Baxter International Stock BAX
Baxter International stock (BAX): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 07/2026, quarterly reporting. Stock analysis by NadirAlpha. Baxter International stock (BAX): listed on NYSE, index S&P 500. NadirAlpha has evaluated 44 original documents, cross-checked every figure automatically and linked each to its source; sources as of 07/2026. Revenue Q2 2026: USD 3 billion (+5% year on year). Latest reading: Net income turned positive, Guidance raised, Regulation, Revenue accelerating.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Baxter International Current Status
Where Baxter International stands after the report for Q2 2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
“Our second-quarter results exceeded expectations on both the top and bottom lines, driven by both operating performance and an additional benefit from a tariff refund that was not previously contemplated in our guidance. While we're encouraged by this steady progress and core operating momentum, we remain focused on the work ahead. Guided by the Baxter Growth and Performance System (GPS), we're focused on further stabilizing the business, strengthening the balance sheet and driving a culture of continuous improvement as we build a stronger, more resilient company.”
Baxter International Stock: Key Figures ($ million)
The core financial figures of Baxter International stock in three views: fiscal years up to FY2026, half-years and quarters up to Q2 2026, in $ million, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | OCF | Source |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 11,244 | -308 | 1,590 | -957 | -1.87 | 2.27 | 845 | 26 |
| FY2024 | 10,636 | 14 | 1,474 | -649 | -1.27 | 1.89~ | 1,019 | 19 |
| FY2023 | 10,360 | 707 | 1,797~ | 2,656 | 5.23 | 1.70 | 1,726 | 9 |
Quarters
| Period | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-07-30 | 2,960 | 217 | 421 | 126 | 0.24 | 0.54 | – | 2,150 | – | 30 |
| 2026-Q1* | 2026-04-30 | 2,701 | 66 | 297 | -15 | -0.03 | 0.37 | – | 2,017 | – | 28 |
| 2025-Q4* | 2026-02-12 | 2,974 | -729 | 352 | -1,128 | -2.20*≈ | -0.08~ | – | 1,966 | 7,508 | 127 |
| 2025-Q3* | 2025-10-30 | 2,835 | 172 | 423 | -46 | -0.09 | 0.00~ | – | 1,726 | – | 24 |
| 2025-Q2* | 2025-07-31 | 2,810 | 191 | 423 | 91 | 0.18 | -0.05~ | – | 1,686 | – | 22 |
| 2025-Q1* | 2025-05-01 | 2,625 | 58 | 392 | 126 | 0.25 | 0.07~ | – | 2,294 | – | 20 |
| 2024-Q4* | 2025-02-20 | 2,753 | -435 | 419 | -512 | -1.00 | 0.19~ | – | 1,764 | 10,736 | 18 |
| 2024-Q3* | 2024-11-08 | 2,699 | 155 | 391 | 140 | 0.27 | 0.31~ | – | 1,420 | 9,017~ | 15 |
| 2024-Q2* | 2024-08-06 | 2,694 | 179 | 357 | -314 | -0.61 | 0.68 | – | 1,574 | 8,862~ | 13 |
| 2024-Q1* | 2024-05-02 | 2,490 | 115 | 307 | 37 | 0.07 | 0.65 | – | 2,826 | 8,266~ | 11 |
| 2023-Q4* | 2024-02-08 | 2,729 | 304 | 468~ | 245 | 0.48 | 0.85 | – | 3,078 | 8,011 | 9 |
| 2023-Q3* | 2023-11-02 | 2,599 | 179 | 401 | 2,508 | 4.93 | 0.82 | 191 | 5,716 | 8,865 | 7 |
| 2023-Q2* | 2023-07-27 | 2,591 | -17 | 489 | -141 | -0.28 | 0.11~ | 195 | 1,722 | 12,833 | 5 |
| 2023-Q1* | 2023-04-27 | 2,441 | 129 | 439 | 44 | 0.09 | 0.59~ | 307 | 1,673 | 13,655 | 3 |
Baxter International Balance Sheet & Cash Flow ($ million)
NadirAlpha places cash, debt, operating cash flow and investments of Baxter International side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-02-12 | 1,966 | 9,474 | 7,508 | 981 | 845 | 513 | 332 | 26 |
| FY2024 | 2025-02-20 | 1,764 | 12,500 | 10,736 | 997 | 1,019 | 446 | 573 | 18 |
| FY2023 | 2024-02-08 | 3,078 | 11,089 | 8,011 | 984 | 1,726 | 432 | 1,294 | 9 |
Quarters
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-07-30 | 2,150 | – | – | 239 | 285 | – | – | 30 |
| 2026-Q1 | 2026-04-30 | 2,017 | – | – | 237 | 213 | – | – | 28 |
| 2025-Q4 | 2026-02-12 | 1,966 | 9,474 | 7,508 | 240 | 584 | – | – | 127 |
| 2025-Q3 | 2025-10-30 | 1,726 | – | – | 237 | 237 | – | – | 24 |
| 2025-Q2 | 2025-07-31 | 1,686 | – | – | 257 | 217 | – | – | 22 |
| 2025-Q1 | 2025-05-01 | 2,294 | – | – | 247 | -193 | – | – | 20 |
| 2024-Q4 | 2025-02-20 | 1,764 | 12,500 | 10,736 | 245 | 488 | – | – | 18 |
| 2024-Q3 | 2024-11-08 | 1,420 | 10,437~ | 9,017~ | 254 | 253 | – | – | 15 |
| 2024-Q2 | 2024-08-06 | 1,574 | 10,436~ | 8,862~ | 227 | 115 | – | – | 13 |
| 2024-Q1 | 2024-05-02 | 2,826 | 11,092~ | 8,266~ | 271 | 163 | – | – | 11 |
| 2023-Q4 | 2024-02-08 | 3,078 | 11,089 | 8,011 | 264 | 531 | – | – | 9 |
| 2023-Q3 | 2023-11-02 | 5,716 | 14,581 | 8,865 | 92 | 365 | 174 | 191 | 7 |
| 2023-Q2 | 2023-07-27 | 1,722 | 14,555 | 12,833 | 315 | 351 | 156 | 195 | 5 |
| 2023-Q1 | 2023-04-27 | 1,673 | 15,328 | 13,655 | 313 | 479 | 172 | 307 | 3 |
Baxter International Guidance Tracking (latest per metric/period · 23/50)
All forecasts (guidance) of the Baxter International management and their later outcome: per metric and period the most recent statement applies, the status is checked against the reported actuals. NadirAlpha methodology
Actuals: revenue in $m · EPS in $ per share · ratios in %
Direction: confirmedcutinitiatedraised Verdict: beatmisspending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-07-30 | EPS (non-GAAP) | 1.95–2.15 | – | 31 | ||
| FY2026 | 2026-07-30 | Reported sales growth from continuing operations | 3–4% | – | 31 | ||
| FY2026 | 2026-07-30 | Organic sales growth from continuing operations | 2–3% | – | 31 | ||
| FY2025 | 2025-10-30 | Revenue growth (YoY) | 4–5% | 5.7 | 24 | ||
| FY2025 | 2025-10-30 | Adjusted earnings from continuing operations | 2.35–2.4 | – | – | 24 | |
| FY2025 | 2025-10-30 | Operational sales growth | 1–2% | – | – | 24 | |
| FY2025 | 2025-07-31 | Sales growth from continuing operations | 6–7% | – | – | 22 | |
| FY2025 | 2025-07-31 | Adjusted earnings from continuing operations, before special items | 2.42–2.52 | – | – | 22 | |
| FY2025 | 2025-05-01 | EPS (non-GAAP) | 2.47–2.55 | 2.27 | 20 | ||
| FY2025 | 2025-05-01 | Sales growth from continuing operations (reported basis) | 7–8% | – | – | 20 | |
| FY2025 | 2025-05-01 | Sales growth from continuing operations (operational basis) | 4–5% | – | – | 20 | |
| FY2025 | 2024-11-08 | Operating margin | ~16.5% | -2.7 | 15 | ||
| 2025-Q4 | 2025-10-30 | Revenue growth (YoY) | ~2% | 8 | 24 | ||
| 2025-Q4 | 2025-10-30 | Adjusted earnings from continuing operations | 0.52–0.57 | – | – | 24 | |
| 2025-Q4 | 2025-10-30 | Operational sales growth | ~-2% | – | – | 24 | |
| 2025-Q3 | 2025-07-31 | Sales growth from continuing operations | 6–7% | – | – | 22 | |
| 2025-Q3 | 2025-07-31 | Operational sales growth | 3–4% | – | – | 22 | |
| 2025-Q3 | 2025-07-31 | Adjusted earnings from continuing operations, before special items | 0.58–0.62 | – | – | 22 | |
| 2025-Q2 | 2025-05-01 | Sales growth from continuing operations (reported basis) | 4–5% | – | – | 20 | |
| 2025-Q2 | 2025-05-01 | Sales growth from continuing operations (operational basis) | 1–2% | – | – | 20 | |
| 2025-Q2 | 2025-05-01 | Adjusted earnings from continuing operations, before special items | 0.59–0.63 | – | – | 20 | |
| 2025-Q1 | 2025-02-20 | Sales growth from continuing operations | 3–4% | – | – | 18 | |
| 2025-Q1 | 2025-02-20 | Adjusted earnings from continuing operations, before special items | 0.47–0.5 | – | – | 18 | |
| FY2024 | 2024-11-08 | EPS (non-GAAP) | 2.9–2.94 | – | – | 15 | |
| FY2024 | 2024-11-08 | Revenue growth (YoY) | 1–2% | 2.7 | 15 | ||
| FY2024 | 2024-08-06 | Tax rate | 5–10 | – | – | 13 | |
| 2024-Q4 | 2024-11-08 | Revenue | decline low single digits | 2,753 | – | 15 | |
| 2024-Q4 | 2024-11-08 | EPS (non-GAAP) | 0.77–0.81 | – | – | 15 | |
| 2024-Q3 | 2024-08-06 | Revenue growth (YoY) | 3–5% | – | – | – | 14 |
| 2024-Q3 | 2024-08-06 | Adjusted earnings, before special items | 0.77–0.79 | – | – | 14 | |
| 2024-Q2 | 2024-05-02 | EPS (non-GAAP) | 0.65–0.67 | 0.68 | 12 | ||
| 2024-Q2 | 2024-05-02 | Revenue growth (YoY) | 1–3% | – | – | 12 | |
| 2024-Q1 | 2024-02-08 | EPS (non-GAAP) | 0.59–0.62 | 0.65 | 10 | ||
| 2024-Q1 | 2024-02-08 | Revenue growth (YoY) | 1–2% | – | – | 10 | |
| FY2023 | 2023-11-02 | Adjusted earnings from continuing operations, before special items | 2.57–2.6 | – | – | 8 | |
| FY2023 | 2023-07-27 | EPS (non-GAAP) | 2.92–3 | 1.7 | 6 | ||
| FY2023 | 2023-07-27 | Sales growth from continuing operations | 1–2% | – | – | 8 | |
| FY2023 | 2023-04-27 | EPS (GAAP) | 1.16–1.31 | 5.23 | 4 | ||
| FY2023 | 2023-04-27 | Capex | expected to continue throughout much of 2023 | – | – | 3 | |
