Baxter International Inc. (BAX) Income Statement
BAX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBAX revenue and net income
Where BAX's revenue goes
2025Each bar shows an amount and its share of revenue. BAX kept −8.5% of revenue as net income.
BAX profit margins
BAX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.7% | +3.8% | −0.7% | +1.2% |
| Gross profit | −15.2% | −1.6% | −5.9% | −2.0% |
| Operating income | −2,300.0% | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | −5.4% | −13.4% | −6.0% | −2.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BAX quarterly EPS vs estimates
Baxter beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.51).
BAX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.24B | $10.64B | $10.36B | $10.06B | $12.15B | $11.67B | $11.36B | $11.10B | $10.58B | $10.16B |
| Cost of revenue | $7.87B | $6.65B | $6.21B | $6.51B | $7.43B | $7.09B | $6.60B | $6.34B | $6.11B | $6.05B |
| Gross profit | $3.38B | $3.98B | $4.15B | $3.55B | $4.72B | $4.59B | $4.76B | $4.76B | $4.47B | $4.12B |
| Research & development | $518.0M | $590.0M | $518.0M | $450.0M | $531.0M | $521.0M | $595.0M | $654.0M | $615.0M | $646.0M |
| Sales, general & admin | $2.89B | $2.97B | $3.94B | $3.12B | $2.86B | $2.47B | $2.54B | $2.62B | $2.63B | $2.75B |
| Total operating expenses | $3.69B | $3.97B | $3.44B | $6.39B | $3.37B | $2.97B | $2.99B | $3.17B | $3.19B | $3.37B |
| Operating income | −$308.0M | $14.0M | $707.0M | −$2.85B | $1.35B | $1.62B | $1.77B | $1.58B | $1.29B | $745.0M |
| Interest income | $52.0M | $67.0M | $70.0M | $20.0M | $192.0M | $134.0M | $40.0M | $48.0M | $30.0M | $23.0M |
| Interest expense | $290.0M | $408.0M | $508.0M | $413.0M | $207.0M | $153.0M | $111.0M | $93.0M | $85.0M | $89.0M |
| Income before taxes | −$505.0M | −$289.0M | $242.0M | −$3.25B | $1.12B | $1.29B | $970.0M | $1.62B | $1.10B | $4.95B |
| Income taxes | $395.0M | $37.0M | $61.0M | −$135.0M | $83.0M | $182.0M | −$41.0M | $65.0M | $491.0M | −$12.0M |
| Net income | −$957.0M | −$649.0M | $2.66B | −$2.43B | $1.28B | $1.10B | $1.00B | $1.55B | $602.0M | $4.96B |
| EBITDA | $766.0M | $1.12B | $1.73B | −$1.76B | $2.19B | $2.27B | $1.87B | $2.48B | $1.94B | $5.84B |
| EPS (diluted) | $2.27 | $2.40 | $2.70 | $3.50 | $3.62 | $3.09 | $3.36 | $3.05 | $2.49 | $1.95 |
| Gross margin | 30.1% | 37.5% | 40.1% | 35.3% | 38.9% | 39.3% | 41.9% | 42.9% | 42.3% | 40.5% |
| Operating margin | −2.7% | 0.1% | 6.8% | −28.3% | 11.1% | 13.8% | 15.6% | 14.3% | 12.2% | 7.3% |
| Net margin | −8.5% | −6.1% | 25.6% | −24.2% | 10.6% | 9.4% | 8.8% | 13.9% | 5.7% | 48.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.96B | $2.70B | $2.97B | $2.83B | $2.81B | $2.62B | $2.75B | $2.70B | $2.69B | $2.49B | $3.88B | $2.60B |
| Cost of revenue | $1.93B | $1.81B | $2.40B | $1.89B | $1.82B | $1.76B | $1.79B | $1.67B | $1.66B | $1.53B | $2.41B | $1.54B |
| Gross profit | $1.03B | $891.0M | $577.0M | $950.0M | $991.0M | $861.0M | $959.0M | $1.03B | $1.03B | $961.0M | $1.47B | $1.06B |
| Research & development | $129.0M | $139.0M | $126.0M | $118.0M | $134.0M | $140.0M | $211.0M | $129.0M | $130.0M | $120.0M | $172.0M | $133.0M |
| Sales, general & admin | $735.0M | $728.0M | $761.0M | $708.0M | $718.0M | $703.0M | $1.97B | $754.0M | $1.02B | $995.0M | $935.0M | $1.00B |
