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Discontinued — last reported Q4 '25

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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%
Free cash flow$83.0M-42.1%

Valuation

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Market cap$14.66B+22.3%
Enterprise value$12.86B+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:PaymentsToAcquireProductiveAssets.

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)202520242023
Cash flows from (used in) operations – discontinued operations(106)200519
Cash flows from (used in) operations8451,0191,726
Cash flows from investing activities
Capital expenditures(513)(446)(432)
Acquisitions of developed technology and investments(9)(14)(4)
Proceeds from sale of marketable equity securities34
Other investing activities, net581626
Cash flows from (used in) investing activities - continuing operations(464)(410)(410)

Item 8. Financial Statements and Supplementary Data.

FAQ

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 property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.

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