| FY2023 | 2023-04-27 | Sales growth (constant currency) | ~1% | – | – | 4 | |
| FY2023 | 2023-02-09 | Revenue growth (YoY) | 1–2% | – | – | 4 | |
| 2023-Q4 | 2023-11-02 | Adjusted earnings from continuing operations, before special items | 0.85–0.88 | – | – | 8 | |
| 2023-Q3 | 2023-07-27 | EPS (non-GAAP) | 0.78–0.8 | 0.82 | 6 | ||
| 2023-Q3 | 2023-07-27 | Sales growth from continuing operations | ~2% | – | – | 6 | |
| 2023-Q2 | 2023-04-27 | EPS (GAAP) | 0.18–0.2 | -0.28 | 4 | ||
| 2023-Q2 | 2023-04-27 | EPS (non-GAAP) | 0.59–0.61 | – | – | 4 | |
| 2023-Q2 | 2023-04-27 | Revenue growth (YoY) | 1–2% | -27.9 | – | 4 | |
| 2023-Q2 | 2023-04-27 | Sales growth (constant currency) | 2–3% | – | – | 4 | |
| 2023-Q1 | 2023-02-09 | EPS (non-GAAP) | 0.46–0.5 | – | – | 2 | |
| 2023-Q1 | 2023-02-09 | Revenue growth (YoY) | ~-3% | -31.4 | – | 2 |
Baxter International Stock: Price & Chart
Interactive price chart of Baxter International stock (TradingView) and the trend of key figures from the core tables; the chart loads only after a click and then connects to TradingView. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
Baxter International Event Timeline
This timeline collects the material events of Baxter International from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology
2026 · 10 events
Total net sales increased 5% on both reported and organic basis in Q2 2026 with growth across all segments and divisions 31
Baxter raised its full-year 2026 financial outlook for reported sales growth, organic sales growth, and adjusted diluted EPS 31
$75 million in tariff refunds recorded to cost of goods sold in Q2 2026 for probable receipt from first and second phases of International Trade Court process, providing a $0.11 per diluted share benefit 30
Net income turned positive for the first time after 3 negative periods (-15.0 to +USD 126.0 million). 30
“Financial results for the quarter overall were in line with our expectations, and we are making progress to stabilize the business, embed a culture of continuous improvement, and strengthen execution. Although more work remains to achieve our full potential, Baxter continues to take the decisive steps necessary to fulfill our commitment to delivering better and more consistent results for our shareholders. I want to thank our colleagues for their resilience, dedication and mission-driven focus to support the more than 350 million patients around the world who rely on us annually.”
Baxter initiated voluntary FDA Class I recalls for Novum IQ LVP and elected to temporarily stop distributing and installing the pump in the U.S. and Canada 28
Worldwide sales from continuing operations increased 3% reported but declined 1% organically; U.S. sales declined 4% on both reported and organic bases 29
Full-year 2026 organic sales growth guidance reiterated as approximately flat; adjusted EPS guidance of $1.85 to $2.05 confirmed 29
Baxter recorded $513 million in reserves for uncertain tax positions related to an IRS transfer pricing examination covering the 2019-2025 tax years 26
FDA reclassified Baxter's Claris Ahmedabad facility as VAI in October 2025 following a re-inspection, indicating acceptable compliance 26
Baxter reduced its quarterly dividend to $0.01 per share in November 2025 and committed to retaining an investment-grade rating with a net leverage target of approximately 3.0x by end of 2026 26
2025 · 13 events
“While we delivered sales growth across all segments, our fourth-quarter results did not meet our expectations, underscoring the importance of our focus on driving continuous improvement across the enterprise. We recently introduced a new operating model that is designed to simplify our organization, accelerate innovation and improve performance. These changes further decentralize the business and embed critical functional roles directly within each division, bringing us closer to our customers and ultimately helping us to improve our say-do ratio and execute more consistently. While the work ahead will take time, I'm encouraged by the dedication of our employees and remain confident in Baxter's long-term trajectory.”
Baxter recorded a $485 million goodwill impairment on the Front Line Care reporting unit and a $290 million impairment on the Welch Allyn trade name, contributing to a Q4 net loss of USD 1,128 million 26
Q4 net sales of USD 2,974 million increased 8% on a reported basis and 3% on an operational basis 27
Baxter initiated full-year 2026 guidance: reported sales growth flat to 1%, organic growth approximately flat, and adjusted EPS $1.85 to $2.05 27
Gross margin declined 4.3 percentage points in Q3 2025 excluding special items, driven by Kidney Care MSA impact, product mix, and unfavorable manufacturing variances 25
Q3 net sales of USD 2,835 million increased 5% reported and 2% operational; Advanced Surgery sales increased 13% and Drug Compounding increased 12% on a reported basis 24
Andrew Hider joined as president and CEO of Baxter and launched an enterprise-wide continuous improvement system 24
Voluntary correction for the Novum IQ Large Volume infusion pump initiated April 2025; FDA classified it as a Class I recall in May 2025; Baxter elected to temporarily halt U.S. and Canada distribution and installation 23
Q2 net income attributable to Baxter stockholders was USD 91 million versus a loss of $314 million in Q2 2024 23
Andrew Hider appointed president and CEO of Baxter, with responsibilities expected to begin September 3, 2025 22
“Our solid performance in the first quarter of 2025 reflects the ongoing impact of our transformation journey. Baxter today is a more focused and agile organization, well positioned to drive enhanced value for patients, healthcare providers, customers and shareholders through our reinvigorated emphasis on execution, innovation and profitable growth. While today's global macroeconomic factors are creating a greater degree of uncertainty in the market, we remain confident in our overarching trajectory. The benefits of our operating model in combination with our durable portfolio of medically essential products create a strong foundation to leverage our potential and pursue opportunities to help address our customers' most pressing needs in the pursuit of our life-sustaining Mission.”
Gross margin ratio fell to 32.8% from 38.6%; excluding special items, margin declined 1.6 percentage points due to Kidney Care MSA impact and higher shipping costs, with $98 million in Hurricane Helene charges driving the headline gap 21
Baxter completed the sale of Kidney Care to Carlyle Group for $3.80 billion on January 31, 2025, receiving approximately $3.71 billion pre-tax; Baxter repaid $3.13 billion of indebtedness in Q1 with net proceeds 21
Q1 net sales of USD 2,625 million increased 5% on both reported and operational basis, exceeding guidance; all three segments grew 20
Net income more than doubled YoY (37.0 to USD 126.0 million, +241%). 20
2024 · 14 events
Operating income more than halved YoY (707.0 to USD 14.0 million, -98%). 19
“Our 2024 performance and related strategic milestones reflect Baxter's growing momentum in our pursuit of enhanced value for patients, healthcare providers, customers and shareholders. In addition to delivering positive fourth-quarter and full-year results, the recently completed sale of our Kidney Care business concludes a range of transformative actions announced in early 2023. Today, as a streamlined, agile Baxter, we have new opportunities to redefine healthcare delivery and drive profitable growth. We're powered by fundamentals that remain core to our impact, including our diverse portfolio of medically essential products and our sustained emphasis on customer-inspired innovation.”
$425 million goodwill impairment recorded for the Front Line Care reporting unit within Healthcare Systems & Technologies segment plus $50 million IPR&D impairment drove a Q4 GAAP operating loss of USD 435 million 19
Sale of Kidney Care business to Carlyle Group completed January 31, 2025, generating approximately $3.4 billion in net after-tax proceeds, exceeding prior expectations of $3.15 to $3.25 billion 18
José E. Almeida retired from roles as Chair, President and CEO; Brent Shafer appointed chair and interim CEO with permanent CEO search underway 18
“Baxter delivered positive performance in the third quarter of 2024, as the company continues to execute against its strategic transformation.”
