BAXTER INTERNATIONAL INC

BAX 10-Q · Q2 2025

BAX Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 2,810 2,694 +4.3%
Show Product Lines breakouts
Advanced Surgery · Medical Products & Therapies 158 150 +5.3%
Advanced Surgery · Medical Products & Therapies 138 127 +8.7%
Advanced Surgery · Medical Products & Therapies 296 277 +6.9%
Care & Connectivity Solutions · Healthcare Systems & Technologies 341 332 +2.7%
Care & Connectivity Solutions · Healthcare Systems & Technologies 133 120 +10.8%
Care & Connectivity Solutions · Healthcare Systems & Technologies 474 452 +4.9%
Drug Compounding · Pharmaceuticals 280 261 +7.3%
Drug Compounding · Pharmaceuticals 280 261 +7.3%
Front Line Care · Healthcare Systems & Technologies 221 218 +1.4%
Front Line Care · Healthcare Systems & Technologies 72 78 -7.7%
Front Line Care · Healthcare Systems & Technologies 293 296 -1.0%
Infusion Therapies & Technologies · Medical Products & Therapies 554 579 -4.3%
Infusion Therapies & Technologies · Medical Products & Therapies 470 466 +0.9%
Infusion Therapies & Technologies · Medical Products & Therapies 1,024 1,045 -2.0%
Injectables & Anesthesia · Pharmaceuticals 187 197 -5.1%
Injectables & Anesthesia · Pharmaceuticals 145 144 +0.7%
Injectables & Anesthesia · Pharmaceuticals 332 341 -2.6%
Show Business Segments breakouts
Healthcare Systems & Technologies · Non Us 205 198 +3.5%
Healthcare Systems & Technologies · Operating Segments 767 748 +2.5%
Healthcare Systems & Technologies · US 562 550 +2.2%
Medical Products & Therapies · Non Us 608 593 +2.5%
Medical Products & Therapies · Operating Segments 1,320 1,322 -0.2%
Medical Products & Therapies · US 712 729 -2.3%
Pharmaceuticals · Non Us 425 405 +4.9%
Pharmaceuticals · Operating Segments 612 602 +1.7%
Pharmaceuticals · US 187 197 -5.1%
Show Geography breakouts
Emerging Markets 344 347 -0.9%
Non Us 1,274 1,202 +6.0%
Non Us · Corporate Non Segment 36 6 +500.0%
Rest of world 930 855 +8.8%
US 1,536 1,492 +2.9%
US · Corporate Non Segment 75 16 +368.8%
Show Consolidation Items breakouts
Corporate Non Segment 111 22 +404.5%
Cost of Revenue 1,819 1,663 +9.4%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 388 380 +2.1%
Medical Products & Therapies · Operating Segments 755 734 +2.9%
Pharmaceuticals · Operating Segments 428 407 +5.2%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Contract 2
Gross Profit 991 1,031 -3.9%
Research & Development 134 130 +3.1%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 49 46 +6.5%
Medical Products & Therapies · Operating Segments 63 55 +14.5%
Pharmaceuticals · Operating Segments 25 22 +13.6%
Selling, General & Administrative 718 723 -0.7%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 222 202 +9.9%
Medical Products & Therapies · Operating Segments 295 293 +0.7%
Pharmaceuticals · Operating Segments 106 98 +8.2%
Operating Income 191 179 +6.7%
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments 118 120 -1.7%
Medical Products & Therapies · Operating Segments 239 238 +0.4%
Pharmaceuticals · Operating Segments 64 75 -14.7%
Reportable Segment · Operating Segments 421 433 -2.8%
Interest Expense -14 -18 +22.2%
Other Non-Operating Income (Expense) (Q)
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 3 1 +200.0%
Income Before Taxes 133 117 +13.7%
Income Tax Expense (Benefit) 11 22 -50.0%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 1
Net Income 91 -314 +129.0%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 2
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income 2 1 +100.0%
Comprehensive Income 287 -420 +168.3%
EPS (Basic) 0.18 -0.62 +129.0%
EPS (Diluted) 0.18 -0.61 +129.5%
Wtd Avg Shares (Basic) 513 510 +0.6%
Wtd Avg Shares (Diluted) 514 511 +0.6%
Operating Lease Lease Income 87 82 +6.1%
Other Expenses (Q)
Show Business Segments breakouts
Healthcare Systems & Technologies · Operating Segments -10
Medical Products & Therapies · Operating Segments -32 2 -1700.0%
Pharmaceuticals · Operating Segments -11

