BAX Financials Baxter International

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 45 d ago Overview →

Growth & profitability

Revenue has declined 0.7% per year over the past 5 years.
Operating margin has contracted, at -2.7% in the latest year.
Free cash flow has declined 22.1% per year over the past 5 years.

Financial health

Total debt ($9.4B) exceeds cash ($2.0B); net debt is $7.5B.
Total debt has grown faster than revenue (8.7% vs -0.7% per year).
Operating income covered interest expense -1.1× in the latest year, down from 11× 5 years ago.
Total debt is 14× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 104.8% of free cash flow.
The dividend has declined 6.0% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$11.2B	-$957M	30.1%	-2.7%	-15.6%	-4.8%	$332M	$9.4B	$2.0B
2024	$10.6B	-$649M	37.5%	0.1%	-9.3%	-2.5%	$573M	$15.3B	$1.8B
2023	$10.4B	$2.7B	40.1%	6.8%	31.6%	9.4%	$1.3B	$13.9B	$3.1B
2022	$10.1B	-$2.4B	35.3%	-28.3%	-41.7%	-8.6%	$834M	$17.0B	$1.6B
2021	$12.1B	$1.3B	38.9%	11.1%	14.1%	3.8%	$1.5B	$18.1B	$3.0B
2020	$11.7B	$1.1B	39.3%	13.8%	12.7%	5.5%	$1.2B	$6.2B	$3.7B
2019	$11.4B	$1.0B	41.9%	15.6%	12.7%	5.5%	$1.4B	—	$3.3B
2018	$11.1B	$1.5B	42.9%	14.3%	19.7%	9.8%	$1.4B	—	$1.8B
2017	$10.6B	$602M	42.3%	12.2%	6.6%	3.5%	$1.1B	—	$3.4B
2016	$10.2B	$5.0B	40.5%	7.3%	59.9%	31.9%	$935M	—	$2.8B
2015	—	$968M	—	—	10.9%	4.6%	$860M	—	$2.2B
2014	—	$2.5B	—	—	30.8%	9.6%	$2.3B	—	$2.9B
2013	—	$2.0B	—	—	23.8%	8.0%	$2.5B	—	$2.7B
2012	—	$2.3B	—	—	33.5%	11.4%	$1.9B	—	$3.3B
2011	—	$2.2B	—	—	33.8%	11.7%	$1.9B	—	$2.9B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$3.0B	$126M	34.9%	7.3%	2.0%	0.6%	—	—	$2.1B
Mar '26	$2.7B	-$15M	33.0%	2.4%	-0.2%	-0.1%	—	—	$2.0B
Dec '25	$3.0B	-$1.1B	19.4%	-24.5%	-18.4%	-5.6%	—	$9.4B	$2.0B
Sep '25	$2.8B	-$46M	33.5%	6.1%	-0.6%	-0.2%	—	—	$1.7B
Jun '25	$2.8B	$91M	35.3%	6.8%	1.2%	0.4%	—	—	$1.7B
Mar '25	$2.6B	$126M	32.8%	2.2%	1.8%	0.6%	—	—	$2.3B
Dec '24	$2.8B	-$512M	34.8%	-15.8%	-7.4%	-2.0%	—	$15.3B	$1.8B
Sep '24	$2.7B	$140M	38.3%	5.7%	1.8%	0.5%	—	—	$1.4B
Jun '24	$2.7B	-$314M	38.3%	6.6%	-4.1%	-1.2%	—	—	$1.6B
Mar '24	$2.5B	$37M	38.6%	4.6%	0.5%	0.1%	—	—	$2.8B
Dec '23	$2.7B	$245M	40.3%	11.1%	2.9%	0.9%	$341M	$13.9B	$3.1B
Sep '23	$2.6B	$2.5B	40.6%	6.9%	31.0%	8.2%	$191M	—	$5.7B
Jun '23	$2.6B	-$141M	39.8%	-0.7%	-2.5%	-0.5%	$195M	—	$1.7B
Mar '23	$3.5B	$44M	36.3%	3.7%	0.7%	0.2%	$307M	—	$1.7B
Dec '22	$3.7B	$181M	37.1%	7.7%	3.1%	0.6%	$257M	$17.0B	$1.6B
Sep '22	$3.6B	-$2.9B	29.0%	-79.8%	-53.1%	-10.5%	$129M	—	$1.6B
Jun '22	$3.6B	$252M	38.1%	7.3%	2.8%	0.8%	$137M	—	$1.9B
Mar '22	$3.7B	$71M	36.4%	4.4%	0.8%	0.2%	$68M	—	$2.3B
Dec '21	$3.5B	$238M	40.0%	10.9%	2.6%	0.7%	$458M	$18.1B	$3.0B
Sep '21	$3.2B	$450M	40.9%	15.9%	5.1%	2.3%	$496M	—	$3.3B

Valuation over time

How the market has priced BAX against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 7.5× (Jan '24) to 6.6× (Nov '24).
The price-to-sales ratio has fallen from 2.1× (Mar '23) to 1.2× (Sep '26).
The dividend yield has fallen from 2.7% (Mar '23) to 2.6% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is BAX growing its revenue and profit?

Over the past 5 years, Baxter International's revenue has declined 0.7% per year. These are computed facts, not advice.

How much debt does BAX have?

As of FY2025, Baxter International reported $9.4B of total debt against $2.0B of cash; operating income covered interest expense -1.1×.

What is BAX's profit margin?

In FY2025, gross margin was 30.1%, operating margin -2.7%, and net margin -8.5%.

What is BAX's P/E ratio?

As of Sep '26, Baxter International traded at a price-to-earnings ratio of about 6.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.