Hurricane Helene in September 2024 damaged the North Cove facility in Marion, North Carolina, disrupting IV solutions manufacturing; Q4 2024 net sales expected to be negatively impacted by approximately $200 million, with estimated $350 to $400 million in remediation and operational costs 16
Full-year 2024 guidance adjusted to reflect approximately $200 million negative impact from Hurricane Helene on Q4 sales 15
Kidney Care business classified as held-for-sale and discontinued operation in August 2024 following announcement of pending $3.80 billion sale to Carlyle Group, with close expected late 2024 or early 2025 15
Net income more than halved YoY (2,508.0 to USD 140.0 million, -94%). 15
“Baxter's strategic transformation continues to gain momentum and drive performance benefiting our broad range of stakeholders. In addition to delivering positive top-line and bottom-line results in Q2 2024, Baxter's portfolio of medically essential products continues to expand with the launch of leading-edge technologies and differentiated product presentations. We look forward to building on our positive trajectory and driving additional value for patients, healthcare providers, shareholders and our many other stakeholder communities.”
$430 million goodwill impairment recognized for the Chronic Therapies reporting unit within Kidney Care segment drove a Q2 GAAP net loss of USD 314 million 13
Q2 sales increased 3% reported and 4% at constant currency, exceeding guidance with constant currency growth across all four segments 14
Full-year 2024 sales guidance raised to approximately 3% on both reported and constant currency basis; full-year adjusted diluted EPS guidance raised to $2.93 to $3.01 14
“Baxter's results in the first quarter reflect the company's solid operational performance, fueled by the benefits being realized from our ongoing strategic transformation initiatives, including our new operating model structure, and continued strong execution across our integrated supply chain network. We are squarely focused on improving our operational execution and excited by the opportunities we are creating through recent innovation milestones. Our objective remains to accelerate performance and drive increased value for patients, healthcare providers and shareholders.”
Q1 sales increased 2% reported and 3% at constant currency, exceeding guidance; adjusted diluted EPS of 0.65 exceeded the guided range of $0.59 to $0.62 12
Gross margin ratio improved to 38.6% from 36.3% year-over-year, driven by pricing and manufacturing and supply chain cost reduction initiatives 11
U.S. FDA 510(k) clearance received for the Novum IQ large volume infusion pump with Dose IQ Safety Software, expected to favorably impact H2 2024 sales 12
2023 · 10 events
“Baxter's performance in 2023 reflects our building momentum as we executed upon several strategic initiatives designed to enhance our future performance, including the implementation of a new operating model, the sale of our BioPharma Solutions business and steady progress on the proposed separation of our Kidney Care segment. Results for the fourth quarter and full year reflect solid demand for a range of our medically essential products, as well as continued improvement in the macroeconomic and supply chain environment. We plan to build on this momentum in 2024 as our dedicated employees work to advance Baxter's ongoing business transformation and prepare for the proposed separation of our Kidney Care segment.”
Fourth-quarter sales from continuing operations increased 4% on a reported basis and 3% on a constant currency basis 10
FY2024 sales growth guided at approximately 2% on both reported and constant currency basis, with adjusted diluted EPS guidance of $2.85 to $2.95 10
“Baxter continues to successfully execute upon the slate of strategic actions we announced at the outset of 2023. These initiatives are centered on enhancing business performance and increasing innovation, to drive incremental value for all of our stakeholders. This progress is demonstrated across several actions this quarter, including the completion of the BioPharma Solutions divestiture, verticalization of our four business segments and solid third-quarter performance. These milestones are critical in building momentum on Baxter's ongoing transformation journey.”
Baxter completed the sale of its BioPharma Solutions business on September 29, 2023 for $3.96 billion in cash proceeds, recognizing a pre-tax gain of $2.89 billion 8
New operating model implemented in Q3 2023 with four verticalized business segments: Medical Products and Therapies, Healthcare Systems and Technologies, Pharmaceuticals, and Kidney Care, replacing the prior nine-business, three-geographic structure 8
Baxter received an FDA Warning Letter on July 25, 2023 for its Claris Ahmedabad facility following a January 2023 inspection classified as official action indicated 7
“Baxter's second-quarter performance reflects ongoing solid demand for our diverse, durable portfolio of medically essential products. We are making progress across the transformational actions we announced at the start of 2023. These initiatives are focused on enhancing strategic clarity, increasing market responsiveness and accelerating innovation, in an effort to drive greater value for our stakeholders.”
Net loss attributable to stockholders of USD 141 million in Q2 2023 versus net income of $252 million in Q2 2022, primarily due to special items of $476 million including business optimization charges and intangible asset amortization 5
Baxter entered a definitive agreement to sell its BioPharma Solutions business to Advent International and Warburg Pincus for $4.25 billion in cash, expected to close in H2 2023 5
“Baxter's performance in the first quarter reflects sustained demand for our medically essential products amid a stabilizing macroeconomic climate and healthcare marketplace. I am confident that the transformational actions announced earlier this year, and currently underway, will help us advance our performance, fueling enhanced agility, efficiency, and resilience as we navigate an evolving landscape. Our goal, as always, is to drive increasing impact and value for the patients, clinicians, investors and numerous other stakeholder communities that depend on us.”
Total net sales decreased 2% at actual currency rates in Q1 2023 versus Q1 2022, with foreign currency unfavorably impacting sales by 4 percentage points 3
Baxter announced a proposed spinoff of Kidney Care (Renal Care and Acute Therapies) into an independent publicly traded company by July 2024, pursued strategic alternatives for BioPharma Solutions, and launched a new operating model realigning ten businesses into four segments 3
Operating cash flow reached USD 479.0 million vs USD 208.0 million in 2022-Q1 (×2.3). 3
Baxter International Business Model
How Baxter International (BAX) makes its money, summarised from the filings up to Q2 2026, neutral and without forecast. NadirAlpha methodology
Baxter is a global medical products company that develops, manufactures, and markets products across two reportable segments: Medical Products & Therapies, which includes intravenous solutions, infusion systems, and surgical products, and Healthcare Systems & Technologies, which encompasses clinical care and connected care solutions. Baxter International serves hospitals, clinics, and healthcare providers worldwide, generating revenue primarily through the sale of medical devices, consumables, and related therapies. Baxter International completed the divestiture of its Kidney Care segment to Carlyle affiliates in January 2025, narrowing its portfolio to core medical products and healthcare technology businesses 30.
Baxter International Stock: Share-Price Drivers
The drivers of Baxter International stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology
Infusion Therapies & Platforms is the company's largest revenue line and its first-half revenue rose 4% year on year, while group net income recovered to USD 126 million in 2026-Q2 against a net loss of USD 15 million in the prior quarter (31, 131)
Baxter reported first-half Infusion Therapies & Platforms revenue up 4% year on year (31)
Baxter is advancing the Novum IQ large volume pump, with a planned Novum IQ LVP step (31), while the platform has been subject to repeated FDA Class I recalls and voluntary corrections through 2025 (25, 28)
Baxter's Advanced Surgery revenue grew 10% year on year in 2026-Q1, with new offerings such as the Hemopatch Sealing Hemostat (29, 20)
Baxter's Healthcare Systems & Technologies revenue declined 2% and Front Line Care declined 4% year on year in 2026-Q1 (29)
Baxter has pursued the spinoff of its Kidney Care operations into Vantive and continues to integrate the acquired Hillrom business (9, 30)
Baxter's adjusted operating income reached USD 421 million in 2026-Q2 against USD 297 million in 2026-Q1, and operating income turned positive at USD 217 million (131, 129)
Sector trend: Baxter's medical products demand is mixed, with infusion and surgery lines expanding while hospital capital-linked systems and front line care soften; segment margins remain modest, with Medical Products & Therapies at 14.5% and Healthcare Systems & Technologies at 9.4% in 2026-Q1 (29).
