What is Baxter International's goodwill impairment?

Baxter International (BAX) reported goodwill impairment of $121.25M in Q4 2025.

What does goodwill impairment mean?

A write-down of the value of an acquired business when it is no longer worth what was originally paid.

How do you interpret goodwill impairment?

Frequent or large impairments signal poor capital allocation or overpayment for previous acquisitions, indicating potential strategic missteps.

How does goodwill impairment compare across companies?

Used by investors to evaluate the success of a company's M&A strategy compared to industry peers.

Baxter International BAX Goodwill impairment

Discontinued — last reported Q4 '25

Goodwill impairment at other companies

ViatrisVTRS

$0-100%

Charles River LaboratoriesCRL

$41.25M-23.3%

MedtronicMDT

——

Segments

By product

See full

Front Line Care$485M+14.1%

Other financials

Income statement

See full

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

See full

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

See full

Operating cash flow$213.0M+210%

CapEx$128.3M+15.0%

Free cash flow$83.0M-42.1%

Valuation

See full

Market cap$10.27B-50.6%

Enterprise value$8.48B-55.6%

P/S0.9×-1.0×

Profitability

See full

Gross margin30.1%-5.9pp

Operating margin-2.7%—

Net margin-9.7%+62.5pp

FCF margin3%-2.4pp

Returns & leverage

See full

Return on equity-16.7%-76.7pp

Debt / equity0×0.0×

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 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 goodwill impairment?: Baxter International (BAX) reported goodwill impairment of $121.25M in Q4 2025.
What does goodwill impairment mean?: A write-down of the value of an acquired business when it is no longer worth what was originally paid.
How do you interpret goodwill impairment?: Frequent or large impairments signal poor capital allocation or overpayment for previous acquisitions, indicating potential strategic missteps.
How does goodwill impairment compare across companies?: Used by investors to evaluate the success of a company's M&A strategy compared to industry peers.