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Discontinued — last reported Q4 '25

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$96M-2.0%

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%
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:PaymentsToAcquireProductiveAssets.

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 capex?
Baxter International (BAX) reported capex of $128.25M in Q4 2025.
How has Baxter International's capex changed year-over-year?
Baxter International's capex increased by 15.0% year-over-year, from $111.5M to $128.25M.
What is the long-term trend for Baxter International's capex?
Over 2 years (2021 to 2025), Baxter International's capex has grown at a -13.8% compound annual growth rate (CAGR), from $691M to $513M.
What does capex mean?
Cash spent on purchasing or maintaining long-term physical assets.
How do you interpret capex?
High spending may signal growth initiatives or infrastructure upgrades, while low spending may indicate cost-cutting or asset maturity.
How does capex compare across companies?
Varies by industry; capital-intensive sectors like manufacturing have higher ratios than service-based firms.