Baxter International Revenue by Type (as of 2026-Q2 · USD million · 10/26)
The segments of Baxter International in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Margin | Source |
|---|---|---|---|---|---|
| Period 2026-Q2 (6M) | |||||
| Infusion Therapies & Platforms | 2026-Q2 | 3,361 | 4% | – | 31 |
| Period 2026-Q1 (3M) | |||||
| Care & Connectivity Solutions | 2026-Q1 | 435 | 0% | – | 29 |
| Injectables & Anesthesia | 2026-Q1 | 301 | -13% | – | 29 |
| Infusion Therapies & Technologies | FY2024 | 981 | -5% | – | 29 |
| Drug Compounding | FY2024 | 320 | 20% | – | 29 |
| Medical Products & Therapies | 2024-Q3 | 1,285 | -2% | 14.5% | 29 |
| Healthcare Systems & Technologies | 2024-Q3 | 705 | -2% | 9.4% | 29 |
| Pharmaceuticals | 2023-Q1 | 621 | 1% | 7.4% | 29 |
| Advanced Surgery | 2023-Q1 | 304 | 10% | – | 29 |
| Front Line Care | 2023-Q1 | 270 | -4% | – | 29 |
| Period FY2024 (12M) | |||||
| Care and Connectivity Solutions | FY2024 | 1,814 | 1% | – | 19 |
| Injectables and Anesthesia | FY2024 | 1,373 | 2% | – | 19 |
| Period 2024-Q1 (3M) | |||||
| Medical Products and Therapies | 2023-Q2 | 1,229 | 6% | 18.5% | 12 |
| Kidney Care | 2023-Q2 | 1,102 | 3% | 14.4% | 12 |
| Healthcare Systems and Technologies | 2023-Q2 | 667 | -9% | 10% | 12 |
| Period 2023-Q1 (3M) | |||||
| Americas | 2023-Q1 | 1,602 | 1% | – | 4 |
| Renal Care | 2023-Q1 | 892 | 0% | – | 4 |
| Hillrom | 2023-Q1 | 731 | 3% | – | 4 |
| EMEA | 2023-Q1 | 714 | 2% | – | 4 |
| Medication Delivery | 2023-Q1 | 687 | 3% | – | 4 |
| APAC | 2023-Q1 | 602 | 4% | – | 4 |
| Patient Support Systems | 2023-Q1 | 348 | 9% | – | 4 |
| Clinical Nutrition | 2023-Q1 | 224 | 1% | – | 4 |
| Acute Therapies | 2023-Q1 | 180 | 4% | – | 4 |
| BioPharma Solutions | 2023-Q1 | 139 | 11% | – | 4 |
| Global Surgical Solutions | 2023-Q1 | 81 | 4% | – | 4 |
Baxter International Products & announcements (8/44 active+recent)
Product announcements of Baxter International from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology
Status: PlannedLaunchedStable
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| Novum IQ LVP | 2026-06 | 31 | |
| IV Verify Line Labeling System | 2026-03 | 29 | |
| Dynamo Series smart stretcher | 2026 | 27 | |
| 2025 | |||
| Baxter Growth and Performance system | 2025-10 | 30 | |
| Welch Allyn Connex 360 Vital Signs Monitor | 2025-09 | 24 | |
| Voalte Linq device powered by Scotty assistant | 2025-03 | 20 | |
| Hemopatch Sealing Hemostat with room temperature storage | 2025-03 | 20 | |
| Vizient Reserve Program expansion | 2025 | 22 | |
| 2024 | |||
| Vest Advanced Pulmonary Experience (APX) System launch | 2024-12 | 18 | |
| Clinolipid expanded indication approval for pediatric patients | 2024-12 | 18 | |
| 10 injectable pharmaceutical product launches | 2024-12 | 18 | |
| New injectable product launches planned for 2024 and beyond | 2024-09 | 15 | |
| Vasopressin in 0.9% Sodium Chloride Injection | 2024-03 | 12 | |
| Vancomycin Injection, USP in 5% Dextrose in new 1.25 g/250 mL and 1.5 g/300 mL strengths | 2024-03 | 12 | |
| Ropivacaine Hydrochloride Injection, USP in ready-to-use, single-dose infusion bag | 2024-03 | 12 | |
| Regadenoson Injection in a pre-filled syringe | 2024-03 | 12 | |
| Norepinephrine Bitartrate in 5% Dextrose Injection in new 16 mg/250 mL strength | 2024-03 | 12 | |
| Surgical sealants launch | 2024 | 19 | |
| Smart pump technology launch | 2024 | 19 | |
| Smart beds launch | 2024 | 19 | |
| Respiratory vests launch | 2024 | 19 | |
| Hospital pharmaceuticals and nutritionals launch | 2024 | 19 | |
| 2023 | |||
| iExaminer Pro System launch | 2023-09 | 8 | |
| SpotConnect EMR application launch | 2023-09 | 8 | |
| Completion of implementation of new operating model | 2023-09 | 21 | |
| Zosyn specialty injectable launch (3x) | 2023-04 | 11 | |
| ZOSYN premix | 2023-03 | 4 | |
| Novum IQ large volume pump (14x) | 2023-03 | 14 | |
| ExactaMix Pro | 2023-03 | 4 | |
| iExaminer Pro System for Welch Allyn PanOptic Plus Ophthalmoscope | 2023 | 10 | |
| ZOSYN (piperacillin and tazobactam) in Galaxy containers | 2023 | 10 | |
| Vancomycin in Australia | 2023 | 10 | |
| SpotConnect EMR application for Welch Allyn Spot Vision Screener | 2023 | 10 | |
| ReadyConnect System for Centrella Smart+ Bed | 2023 | 10 | |
| PERCLOT Absorbable Hemostatic Powder | 2023 | 10 | |
| Norepinephrine | 2023 | 19 | |
| Hillrom Progressa+ ICU bed (2x) | 2023 | 6 | |
| Foscarnet premix | 2023 | 10 | |
| Floseal + Recothrom | 2023 | 10 | |
| Daptomycin premix | 2023 | 10 | |
| Bendamustine | 2023 | 19 | |
| Baxter Patient Warming system | 2023 | 10 | |
| Undated | |||
| Hillrom Progressa+ global market launches | next 18 months | 6 | |
Baxter International Transactions & Events (25)
All recorded acquisitions, divestitures and exits of Baxter International, plus partnerships, contracts and regulatory events affecting the business, each with date and source. NadirAlpha methodology
Acquisitions by Baxter International
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Hill-Rom Holdings, Inc. acquisition | 2025-09 | Completed | 31 |
| Multicurrency Revolver amendment | 2025-06 | Completed | 26 |
| 2024 | |||
| Spinoff of Renal Care and Acute Therapies into Vantive (2x) | 2024-07 | Completed | 6 |
| Kidney Care spinoff (12x) | 2024 | Completed | 14 |
| 2023 | |||
| Zosyn acquisition (2x) | 2023-04 | Completed | 9 |
| 2022 | |||
| Zosyn acquisition from Pfizer subsidiary | 2022-03 | Completed | 19 |
| 2021 | |||
| Hillrom acquisition (2x) | 2021 | Completed | 30 |
Divestitures and exits by Baxter International
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Exit of IV Solutions in China | 2025-09 | Divested | 24 |
| Bridge facility termination | 2025-01 | Divested | 26 |
| 2023 | |||
| Sale of BioPharma Solutions business to Advent International and Warburg Pincus | 2023-12 | Divested | 5 |
| Kidney Care segment separation into standalone company Vantive | 2023-12 | Divested | 10 |
| Sale of BioPharma Solutions (BPS) business | 2023-09 | Divested | 26 |
| BioPharma Solutions divestiture | 2023-09 | Divested | 8 |
| BioPharma Solutions business sale | 2023-09 | Divested | 21 |
| BioPharma Solutions business divestiture to Advent International and Warburg Pincus | 2023-09 | Divested | 10 |
| BioPharma Solutions (BPS) business divestiture | 2023-09 | Divested | 13 |
| BPS business sale | 2023-09 | Divested | 19 |
| BPS business divestiture | 2023-09 | Divested | 19 |
| Sale or strategic alternatives for BioPharma Solutions product category | 2023-03 | Divested | 3 |
| Divestiture of BioPharma Solutions (BPS) | 2023 | Divested | 6 |
| Cease production of dialyzers at Opelika, Alabama facility | 2023 | Divested | 9 |
| 2022 | |||
| Legal entity rationalization and foreign subsidiary liquidation | 2022-12 | Divested | 9 |
Partnerships and contracts of Baxter International
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Partnership with Pet Partners to expand therapy animal programs | 2026-03 | Agreement | 29 |
| 2023 | |||
| miroliverELAP therapy collaboration | 2023-03 | Agreement | 4 |
| Collaborative research agreement with Miromatrix for acute liver failure treatment options | 2023 | Agreement | 10 |
Baxter International Risks (100 since the annual report of 2026-02-12, 266 tracked in total)
NadirAlpha lists 100 active risks of Baxter International from the filings, the category as a coloured dot with legend, the wording as a short summary of the filing with no assessment of our own. NadirAlpha methodology
Category: LegalFinancialMacroRegulatoryGeopoliticsSupply chainCompetitionPeopleCyberTechnologyMarketCustomersStrategy
| Risk | Category | Last reported |
|---|---|---|
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2026-07-30 (2026-Q2), source 31 | ||
| Company experienced and may continue field corrective actions on infusion pumps with warranty impacts. | = | |
| Company significant indebtedness constrains ability to pursue growth and R&D advancement. | = | |
| Changes in tax laws could expose company to additional income tax liabilities. | = | |
| Global economic conditions including inflation have adversely affected operations. | = | |
| Company may be subject to patent infringement claims or unable to protect proprietary rights. | = | |
| Continued consolidation in healthcare industry may lead to increased pricing pressures and market access constraints. | = | |
| Baxter International: first mention in 10-Q quarterly report of 2026-07-30 (2026-Q2), source 30 | ||
| Ongoing conflict in Iran may adversely impact global supply chain, operations and results. | = | |
| Class I FDA recalls for Novum LVP with ongoing corrections; timing of release of hold remains uncertain. | = | |
| May be unable to obtain sufficient components or raw materials on timely basis or cost-effective price. | = | |
| High inflation rates increased interest rates, shipping costs, labor costs; limited ability to pass cost increases to customers due to long-term contracts. | = | |
| Reduction or modification of reimbursement for current or future products could adversely affect business. | = | |
| Substantial competition in product markets; risk of declining demand and pricing pressures could adversely affect business. | = | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2026-02-12 (2025-Q4), source 27 | ||
