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Baxter International BAX Healthcare Systems & Technologies — Indefinite-lived asset 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:ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill.

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

In connection with our annual trade name impairment assessment in the fourth quarter of 2025, we recognized a pre-tax impairment charge of $290 million to reduce the carrying amount of the Welch Allyn trade name within our Healthcare Systems & Technologies segment, an indefinite-lived intangible asset, to its estimated fair value. The reduction in value was primarily due to lower forecasted revenues and margins which contributed to a lower royalty rate and reduced expected future cash flows. The intangible asset impairment charge is classified within cost of sales in the accompanying consolidated statements of income (loss) for the year ended December 31, 2025.

Item 8. Financial Statements and Supplementary Data.

FAQ

What is Baxter International's healthcare systems & technologies — indefinite-lived asset impairments?
Baxter International (BAX) reported healthcare systems & technologies — indefinite-lived asset impairments of $290M in Q4 2025.
What does healthcare systems & technologies — indefinite-lived asset impairments mean?
This metric reflects non-cash charges recognized when the carrying value of intangible assets with indefinite useful lives, such as acquired brand names or trade names, exceeds their fair value. It serves as an indicator that the long-term economic value of specific acquired assets has declined. Frequent impairments may signal overpayment for past acquisitions or deteriorating market conditions for those specific product lines.

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