Baxter International (BAX): financials, SEC filings and peers

Baxter International (BAX) is a health care equipment company in the Health Care sector of the S&P 500, headquartered in Deerfield, Illinois.

It was founded in 1931 and joined the S&P 500 on September 30, 1972.

Its fiscal year ends in December, and its shares trade on the NYSE.

In its SEC filings it is classified as “Surgical & Medical Instruments & Apparatus”.

Baxter International at a glance

Revenue (12 months): $11.5B
Revenue growth: +5.4%
Operating margin: -2.4%
Net income (12 months): −$1.1B
Free cash flow (12 months): —
Cash: $2.1B
Debt: $844M
Diluted EPS (12 months): $-2.08

Twelve months to June 30, 2026, from the 10-Q filed July 30, 2026.

Latest twelve months

Over the twelve months to June 30, 2026, Baxter International reported revenue of $11.5 billion, about the same as a year earlier (+5.4%).

Its operating margin was -2.4%, down 2.1 percentage points from a year earlier: for every $100 of sales, about $0 was left as operating profit.

Baxter International reported a net loss of $1.1 billion over the period.

At the end of the period it held $2.1 billion in cash and $844 million in debt, a net cash position of $1.3 billion.

Five-year trend

Revenue went from $11.7 billion in fiscal 2020 to $11.2 billion in fiscal 2025, a decline of about 0.7% a year.
Revenue has grown for 3 fiscal years in a row.
Operating margin narrowed from 13.8% to -2.7% over the same years.
Free cash flow was positive in each of the last 6 fiscal years.
Baxter International reported a net loss in 3 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$12.1B	$10.1B	$10.4B	$10.6B	$11.2B
Revenue growth	4.1%	-17.2%	3.0%	2.7%	5.7%
Operating margin	11.1%	-28.3%	6.8%	0.1%	-2.7%
Net income	$1.3B	−$2.4B	$2.7B	−$649M	−$957M
Free cash flow	$1.5B	$834M	$1.3B	$573M	$332M
Diluted EPS	$2.53	$-4.83	$5.23	$-1.27	$-1.87

Fiscal years as reported in Baxter International’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

8-K filed August 19, 2026 — Executive or director change; Regulation FD disclosure
8-K filed August 18, 2026 — Material agreement; Other event
8-K filed August 4, 2026 — Executive or director change
8-K filed August 4, 2026 — Other event
10-Q filed July 30, 2026 — quarterly report
8-K filed July 30, 2026 — Earnings results; Other event
8-K filed July 14, 2026 — Regulation FD disclosure
8-K filed May 8, 2026 — Executive or director change; Bylaw or fiscal-year change

All Baxter International filings on SEC EDGAR

Companies like Baxter International

Other S&P 500 companies in Health Care Equipment:

More from Health Care

All 60 Health Care companies →

Questions about Baxter International

Is Baxter International's revenue growing?

Yes. Revenue for the twelve months to June 30, 2026 was $11.5 billion, up 5.4% from a year earlier, according to its SEC filings.

Is Baxter International profitable?

Not over the latest twelve months: it reported a net loss of $1.1 billion for the period to June 30, 2026.

Does Baxter International have more cash or more debt?

At June 30, 2026 it had $2.1 billion in cash and $844 million in debt, so more cash than debt.

When did Baxter International last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on July 30, 2026.

Which companies are similar to Baxter International?

In the S&P 500, Baxter International is grouped in Health Care Equipment within the Health Care sector. Abbott Laboratories (ABT), Becton Dickinson (BDX), Boston Scientific (BSX), Dexcom (DXCM), Edwards Lifesciences (EW) are in the same group.

Understand the numbers

Source: Baxter International’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.