| Portion of company workforce unionized; could face labor disruptions affecting operations. | 2026-Q2 2026-07-30 31 | |
| Baxter International: first mention in 10-K annual report of 2026-02-12 (FY2025), source 26 | ||
| Company exposed to risks from cyberbreaches, data leakage and information technology obsolescence. | 2026-Q2 2026-07-30 31 | |
| Expanding laws on privacy, AI and cybersecurity could expose company to increased liability. | 2026-Q2 2026-07-30 31 | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2025-10-30 (2025-Q3), source 24 | ||
| Company incurs ongoing compliance costs for EU medical device regulations on previously registered products. | 2026-Q2 2026-07-30 31 | |
| Company exposed to risks from incorporating AI and emerging technologies into products and operations. | 2026-Q2 2026-07-30 31 | |
| Baxter International: first mention in 10-Q quarterly report of 2025-08-05 (2025-Q2), source 23 | ||
| U.S. tariffs and trade policy changes including Section 122 duties and Section 301 tariffs impose material costs; additional tariffs proposed. | 2026-Q2 2026-07-30 30 | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2025-07-31 (2025-Q2), source 22 | ||
| Company may be unable to successfully introduce new products or keep pace with technological advances. | 2026-Q2 2026-07-30 31 | |
| Baxter International: first mention in 10-K annual report of 2025-02-21 (FY2024), source 19 | ||
| Party to number of pending lawsuits and other disputes which may adversely impact company. | 2026-Q2 2026-07-30 30 | |
| Substantial indebtedness requires significant cash flow for debt service; constrains ability to pursue growth strategies and advance R&D. | 2026-Q2 2026-07-30 30 | |
| Company exposed to risks from tariff changes and trade policy modifications. | 2026-Q2 2026-07-30 31 | |
| May be unable to successfully introduce or monetize new products or keep pace with changing preferences and technology advances. | 2026-Q2 2026-07-30 30 | |
| Baxter International: first mention in 10-Q quarterly report of 2024-11-12 (2024-Q3), source 16 | ||
| Inflation and macroeconomic factors caused certain customers to reduce or delay orders; could have material adverse impact on sales. | 2026-Q2 2026-07-30 30 | |
| Baxter International: first mention in 10-K annual report of 2024-02-08 (FY2023), source 9 | ||
| Future material impairments in value of goodwill, intangible assets and other long-lived assets would negatively affect operating results. | 2026-Q2 2026-07-30 30 | |
| Effects of climate change and related regulatory measures could adversely affect business and financial condition. | 2026-Q2 2026-07-30 31 | |
| Changes in foreign currency exchange rates have had and may have adverse effect on results, financial condition and cash flows. | 2026-Q2 2026-07-30 30 | |
| Substantial competition in product markets with risk of declining demand and pricing pressures. | 2026-Q2 2026-07-30 31 | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2023-11-02 (2023-Q3), source 8 | ||
| Company exposed to supply chain disruptions and constraints on components and raw materials. | 2026-Q2 2026-07-30 31 | |
| Portion of workforce is unionized; could face labor disruptions that would interfere with operations. | 2026-Q2 2026-07-30 30 | |
| Baxter International: first mention in 10-Q quarterly report of 2023-07-27 (2023-Q2), source 5 | ||
| Subject to laws and regulations globally; failure to comply with rapidly changing and divergent expectations could adversely impact. | 2026-Q2 2026-07-30 30 | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2026-04-30 (2026-Q1), source 29 | ||
| Higher costs related to tariffs and global economic conditions including inflation adversely affecting operations. | = | |
| Novum IQ Large Volume Pump shipment and installation hold impacting sales and potential future remediation costs. | = | |
| Continued consolidation in healthcare industry and customer pressure for price concessions. | = | |
| Changes in foreign currency exchange rates adversely affecting results; FX headwind of approximately 100 bps forecasted for FY2026. | = | |
| Risks associated with incorporating AI and emerging technologies; exposure to cybersecurity breaches and data leakage. | = | |
| Baxter International: first mention in 10-Q quarterly report of 2026-04-30 (2026-Q1), source 28 | ||
| Significant indebtedness requires substantial cash flow for debt service and constrains pursuit of growth and R&D strategies. | = | |
| Welch Allyn trade name intangible asset of $390 million being closely monitored for potential impairment. | = | |
| Novum LVP voluntary corrections classified as FDA Class I recalls; no meaningful sales expected while holds in effect. | = | |
| Under IRS examination for transfer pricing matters related to Costa Rica and Puerto Rico operations for 2019-2020 tax years. | = | |
| Recorded valuation allowance against U.S. deferred tax assets due to cumulative operating losses; expected to remain for at least 12 months. | = | |
| Adverse changes in foreign currency exchange rates increased costs of sourcing raw materials. | = | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2026-02-12 (2025-Q4), source 27 | ||
| Company experienced disruptions in supply chain; may be unable to obtain components | = | |
| Company experienced issues with quality management and product quality | = | |
| Significant indebtedness constrains ability to pursue growth and R&D strategies | = | |
| Risks associated with incorporating AI, machine learning and emerging technologies | = | |
| Baxter International: first mention in 10-K annual report of 2026-02-12 (FY2025), source 26 | ||
| Multicurrency Revolver credit facility contains maximum net leverage ratio covenant requiring compliance monitoring. | 2026-Q1 2026-04-30 28 | |
| Future material impairments in goodwill and intangible assets would negatively affect operating results. | = | |
| Recently decreased quarterly dividend to $0.01 per share and cannot guarantee future dividend increases. | = | |
| Significant indebtedness of $9.48 billion requires substantial cash flow for debt service and constrains growth and R&D investments. | = | |
| IRS examination for transfer pricing related to Costa Rica and Puerto Rico operations | = | |
| May not achieve anticipated benefits of significant transactions including Kidney Care sale and Hillrom acquisition. | = | |
| May experience manufacturing, sterilization, supply or distribution difficulties including from natural disasters. | = | |
| Leadership transitions including new CEO appointment create uncertainties in managing transitions and retaining key employees. | = | |
| May not successfully achieve expected operating efficiencies and benefits from restructuring initiatives. | = | |
| Exposed to risks from divestitures of Kidney Care and BPS businesses, Hillrom acquisition, and operating model implementation. | = | |
| Significant portion of U.S. hospital sales dependent on major contracts with GPOs and IDNs. | = | |
| Foreign exchange rate fluctuations impacting costs and international operations | = | |
| Significant indebtedness requires substantial cash flow for debt service. | = | |
| Operating results and financial condition have fluctuated and may continue to fluctuate quarter-to-quarter. | = | |
| May not achieve financial goals including net leverage targets and cost synergy targets. | = | |
| Common stock price has fluctuated significantly and may continue to do so. | = | |
| Risk of contract termination, suspension, or debarment from government programs | = | |
| Foreign currency exchange rate fluctuations and interest rate changes adversely affect financial results. | = | |
| Physical risks from weather events, supply chain disruptions, and increased costs | = | |
| Downward pricing pressure from public and private payers including Medicare and Medicaid | = | |
| Portion of workforce unionized with collective bargaining agreements expiring January 2027 and January 2029. | = | |
| If unable to protect or enforce patents or become subject to claims alleging infringement of others' IP rights. | = | |
| Complex and evolving data privacy, AI, and cybersecurity regulations globally | = | |
| Risk of fines, damages, or exclusion from federal or state healthcare programs. | = | |
| Reduction or modification in reimbursement for products could harm business. | = | |
| Risks associated with developing and integrating AI and machine learning technologies into products and services. | = | |
| Substantial competition in all markets with risk of declining demand and pricing pressures. | = | |
| Healthcare industry consolidation and governmental controls on pricing could lead to increased price concessions. | = | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2025-07-31 (2025-Q2), source 22 | ||
| Subject to rapidly changing regulatory expectations across jurisdictions. | FY2025 2026-02-12 26 | |
| Baxter International: first mention in 10-Q quarterly report of 2025-05-06 (2025-Q1), source 21 | ||
| Risks from incorporating AI and machine learning into products and operations. | FY2025 2026-02-12 26 | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2025-05-01 (2025-Q1), source 20 | ||
| Charges related to matters involving alleged injury from environmental exposure | = | |
