show Business Segments breakouts
Reportable Segment -505 -289 -74.7%
Income Tax Expense (Benefit) 395 37 +967.6%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 2 2 0.0%
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest -900 -326 -176.1%
Income Loss From Discontinued Operations Net Of Tax -57 -312 +81.7%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Kidney Care 14
Accumulated Translation Adjustment · Kidney Care -126
Show Disposal Group Classification breakouts
Discontinued Operations Disposed Of By Sale -57 -312 +81.7%
Discontinued Operations Disposed Of By Sale · Kidney Care -57 -312 +81.7%
Net Income -957 -638 -50.0%
Show Equity Components breakouts
Parent -957 -649 -47.5%
Retained Earnings -957 -649 -47.5%
Net Income -957 -649 -47.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 20 4 +400.0%
Accumulated Translation Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -126
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -106 2 -5400.0%
Income Loss From Continuing Operations Per Basic Share -1.75 -0.64 -173.4%
Income Loss From Continuing Operations Per Diluted Share -1.75 -0.64 -173.4%
Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share -0.12 -0.63 +81.0%
Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share -0.12 -0.63 +81.0%
EPS (Basic) -1.87 -1.27 -47.2%
EPS (Diluted) -1.87 -1.27 -47.2%
Wtd Avg Shares (Basic) 513 510 +0.6%
Wtd Avg Shares (Diluted) 513 510 +0.6%
Interest Income -52 -67 +22.4%
Comprehensive Income -701 -1,105 +36.6%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax (FY)
Show Statement Operating Activities Segment breakouts
Segment Continuing Operations -2 10 -120.0%
Operating Lease Lease Income 350 380 -7.9%
Other Expenses (FY)
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments -36 -1 -3500.0%
Medical Products & Therapies · Operating Segments -107 -2 -5250.0%
Pharmaceuticals · Operating Segments -36 -1 -3500.0%
Interest Expense 290 408 -28.9%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,966 1,764 +11.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 1.97 1.76 +11.9%
Accounts Receivable 1,861 1,679 +10.8%
Inventory 2,232 2,046 +9.1%
Prepaid Expenses & Other Current Assets 813 753 +8.0%
Total Current Assets 6,872 8,853 -22.4%
Non-Current Assets
Property, Plant & Equipment 2,910 2,870 +1.4%
Goodwill 4,929 5,275 -6.6%
Show Product Lines breakouts
Front Line Care · Healthcare Systems & Technologies 1.52 1.99 -23.6%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 3,087 3,550 -13.0%
Medical Products & Therapies · Operating Segments 1,265 1,185 +6.8%
Pharmaceuticals · Operating Segments 577 540 +6.9%
Show Consolidation Items breakouts
Operating Segments 4,929 5,275 -6.6%
Operating Lease Right-of-Use Assets 276 306 -9.8%
Other Non-Current Assets 699 755 -7.4%
Total Assets 20,055 25,782 -22.2%
Intangible Assets (Q)
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 2,298 2,509 -8.4%
Developed technology, including patents 774 1,056 -26.7%
Other Intangible Assets 19 20 -5.0%
Trade Names 781 851 -8.2%
Deferred Tax Assets 200 204 -2.0%
Other Assets
Intangible Assets Net Excluding Goodwill 4,369 5,223 -16.4%
Current Liabilities
Short Term Borrowings 1 2,126 -100.0%
Long Term Debt And Capital Lease Obligations Current 2 626 -99.7%
Accounts Payable 999 968 +3.2%
Accrued Liabilities 1,968 1,861 +5.7%
Total Current Liabilities 2,970 6,511 -54.4%
Deferred Revenue (Current) 141 131 +7.6%
Non-Current Liabilities
Operating Lease Liabilities 223 243 -8.2%
Other Non-Current Liabilities 1,287 1,076 +19.6%
Total Liabilities 13,953 18,758 -25.6%
Long-Term Debt 9,438
Long-Term Debt (Q)
Show Measurement Input Type breakouts
Carrying Reported Amount Fair Value Disclosure 9,436 10,374 -9.0%
Estimate Of Fair Value Fair Value Disclosure 8,714 9,295 -6.3%
Deferred Tax Liabilities 245 103 +137.9%
