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): $11.6B
Revenue growth: +5.3%
Operating margin: -1.9%
Net income (12 months): −$723M
Free cash flow (12 months): —
Cash: $2.0B
Debt: $844M
Diluted EPS (12 months): $-1.42

Twelve months to September 30, 2026, from the 10-Q filed October 29, 2026.

Latest twelve months

Over the twelve months to September 30, 2026, Baxter International reported revenue of $11.6 billion, about the same as a year earlier (+5.3%).

Its operating margin was -1.9%, down 1.8 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 $723 million over the period.

At the end of the period it held $2.0 billion in cash and $844 million in debt, a net cash position of $1.1 billion.

The diluted share count rose 1.2% in a year, which dilutes existing shareholders.

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

10-Q filed October 29, 2026 — quarterly report
8-K filed October 29, 2026 — Earnings results; Other event
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

All Baxter International filings on SEC EDGAR

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Questions about Baxter International

Is Baxter International's revenue growing?

Yes. Revenue for the twelve months to September 30, 2026 was $11.6 billion, up 5.3% 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 $723 million for the period to September 30, 2026.

Does Baxter International have more cash or more debt?

At September 30, 2026 it had $2.0 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 October 29, 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 November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.