Baxter International Inc. (BAX) quarterly cash flow statement — complete operating, investing & financing history
Baxter International Inc. (BAX) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Cash from Operations | 558M | 285M | 213M | 584M | 237M | 217M | -193M | 488M | 253M | 115M | 163M | 531M | 365M | 351M | 479M | 439M | 290M | 274M | 208M | 693M |
| Operating CF Margin % | 18.75% | 9.63% | 7.89% | 19.64% | 8.36% | 7.72% | -7.35% | 17.73% | 9.37% | 4.27% | 6.55% | 13.67% | 14.04% | 9.47% | 13.64% | 11.29% | 8.04% | 7.62% | 5.61% | 19.72% |
| Operating CF Growth % | 135.44% | 31.34% | 210.36% | 19.67% | -6.32% | 88.7% | -218.4% | -8.1% | -30.68% | -67.24% | -65.97% | 20.96% | 25.86% | 28.1% | 130.29% | -36.65% | -57.04% | -42.56% | -44.83% | -2.67% |
| Net Income | 294M | 126M | -15M | -1.03B | -51M | 122M | 64M | -488M | 61M | -278M | 6M | 73M | 155M | -193M | 0 | 185M | -2.99B | 120M | 73M | 242M |
| Depreciation & Amortization | 239M | 239M | 237M | 240M | 237M | 257M | 247M | 245M | 254M | 352M | 271M | 324M | 92M | 315M | 313M | 334M | 331M | 343M | 380M | 245M |
| Stock-Based Compensation | 30M | 33M | 10M | 37M | 35M | 35M | 10M | 39M | 38M | 36M | 17M | 30M | 28M | 37M | 25M | 32M | 45M | 45M | 32M | 53M |
| Deferred Taxes | -34M | -34M | 29M | 192M | 50M | -23M | -142M | -126M | -44M | -77M | -58M | 98M | -83M | -95M | -61M | -51M | -80M | -54M | -55M | -48M |
| Other Non-Cash Items | -209M | 134M | 7M | 750M | -6M | 8M | -74M | 536M | -61M | 360M | 94M | -39M | 68M | 324M | 20M | 80M | 3.32B | 98M | 2M | 75M |
| Working Capital Changes | 238M | -213M | -55M | 400M | -28M | -182M | -298M | 282M | 5M | -278M | -167M | 45M | 105M | -37M | 182M | -141M | -337M | -278M | -224M | 126M |
| Change in Receivables | 74M | -156M | 152M | -88M | -4M | -66M | 26M | -18M | -21M | -148M | 125M | -121M | -50M | -46M | 148M | -30M | -129M | -98M | 153M | -42M |
| Change in Inventory | -46M | 59M | -95M | 241M | -81M | -157M | -122M | -21M | -8M | -84M | -145M | 102M | 89M | -46M | -163M | 49M | -109M | -191M | -105M | 112M |
| Change in Payables | 15M | -52M | 102M | 39M | -57M | 5M | 16M | 109M | 8M | -55M | 119M | -29M | 4M | 13M | 144M | -160M | -5M | 81M | 5M | 90M |
| Cash from Investing | -110M | -383M | -133M | -198M | -111M | -115M | 3.27B | -205M | -164M | -91M | -166M | -230M | 3.79B | -173M | -170M | -256M | -184M | -187M | -304M | -10.27B |
| Capital Expenditures | -110M | -253M | -137M | -140M | -111M | -149M | -122M | -137M | -24M | -189M | -110M | -190M | -13M | -163M | -168M | -200M | -161M | -137M | -140M | -235M |
| CapEx % of Revenue | 3.7% | 8.55% | 5.07% | 4.71% | 3.92% | 5.3% | 4.65% | 4.98% | 0.89% | 7.02% | 4.42% | 4.89% | 0.5% | 4.4% | 4.78% | 5.15% | 4.46% | 3.81% | 3.78% | 6.69% |
| Acquisitions | 0 | -3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3M | 0 | -3M | -57M | -16M | -16M | -174M | -10.04B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -127M | 4M | -58M | 0 | 34M | 3.39B | -68M | -140M | 80M | -72M | -40M | 3.8B | -10M | 1M | 1M | -7M | -34M | 10M | 7M |
| Cash from Financing | -620M | -31M | -11M | -147M | -81M | -762M | -3.23B | 141M | -146M | -936M | -140M | -2.94B | -62M | -120M | -372M | -119M | -302M | -469M | -548M | 9.28B |
| Debt Issued (Net) | -600M | 0 | 0 | 14M | 0 | -680M | -3.13B | 296M | -3M | -809M | -15M | -2.79B | 54M | 59M | -252M | 24M | -129M | -345M | -449M | 9.43B |
| Equity Issued (Net) | 6M | 13M | 8M | 5M | 9M | 6M | 10M | 8M | 11M | 12M | 40M | 9M | 32M | 0 | 0 | 0 | -32M | 0 | 0 | 0 |
| Dividends Paid | -5M | -10M | -5M | -87M | -87M | -87M | -87M | -147M | -148M | -148M | -147M | -147M | -147M | -146M | -146M | -146M | -146M | -141M | -140M | -140M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32M | 0 | 0 | 0 |
| Other Financing | -21M | -34M | -14M | -79M | -3M | -1M | -24M | -16M | -6M | 9M | -18M | -3M | -1M | -33M | 26M | 3M | 5M | 17M | 41M | -16M |
| Net Change in Cash | -175M | 137M | 49M | 240M | 40M | -608M | -118M | 334M | -16M | -934M | -168M | -2.59B | 4.07B | 49M | -45M | 118M | -252M | -443M | -657M | -305M |
| Free Cash Flow | 448M | 32M | 76M | 444M | 126M | 68M | -315M | 351M | 229M | -74M | 53M | 341M | 352M | 188M | 311M | 239M | 129M | 137M | 68M | 458M |
| FCF Margin % | 15.05% | 1.08% | 2.81% | 14.93% | 4.44% | 2.42% | -12% | 12.75% | 8.48% | -2.75% | 2.13% | 8.78% | 13.54% | 5.07% | 8.85% | 6.15% | 3.57% | 3.81% | 1.83% | 13.03% |
| FCF Growth % | 255.56% | -52.94% | 124.13% | 26.5% | -44.98% | 191.89% | -694.34% | 2.93% | -34.94% | -139.36% | -82.96% | 42.68% | 172.87% | 37.23% | 357.35% | -47.82% | -73.99% | -57.05% | -66.99% | -3.58% |
| FCF per Share | 0.86 | 0.06 | 0.15 | 0.86 | 0.25 | 0.13 | -0.61 | 0.69 | 0.45 | -0.15 | 0.10 | 0.67 | 0.69 | 0.37 | 0.61 | 0.47 | 0.26 | 0.27 | 0.13 | 0.90 |
| FCF Conversion (FCF/Net Income) | 1.90x | 2.26x | -14.20x | -0.52x | -5.15x | 2.38x | -1.53x | -0.95x | 1.81x | -0.37x | 4.41x | 2.17x | 0.15x | -2.49x | 10.89x | 2.43x | -0.10x | 1.09x | 2.93x | 2.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 81M | 0 | 0 | 0 | 103M | 0 | 0 | 0 | 127M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |