Company / R&D Expense
Baxter International R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$518.0M
FY2025
5-year range
$450.0M / $590.0M
FY2021-FY2025
Trend
-12.2%
vs FY2024
Sector context
#16 of 110
Health Care
What the data says
Baxter International's r&d expense of $518M is higher than 85% of companies in the Health Care sector (FY2025). R&D Expense has fluctuated over the past 10 years, ranging from $450M in FY2022 to $654M in FY2018.
Based on SEC 10-K filings.
$518M in FY2025 with a 5-year CAGR of -0.1%. Top quartile in the Health Care sector.
Remained stable around $518M over the past 2 years.
Health Care sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +4.8%
- 5-Year CAGR
- -0.1%
- 10-Year CAGR
- -
Sector benchmark
Top 15% in Health CareTop 15% of 110This company $518.0M Sector average $298.2M
▼
+73.7% above sector average
Key checks
Key Insights
- 5-year CAGR of -0.1%, indicating a declining trend.
- In FY2025, r&d expense decreased 12.2% year-over-year.
- Ranks #16 out of 110 companies in the Health Care sector.
- Peak r&d expense was recorded in FY2018.
Company context
Key Data Points
- Negative profit margin: -6.1%
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $518.0M | -12.2% |
| FY2024 | $590.0M | +13.9% |
| FY2023 | $518.0M | +15.1% |
| FY2022 | $450.0M | -15.3% |
| FY2021 | $531.0M | +1.9% |
| FY2020 | $521.0M | -15.3% |
| FY2019 | $615.0M | -6.0% |
| FY2018 | $654.0M | +6.3% |
| FY2017 | $615.0M | +0.8% |
| FY2016 | $610.0M | +1.2% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026