Baxter International supplies hospitals and other healthcare providers with IV fluids, infusion equipment, injectable medicines, compounding services, surgical products, connected beds, monitoring and diagnostic technologies. It sold BioPharma Solutions in 2023 and Kidney Care in January 2025, while retaining manufacturing and transitional-service relationships with the divested businesses.
Loading the company summary…
A snapshot of what BAXTER INTERNATIONAL INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001628280-24-003932 | Feb 8, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001628280-25-007201 | Feb 21, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-007733 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Baxter has reduced acquisition-related debt through major disposals, but its smaller continuing business has not yet demonstrated a durable earnings recovery. In 2025, reported sales growth included new supply sales to the divested Kidney Care business, while impairments, tax charges and operating pressures produced a substantial GAAP loss. First-half 2026 cash conversion improved and second-quarter organic sales grew, but segment profitability remained pressured; a tariff-refund benefit also supported earnings. The Novum pump shipment hold, manufacturing costs, restricted pricing flexibility and substantial debt remain important constraints. August disclosures established further covenant relief and a larger, priced debt tender—not confirmed settlement or quantified additional borrowing capacity. The supplied evidence supports a business making operational and financing adjustments, rather than an already completed turnaround.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-08-18 · EX-99.2 · 2026-08-18
Baxter combines frequently purchased medical consumables and medicines with hospital equipment, software and services. IV fluids, administration sets, compounding and surgical products depend on treatment activity and purchasing contracts; beds, monitoring and connected-care installations also depend on hospital capital budgets and installation schedules. Most product revenue is recognized on delivery, usually with 30–90-day payment terms. Equipment bundled with consumables can generate recognized revenue before collection. Long-term contracts provide visibility but can restrict price increases when manufacturing, freight or tariff costs rise.
The 2025 annual report presented three segments. Beginning in second-quarter 2026, Pharmaceuticals and certain manufacturing sales moved into Medical Products & Therapies; Healthcare Systems & Technologies remained the other segment. Remaining Other sales are Vantive supply sales. Shared-cost allocation also changed. These reporting changes do not create revenue or profit, and current segment comparisons require recast figures rather than direct comparison with the annual report’s original segment margins.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-07-14
For the year ended December 31, 2025, continuing sales were $11.244 billion, up 6% reported but 3% on Baxter’s non-GAAP operational basis. Kidney Care manufacturing-and-supply sales contributed approximately three percentage points of reported growth. Advanced Surgery and international compounding provided genuine demand support, while infusion restrictions, weaker U.S. IV-fluid demand and specialty-injectable pricing competition offset progress. The GAAP operating loss was $308 million and the parent-attributable net loss was $957 million.
Impairments and tax charges explain much of the loss, but not all operating weakness. Gross margin declined even excluding management’s special items. Adjusted operating income improved partly through lower unallocated corporate costs and greater other operating income, primarily transitional-service billings. Moving indirect costs from SG&A into inventory also changed expense classification and timing. Consequently, lower SG&A ratios and improved adjusted consolidated profit should not be interpreted as broad segment-margin recovery.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-10
Continuing operating cash flow was $951 million in 2025, compared with $819 million in 2024, supported particularly by VAT collections. After $513 million of cash capital expenditure, the earnings release reported $438 million of continuing free cash flow. This is operating cash flow less capex, not GAAP profit. The completed Kidney Care sale ultimately produced approximately $3.2 billion after tax, used for legacy-debt repayment in 2025; those proceeds are not operating cash generation.
At June 30, 2026, Baxter held $2.150 billion of cash and equivalents and approximately $9.46 billion of debt and finance leases. Its undrawn $2.20 billion revolver provided only $1.41 billion of covenant-based drawable capacity. Baxter reported compliance, but capacity had declined from $1.79 billion at year-end. The November 2025 dividend reduction to $0.01 quarterly preserved cash; no first-half 2026 buybacks occurred. Neither unused authorization nor undrawn credit is cash.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-10 · 10-Q · 2026-06-30
The July 30, 2026 quarterly filing reported first-half continuing sales of $5.661 billion, up 4% reported and 2% organically. Second-quarter organic growth reached 5%, supported by compounding, surgery and hospital-equipment deliveries. However, first-half reportable-segment operating income declined, while lower special charges helped GAAP operating income rise. A $75 million tariff-refund benefit supported second-quarter earnings and included a $65 million receivable—not an additional refund or proof of full cash collection.
First-half continuing operating cash flow improved to $510 million, principally through working capital. Management raised 2026 guidance in July and reiterated it in August, but the outlook remains conditional. August 18 disclosures established a higher leverage-covenant ceiling for five quarters and priced a tender with a revised $600 million purchase-price cap. The supplied releases expected payment on August 20; they do not confirm completion. The Novum shipment hold remained unresolved in the latest quarterly evidence.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · EX-99.1 · 2026-08-18 · 8-K · 2026-08-18 · EX-99.2 · 2026-08-18
USD 11.244 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 11.244 bn | — |
Consolidated continuing-operation net sales; excludes Kidney Care and BioPharma Solutions discontinued operations.
Sources: 10-K · 2025-12-31
USD 10.636 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 10.636 bn | 2.7% |
| 2023 | USD 10.36 bn | — |
Consolidated continuing-operation net sales, retrospectively presented excluding discontinued operations.
Sources: 10-K · 2025-12-31
USD -957 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -957 m | Loss widened |
| 2024 | USD -649 m | Turned loss-making |
| 2023 | USD 2.656 bn | — |
Net income or loss from continuing and discontinued operations after noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 845 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing_and_discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 845 m | -17.1% |
| 2024 | USD 1.019 bn | -41.0% |
| 2023 | USD 1.726 bn | — |
Net operating cash flow including continuing and discontinued operations.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