| Baxter International: first mention in 10-K annual report of 2025-02-21 (FY2024), source 19 | ||
| Party to pending lawsuits and disputes which may adversely impact operations. | FY2025 2026-02-12 26 | |
| May incur additional tax expenses or become subject to additional tax liabilities. | FY2025 2026-02-12 26 | |
| Could be subject to fines, damages or exclusion from federal or state healthcare programs if compliance fails. | FY2025 2026-02-12 26 | |
| Baxter International: first mention in 10-Q quarterly report of 2024-08-06 (2024-Q2), source 13 | ||
| Potential changes in reimbursement, pricing policies, and healthcare regulations across markets. | 2026-Q1 2026-04-30 29 | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2024-05-02 (2024-Q1), source 12 | ||
| May be unable to obtain sufficient components or raw materials on timely basis or at cost-effective prices. | FY2025 2026-02-12 26 | |
| Risks from breaches affecting IT systems and protected information | 2025-Q4 2026-02-12 27 | |
| Baxter International: first mention in 10-Q quarterly report of 2024-05-02 (2024-Q1), source 11 | ||
| Claris Injectables facility in India previously had FDA Warning Letters; reclassified to VAI as of June 2025 inspection. | 2026-Q1 2026-04-30 28 | |
| Baxter International: first mention in 10-K annual report of 2024-02-08 (FY2023), source 9 | ||
| High inflation rates resulted in higher interest rates, shipping costs, labor costs; ability to pass cost increases to customers limited by long-term contracts. | 2026-Q1 2026-04-30 28 | |
| Fluctuations in interest rates could adversely impact earnings and cash flows. | FY2025 2026-02-12 26 | |
| Exposed to risks associated with doing business globally | 2025-Q4 2026-02-12 27 | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2023-11-02 (2023-Q3), source 8 | ||
| Global economic conditions including inflation adversely affecting operations. | FY2025 2026-02-12 26 | |
| Breaches and breakdowns in IT systems and data leakage risks. | FY2025 2026-02-12 26 | |
| Baxter International: first mention in 10-Q quarterly report of 2023-11-02 (2023-Q3), source 7 | ||
| Front Line Care reporting unit goodwill of $1.51 billion being monitored for further impairment risk due to adverse macroeconomic conditions. | 2026-Q1 2026-04-30 28 | |
| Goodwill impairment and product-related reserves from field corrective actions | 2025-Q4 2026-02-12 27 | |
| Baxter International: first mention in 10-Q quarterly report of 2023-07-27 (2023-Q2), source 5 | ||
| Novum LVP infusion pump recalls and voluntary corrections impacting sales | FY2025 2026-02-12 26 | |
| Segments significantly dependent on major contracts with GPOs and IDNs. | FY2025 2026-02-12 26 | |
| Global economic conditions including inflation adversely affecting operations | 2025-Q4 2026-02-12 27 | |
| Baxter International: first mention in 8-K-EX99.1 earnings release of 2023-04-27 (2023-Q1), source 4 | ||
| Unable to protect or enforce patents or subject to infringement claims. | FY2025 2026-02-12 26 | |
| Baxter International: first mention in 10-Q quarterly report of 2023-04-27 (2023-Q1), source 3 | ||
| Deterioration in credit ratings could reduce ability to draw on credit facilities. | FY2025 2026-02-12 26 | |
| Supply chain disruptions and inability to obtain components timely or cost-effectively. | FY2025 2026-02-12 26 | |
| Unionized workforce could face labor disruptions interfering with operations. | FY2025 2026-02-12 26 | |
| Numerous pending lawsuits and disputes that may result in significant liabilities | FY2025 2026-02-12 26 | |
| Changes to healthcare reform policies and reimbursement regulations | FY2025 2026-02-12 26 | |
Baxter International Reported KPIs (as disclosed) (330)
Figures Baxter International discloses itself in addition to the standard financials, such as order intake, recurring revenue or unit counts, as reported and with no calculation of our own. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Baxter International, published 2026-02-12, period FY2025 | ||
| turkey subsidiary net monetary assets | $38 million | 26 |
| trade name impairment Welch Allyn | $290 million | 26 |
| target net leverage | 3.0x | 26 |
| short-term debt repaid | $3.81 billion | 26 |
| senior notes repaid | 750 million | 26 |
| notes offering proceeds for indebtedness | 2.00 billion | 26 |
| multicurrency revolver capacity | $2.20 billion | 26 |
| multicurrency revolver available capacity | $1.79 billion | 26 |
| long-term tax liabilities | $146 million | 26 |
| long-term debt repaid | 2.28 billion | 26 |
| legacy indebtedness repaid | 3.81 billion | 26 |
| kidney care sale purchase price | 3.80 billion | 26 |
| kidney care pre-tax proceeds | 3.71 billion | 26 |
| kidney care net after-tax proceeds | 3.3 billion | 26 |
| Indefinite-lived intangible assets carrying amount | $497 million | 26 |
| Indebtedness outstanding | 9.48 billion | 26 |
| Front Line Care goodwill carrying amount | $1.52 billion | 26 |
| Foreign exchange contracts net liability Dec 31 | $1 million | 26 |
| Foreign exchange contracts net asset Dec 31 | $5 million | 26 |
| Deferred tax liabilities | $245 million | 26 |
| Debt repaid from senior notes | $2.00 billion | 26 |
| Commercial paper repaid | 514 million | 26 |
| Commercial paper outstanding Dec 31 | $300 million | 26 |
| Commercial paper outstanding | 0 | 26 |
| Cash proceeds Kidney Care sale | $3.3 billion | 26 |
| Cash and cash equivalents | $1.97 billion | 26 |
| Bridge facility repaid | $1.83 billion | 26 |
| BPS business sale cash proceeds | 3.96 billion | 26 |
| BPS business pretax gain | 2.88 billion | 26 |
| BPS business net tax gain | 2.59 billion | 26 |
| SG&A expense ratio | 25.7% | 26 |
| R&D expense ratio | 4.6% | 26 |
| Pharmaceuticals operating margin | 8.9% | 26 |
| Medical Products & Therapies operating margin | 18.3% | 26 |
| Healthcare Systems & Technologies operating margin | 14.4% | 26 |
| Gross margin ratio | 30.1% | 26 |
| Effective income tax rate | (78.2)% | 26 |
| Countries served | over 100 | 26 |
| Baxter International, published 2026-02-12, period 2025-Q4 | ||
| Operating cash flow - continuing operations | 951 | 27 |
| Capital expenditures - continuing operations | 513 | 27 |
| Baxter International, published 2025-11-04, period 2025-Q3 | ||
| SG&A ratio | 25.0% | 25 |
| SG&A ratio | 27.9% | 25 |
| SG&A ratio | 25.7% | 25 |
| SG&A ratio | 28.0% | 25 |
| Remaining share repurchase authorization | 1.30 billion | 25 |
| R&D ratio | 4.2% | 25 |
| R&D ratio | 4.8% | 25 |
| R&D ratio | 4.7% | 25 |
| R&D ratio | 4.8% | 25 |
| Pharmaceuticals operating margin | 8.9% | 25 |
| Pharmaceuticals operating margin | 9.9% | 25 |
| Pharmaceuticals operating margin | 10.0% | 25 |
| Pharmaceuticals operating margin | 11.9% | 25 |
| Outstanding shares | 645 million | 25 |
| Medical Products & Therapies operating margin | 20.5% | 25 |
| Medical Products & Therapies operating margin | 20.0% | 25 |
| Medical Products & Therapies operating margin | 19.3% | 25 |
| Medical Products & Therapies operating margin | 18.8% | 25 |
| Long-term debt and finance lease obligations | 9.50 billion | 25 |
| Healthcare Systems & Technologies operating margin | 13.5% | 25 |
| Healthcare Systems & Technologies operating margin | 18.1% | 25 |
| Healthcare Systems & Technologies operating margin | 14.0% | 25 |
| Healthcare Systems & Technologies operating margin | 14.9% | 25 |
| Gross margin ratio | 33.5% | 25 |
| Gross margin ratio | 38.3% | 25 |
| Gross margin ratio | 33.9% | 25 |
| Gross margin ratio | 38.4% | 25 |
| Effective tax rate | 142% | 25 |
| Effective tax rate | 12% | 25 |
| Effective tax rate | 46% | 25 |
| Effective tax rate | 30% | 25 |
| Cash and cash equivalents | 1.73 billion | 25 |
| Capital expenditures | 373 million | 25 |
| Capital expenditures | 314 million | 25 |
| Baxter International, published 2025-10-30, period 2025-Q3 | ||
| Free cash flow | -18 | 24 |
| Baxter International, published 2025-07-31, period 2025-Q2 | ||
| Adjusted gross margin | 40.7% | 22 |
| Baxter International, published 2025-05-06, period 2025-Q1 | ||
| Total special items - SG&A | 95 | 21 |
| Total special items - R&D | 2 | 21 |
| Total special items - Other Expense | 14 | 21 |
| Total special items - Income Tax | 127 | 21 |
| Total special items - Gross Margin | 237 | 21 |
| Total reportable segment operating income | 400 | 21 |
| Total operating income | 58 | 21 |
| Total net sales | 2,625 | 21 |
| Term loan repaid in February | 1,000 | 21 |
| Tax matters benefit | 43 | 21 |
| Tax effects of special items | 84 | 21 |
| Special items impact per diluted share continuing operations | -0.42 | 21 |
| Special items impact per diluted share | -0.37 | 21 |
| Special items impact on continuing operations income | -221 | 21 |
| Share repurchase program remaining authorization | 1,300 | 21 |
| Separation-related costs | 13 | 21 |
| Senior notes repaid in second quarter | 750 | 21 |
| SG&A ratio | 26.8% | 21 |
| SG&A expenses | 703 | 21 |
| Remaining available U.S. Dollar revolving credit facility | 2,000 | 21 |
| R&D ratio | 5.3% | 21 |
| R&D expenses | 140 | 21 |
| Product related items | 6 | 21 |
| Pre-tax cash proceeds from Kidney Care sale | 3,710 | 21 |
| Pharmaceuticals segment operating margin | 10.8% | 21 |
| Pharmaceuticals segment operating income | 63 | 21 |
| Pharmaceuticals net sales | 581 | 21 |
