Baxter International Inc. (BAX) Balance Sheet
BAX balance sheet, 2025
December 31, 2025 · U.S. dollars$20.05B assets = $13.95B liabilities + $6.10B equity
Both columns are drawn to the same scale: what BAX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BAX financial health
Current ratio2.31
Comfortable · current assets cover current liabilities 2.31×
Debt / equity1.63
High leverage · $1.63 of debt for each $1 of equity
Equity / assets30.6%
Balanced · of assets funded by shareholders
Cash / debt19.7%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles46.4%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
BAX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $15.55B2016 | $20.05B2025 | +2.9%/yr | |
| Total liabilities | $7.27B2016 | $13.95B2025 | +7.5%/yr | |
| Shareholders’ equity | $8.29B2016 | $6.13B2025 | −3.3%/yr | |
| Cash & short-term investments | $2.80B2016 | $1.97B2025 | −3.9%/yr | |
| Total debt | $2.78B2016 | $10.00B2025 | +15.3%/yr | |
| Net cash (debt) | $19.0M2016 | −$8.04B2025 | −$8.1B | |
| Working capital | $3.83B2016 | $3.90B2025 | +$72.0M | |
| Book value per share | $15.052016 | $11.952025 | −2.5%/yr | |
| Current ratio | 2.402016 | 2.312025 | −0.08 | |
| Debt / equity | 0.342016 | 1.632025 | +1.30 | |
| Shares outstanding | 551.0M2016 | 513.0M2025 | −0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BAX assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
BAX liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
BAX debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BAX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.97B | $1.76B | $3.08B | $1.72B | $2.95B | $3.73B | $3.33B | $1.84B | $3.39B | $2.80B |
| Cash & equivalents | $1.97B | $1.76B | $3.08B | $1.72B | $2.95B | $3.73B | $3.33B | $1.84B | $3.39B | $2.80B |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $1.93B | $1.73B | $1.77B | $2.62B | $2.71B | $2.08B | $1.90B | $1.84B | $1.79B | $1.69B |
| Inventory | $2.23B | $2.05B | $1.92B | $2.68B | $2.45B | $1.92B | $1.65B | $1.67B | $1.48B | $1.43B |
| Other current assets | $742.0M | $3.31B | $2.83B | $991.0M | $755.0M | $688.0M | $619.0M | $614.0M | $601.0M | $652.0M |
| Total current assets | $6.87B | $8.85B | $9.60B | $8.01B | $8.87B | $8.41B | $7.50B | $5.96B | $7.26B | $6.57B |
| Property, plant & equipment (net) | $3.19B | $3.18B | $3.21B | $5.24B | $5.81B | $5.33B | $5.12B | $4.53B | $4.59B | $4.29B |
| Goodwill & intangible assets | $9.30B | $10.50B | $11.71B | $13.24B | $17.63B | $4.89B | $4.50B | $4.41B | $4.47B | $3.71B |
| Long-term investments | $103.0M | $109.0M | $194.0M | $247.0M | $154.0M | $135.0M | $76.0M | $44.0M | $47.0M | $7.0M |
| Other non-current assets | $596.0M | $3.15B | $3.56B | $1.55B | $1.06B | $1.26B | $993.0M | $775.0M | $740.0M | $970.0M |
| Total assets | $20.05B | $25.78B | $28.28B | $28.29B | $33.52B | $20.02B | $18.19B | $15.72B | $17.11B | $15.55B |
| Liabilities | ||||||||||
