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Baxter International BAX Contract manufacturing services — Contract Assets

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Other financials

Income statement

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Revenue$2.7B+2.9%
Gross profit$891.0M+3.5%
Operating income$66.0M+13.8%
Net income-$15.0M-112%
EPS (diluted)-$0.03-112%

Balance sheet

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Cash & equivalents$2.0B-12.1%
Total debt$224.0M-8.9%
Total equity$6.0B-14.7%
Total assets$19.8B-6.8%

Cash flow

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Operating cash flow$213.0M+210%
CapEx$128.3M+15.0%
Free cash flow$83.0M-42.1%

Valuation

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Market cap$14.13B+22.3%
Enterprise value$12.33B+22.1%
P/S1.3×+0.2×

Profitability

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Gross margin30.1%-5.9pp
Operating margin-2.7%—
Net margin-9.7%+62.5pp
FCF margin3%-2.4pp

Returns & leverage

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Return on equity-16.7%-76.7pp
Debt / equity0×0.0×
Current ratio1.9×-0.2×

Where this comes from

Reported directly by Baxter International in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerAssetNet.

The source filing: Baxter International’s 10-K, filed February 12, 2026.

Filed
Feb 12, 2026, 4:46 PM EST
Fiscal year
FY2025
Accession
0001628280-26-007733
as of December 31 (in millions)20252024
Contract manufacturing services$3$2
Software sales3444
Bundled equipment and consumable medical products contracts11087
Contract assets$147$133

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Baxter International's contract manufacturing services — contract assets?
Baxter International (BAX) reported contract manufacturing services — contract assets of $3M in Q4 2025.
How has Baxter International's contract manufacturing services — contract assets changed year-over-year?
Baxter International's contract manufacturing services — contract assets increased by 50.0% year-over-year, from $2M to $3M.
What does contract manufacturing services — contract assets mean?
This metric represents the value of contract assets recognized for manufacturing services provided to third-party customers where the right to consideration is conditional on future performance or the completion of specific contractual milestones. It captures the financial value of work performed under manufacturing agreements that has not yet been billed to the customer. This reflects the company's role as a contract manufacturer and the timing differences between revenue recognition and the contractual right to invoice.

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