| Total operating expenses | $815.0M | $825.0M | $1.31B | $778.0M | $800.0M | $803.0M | $1.39B | $878.0M | $852.0M | $846.0M | $1.14B | $877.0M |
| Operating income | $217.0M | $66.0M | −$729.0M | $172.0M | $191.0M | $58.0M | −$435.0M | $155.0M | $179.0M | $115.0M | $329.0M | $179.0M |
| Interest income | $13.0M | $12.0M | $11.0M | $10.0M | $58.0M | $17.0M | $10.0M | $14.0M | $19.0M | $25.0M | $44.0M | $8.0M |
| Interest expense | $77.0M | $78.0M | $69.0M | $68.0M | $72.0M | $81.0M | $100.0M | $101.0M | $104.0M | $103.0M | $117.0M | $136.0M |
| Income before taxes | $158.0M | −$6.0M | −$756.0M | $121.0M | $133.0M | −$3.0M | −$521.0M | $69.0M | $117.0M | $46.0M | $238.0M | $64.0M |
| Income taxes | $23.0M | $11.0M | $279.0M | $172.0M | $11.0M | −$67.0M | −$33.0M | $8.0M | $22.0M | $40.0M | $165.0M | $27.0M |
| Net income | $126.0M | −$15.0M | −$1.13B | −$46.0M | $91.0M | $126.0M | −$512.0M | $140.0M | −$314.0M | $37.0M | $245.0M | $2.51B |
| EBITDA | $474.0M | $297.0M | −$447.0M | $426.0M | $462.0M | $325.0M | −$176.0M | $424.0M | $448.0M | $420.0M | $679.0M | $292.0M |
| EPS (diluted) | $0.56 | $0.36 | $0.44 | $0.69 | $0.59 | $0.55 | $0.58 | $0.49 | $0.68 | $0.65 | $0.88 | $0.68 |
| Gross margin | 34.9% | 33.0% | 19.4% | 33.5% | 35.3% | 32.8% | 34.8% | 38.3% | 38.3% | 38.6% | 37.9% | 40.6% |
| Operating margin | 7.3% | 2.4% | −24.5% | 6.1% | 6.8% | 2.2% | −15.8% | 5.7% | 6.6% | 4.6% | 8.5% | 6.9% |
| Net margin | 4.3% | −0.6% | −37.9% | −1.6% | 3.2% | 4.8% | −18.6% | 5.2% | −11.7% | 1.5% | 6.3% | 96.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BAX's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BAX financial results
In fiscal year 2025 (ended December 31, 2025), Baxter reported revenue of $11.2 billion, up 5.7% from the year before. It had a net loss of $957.0 million, a net profit margin of −8.5%. Diluted earnings per share came to $2.27. Over five years revenue grew at an average rate of −0.7% a year.
See the BAX stock overview for the latest quote and news, or the BAX chart for price history and technical indicators.
BAX income statement FAQ
What is Baxter's annual revenue?
Baxter reported total revenue of $11.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 5.7% from $10.6 billion the previous year.
Is Baxter profitable?
No. Baxter reported a net loss of $957.0 million in fiscal 2025, a net profit margin of −8.5%; its operating margin was −2.7%.
What is Baxter's gross margin?
Baxter's gross margin was 30.1% in fiscal 2025: for every $100 of revenue, Baxter kept $30 after the direct cost of its products and services.
How much does Baxter spend on research and development?
Baxter spent $518.0 million on research and development in fiscal 2025, 4.6% of revenue.
How fast is Baxter growing?
Revenue grew −0.7% a year on average over the last five fiscal years, from $11.7 billion to $11.2 billion.
What are Baxter's earnings per share?
Baxter earned $2.27 per diluted share in fiscal 2025, compared with $2.40 a year earlier.
When will Baxter report its next earnings?
Baxter is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Baxter's fiscal year end?
Baxter's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.