| Outstanding under U.S. Dollar-denominated term loan | 645 | 21 |
| Other sales | 78 | 21 |
| Net sales - United States | 1,490 | 21 |
| Net sales - Rest of world | 838 | 21 |
| Net sales - Emerging markets | 297 | 21 |
| Net monetary assets - Turkey subsidiary | 29 | 21 |
| Net income from continuing operations | 64 | 21 |
| Net after-tax proceeds from Kidney Care sale | 3,300 | 21 |
| Medical Products & Therapies segment operating margin | 19.3% | 21 |
| Medical Products & Therapies segment operating income | 244 | 21 |
| Medical Products & Therapies net sales | 1,262 | 21 |
| Loss from continuing operations before income taxes | -3 | 21 |
| Long-term debt repaid in fourth quarter | 2,280 | 21 |
| Long-term debt and finance lease obligations | 10,070 | 21 |
| Legal matters | 11 | 21 |
| Kidney Care business sale price | 3,800 | 21 |
| Investment impairments | 9 | 21 |
| Interest expense, net | 64 | 21 |
| Intangible asset amortization - Gross Margin | 104 | 21 |
| Injectables and Anesthesia | 335 | 21 |
| Infusion Therapies and Technologies | 994 | 21 |
| Income from discontinued operations, net of tax | 62 | 21 |
| Hurricane Helene costs | 98 | 21 |
| Healthcare Systems & Technologies segment operating margin | 13.2% | 21 |
| Healthcare Systems & Technologies segment operating income | 93 | 21 |
| Healthcare Systems & Technologies net sales | 704 | 21 |
| Gross margin ratio | 32.8% | 21 |
| Gross margin | 861 | 21 |
| Front Line Care | 277 | 21 |
| Foreign exchange contracts net pre-tax liability | 1 | 21 |
| European medical devices regulation | 5 | 21 |
| Euro-denominated revolving credit facility | 200 | 21 |
| Drug Compounding | 246 | 21 |
| Dividend payments | 87 | 21 |
| Diluted earnings per share from continuing operations | 0.13 | 21 |
| Diluted earnings per share | 0.25 | 21 |
| Debt repayments | 2,830 | 21 |
| Debt repaid with Kidney Care proceeds | 3,130 | 21 |
| Commercial paper repaid in fourth quarter | 514 | 21 |
| Commercial paper repaid in first quarter | 300 | 21 |
| Cash proceeds from BioPharma Solutions sale | 3,960 | 21 |
| Cash flows from operations - continuing operations | -99 | 21 |
| Cash flows from investing activities - continuing operations | -124 | 21 |
| Cash flows from financing activities | -3,226 | 21 |
| Cash and cash equivalents | 2,290 | 21 |
| Carrying amount of goodwill - Front Line Care | 1,990 | 21 |
| Care and Connectivity Solutions | 427 | 21 |
| Capital expenditures | 122 | 21 |
| Business optimization items - SG&A | 30 | 21 |
| Business optimization items - R&D | 2 | 21 |
| Business optimization items - Gross Margin | 13 | 21 |
| Bridge facility outstanding at December 31 | 1,830 | 21 |
| Bridge facility borrowing capacity | 2,050 | 21 |
| Available capacity to draw under credit facilities | 2,040 | 21 |
| Advanced Surgery | 268 | 21 |
| Acquisition and integration items - SG&A | 1 | 21 |
| Acquisition and integration items - Other Expense | 5 | 21 |
| Baxter International, published 2025-05-01, period 2025-Q1 | ||
| Operating cash flow - continuing operations | $(99) | 20 |
| Net Sales from continuing operations | $2.63 billion | 20 |
| Gross Margin | 32.8% | 20 |
| Capital expenditures - continuing operations | (122) | 20 |
| Adjusted Gross Margin | 41.8% | 20 |
| Baxter International, published 2025-02-21, period FY2024 | ||
| United States Sales | 5.85 billion | 19 |
| senior notes repaid | €750 million | 19 |
| R&D Expenses | 590 million | 19 |
| Principal Manufacturing Locations | approximately 40 | 19 |
| Operating Cash Flows from Continuing Operations | 819 million | 19 |
| Net Income (Loss) from Continuing Operations | -326 million | 19 |
| Net Income (Loss) Attributable to Baxter Stockholders | -649 million | 19 |
| Net Debt Paid Down | $3.65 billion | 19 |
| Manufacturing Locations | over 20 countries | 19 |
| long-term debt repaid | $2.28 billion | 19 |
| kidney care sale purchase price | $3.80 billion | 19 |
| Kidney Care Sale Pre-Tax Cash Proceeds | approximately $3.71 billion | 19 |
| Kidney Care Sale Net After-Tax Proceeds | approximately $3.4 billion | 19 |
| kidney care net after-tax proceeds | 3.4 billion | 19 |
| Kidney Care Debt Repayment | 3.13 billion | 19 |
| Kidney Care Cash Proceeds at Closing | 3.71 billion | 19 |
| IPR&D Impairment | $50 million | 19 |
| International Sales | 4.79 billion | 19 |
| Indebtedness Outstanding December 31 | approximately $13.13 billion | 19 |
| Hurricane Helene Adverse Impact on Sales | 110 million | 19 |
| Healthcare Systems & Technologies Segment Sales | 2.95 billion | 19 |
| Global Net Sales | 10.64 billion | 19 |
| Estimated Hurricane Helene Charges | 50 million | 19 |
| Diluted EPS from continuing operations | -0.64 | 19 |
| Diluted EPS | -1.27 | 19 |
| Debt paid down through February 21 | approximately $3.13 billion | 19 |
| Countries sold | over 100 countries | 19 |
| Commercial paper repaid | $514 million | 19 |
| Cash dividends paid | 590 million | 19 |
| Capital expenditures | 446 million | 19 |
| BPS business sale net gain | 2.59 billion | 19 |
| BPS business sale gain | 2.88 billion | 19 |
| BPS business sale cash proceeds | $3.96 billion | 19 |
| BPS business pre-tax gain | $2.88 billion | 19 |
| BPS business net-of-tax gain | $2.59 billion | 19 |
| Baxter International, published 2025-02-20, period 2024-Q4 | ||
| Operating cash flow from continuing operations | 819 | 18 |
| Free cash flow from continuing operations | 373 | 18 |
| Capital expenditures from continuing operations | 446 | 18 |
| Baxter International, published 2024-11-12, period 2024-Q3 | ||
| U.S. dollar revolving credit facility capacity | $2.00 billion | 16 |
| Term loan outstanding maturing | $1.64 billion | 16 |
| Term loan outstanding maturing | $130 | 16 |
| Share repurchase authorization remaining | $1.30 billion | 16 |
| Proceeds from sales of marketable securities | $34 | 16 |
| Long-term debt and finance lease obligations | $12.94 billion | 16 |
| Front Line Care goodwill carrying amount | $2.42 billion | 16 |
| Euro-denominated revolving credit facility capacity | €200 million | 16 |
| dividend payments | $443 | 16 |
| debt repayments | $827 | 16 |
| Cash and cash equivalents | $1.42 billion | 16 |
| capital expenditures | $340 | 16 |
| capital expenditures | $314 | 16 |
| bridge facility commitment | $2.05 billion | 16 |
| Baxter International, published 2024-11-08, period 2024-Q3 | ||
| Free cash flow - discontinued operations | $17 | 15 |
| Free cash flow - continuing operations | $62 | 15 |
| Free cash flow - Total Baxter | $79 | 15 |
| Cash flows from operations - discontinued operations | $155 | 15 |
| Cash flows from operations - continuing operations | $376 | 15 |
| Cash flows from operations - Total Baxter | $531 | 15 |
| Baxter International, published 2024-08-06, period 2024-Q2 | ||
| Remaining available share repurchase authorization | 1.30 billion | 13 |
| Operating income | ($5) | 14 |
| Operating income (loss) | ($192) | 14 |
| Net sales | $7,404 | 14 |
| Net sales | $3,812 | 14 |
| Net monetary assets in Turkey | 16 million | 13 |
| Long-term debt and finance lease obligations | 12.90 billion | 13 |
| Kidney Care segment percentage of consolidated net sales | 29% | 13 |
| Kidney Care segment net sales | 1.12 billion | 13 |
| Gross margin | 38.1% | 14 |
| Gross margin | 37.5% | 14 |
| Dividend payments | 295 | 13 |
| Cash and cash equivalents | 2.10 billion | 13 |
| Capital expenditures | 292 | 13 |
| BioPharma Solutions (BPS) sale proceeds | 3.96 billion | 13 |
| Baxter International, published 2024-05-02, period 2024-Q1 | ||
| USD revolving credit facility capacity | 2.50 billion | 11 |
| USD term loan maturing | 1.64 billion | 11 |
| USD term loan maturing | 130 million | 11 |
| Long-term debt and finance lease obligations | 13.73 billion | 11 |
| Kidney Care segment percentage of consolidated net sales | 31% | 11 |
| Kidney Care segment net sales | 1.10 billion | 11 |
| Free cash flow - continuing operations | -$13 | 12 |
| EUR revolving credit facility capacity | €200 million | 11 |
| Cash and cash equivalents | 3.03 billion | 11 |
| Baxter International, published 2024-02-08, period 2023-Q4 | ||
| OCF discontinued | $24 | 10 |
| OCF continuing | $1,702 | 10 |
| Capex discontinued | $27 | 10 |
| Capex continuing | $692 | 10 |
| Baxter International, published 2023-11-02, period 2023-Q3 | ||
| USD revolving credit facility capacity | $2.50 billion | 7 |
| Remaining share repurchase authorization | $1.30 billion | 7 |
| Kidney Care net sales as % of consolidated net sales | 30% | 7 |
| EUR revolving credit facility capacity | €200 million | 7 |
| Commercial paper borrowings | $514 million | 7 |
| BPS business sale proceeds | $3.96 billion | 7 |
| Baxter International, published 2023-07-27, period 2023-Q2 | ||
| USD revolving credit facility capacity | $2.50 billion | 5 |
| Turkey subsidiary net monetary assets | $21.6 million | 5 |
| SG&A ratio | 26.0% | 5 |
| SG&A as % of net sales | 26.0% | 6 |
| Renal Care and Acute Therapies % of consolidated net sales | approximately 30% | 5 |
| Renal Care and Acute Therapies net sales | $1.12 billion | 5 |
| R&D ratio | 4.5% | 5 |
| R&D as % of net sales | 4.5% | 6 |
| Outstanding commercial paper borrowings | $249 million | 5 |
| Operating margin (reported) | -0.5% | 6 |
| Operating margin (adjusted) | 13.2% | 6 |
