Company file · BAX

Baxter International

Baxter International's revenue rose 5.7% in FY2025, to $11.2B, and it posted a net loss of $957M (FY2024: net loss of $649M)

Revenue rose 5.7% to $11.2B in FY2025, from $10.6B in FY2024. It posted a net loss of $957M. United States was the largest region, at 54% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 12, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Nov 11, 2026

Key facts

Baxter International (NYSE: BAX) reported revenue of $11.2B for fiscal 2025, the year ended Dec 31, 2025, up 5.7% from fiscal 2024. Net income was −$957M, compared with −$649M. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $3.0B, up 5.0% from the same quarter a year earlier, and net income was $294M. The largest piece by region was United States, at 54% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$11.2BFY2025 · +5.7% vs FY2024

Net income−$957MFY2025 · vs −$649M in FY2024

Operating cash flow$845MFY2025 · −17.1% vs FY2024

Cash & equivalents$2.0Bat Sep 30, 2026 · +0.5% vs FY2025 end

Total debt$9.4BFY2025 end · −38.3% vs FY2024

Diluted shares513MFY2025 avg · +0.6% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 12, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By region, FY2025

LineAmountSharevs FY2024
United States$6.1B54%+4.6%
Non-US$5.1B46%+7.0%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: United States (54%) and Non-US (46%), as shares of total revenue. Total revenue was $11.2B.

By region: three-year mixShare of the total each fiscal year

FY2023

56%44%

FY2024

55%45%

FY2025

54%46%

United StatesNon-US

Source: 10-K FY2025

By segment, FY2025

Medical Products and Therapies$5.3B47%+1.8%

Healthcare Systems and Technologies$3.1B27%+4.1%

Pharmaceuticals$2.5B22%+3.4%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$3.0B Q3 2026

$2.8B Q3 2025

5.0% increase

Net income

$294M Q3 2026

−$46M Q3 2025

n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: Baxter International 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By region

United States

$1.6B Q3 2026

$1.5B Q3 2025

3.3% increase

Non-US

$1.4B Q3 2026

$1.3B Q3 2025

7.0% increase

Source: Baxter International 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

Cash & equivalents $2.0B at Sep 30, 2026, vs $2.0B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.1B vs $261M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 5.7% in FY2025 to $11.2B, from $10.6B a year earlier. 10-K, FY2025
Total debt fell 38.3% in FY2025 to $9.4B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $3.0B, up 5.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Non-US revenue grew 7.0% in FY2025 to $5.1B. 10-K, FY2025

The bear case

It reported a net loss of $957M in FY2025. 10-K, FY2025
Operating cash flow fell 17.1% in FY2025 to $845M. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Baxter International is in the health care equipment industry, part of the health care sector. The SEC files it under Surgical & Medical Instruments & Apparatus.

Baxter International reports 3 segments: Medical Products and Therapies, Healthcare Systems and Technologies and Pharmaceuticals.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the health care equipment industry. They are not a summary of Baxter International’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

RegulationApprovals, safety rules and government oversight shape what it can sell and how.
Pricing and reimbursementPayers, insurers and governments influence what it can charge.
CompetitionNew treatments, generics and rival products can take share.
LitigationProduct liability and other legal claims can lead to costs.
SupplyManufacturing and supplier problems can interrupt products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$10.4B	$10.6B	$11.2B
Net income	$2.7B	−$649M	−$957M
Operating cash flow	$1.7B	$1.0B	$845M
Cash & equivalents (year end)	$3.1B	$1.8B	$2.0B
Total debt (year end)	$13.9B	$15.3B	$9.4B
Diluted shares	508M	510M	513M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings plus long-term debt, at carrying value, including the part of long-term debt due within one year.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Mar 23, 2026	May 5, 2026
10-K	Feb 12, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Baxter International

How does Baxter International make money?

Baxter International's revenue was $11.2B in fiscal 2025. By region in FY2025: United States (54%) and Non-US (46%), as shares of total revenue. Total revenue was $11.2B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What was Baxter International's revenue in fiscal 2025?

$11.2B of revenue for the fiscal year ended Dec 31, 2025, up 5.7% from $10.6B in fiscal 2024. Fiscal 2023 was $10.4B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

Is Baxter International profitable?

Baxter International reported net income of −$957M for fiscal 2025, compared with −$649M from −$649M in fiscal 2024. That is a loss under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $294M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What did Baxter International report in its latest quarterly filing?

Revenue was $3.0B in the quarter ended Sep 30, 2026, up 5.0% from $2.8B a year earlier. Net income was $294M, compared with −$46M from −$46M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

What are the main risks Baxter International faces?

Baxter International's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the health care equipment industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.

Where do these Baxter International numbers come from?

From Baxter International's own SEC filings: the 10-K for fiscal 2025 (filed Feb 12, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Baxter International

Citadel Advisors: 222,747 shares, reported value $4.7M at Jun 30, 2026 (−82.8% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 17,347 shares, reported value $0.4M at Jun 30, 2026 (+8.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 10,082 shares, reported value $0.2M at Jun 30, 2026 (−99.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in BAX: The editor holds no position in Baxter International (BAX). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell BAX from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold BAX, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Baxter InternationalBAX	FY2025	$11.2B	+5.7%	−$957M
AbbottABT	FY2025	$44.3B	+5.7%	$6.5B
Intuitive SurgicalISRG	FY2025	$10.1B	+20.5%	$2.9B
MedtronicMDT	FY2026	$36.4B	+8.4%	$4.8B
StrykerSYK	FY2025	$25.1B	+11.2%	$3.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.