| Accounts payable | $999.0M | $968.0M | $881.0M | $1.11B | $1.25B | $1.04B | $892.0M | $998.0M | $920.0M | $791.0M |
| Short-term debt | $84.0M | $2.83B | $2.76B | $1.52B | $639.0M | $517.0M | $642.0M | $4.0M | $3.0M | $3.0M |
| Deferred revenue | $141.0M | $131.0M | $128.0M | $154.0M | $162.0M | $32.0M | — | $234.0M | $228.0M | $1.95B |
| Total current liabilities | $2.97B | $6.51B | $6.50B | $4.75B | $4.24B | $3.33B | $3.23B | $2.81B | $2.82B | $2.74B |
| Long-term debt | $9.47B | $10.37B | $11.13B | $15.23B | $17.15B | $5.79B | $4.81B | $3.47B | $3.51B | $2.78B |
| Lease obligations | $304.0M | $323.0M | $566.0M | $577.0M | $650.0M | $612.0M | $611.0M | — | — | — |
| Other long-term liabilities | $1.51B | $1.87B | $2.17B | $2.42B | $3.02B | $2.17B | $2.24B | $1.57B | $1.67B | $1.74B |
| Total liabilities | $13.95B | $18.76B | $19.81B | $22.39B | $24.40B | $11.29B | $10.28B | $7.85B | $8.00B | $7.27B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $6.62B | $6.64B |
| Retained earnings (deficit) | $13.71B | $14.93B | $16.11B | $14.05B | $17.07B | $16.33B | $15.72B | $15.07B | $14.48B | $14.20B |
| Treasury stock | — | — | — | −$11.39B | −$11.49B | −$11.05B | −$10.76B | −$9.99B | −$7.98B | −$8.00B |
| Accumulated other comprehensive income | −$3.75B | −$4.01B | −$3.55B | −$3.83B | −$3.38B | −$3.31B | −$3.71B | −$3.82B | −$4.00B | −$4.56B |
| Minority interest | −$27.0M | $60.0M | $66.0M | $62.0M | $44.0M | $37.0M | $30.0M | $22.0M | −$8.0M | −$10.0M |
| Total shareholders' equity | $6.13B | $6.96B | $8.40B | $5.83B | $9.08B | $8.69B | $7.88B | $7.84B | $9.12B | $8.29B |
| Key figures | ||||||||||
| Total debt | $10.00B | $13.45B | $14.11B | $17.20B | $18.31B | $6.80B | $5.96B | $3.48B | $3.51B | $2.78B |
| Net cash (debt) | −$8.04B | −$11.69B | −$11.04B | −$15.48B | −$15.36B | −$3.07B | −$2.63B | −$1.65B | −$118.0M | $19.0M |
| Working capital | $3.90B | $2.34B | $3.10B | $3.27B | $4.64B | $5.08B | $4.27B | $3.15B | $4.44B | $3.83B |
| Tangible book value | −$3.17B | −$3.53B | −$3.31B | −$7.41B | −$8.55B | $3.80B | $3.38B | $3.43B | $4.65B | $4.58B |
| Book value per share | $11.95 | $13.65 | $16.60 | $11.57 | $17.87 | $16.81 | $15.19 | $14.37 | $16.44 | $15.05 |
| Shares outstanding | 513.0M | 510.0M | 506.0M | 504.0M | 508.0M | 517.0M | 519.0M | 546.0M | 555.0M | 551.0M |
| Current ratio | 2.31 | 1.36 | 1.48 | 1.69 | 2.09 | 2.52 | 2.32 | 2.12 | 2.57 | 2.40 |
| Quick ratio | 1.31 | 0.54 | 0.75 | 0.91 | 1.34 | 1.74 | 1.62 | 1.31 | 1.84 | 1.64 |
| Debt / equity | 1.63 | 1.93 | 1.68 | 2.95 | 2.02 | 0.78 | 0.76 | 0.44 | 0.38 | 0.34 |
| Equity / assets | 30.6% | 27.0% | 29.7% | 20.6% | 27.1% | 43.4% | 43.3% | 49.9% | 53.3% | 53.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.15B | $2.02B | $1.97B | $1.73B | $1.69B | $2.29B | $1.76B | $1.42B | $2.10B | $3.03B | $3.08B | $5.79B |
| Cash & equivalents | $2.15B | $2.02B | $1.97B | $1.73B | $1.69B | $2.29B | $1.76B | $1.42B | $2.10B | $3.03B | $3.08B | $5.79B |
