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Baxter International BAX Front Line Care — Goodwill impairments

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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$10.27B-50.6%
Enterprise value$8.48B-55.6%
P/S0.9×-1.0×

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×
Current ratio1.9×-0.2×

Where this comes from

Reported directly by Baxter International in its filing.

Tagged under the XBRL concept us-gaap:GoodwillImpairmentLoss.

The official record: Baxter International’s 10-K, filed February 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Baxter International's front line care — goodwill impairments?
Baxter International (BAX) reported front line care — goodwill impairments of $485M in Q4 2025.
What does front line care — goodwill impairments mean?
A non-cash expense recorded when the value of acquired assets in the Front Line Care segment is determined to be lower than their recorded book value.
How do you interpret front line care — goodwill impairments?
An increase signals that the segment is underperforming relative to the expectations set at the time of acquisition, indicating potential strategic or operational challenges.
How does front line care — goodwill impairments compare across companies?
Comparable to goodwill impairment charges reported by peers following large-scale acquisitions in the medical technology sector.