BAXTER INTERNATIONAL INC (BAX)
As-reported financials and SEC filings for BAXTER INTERNATIONAL INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About BAXTER INTERNATIONAL INC
Baxter International Inc. provides a wide range of healthcare products including sterile intravenous solutions, infusion systems, parenteral nutrition therapies, inhaled anesthetics, generic injectable pharmaceuticals, surgical hemostats, advanced surgical equipment, smart bed systems, patient monitoring technologies, and respiratory devices. These products serve hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors’ offices, kidney dialysis centers, and patients at home under physician supervision. The company operates globally, manufacturing in over 20 countries and selling in more than 100 countries.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Baxter International
- Revenue grew 5.7% to $11.2B in FY2025, faster than the 2.7% the year before.
- Operating margin is now a 2.7% loss in FY2025, from 11.1% in FY2021.
- Most recent quarter Q2 FY2026: revenue $3.0B, up 5.3% from Q2 FY2025.
- Free cash flow was $332M in FY2025, 3.0% of revenue.
- Net loss widened to $957M in FY2025, from $649M in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Baxter International’s fundamentals sit among the 88 medical device companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Baxter International’s gross margin of 30.1% ranks in the 8th percentile of the 77 medical device companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 3 of the superinvestors we track (plus 4 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| Dodge & Cox | Q2 2026 | $1.24B | 58.4M | Added |
| AQR Capital Managementquant | Q2 2026 | $41.3M | 1.9M | Added |
| Gotham Asset Management | Q2 2026 | $18.4M | 862.1K | Added |
| Citadel Advisorsquant | Q2 2026 | $4.7M | 222.7K | Reduced |
| Bridgewater Associates | Q2 2026 | $369,838 | 17.3K | Added |
| D. E. Shawquant | Q2 2026 | $338,391 | 15.9K | Added |
| Millennium Managementquant | Q2 2026 | $214,948 | 10.1K | Reduced |
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 23.9M | -26.8% | 3.01 |
| 2026-07-31 | 32.7M | -11.3% | 4.34 |
| 2026-07-15 | 36.8M | -4.5% | 6.52 |
| 2026-06-30 | 38.6M | -7.4% | 5.47 |
| 2026-06-15 | 41.7M | -1.8% | 6.00 |
| 2026-05-29 | 42.4M | +5.1% | 6.15 |
| 2026-05-15 | 40.4M | +15.0% | 5.60 |
| 2026-04-30 | 35.1M | -6.5% | 3.99 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $11.24B | $10.64B | $10.36B | $10.06B | $12.15B |
| Gross profit | $3.38B | $3.98B | $4.15B | $3.55B | $4.72B |
| Operating income | $-308.0M | $14.0M | $707.0M | $-2.85B | $1.35B |
| Net income | $-957.0M | $-649.0M | $2.66B | $-2.43B | $1.28B |
| Diluted EPS | $-1.87 | $-1.27 | $5.23 | $-4.83 | $2.53 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $1.97B | $1.76B | $3.08B | $1.62B | $2.95B |
| Current assets | $6.87B | $8.85B | $9.60B | $8.01B | $8.87B |
| Total assets | $20.05B | $25.78B | $28.28B | $28.29B | $33.52B |
| Current liabilities | $2.97B | $6.51B | $6.50B | $4.75B | $4.24B |
| Long-term debt | $9.47B | $10.37B | $11.09B | $15.23B | $17.15B |
| Total liabilities | $13.95B | $18.76B | $19.81B | $22.39B | $24.40B |
| Total equity | $6.10B | $7.02B | $8.47B | $5.89B | $9.12B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $845.0M | $1.02B | $1.73B | $1.21B | $2.22B |
| Capital expenditure | $513.0M | $446.0M | $432.0M | $377.0M | $691.0M |
| Free cash flow | $332.0M | $573.0M | $1.29B | $834.0M | $1.53B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $2.96B | 5.3% | $126.0M | $0.24 |
| Q1 FY2026 | $2.70B | 2.9% | $-15.0M | $-0.03 |
| Q4 FY2025 | $2.97B | 8.0% | $-1.13B | $-2.21 |
| Q3 FY2025 | $2.83B | 5.0% | $-46.0M | $-0.09 |
| Q2 FY2025 | $2.81B | 4.3% | $91.0M | $0.18 |
| Q1 FY2025 | $2.63B | 5.4% | $126.0M | $0.25 |
| Q4 FY2024 | $2.75B | 1.0% | $-512.0M | $-1.01 |
| Q3 FY2024 | $2.70B | 3.8% | $140.0M | $0.27 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest medical device peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.