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Baxter International BAX Software sales — 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×
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 software sales — contract assets?
Baxter International (BAX) reported software sales — contract assets of $34M in Q4 2025.
How has Baxter International's software sales — contract assets changed year-over-year?
Baxter International's software sales — contract assets decreased by 22.7% year-over-year, from $44M to $34M.
What does software sales — contract assets mean?
This metric represents the value of contract assets recognized from software-related arrangements, including digital health solutions and connected medical device platforms. It reflects revenue recognized for performance obligations satisfied before the customer is billed, highlighting the transition toward recurring digital service models. This asset balance is critical for assessing the growth of the company's digital ecosystem and the timing of cash inflows from software-enabled medical technology.

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