Baxter International Inc. (BAX) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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BAX Revenue Growth
Revenue Breakdown (FY 2025)
BAX's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
BAX Revenue Analysis (2014–2025)
As of May 8, 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.
Looking at the longer-term picture, BAX's 5-year compound annual growth rate (CAGR) stands at -0.7%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $12.15 billion in 2021.
Revenue diversification analysis shows BAX's business is primarily driven by Medical Products And Therapies (49%), Healthcare Systems and Technologies (28%), and Pharmaceuticals (23%).
When 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 terms of 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 | $135,000 | +1195.6% | - | -13216.3% | |
 HSIC | $13.2B | +4.0% | +5.4% | 5.7% |
BAX Historical Revenue Data (2014–2025)
| 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% |
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Start ComparisonBAX — 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 slowed to +2.9%, below the 5-year CAGR of -0.7%. TTM revenue is $11.3B. The deceleration marks a shift from historical growth rates.
What is BAX's long-term revenue growth rate?
Baxter International Inc.'s 5-year revenue CAGR of -0.7% reflects the variable expansion pattern. Current YoY growth of +2.9% is near this long-term average.
How is BAX's revenue distributed by segment?
BAX reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.