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Baxter International Inc.

BAX

Baxter International Inc. • NYSE
$18.74 ▼ -0.85% (-0.16)
Market Cap $9.63 B
52w High $37.74
52w Low $17.40
Dividend Yield 0.52%
P/E -26.77
Volume 3.72M
Outstanding Shares 514.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.835B ▲ $998M ▲ $-46M ▼ -1.623% ▼ $-0.089 ▼ $416M ▼
Q2-2025 $2.81B ▲ $939M ▲ $91M ▼ 3.238% ▼ $0.18 ▼ $462M ▲
Q1-2025 $2.625B ▼ $803M ▼ $126M ▲ 4.8% ▲ $0.25 ▲ $325M ▲
Q4-2024 $2.753B ▲ $1.394B ▲ $-512M ▼ -18.598% ▼ $-1 ▼ $-176M ▼
Q3-2024 $2.699B $878M $140M 5.187% $0.27 $299M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.726B ▲ $21.067B ▲ $13.853B ▲ $7.241B ▼
Q2-2025 $1.686B ▼ $21.046B ▼ $13.753B ▼ $7.32B ▲
Q1-2025 $2.294B ▲ $21.304B ▼ $14.25B ▼ $7.081B ▲
Q4-2024 $1.764B ▲ $25.782B ▼ $18.758B ▲ $6.964B ▼
Q3-2024 $1.42B $26.676B $18.734B $7.872B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15M ▼ $-24M ▼ $-3.5B ▼ $-81M ▲ $40M ▲ $-126M ▼
Q2-2025 $122M ▲ $217M ▲ $-115M ▼ $-762M ▲ $-608M ▼ $68M ▲
Q1-2025 $64M ▲ $-193M ▼ $3.265B ▲ $-3.226B ▼ $-118M ▼ $-315M ▼
Q4-2024 $-488M ▼ $488M ▲ $-205M ▼ $141M ▲ $334M ▲ $351M ▲
Q3-2024 $434M $253M $-164M $-146M $-16M $229M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Healthcare Systems and Technologies
Healthcare Systems and Technologies
 $780.00M ▲$700.00M ▼$770.00M ▲$770.00M ▲
Medical Products And Therapies
Medical Products And Therapies
 $1.31Bn ▲$1.26Bn ▼$1.32Bn ▲$1.33Bn ▲
Pharmaceuticals
Pharmaceuticals
 $640.00M ▲$580.00M ▼$610.00M ▲$630.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively steady over the past several years, but profits have been much more volatile. After a period of solid profitability, Baxter swung to a sizable loss, then briefly recovered to strong earnings, and has recently slipped back into loss-making territory. Margins have come under pressure compared with earlier years, suggesting challenges with costs, pricing, or mix. Overall, the top line looks stable, but the ability to turn sales into consistent profit remains a clear work-in-progress and a key area to watch.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been slimming down and paying back obligations, helped by asset sales, but that still carries a meaningful amount of debt. Total assets have declined as non-core businesses were sold, while debt has moved down from prior peaks but remains a central consideration. Equity has bounced around, reflecting the swings in profitability and restructuring. In simple terms, Baxter looks financially cleaner than a few years ago, yet still leveraged enough that balance sheet discipline will matter going forward.

Cash Flow

Cash Flow Despite earnings ups and downs, Baxter has continued to generate solid cash from its core operations each year. After a particularly strong year for cash generation, recent cash flow has eased but remains positive. Investment spending has been relatively steady and manageable, allowing the company to consistently produce free cash flow. This points to an underlying business that still converts a good portion of its activity into cash, even when reported profits look weak or noisy.

Competitive Edge

Competitive Edge Baxter holds a respectable but not unassailable position in medical products, focused heavily on hospital essentials and therapy systems. Its advantages come from a long-standing brand, deep relationships with hospitals, a broad product lineup, and a worldwide distribution footprint. Once Baxter’s systems and supplies are embedded in a hospital’s workflow, switching can be disruptive, which supports customer stickiness. However, it competes against very large and capable peers, and its moat is generally viewed as narrow—strong enough to support the franchise, but not so wide that it can ignore pricing pressure, innovation, or service quality.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of Baxter’s strategy during this transition. The company is pushing hard into ready-to-use injectable drugs aimed at improving safety and reducing workload for hospital staff, with a healthy pipeline of new launches planned over the next few years. At the same time, it is building a connected-care ecosystem around its devices, using cloud partnerships and digital platforms to improve data flow, automate workflows, and make therapies more precise. Platforms like Novum IQ and digital solutions for renal therapies illustrate a shift toward smarter, software-enabled products rather than just hardware and supplies. Execution and uptake of these offerings will heavily influence Baxter’s longer-term growth and margin potential.

Summary

Baxter is in the middle of a strategic reshaping: shedding non-core businesses, focusing on hospital solutions and connected care, and using proceeds to reduce debt. The core business still generates healthy cash, but profitability has been choppy, highlighting ongoing cost, mix, and restructuring challenges. Its competitive position is supported by reputation, scale, and integration into hospital systems, yet it operates in a tough, well‑defended industry. The company’s future story rests on whether it can turn its innovation pipeline—especially in ready-to-use drugs and connected devices—into steadier growth and more reliable earnings while continuing to strengthen its balance sheet.

NEWS

November 29, 2025 · 8:12 AM UTC

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Baxter International

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November 28, 2025 · 12:00 PM UTC

BAX INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that Baxter International, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

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November 28, 2025 · 11:22 AM UTC

Bragar Eagel & Squire, P.C. Reminds James Hardie and Baxter International Investors to Contact the Firm Regarding Their Rights

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November 28, 2025 · 8:57 AM UTC

BAX DEADLINE: ROSEN, A RANKED AND LEADING LAW FIRM, Encourages Baxter International Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - BAX

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November 28, 2025 · 8:20 AM UTC

Baxter International Inc. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights – BAX

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