| Gross margin ratio | 30.0% | 5 |
| Gross margin (reported) | 30.0% | 6 |
| Gross margin (adjusted) | 40.4% | 6 |
| Foreign exchange hedge asset balance | $7 million | 5 |
| Expected additional business optimization costs | approximately $20 million | 5 |
| EUR revolving credit facility capacity | €200 million | 5 |
| Effective income tax rate | (5.5)% | 5 |
| Dividend payments | $292 million | 5 |
| Debt repayments | $142 million | 5 |
| Cumulative business optimization costs since second half of | $1.86 billion | 5 |
| Capital expenditures | $328 million | 5 |
| Capacity to draw under credit facilities | approximately $2.63 billion | 5 |
| BPS business sale transaction value | $4.25 billion | 5 |
| BPS business sale net after-tax proceeds | approximately $3.40 billion | 5 |
| Available stock repurchase authorization | $1.30 billion | 5 |
| Baxter International, published 2023-04-27, period 2023-Q1 | ||
| US dollar revolving credit facility | $2.5 billion | 3 |
| turkey subsidiary net monetary assets | $29 million | 3 |
| Stock repurchase remaining authorization | $1.3 billion | 3 |
| Special items impact on net income | $253 million | 3 |
| Special items impact on diluted EPS | $0.50 | 3 |
| SG&A expenses ratio | 27.7% | 3 |
| Renal care net sales | $892 million | 3 |
| Renal care and acute therapies Q1 2023 net sales | $1.1 billion | 3 |
| Renal care and acute therapies percentage of consolidated net sales | 29% | 3 |
| R&D expenses ratio | 4.5% | 3 |
| pharmaceuticals net sales | $523 million | 3 |
| patient support systems net sales | $348 million | 3 |
| other net sales | $27 million | 3 |
| net income attributable to stockholders | $44 million | 3 |
| medication delivery net sales | $687 million | 3 |
| long term debt and finance lease | $16.4 billion | 3 |
| interest expense net | $117 million | 3 |
| Hillrom segment net sales | $731 million | 3 |
| Hillrom operating income | $158 million | 3 |
| gross margin ratio | 36.9% | 3 |
| global surgical solutions net sales | $81 million | 3 |
| front line care net sales | $302 million | 3 |
| foreign exchange sensitivity analysis | $61 million | 3 |
| euro revolving credit facility | €200 million | 3 |
| EMEA segment net sales | $714 million | 3 |
| EMEA operating income | $106 million | 3 |
| effective income tax rate | 35.7% | 3 |
| dividend payments | $146 million | 3 |
| diluted EPS | $0.09 | 3 |
| cumulative business optimization costs | $1.6 billion | 3 |
| commercial paper borrowings | $50 million | 3 |
| clinical nutrition net sales | $224 million | 3 |
| cash used for investing | $170 million | 3 |
| cash used for financing | $372 million | 3 |
| cash from operations | $479 million | 3 |
| Cash and cash equivalents | $1.7 billion | 3 |
| capital expenditures | $172 million | 3 |
| biopharm solutions Q1 2023 net sales | $139 million | 3 |
| biopharm solutions percentage of consolidated net sales | 4% | 3 |
| biopharm solutions net sales | $139 million | 3 |
| approximate drawdown capacity | $2.2 billion | 3 |
| APAC segment net sales | $602 million | 3 |
| APAC operating income | $107 million | 3 |
| Americas segment net sales | $1,602 million | 3 |
| Americas operating income | $481 million | 3 |
| advanced surgery net sales | $246 million | 3 |
| acute therapies net sales | $180 million | 3 |
Baxter International Development
How Baxter International has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2026: Baxter International
Baxter entered FY 2026 as a restructured medical products company after completing the sale of its Kidney Care segment to Carlyle Group affiliates in January 2025 for approximately $3.2 billion in after-tax cash proceeds 28. In the first quarter, worldwide sales from continuing operations increased 3% on a reported basis but declined 1% organically 29, as a voluntary shipment and installation hold on the Novum IQ LVP infusion pump in the U.S. and Canada, initiated following FDA Class I recalls, weighed on the Medical Products & Therapies segment; adjusted diluted EPS from continuing operations was $0.37 for the quarter 29. Standard & Poor's and Moody's each revised their outlooks from Stable to Negative during the first quarter 28. In the second quarter, net sales increased 5% on both a reported and organic basis with growth across all segments and divisions 31, and Baxter recorded a $75 million tariff refund to cost of goods sold 30; net income attributable to Baxter stockholders was $126 million, or $0.24 per diluted share, and the company raised its full-year 2026 financial outlook for reported sales growth, organic sales growth, and adjusted diluted EPS 31.
FY2025: Baxter International
Baxter reported full-year net sales of USD 11,244 million in fiscal 2025, with global net sales increasing 6% on a reported basis and 3% on an operational basis 26. The most significant structural event was the January 2025 divestiture of the Kidney Care business to Carlyle Group for $3.80 billion, generating approximately $3.3 billion in net after-tax proceeds that Baxter applied primarily to repay $3.81 billion of legacy indebtedness 26. Reported results were weighed by a $485 million goodwill impairment on the Front Line Care reporting unit, a $290 million impairment on the Welch Allyn trade name, and Class I recalls affecting the Novum LVP infusion pump, resulting in a full-year net loss of USD 957 million and a GAAP operating loss of USD 308 million 26. On an adjusted basis, full-year operating income was USD 1,590 million and adjusted diluted EPS was 2.27 127. Baxter ended fiscal 2025 with cash of USD 1,966 million and net debt of USD 7,508 million, and initiated full-year 2026 guidance of reported sales growth flat to 1% and adjusted EPS of $1.85 to $2.05 27.
FY2024: Baxter International
Baxter reported full-year 2024 net sales of USD 10,636 million from continuing operations, an increase of 3% on both reported and constant currency basis versus 2023, with Medical Products & Therapies net sales up 4%, Pharmaceuticals up 7%, and Healthcare Systems & Technologies down 2% 19. Baxter International recorded a full-year GAAP net loss attributable to stockholders of USD 649 million, as special items adversely impacted results by $2.13 billion or $4.17 per diluted share 19. The gross margin ratio declined to 37.5% in 2024 from 40.1% in 2023, impacted by unfavorable product mix 19. Hurricane Helene in September 2024 disrupted operations at the North Cove IV Solutions facility in Marion, North Carolina, causing approximately $110 million in adverse sales impact for the full year 19. The sale of the Kidney Care segment to Carlyle Group, announced in 2024 and classified as a discontinued operation, closed on January 31, 2025, generating approximately $3.4 billion in net after-tax proceeds and completing a major portfolio reshaping for Baxter that also included the 2023 divestiture of BioPharma Solutions 18.
FY2023: Baxter International
Baxter reported net sales from continuing operations of USD 10,360 million for fiscal 2023, with full-year adjusted diluted EPS of 1.70 and operating cash flow from continuing operations of USD 1,726 million 118. Net income attributable to stockholders totaled USD 2,656 million, or 5.23 per diluted share, substantially elevated by a $2.88 billion pre-tax gain on the sale of the BioPharma Solutions business, which closed on September 29, 2023 for $3.96 billion in cash proceeds 9. Baxter reorganized its operations in Q3 2023 into four business segments (Medical Products and Therapies, Healthcare Systems and Technologies, Pharmaceuticals, and Kidney Care) and advanced the planned spinoff of Kidney Care into an independent publicly traded company to be named Vantive, targeting completion by July 2024 or earlier 9. Baxter International applied BPS sale proceeds to repay $2.80 billion of debt during 2023, reducing net debt to USD 8,011 million by year-end, with a stated target of 2.75x net leverage by 2025 9.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Op. income (adj.): Adjusted operating income, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
All original documents NadirAlpha used for this report on Baxter International stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology
Older sources (+13)
| # | Document type | Published |
|---|---|---|
| #203 | 8-K current report | 2016-05-06 |
| #201 | 10-Q quarterly report | 2016-08-04 |
| #204 | 10-K annual report | 2017-02-23 |
| #202 | 10-Q quarterly report | 2017-08-07 |
| #205 | 10-K annual report | 2018-05-09 |
| #207 | 8-K current report | 2019-05-08 |
| #206 | 10-Q quarterly report | 2019-07-30 |
| #210 | 10-K annual report | 2020-03-17 |
| #208 | 10-Q quarterly report | 2020-07-30 |
| #209 | 10-Q quarterly report | 2020-10-29 |
| #211 | 10-Q quarterly report | 2021-04-29 |
| #212 | 10-Q quarterly report | 2021-07-29 |
| #213 | 10-Q quarterly report | 2021-10-28 |
Baxter International Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including EPS (non-GAAP). The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Does Baxter International pay a dividend?
The filings report on the dividend; most recent entry: dividends paid 87 (in millions) (2025-Q1) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of Baxter International?
NadirAlpha links all 44 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.