Revenue has held roughly flat near $2.7B to $3.0B while gross margin swung between 19.4% and 35.3% and operating margin ranged from -24.5% to 7.6%, indicating weak cost absorption against SG&A of roughly $700M to $760M per quarter.
Baxter International Inc. (BAX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 11.61B | 11.24B | 10.64B | 10.36B | 10.06B | 12.15B | 11.67B | 11.36B | 11.1B | 10.58B | 10.16B | 9.97B | 10.72B | 9.41B | 13.94B | 13.89B | 12.84B | 12.56B | 12.35B | 11.26B | 10.38B | 9.85B | 9.51B | 8.9B | 8.1B | 7.36B | 6.7B | 6.38B | 5.71B | 5.26B | 5.44B |
| Revenue Growth % | 5.33% | 5.72% | 2.66% | 3.01% | -17.2% | 4.05% | 2.74% | 2.37% | 4.87% | 4.14% | 1.96% | -7.01% | 13.87% | -32.46% | 0.31% | 8.18% | 2.24% | 1.73% | 9.63% | 8.53% | 5.37% | 3.58% | 6.79% | 9.94% | 10.1% | 9.84% | 4.97% | 11.81% | 8.5% | -3.29% | 7.73% |
| Cost of Goods Sold | 8.12B | 7.87B | 6.65B | 6.21B | 6.51B | 7.43B | 7.09B | 6.6B | 6.34B | 6.11B | 6.05B | 5.82B | 6.14B | 5.25B | 6.8B | 6.85B | 6.88B | 6.04B | 6.22B | 5.74B | 5.64B | 5.76B | 5.59B | 4.95B | 4.31B | 3.94B | 3.64B | 3.21B | 2.82B | 2.57B | 2.7B |
| COGS % of Revenue | - | 69.95% | 62.54% | 59.94% | 64.71% | 61.14% | 60.7% | 58.1% | 57.12% | 57.73% | 59.5% | 58.41% | 57.26% | 55.78% | 48.81% | 49.28% | 53.61% | 48.06% | 50.36% | 51% | 54.36% | 58.44% | 58.83% | 55.6% | 53.27% | 53.62% | 54.37% | 50.39% | 49.35% | 48.87% | 49.6% |
| Gross Profit | 3.49B | 3.38B | 3.98B | 4.15B | 3.55B | 4.72B | 4.59B | 4.76B | 4.76B | 4.47B | 4.12B | 4.15B | 4.58B | 4.16B | 7.13B | 7.05B | 5.96B | 6.53B | 6.13B | 5.52B | 4.74B | 4.09B | 3.92B | 3.95B | 3.79B | 3.41B | 3.06B | 3.17B | 2.89B | 2.69B | 2.74B |
| Gross Margin % | 30.09% | 30.05% | 37.46% | 40.06% | 35.29% | 38.86% | 39.3% | 41.9% | 42.88% | 42.27% | 40.5% | 41.59% | 42.74% | 44.22% | 51.19% | 50.72% | 46.39% | 51.94% | 49.64% | 49% | 45.64% | 41.56% | 41.17% | 44.4% | 46.73% | 46.38% | 45.63% | 49.61% | 50.65% | 51.13% | 50.4% |
| Gross Profit Growth % | - | -15.19% | -4% | 16.93% | -24.81% | 2.9% | -3.65% | 0.04% | 6.37% | 8.7% | -0.72% | -9.5% | 10.07% | -41.66% | 1.25% | 18.26% | -8.69% | 6.44% | 11.07% | 16.51% | 15.73% | 4.55% | -0.96% | 4.44% | 10.93% | 11.65% | -3.44% | 9.52% | 7.47% | -1.9% | 6.28% |
| Operating Expenses | 3.71B | 3.69B | 3.97B | 3.44B | 6.39B | 3.37B | 2.97B | 2.99B | 3.17B | 3.19B | 3.37B | 3.7B | 3.92B | 3.67B | 4.31B | 4.1B | 3.82B | 3.65B | 3.57B | 3.35B | 2.9B | 2.45B | 3.02B | 2.69B | 2.26B | 2.19B | 2.02B | 2.02B | 1.88B | 1.8B | 1.83B |
| OpEx % of Revenue | - | 32.79% | 37.33% | 33.23% | 63.58% | 27.75% | 25.45% | 26.31% | 28.61% | 30.1% | 33.17% | 37.09% | 36.62% | 38.95% | 30.95% | 29.51% | 29.76% | 29.04% | 28.88% | 29.75% | 27.91% | 24.92% | 31.76% | 30.27% | 27.86% | 29.76% | 30.19% | 31.58% | 32.86% | 34.27% | 33.65% |
