Baxter International: revenue, profit and dividends

In fiscal 2025, Baxter International had revenue of $11.2B, up 1.2% a year on average since 2015, and a net loss of $957M. It paid a dividend of $0.52 a share. It has 7% fewer shares than in 2015.

Revenue, fiscal 2025

$11.2B+1.2% a year

average annual revenue growth since 2015 · +5.7% vs 2024

Net income, 2025

−$957M

−8.5% of revenue

Diluted EPS, 2025

−$1.87

Dividend per share, 2025

$0.52

not raised from 2024

Revenue growth, 5 years

−0.7% a year

since 2020

Shares, 2025

513M

−6.6% since 2015

Free cash flow, 2025

$332M

$845M from operations − $513M capex

Ticker: BAX · NYSE
Sector: Health Care
Sub-industry: Health Care Equipment
Headquarters: Deerfield, Illinois
Founded: 1931
In the S&P 500 since: September 30, 1972
Latest fiscal year: 2025, ended December 31, 2025
SEC filer: Baxter International Inc · CIK 0000010456

Revenue and net income

Revenue went from $11.3B in 2007 to $11.2B in 2025. Net loss in 2022, 2024–2025.

RevenueNet income

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Diluted earnings per share

Diluted EPS went from $2.61 in 2007 to −$1.87 in 2025.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Dividends per share

Not raised in 2025. Ten-year growth: −8.5% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Shares outstanding

6.6% fewer shares in 2025 than in 2015 (549M → 513M): buybacks outweighed new shares.

Fiscal years · diluted weighted-average shares, adjusted for splitsSource: SEC EDGAR (company filings)

Operating cash flow, capex and free cash flow

Free cash flow (operating cash flow minus capital expenditure) was $332M in 2025, 3.0% of revenue.

Operating cash flowCapital expenditureFree cash flow

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Year by year

Fiscal year	Revenue	Net income	Net margin	Diluted EPS	Dividend	Shares	Operating cash flow	Capex	Free cash flow
2025	$11.2B	−$957M	−8.5%	−$1.87	$0.52	513M	$845M	$513M	$332M
2024	$10.6B	−$649M	−6.1%	−$1.27	$1.04	510M	$1.02B	$446M	$573M
2023	$10.4B	$2.66B	25.6%	$5.23	$1.16	508M	$1.73B	$432M	$1.29B
2022	$10.1B	−$2.43B	−24.2%	−$4.83	$1.15	504M	$1.21B	$377M	$834M
2021	$12.1B	$1.28B	10.6%	$2.53	$1.08	508M	$2.22B	$691M	$1.53B
2020	$11.7B	$1.1B	9.4%	$2.13	$0.95	517M	$1.87B	$709M	$1.16B
2019	$11.4B	$1.0B	8.8%	$1.93	$0.85	519M	$2.1B	$696M	$1.41B
2018	$11.1B	$1.55B	13.9%	$2.83	$0.73	546M	$2.02B	$659M	$1.36B
2017	$10.6B	$602M	5.7%	$1.08	$0.61	555M	$1.71B	$616M	$1.1B
2016	$10.2B	$4.96B	48.9%	$9.01	$0.51	551M	$1.65B	$719M	$935M
2015	$9.97B	$968M	9.7%	$1.76	$1.27	549M	$1.77B	$911M	$860M
2014	$10.7B	$2.5B	23.3%	$4.56	$2.05	547M	$3.21B	$925M	$2.29B
2013	$9.41B	$2.01B	21.4%	$3.66	$1.92	549M	$3.2B	$706M	$2.49B
2012	$13.9B	$2.33B	16.7%	$4.18	$1.57	556M	$3.11B	$1.16B	$1.95B
2011	$13.9B	$2.22B	16.0%	$3.88	$1.26	573M	$2.82B	$960M	$1.86B
2010	$12.8B	$1.42B	11.1%	$2.39	$1.18	594M	$3.0B	$963M	$2.04B
2009	$12.6B	$2.21B	17.6%	$3.59	$1.07	614M	$2.91B	$1.01B	$1.9B
2008	$12.3B	$2.01B	16.3%	$3.16	$0.91	637M	$2.52B	$954M	$1.56B
2007	$11.3B	$1.71B	15.2%	$2.61	$0.72	654M	$2.31B	$692M	$1.61B