Baxter International Inc. (BAX) Revenue History
Annual and quarterly revenue from 1989 to present
BAX Revenue Over Time (1989–2025)
BAX Revenue Growth History
30 of 36 years with positive growth- FY1989 revenue growth
- N/A
- FY1990 revenue growth
- +9.5%
- FY1991 revenue growth
- +10.1%
- FY1992 revenue growth
- -5.0%
- FY1993 revenue growth
- +4.8%
- FY1994 revenue growth
- +5.0%
- FY1995 revenue growth
- -45.9%
- FY1996 revenue growth
- +7.7%
- FY1997 revenue growth
- -3.3%
- FY1998 revenue growth
- +8.5%
- FY1999 revenue growth
- +11.8%
- FY2000 revenue growth
- +5.0%
- FY2001 revenue growth
- +9.8%
- FY2002 revenue growth
- +10.1%
- FY2003 revenue growth
- +9.9%
- FY2004 revenue growth
- +6.8%
- FY2005 revenue growth
- +3.6%
- FY2006 revenue growth
- +5.4%
- FY2007 revenue growth
- +8.5%
- FY2008 revenue growth
- +9.6%
- FY2009 revenue growth
- +1.7%
- FY2010 revenue growth
- +2.2%
- FY2011 revenue growth
- +8.2%
- FY2012 revenue growth
- +0.3%
- FY2013 revenue growth
- -32.5%
- FY2014 revenue growth
- +13.9%
- FY2015 revenue growth
- -7.0%
- FY2016 revenue growth
- +2.0%
- FY2017 revenue growth
- +4.1%
- FY2018 revenue growth
- +4.9%
- FY2019 revenue growth
- +2.4%
- FY2020 revenue growth
- +2.7%
- FY2021 revenue growth
- +4.1%
- FY2022 revenue growth
- -17.2%
- FY2023 revenue growth
- +3.0%
- FY2024 revenue growth
- +2.7%
- FY2025 revenue growth
- +5.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $2.70B | +2.9% |
| Q4 2025 | $2.97B | +8.0% |
| Q3 2025 | $2.83B | +5.0% |
| Q2 2025 | $2.81B | +4.3% |
| Q1 2025 | $2.63B | +5.4% |
| Q4 2024 | $2.75B | -29.1% |
| Q3 2024 | $2.70B | +3.8% |
| Q2 2024 | $2.69B | -27.3% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
BAX's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
BAX Revenue Analysis (1989–2025)
Current Revenue & Growth
As of June 22, 2026, Baxter International Inc. (BAX) generated trailing twelve-month (TTM) revenue of $11.32 billion, reflecting modest growth of +2.9% year-over-year. The most recent quarter (Q1 2026) recorded $2.70 billion in revenue, down 9.2% sequentially.
Historical Growth Trajectory
BAX's 5-year compound annual growth rate (CAGR) stands at -0.7%, indicating revenue contraction over this period. The 3-year CAGR of +3.8% exceeds the 5-year average, indicating an acceleration in the most recent period. Baxter International Inc.'s highest annual revenue of $13.94 billion was recorded in 2012.
Revenue by Segment
BAX's revenue is primarily driven by Medical Products And Therapies (49%), Healthcare Systems and Technologies (28%), and Pharmaceuticals (23%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Healthcare sector peers — including BDX (+2.4% YoY), BSX (+19.9% YoY), and EW (+11.2% YoY) — BAX has underperformed the peer group in revenue growth. Compare BAX vs BDX →
BAX Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| BAXCurrent | $11.3B | +2.9% | -0.7% | -2.7% | |
 BDX | $21.8B | +2.4% | +6.3% | 11.8% | |
 BSX | $20.1B | +19.9% | +15.2% | 19.8% | |
 EW | $6.1B | +11.2% | +6.7% | 27.0% | |
 ICU | $1M | +235.5% | - | -986.6% | |
 HSIC | $13.2B | +4.0% | +5.4% | 5.7% |
BAX Historical Revenue Data (1989–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $11.24B | +5.7% | $3.38B | 30.1% | $-308,000,000 | -2.7% |
| 2024 | $10.64B | +2.7% | $3.98B | 37.5% | $14.0M | 0.1% |
| 2023 | $10.36B | +3.0% | $4.15B | 40.1% | $707.0M | 6.8% |
| 2022 | $10.06B | -17.2% | $3.55B | 35.3% | $-2,845,000,000 | -28.3% |
| 2021 | $12.15B | +4.1% | $4.72B | 38.9% | $1.35B | 11.1% |
| 2020 | $11.67B | +2.7% | $4.59B | 39.3% | $1.62B | 13.8% |
| 2019 | $11.36B | +2.4% | $4.76B | 41.9% | $1.77B | 15.6% |
| 2018 | $11.10B | +4.9% | $4.76B | 42.9% | $1.58B | 14.3% |
| 2017 | $10.58B | +4.1% | $4.47B | 42.3% | $1.29B | 12.2% |
| 2016 | $10.16B | +2.0% | $4.12B | 40.5% | $745.0M | 7.3% |
| 2015 | $9.97B | -7.0% | $4.15B | 41.6% | $449.0M | 4.5% |
| 2014 | $10.72B | +13.9% | $4.58B | 42.7% | $656.0M | 6.1% |
| 2013 | $9.41B | -32.5% | $4.16B | 44.2% | $496.0M | 5.3% |
| 2012 | $13.94B | +0.3% | $7.13B | 51.2% | $2.82B | 20.2% |
| 2011 | $13.89B | +8.2% | $7.05B | 50.7% | $2.95B | 21.2% |
Full Stock Analysis
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Intrinsic Valuation
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Historical Returns
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Peer Comparison
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BAX — Frequently Asked Questions
Quick answers to the most common questions about buying BAX stock.
Is BAX's revenue growth accelerating or slowing?
BAX revenue growth is slowing. TTM revenue is $11.3B, up +2.9% year-over-year — below the 5-year CAGR of -0.7%. The deceleration suggests maturing end-markets or increased competition.
What is BAX's revenue history from 1989 to 2026?
Baxter International Inc. (BAX) revenue history spans 1989 to 2026. TTM revenue as of 2026 is $11.3B, growing at +2.9% YoY. The 5-year CAGR is -0.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is BAX's long-term revenue growth rate (CAGR)?
Baxter International Inc.'s 5-year revenue CAGR of -0.7% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +2.9% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for BAX.
Why does BAX's quarterly revenue fluctuate?
BAX quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Baxter International Inc.'s revenue data from 1989 to 2026 shows full historical quarterly detail on this page.
How is BAX's revenue distributed by segment?
BAX reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does BAX's revenue compare to industry peers?
Baxter International Inc. (BAX) with TTM revenue of $11.3B and +2.9% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.