| Selling, General & Admin | 2.95B | 2.89B | 2.97B | 2.95B | 3.1B | 2.85B | 2.47B | 2.54B | 2.62B | 2.63B | 2.73B | 3.09B | 3.31B | 3.08B | 3.28B | 3.15B | 2.91B | 2.73B | 2.7B | 2.52B | 2.28B | 2.03B | 1.96B | 1.8B | 1.57B | 1.44B | 1.33B | 1.31B | 1.21B | 1.15B | 1.14B |
| SG&A % of Revenue | - | 25.7% | 27.9% | 28.5% | 30.79% | 23.42% | 21.15% | 22.31% | 23.61% | 24.82% | 26.81% | 31.04% | 30.93% | 32.76% | 23.56% | 22.7% | 22.63% | 21.74% | 21.85% | 22.38% | 21.99% | 20.61% | 20.61% | 20.27% | 19.34% | 19.58% | 19.86% | 20.55% | 21.17% | 21.77% | 21% |
| Research & Development | 519M | 518M | 590M | 518M | 450M | 531M | 521M | 595M | 654M | 615M | 646M | 603M | 610M | 582M | 1.08B | 946M | 915M | 917M | 868M | 760M | 614M | 533M | 517M | 553M | 501M | 426M | 378M | 332M | 323M | 339M | 340M |
| R&D % of Revenue | - | 4.61% | 5.55% | 5% | 4.47% | 4.37% | 4.46% | 5.24% | 5.89% | 5.81% | 6.36% | 6.05% | 5.69% | 6.18% | 7.76% | 6.81% | 7.12% | 7.3% | 7.03% | 6.75% | 5.92% | 5.41% | 5.44% | 6.21% | 6.19% | 5.79% | 5.64% | 5.2% | 5.66% | 6.45% | 6.25% |
| Other Operating Expenses | -2M | 279M | 413M | -28M | 2.85B | -6M | -19M | -141M | -99M | -56M | 0 | 0 | 0 | 0 | -51M | 0 | 0 | 0 | 0 | 70M | 0 | -109M | 543M | 337M | 189M | 323M | 314M | 372M | 344M | 318M | 348M |
| Operating Income | -221M | -308M | 14M | 707M | -2.85B | 1.35B | 1.62B | 1.77B | 1.58B | 1.29B | 745M | 449M | 656M | 496M | 2.82B | 2.95B | 2.14B | 2.88B | 2.56B | 2.17B | 1.84B | 1.64B | 895M | 1.26B | 1.53B | 1.22B | 1.03B | 1.15B | 1.01B | 887M | 911M |
| Operating Margin % | -1.9% | -2.74% | 0.13% | 6.82% | -28.29% | 11.11% | 13.84% | 15.6% | 14.27% | 12.17% | 7.33% | 4.5% | 6.12% | 5.27% | 20.24% | 21.2% | 16.63% | 22.9% | 20.76% | 19.25% | 17.74% | 16.64% | 9.41% | 14.13% | 18.88% | 16.63% | 15.44% | 18.03% | 17.79% | 16.87% | 16.75% |
| Operating Income Growth % | - | -2300% | -98.02% | 124.85% | -310.74% | -16.46% | -8.8% | 11.87% | 22.98% | 72.89% | 65.92% | -31.55% | 32.26% | -82.42% | -4.24% | 37.92% | -25.76% | 12.21% | 18.27% | 17.76% | 12.32% | 83.13% | -28.86% | -17.72% | 25.02% | 18.28% | -10.09% | 13.3% | 14.43% | -2.63% | 11.92% |
| EBITDA | 748M | 673M | 1.01B | 1.69B | -1.77B | 2.22B | 2.44B | 2.56B | 2.35B | 2.04B | 1.54B | 1.21B | 1.45B | 1.13B | 3.53B | 3.62B | 2.82B | 3.52B | 3.19B | 2.75B | 2.42B | 2.22B | 1.5B | 1.8B | 1.97B | 1.65B | 1.43B | 1.52B | 1.36B | 1.21B | 1.26B |
| EBITDA Margin % | 6.44% | 5.99% | 9.51% | 16.32% | -17.63% | 18.25% | 20.89% | 22.54% | 21.22% | 19.26% | 15.2% | 12.12% | 13.51% | 12.02% | 25.35% | 26.03% | 21.97% | 27.98% | 25.87% | 24.41% | 23.28% | 22.53% | 15.73% | 20.25% | 24.3% | 22.43% | 21.32% | 23.86% | 23.82% | 22.91% | 23.15% |