Contract With Customer Liability Noncurrent 36 40 -10.0%
Other Liabilities
Long Term Debt And Lease Obligation Excluding Current Maturities 9,473 10,374 -8.7%
Stockholders' Equity
Common Stock 683 683 0.0%
Treasury Stock Common Value -10,873 -11,059 +1.7%
Additional Paid In Capital Common Stock 6,368 6,421 -0.8%
Retained Earnings 13,705 14,929 -8.2%
Accumulated Other Comprehensive Income -3,754 -4,010 +6.4%
Show Statement Operating Activities Segment breakouts
Segment Continuing Operations -110 -108 -1.9%
Total Stockholders' Equity 6,129 6,964 -12.0%
Minority Interest -27 60 -145.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,102 7,024 -13.1%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -514 -475 -8.2%
Accumulated Gain Loss Net Cash Flow Hedge Parent -110 -108 -1.9%
Accumulated Net Unrealized Investment Gain Loss 3 3 0.0%
Accumulated Other Comprehensive Income -3,754 -4,010 +6.4%
Accumulated Translation Adjustment -3,133 -3,430 +8.7%
Additional Paid In Capital 6,368 6,421 -0.8%
Common Stock 683 683 0.0%
Noncontrolling Interest -27 60 -145.0%
Parent 6,129 6,964 -12.0%
Retained Earnings 13,705 14,929 -8.2%
Treasury Stock Common -10,873 -11,059 +1.7%
Total Liabilities & Equity 20,055 25,782 -22.2%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 981 997 -1.6%
Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash -32 -28 -14.3%
Deferred Income Taxes And Tax Credits 77 -262 +129.4%
Stock-Based Compensation 117 114 +2.6%
Impairment Of Intangible Assets Indefinitelived Excluding Goodwill 290 50 +480.0%
Show Business Segments breakouts
Reportable Segment · Material Reconciling Items -290 -50 -480.0%
Impairment Of Long Lived Assets To Be Disposed Of 27 44 -38.6%
Gains Losses On Extinguishment Of Debt -16
Other Non-Cash Items 30 41 -26.8%
Change in Accounts Receivable -132 -35 -277.1%
Change in Inventory -119 -201 +40.8%
Change in Prepaid & Other Assets 72 -125 +157.6%
Change in Accounts Payable 3 112 -97.3%
Increase Decrease In Accrued Expenses And Other Current Liabilities 149 44 +238.6%
Other Operating Activities Cash Flow Statement -81 -31 -161.3%
Net Cash Provided By Used In Operating Activities Continuing Operations 951 819 +16.1%
Cash Provided By Used In Operating Activities Discontinued Operations -106 200 -153.0%
Net Cash from Operations 845 1,019 -17.1%
Deferred Income Taxes 77 -262 +129.4%
Investing Activities
Payments To Acquire Productive Assets -513 -446 -15.0%
Payments To Acquire Businesses Net Of Cash Acquired -9 -14 +35.7%
Other Investing Activities 58 16 +262.5%
Net Cash Provided By Used In Investing Activities Continuing Operations -464 -410 -13.2%
Cash Provided By Used In Investing Activities Discontinued Operations 3,305 -216 +1630.1%
Net Cash from Investing 2,841 -626 +553.8%
Financing Activities
Proceeds From Issuance Of Long Term Debt 1,998
Debt Repayments -5,489 -2,657 -106.6%
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less -300 296 -201.4%
Payments Of Dividends Common Stock -348 -590 +41.0%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 30 71 -57.7%
Payment For Contingent Consideration Liability Financing Activities -50
Proceeds From Payments For Other Financing Activities -57 -31 -83.9%
Net Cash from Financing -4,216 -1,081 -290.0%
Supplemental
Income Taxes Paid 222
Interest Paid 303 401 -24.4%
Unpaid Capital Expenditures (FY)
Show Property Plant And Equipment By Type breakouts
Property Plant And Equipment 74 64 +15.6%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations 84 -96 +187.5%
Net Change in Cash -446 -784 +43.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 1,968 2,414 -18.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,968 1,766 +11.4%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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