| Short-term investments | — | — | — | — | — | — | — | — | $101.0M | — | — | — |
| Receivables | $1.86B | $1.70B | $1.93B | $1.78B | $1.77B | $1.65B | $1.73B | $1.73B | $2.64B | $2.52B | $1.77B | $2.51B |
| Inventory | $2.26B | $2.32B | $2.23B | $2.46B | $2.38B | $2.17B | $2.05B | $2.10B | $2.98B | $2.99B | $1.92B | $2.87B |
| Other current assets | $724.0M | $816.0M | $742.0M | $970.0M | $906.0M | $925.0M | $3.31B | $3.61B | $874.0M | $865.0M | $2.83B | $861.0M |
| Total current assets | $6.99B | $6.85B | $6.87B | $6.93B | $6.75B | $7.04B | $8.85B | $8.86B | $8.59B | $9.40B | $9.60B | $12.03B |
| Property, plant & equipment (net) | $3.17B | $3.19B | $3.19B | $3.08B | $3.09B | $3.02B | $3.18B | $3.16B | $4.84B | $4.90B | $3.21B | $4.80B |
| Goodwill & intangible assets | $8.96B | $9.12B | $9.30B | $10.21B | $10.35B | $10.42B | $10.50B | $11.23B | $11.74B | $12.34B | $11.71B | $12.64B |
| Long-term investments | $0 | $0 | $103.0M | $0 | $0 | $0 | $109.0M | $0 | $0 | $0 | $194.0M | $0 |
| Other non-current assets | $669.0M | $692.0M | $596.0M | $847.0M | $861.0M | $832.0M | $3.15B | $3.42B | $1.14B | $1.15B | $3.56B | $1.19B |
| Total assets | $19.79B | $19.85B | $20.05B | $21.07B | $21.05B | $21.30B | $25.78B | $26.68B | $26.31B | $27.79B | $28.28B | $30.66B |
| Liabilities | ||||||||||||
| Accounts payable | $1.03B | $1.09B | $999.0M | $953.0M | $995.0M | $963.0M | $968.0M | $841.0M | $1.25B | $1.33B | $881.0M | $1.25B |
| Short-term debt | $844.0M | $842.0M | $82.0M | $755.0M | $8.0M | $662.0M | $2.83B | $2.50B | $2.47B | $2.63B | $2.76B | $2.43B |
| Deferred revenue | — | — | $141.0M | — | — | — | $131.0M | — | $183.0M | $155.0M | $128.0M | $154.0M |
| Total current liabilities | $3.59B | $3.69B | $2.97B | $3.77B | $2.94B | $3.48B | $6.51B | $6.20B | $6.13B | $6.37B | $6.50B | $6.21B |
| Long-term debt | $8.62B | $8.62B | $9.47B | $8.75B | $9.49B | $9.41B | $10.37B | $10.44B | $10.44B | $11.09B | $11.13B | $14.07B |
| Lease obligations | $208.0M | $224.0M | $304.0M | $210.0M | $225.0M | $235.0M | $323.0M | $259.0M | $439.0M | $444.0M | $566.0M | $436.0M |
| Other long-term liabilities | $1.41B | $1.52B | $1.51B | $1.33B | $1.32B | $1.36B | $1.87B | $2.10B | $2.04B | $2.10B | $2.17B | $2.21B |
| Total liabilities | $13.61B | $13.83B | $13.95B | $13.85B | $13.75B | $14.25B | $18.76B | $18.73B | $18.60B | $19.55B | $19.81B | $22.49B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M | $683.0M |
| Retained earnings (deficit) | $13.81B | $13.69B | $13.71B | $14.84B | $14.97B | $14.97B | $14.93B | $15.53B | $15.54B | $16.00B | $16.11B | $16.02B |
| Accumulated other comprehensive income | −$3.82B | −$3.80B | −$3.75B | −$3.73B | −$3.75B | −$3.94B | −$4.01B | −$3.65B | −$3.83B | −$3.72B | −$3.55B | −$3.72B |
| Minority interest | −$27.0M | −$27.0M | −$27.0M | −$27.0M | −$27.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $6.21B | $6.04B | $6.13B | $7.24B | $7.32B | $7.08B | $6.96B | $7.87B | $7.64B | $8.17B | $8.40B | $8.10B |