| EBITDA Growth % | -23.05% | -33.43% | -40.21% | 195.38% | -179.97% | -9.1% | -4.76% | 8.75% | 15.55% | 31.91% | 27.9% | -16.57% | 28.03% | -67.99% | -2.3% | 28.18% | -19.74% | 10.02% | 16.22% | 13.78% | 8.88% | 48.33% | -17.03% | -8.38% | 19.27% | 15.55% | -6.18% | 11.99% | 12.78% | -4.29% | 9.48% |
| D&A (Non-Cash Add-back) | 716M | 981M | 997M | 984M | 1.07B | 867M | 823M | 789M | 771M | 750M | 800M | 759M | 792M | 635M | 712M | 670M | 685M | 638M | 631M | 581M | 575M | 580M | 601M | 545M | 439M | 427M | 394M | 372M | 344M | 318M | 348M |
| EBIT | 86M | -215M | 119M | 750M | -2.83B | 1.32B | 1.45B | 1.08B | 1.71B | 1.19B | 5.04B | 574M | 657M | 530M | 2.95B | 2.9B | 2B | 2.85B | 2.61B | 2.24B | 1.84B | 1.53B | 1.44B | 1.59B | 1.72B | 1.5B | 1.32B | 1.15B | 1.01B | 887M | 911M |
| Net Interest Income | -249M | -238M | -341M | -439M | -394M | -193M | -134M | -71M | -45M | -55M | -66M | -126M | -145M | -128M | -87M | -54M | -87M | -98M | -76M | -22M | -101M | -118M | -99M | -115M | -71M | -108M | -131M | 0 | -193M | 0 | -214M |
| Interest Income | 36M | 52M | 67M | 69M | 19M | 14M | 19M | 40M | 48M | 30M | 23M | 20M | 22M | 27M | 26M | 38M | 28M | 19M | 72M | 102M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 285M | 290M | 408M | 508M | 413M | 207M | 153M | 111M | 93M | 85M | 89M | 146M | 167M | 155M | 113M | 92M | 115M | 117M | 148M | 124M | 101M | 118M | 99M | 115M | 71M | 108M | 131M | 0 | 193M | 0 | 214M |
| Other Income/Expense | 34M | -197M | -303M | -465M | -403M | -234M | -324M | -802M | 33M | -188M | 4.21B | -21M | -166M | -121M | 17M | -137M | -246M | -143M | -102M | -54M | -95M | -195M | -465M | -129M | -143M | -244M | -72M | -98M | -522M | -317M | -118M |
| Pretax Income | -187M | -505M | -289M | 242M | -3.25B | 1.12B | 1.29B | 970M | 1.62B | 1.1B | 4.95B | 428M | 490M | 375M | 2.84B | 2.81B | 1.89B | 2.73B | 2.46B | 2.11B | 1.75B | 1.44B | 430M | 1.13B | 1.39B | 979M | 962M | 1.05B | 493M | 570M | 793M |
| Pretax Margin % | -1.61% | -4.49% | -2.72% | 2.34% | -32.3% | 9.19% | 11.07% | 8.54% | 14.57% | 10.39% | 48.75% | 4.29% | 4.57% | 3.98% | 20.36% | 20.22% | 14.72% | 21.76% | 19.94% | 18.77% | 16.82% | 14.66% | 4.52% | 12.68% | 17.11% | 13.31% | 14.36% | 16.49% | 8.64% | 10.84% | 14.58% |
| Income Tax | 432M | 395M | 37M | 61M | -135M | 83M | 182M | -41M | 65M | 491M | -12M | 35M | 33M | 60M | 555M | 553M | 463M | 519M | 437M | 407M | 348M | 486M | 47M | 222M | 360M | 304M | 208M | 273M | 218M | 199M | 218M |
| Effective Tax Rate % | -231.02% | -78.22% | -12.8% | 25.21% | 4.16% | 7.44% | 14.09% | -4.23% | 4.02% | 44.64% | -0.24% | 8.18% | 6.73% | 16% | 19.56% | 19.69% | 24.5% | 18.98% | 17.75% | 19.25% | 19.93% | 33.66% | 10.93% | 19.66% | 25.97% | 31.05% | 21.62% | 25.95% | 44.22% | 34.91% | 27.49% |
| Net Income | -723M | -957M | -649M | 2.66B | -2.43B | 1.28B | 1.1B | 1B | 1.55B | 602M | 4.96B | 968M | 2.5B | 2.01B | 2.33B | 2.22B | 1.42B | 2.21B | 2.01B | 1.71B | 1.4B | 956M | 388M | 866M | 771M | 612M | 740M | 797M | 315M | 300M | 669M |
