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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$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×
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 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
years ended December 31 (in millions, except per share data)202520242023
Gross margin3,3793,9844,150
Selling, general and administrative expenses2,8902,9672,953
Research and development expenses518590518
Goodwill impairments485425
Other operating expense (income), net(206)(12)(28)
Operating income (loss)(308)14707
Interest expense, net238341439
Other (income) expense, net(41)(38)26

Item 8. Financial Statements and Supplementary Data.

FAQ

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?
This metric measures the non-cash charge recognized when the carrying value of goodwill associated with the Front Line Care segment exceeds its implied fair value. It reflects a downward adjustment in the expected future economic benefits of the assets acquired in a business combination. Frequent or large impairments suggest that the original acquisition price may have been overly optimistic relative to current market performance.

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