| Key figures | ||||||||||||
| Total debt | $9.67B | $9.69B | $9.78B | $9.71B | $9.72B | $10.31B | $13.45B | $13.19B | $13.34B | $14.17B | $14.11B | $16.93B |
| Net cash (debt) | −$7.52B | −$7.67B | −$7.81B | −$7.99B | −$8.04B | −$8.02B | −$11.69B | −$11.77B | −$11.25B | −$11.14B | −$11.04B | −$11.14B |
| Working capital | $3.40B | $3.15B | $3.90B | $3.16B | $3.81B | $3.55B | $2.34B | $2.66B | $2.46B | $3.04B | $3.10B | $5.83B |
| Tangible book value | −$2.75B | −$3.07B | −$3.17B | −$2.96B | −$3.02B | −$3.34B | −$3.53B | −$3.36B | −$4.10B | −$4.16B | −$3.31B | −$4.54B |
| Book value per share | $11.98 | $11.73 | $11.92 | $14.09 | $14.24 | $13.78 | $13.65 | $15.38 | $14.99 | $16.03 | $16.57 | $15.98 |
| Shares outstanding | 518.0M | 515.0M | 514.0M | 514.0M | 514.0M | 514.0M | 510.0M | 512.0M | 510.0M | 510.0M | 507.0M | 507.0M |
| Current ratio | 1.95 | 1.85 | 2.31 | 1.84 | 2.30 | 2.02 | 1.36 | 1.43 | 1.40 | 1.48 | 1.48 | 1.94 |
| Quick ratio | 1.12 | 1.01 | 1.31 | 0.93 | 1.18 | 1.13 | 0.54 | 0.51 | 0.77 | 0.87 | 0.75 | 1.34 |
| Debt / equity | 1.56 | 1.60 | 1.60 | 1.34 | 1.33 | 1.46 | 1.93 | 1.68 | 1.75 | 1.73 | 1.68 | 2.09 |
| Equity / assets | 31.4% | 30.4% | 30.6% | 34.4% | 34.8% | 33.2% | 27.0% | 29.5% | 29.0% | 29.4% | 29.7% | 26.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
BAX financial position
At the end of fiscal 2025 (December 31, 2025), Baxter had total assets of $20.1 billion (down 22.2% from a year earlier), total liabilities of $14.0 billion and shareholders' equity of $6.1 billion. It held $2.0 billion in cash and short-term investments against $10.0 billion of debt, net debt of $8.0 billion. Its current ratio was 2.31. In the latest quarter (ended June 30, 2026) total assets were $19.8 billion and equity $6.2 billion.
Related: BAX income statement, BAX cash flow statement, BAX key metrics. See the BAX stock overview for the latest quote and news.
BAX balance sheet FAQ
What are Baxter's total assets?
Baxter reported total assets of $20.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $25.8 billion a year earlier.
How much debt does Baxter have?
Baxter had $10.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.63.
How much cash does Baxter have?
Baxter held $2.0 billion in cash and short-term investments at the end of fiscal 2025; with $10.0 billion of debt that is net debt of $8.0 billion.
What is Baxter's book value?
Baxter's shareholders' equity (book value) was $6.1 billion at the end of fiscal 2025, or $11.95 per share.
What is Baxter's current ratio?
Baxter had current assets of $6.9 billion and current liabilities of $3.0 billion, a current ratio of 2.31 (it can cover its short-term obligations).
How much goodwill does Baxter have?
Baxter carried $9.3 billion of goodwill and intangible assets, 46.4% of total assets, at the end of fiscal 2025.