| Net Margin % | -6.23% | -8.51% | -6.1% | 25.64% | -24.19% | 10.57% | 9.44% | 8.81% | 13.93% | 5.69% | 48.85% | 9.71% | 23.3% | 21.37% | 16.69% | 16.01% | 11.06% | 17.55% | 16.31% | 15.16% | 13.45% | 9.71% | 4.08% | 9.73% | 9.52% | 8.32% | 11.05% | 12.49% | 5.52% | 5.7% | 12.3% |
| Net Income Growth % | -112.02% | -47.46% | -124.44% | 209.17% | -289.49% | 16.52% | 10.09% | -35.25% | 156.81% | -87.88% | 412.91% | -61.23% | 24.11% | -13.5% | 4.59% | 56.62% | -35.6% | 9.48% | 17.98% | 22.28% | 46.03% | 146.39% | -55.2% | 12.32% | 25.98% | -17.3% | -7.15% | 153.02% | 5% | -55.16% | 3.08% |
| Net Income (Continuing) | -619M | -900M | -326M | 181M | -3.11B | 1.03B | 1.11B | 1.01B | 1.55B | 609M | 4.97B | 393M | 457M | 315M | 2.28B | 2.26B | 1.43B | 2.21B | 2.02B | 1.71B | 1.4B | 958M | 383M | 907M | 1.03B | 675M | 754M | 779M | 275M | 371M | 575M |
| Discontinued Operations | -2M | -57M | -312M | 2.48B | 692M | 262M | 0 | 0 | -6M | -7M | -1M | 575M | 2.04B | 1.7B | 43M | 0 | 0 | 0 | 0 | 0 | -1M | -2M | 5M | -24M | -255M | -11M | -14M | 45M | 40M | -71M | 94M |
| Minority Interest | -27M | -27M | 60M | 66M | 62M | 44M | 37M | 30M | 22M | -8M | -10M | 19M | 36M | 23M | 40M | 243M | 229M | 229M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.39 | -1.75 | -1.27 | 5.23 | -4.83 | 2.53 | 2.13 | 1.93 | 2.97 | 1.08 | 9.01 | 1.76 | 4.56 | 3.66 | 4.18 | 3.88 | 2.39 | 3.59 | 3.16 | 2.61 | 2.13 | 1.52 | 0.63 | 1.50 | 1.66 | 1.09 | 1.25 | 1.35 | 0.55 | 0.53 | 1.23 |
| EPS Growth % | -109.25% | -37.8% | -124.28% | 208.28% | -290.91% | 18.78% | 10.36% | -35.02% | 175% | -88.01% | 411.93% | -61.4% | 24.59% | -12.44% | 7.73% | 62.34% | -33.43% | 13.61% | 21.07% | 22.54% | 40.13% | 141.27% | -58% | -9.64% | 52.29% | -12.8% | -7.41% | 145.45% | 3.77% | -56.91% | 4.24% |
| EPS (Basic) | - | -1.75 | -1.27 | 5.25 | -4.83 | 2.56 | 2.17 | 1.97 | 3.04 | 1.11 | 9.09 | 1.78 | 4.61 | 3.70 | 4.22 | 3.91 | 2.41 | 3.63 | 3.22 | 2.65 | 2.15 | 1.54 | 0.63 | 1.51 | 1.71 | 1.13 | 1.27 | 1.38 | 0.56 | 0.54 | 1.23 |
| Diluted Shares Outstanding | 520M | 513M | 510M | 506M | 504M | 508M | 517M | 519M | 546M | 555M | 551M | 549M | 547M | 549M | 556M | 573M | 594M | 614M | 637M | 654M | 656M | 629M | 618M | 577.33M | 464.46M | 561.47M | 592M | 590M | 578M | 564M | 552M |
| Basic Shares Outstanding | 517M | 513M | 510M | 506M | 504M | 502M | 509M | 509M | 534M | 543M | 546M | 545M | 542M | 543M | 551M | 569M | 590M | 607M | 625M | 644M | 651M | 622M | 614M | 573.51M | 450.88M | 541.59M | 582.68M | 580M | 568M | 556M | 544M |
| Dividend Payout Ratio | - | - | - | 22.06% | - | 41.28% | 42.92% | 42.26% | 24.32% | 52.33% | 5.4% | 94.01% | 43.85% | 50.84% | 34.57% | 31.88% | 48.45% | 28.66% | 27.11% | 41.24% | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BAX stock.