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 1,686 1,574 +7.1%
Accounts Receivable 1,773 2,639 -32.8%
Inventory 2,384 2,985 -20.1%
Prepaid Expenses & Other Current Assets 906 874 +3.7%
Total Current Assets 6,749 8,593 -21.5%
Non-Current Assets
Property, Plant & Equipment 2,802 4,314 -35.0%
Goodwill 5,395 6,001 -10.1%
Show Business Segments breakouts
Healthcare Systems & Technologies 3,570 3,981 -10.3%
Medical Products & Therapies 1,254 1,204 +4.2%
Pharmaceuticals 571 547 +4.4%
Operating Lease Right-of-Use Assets 289 524 -44.8%
Other Non-Current Assets 861 1,139 -24.4%
Total Assets 21,046 26,312 -20.0%
Intangible Assets (Q)
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 2,404 2,640 -8.9%
Developed technology, including patents 922 1,355 -32.0%
Other Intangible Assets 20 18 +11.1%
Trade Names 817 891 -8.3%
Other Assets
Intangible Assets Net Excluding Goodwill 4,950 5,741 -13.8%
Current Liabilities
Short Term Borrowings 6
Long Term Debt And Capital Lease Obligations Current 2 2,468 -99.9%
Accounts Payable 995 1,251 -20.5%
Accrued Liabilities 1,936 2,412 -19.7%
Total Current Liabilities 2,939 6,131 -52.1%
Non-Current Liabilities
Operating Lease Liabilities 225 439 -48.7%
Other Non-Current Liabilities 1,097 1,598 -31.4%
Total Liabilities 13,753 18,604 -26.1%
Other Liabilities
Long Term Debt And Lease Obligation Excluding Current Maturities 9,492
Stockholders' Equity
Common Stock 683 683 0.0%
Treasury Stock Common Value -10,915 -11,104 +1.7%
Additional Paid In Capital Common Stock 6,328 6,353 -0.4%
Retained Earnings 14,970 15,539 -3.7%
Accumulated Other Comprehensive Income -3,746 -3,828 +2.1%
Total Stockholders' Equity 7,320 7,643 -4.2%
Minority Interest -27 65 -141.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 7,293 7,708 -5.4%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -480 -449 -6.9%
Accumulated Gain Loss Net Cash Flow Hedge Parent -111 -109 -1.8%
Accumulated Net Unrealized Investment Gain Loss 3 3 0.0%
Accumulated Other Comprehensive Income -3,746 -3,828 +2.1%
Accumulated Translation Adjustment -3,158 -3,273 +3.5%
Additional Paid In Capital 6,328 6,353 -0.4%
Common Stock 683 683 0.0%
Noncontrolling Interest -27 65 -141.5%
Parent 7,320 7,643 -4.2%
Retained Earnings 14,970 15,539 -3.7%
Treasury Stock Common -10,915 -11,104 +1.7%
Total Liabilities & Equity 21,046 26,312 -20.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Net Income 217 -272 +179.8%
Show Equity Components breakouts
Parent 217 -277 +178.3%
Retained Earnings 217 -277 +178.3%
Income Loss From Discontinued Operations Net Of Tax 31 -373 +108.3%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -14
Accumulated Translation Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -126
Show Disposal Group Classification breakouts
Discontinued Operations Disposed Of By Sale 31 -373 +108.3%
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest 186 101 +84.2%
Depreciation & Amortization 504 498 +1.2%
Deferred Income Taxes And Tax Credits -165 -92 -79.3%
Stock-Based Compensation 45 37 +21.6%
Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash -16 -16 0.0%
Other Asset Impairment Charges 24
Other Non-Cash Items 20 25 -20.0%
Change in Accounts Receivable -40 4 -1100.0%
Change in Inventory -279 -172 -62.2%
Change in Prepaid & Other Assets 10 -24 +141.7%
Change in Accounts Payable 21 -5 +520.0%
Increase Decrease In Accrued Expenses And Other Current Liabilities -151 -299 +49.5%
Other Operating Activities Cash Flow Statement -41 -27 -51.9%
Net Cash Provided By Used In Operating Activities Continuing Operations 118 30 +293.3%
Cash Provided By Used In Operating Activities Discontinued Operations -94 248 -137.9%
Net Cash from Operations 24 278 -91.4%
Investing Activities
Payments To Acquire Other Productive Assets -262 -180 -45.6%
Payments To Acquire Intangible Assets -9 -4 -125.0%
Other Investing Activities 32 8 +300.0%
Net Cash Provided By Used In Investing Activities Continuing Operations -239 -142 -68.3%
Cash Provided By Used In Investing Activities Discontinued Operations 3,389 -115 +3047.0%
Net Cash from Investing 3,150 -257 +1325.7%
Financing Activities
Debt Repayments -3,505 -824 -325.4%
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less -300
Payments Of Dividends Common Stock -174 -295 +41.0%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 16 52 -69.2%
Proceeds From Payments For Other Financing Activities -25 -9 -177.8%
Net Cash from Financing -3,988 -1,076 -270.6%
Supplemental
Unpaid Capital Expenditures (YTD)
Show Property Plant And Equipment By Type breakouts
Property Plant And Equipment 39 44 -11.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 88 -47 +287.2%
Net Change in Cash -726 -1,102 +34.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 1,688 2,096 -19.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,688 1,575 +7.2%

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

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