Baxter International (BAX) financials
Baxter International revenue and earnings by year
Baxter International's revenue was $11.2 billion in the fiscal year to December 31, 2025, up 5.7% from the year before. Net income was -$957 million, -8.5% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 1.1% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11.2 | 10.6 | 10.4 | 10.1 | 12.1 | 11.7 | 11.4 | 11.1 | 10.6 | 10.2 |
| Revenue growth | 5.7% | 2.7% | 3.0% | -17.2% | 4.1% | 2.7% | 2.4% | 4.9% | 4.1% | — |
| Gross profit | 3.4 | 4.0 | 4.2 | 3.5 | 4.7 | 4.6 | 4.8 | 4.8 | 4.5 | 4.1 |
| Gross margin | 30.1% | 37.5% | 40.1% | 35.3% | 38.9% | 39.3% | 41.9% | 42.9% | 42.3% | 40.5% |
| Operating income | -0.3 | 0.0 | 0.7 | -2.8 | 1.4 | 1.6 | 1.8 | 1.6 | 1.3 | 0.7 |
| Operating margin | -2.7% | 0.1% | 6.8% | -28.3% | 11.1% | 13.8% | 15.6% | 14.3% | 12.2% | 7.3% |
| Net income | -1.0 | -0.6 | 2.7 | -2.4 | 1.3 | 1.1 | 1.0 | 1.5 | 0.6 | 5.0 |
| Net margin | -8.5% | -6.1% | 25.6% | -24.2% | 10.6% | 9.4% | 8.8% | 13.9% | 5.7% | 48.9% |
| Diluted EPS | -$1.87 | -$1.27 | $5.22 | -$4.83 | $2.53 | $2.14 | $1.92 | $2.83 | $1.29 | $8.99 |
| Free cash flow | 0.3 | 0.6 | 1.3 | 0.6 | 1.5 | 1.2 | 1.4 | 1.4 | 1.1 | 0.9 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open BAX in Markets.
How Baxter International makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Medical Products & Therapies | $2.10B | 72.3% |
| Healthcare Systems & Technologies | $806M | 27.7% |
See also: BAX valuation and P/E history · BAX returns
No forecast, no recommendation. This page describes Baxter International from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.