For fiscal year 2025, Baxter International Inc. (BAX) reported total revenue of $11.24B. This represents a 106.8% increase compared to $5.44B in 1996.
Baxter International Inc. (BAX) reported a net loss of $957.0M for the fiscal year ending 2025.
Baxter International Inc. (BAX) reported an operating income of $-308.0M, resulting in an operating profit margin of -2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Baxter International Inc. (BAX) generated $3.38B in gross profit for the year, representing a gross profit margin of 30.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage and persistent negative margins
Metrics are mathematically derived from official filings.
Revenue Stabilizing After Volatile Stretch
Based on Baxter's reported quarterly figures, revenue has held roughly flat near $2.7B to $3.0B over ten quarters, with year-over-year growth of about 3% to 8% in recent periods suggesting a modest, though not yet accelerating, top-line recovery.
The sequential revenue pattern appears steady rather than expanding, which suggests the core consumables base is holding up while capital equipment exposure may be dampening upside. Recent growth rates of 5.0% and 5.3% are respectable but do not yet demonstrate the volume-driven acceleration needed to offset ongoing portfolio transformation effects. Investors should monitor whether this trajectory persists once divestiture-related revenue reclassifications distort comparisons.
Gross Margin Recovers Then Compresses
As reported in the quarterly income statements, Baxter's gross margin ranged from roughly 33% to 35% across recent quarters after dipping to 19.4% in 2025Q4, indicating meaningful sensitivity to charges or mix shifts rather than a stable structural level.
The gross margin trough in the fourth quarter of 2025 appears too deep to reflect ordinary input cost fluctuation alone, which may point to one-time items or inventory-related adjustments that warrant further investigation. The recovery to roughly 33% to 35% in 2026 is encouraging but remains below the 38% levels seen in 2024, suggesting that pricing power or product mix has not fully rebounded. This pattern is consistent with a business exposed to raw material and logistics inflation that has not yet been fully passed through.
Operating Leverage Remains Elusive
Based on Baxter's reported figures, SG&A has stayed near $700M to $760M per quarter while gross profit fluctuated, leaving operating margin in a range of roughly -24.5% to 7.6%, signaling weak cost absorption at current revenue levels.
Because SG&A is largely fixed in dollar terms, the operating income swings track gross profit movements almost one for one, which indicates that overhead is not yet being leveraged as revenue scales. The most recent quarter's 7.6% operating margin is a meaningful improvement, but it arrives alongside a tariff refund that may have flattered the result. Sustained operating leverage would require SG&A to grow materially slower than gross profit over multiple quarters.
Headline Earnings Beat Needs Scrutiny
According to reported results, Baxter's latest quarter delivered diluted EPS of $0.57 against an operating margin of 7.6% and net margin of 9.9%, with net margin exceeding operating margin suggesting non-operating or one-time items contributed to the reported profit.
The net margin running ahead of operating margin implies that below-the-line items, including the tariff refund referenced in recent context, are materially supporting reported earnings. Stock-based compensation is modest at roughly $30M per quarter, so it does not appear to be the source of distortion here. Investors should treat the headline beat as partially non-recurring until operating income is shown to sustain similar levels excluding these items.
Negative Quarters Challenge the Recovery
Based on Baxter's reported history, the company posted net losses in four of the last ten quarters, including a $1.1B loss in 2025Q4, which suggests that the current profitable stretch may be fragile and heavily dependent on non-recurring support.
Short-side critics would likely point to the repeated pattern of large charges and negative net margins as evidence that restructuring is a recurring cost of doing business rather than a one-off event. The Vantive separation, the Hillrom integration, and sustained net margin deterioration warrant monitoring for signs that transformation costs keep reappearing. Without clearer evidence of clean operating earnings, the recovery narrative remains unproven.