BAX

MKT CAP:$9B

Baxter International Inc.

Market Cap

$9B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$18.16-$1.34 (-6.87%)

Apr 24, 2026

Company Details

Baxter International Inc., through its subsidiaries, develops and provides a portfolio of healthcare products worldwide. The company offers peritoneal dialysis and hemodialysis, and additional dialysis therapies and services; intravenous th...

CEO

Scott Kaplan

IPO Date

Oct 27, 1981

Website

www.baxter.com

Key Metrics TTM

Revenue

$11.6B

+7.6% YoY

Net Income

$1.3B

EPS (Diluted)

$2.61

Free Cash Flow

$1.1B

Revenue / Share

$22.89

Gross Margin

40.4%

Operating Margin

13.8%

Net Margin

11.6%

FCF Margin

9.7%

P/S

0.8x

P/E

6.9x

Earnings Reports

Q4 2021

Apr 30, 2026

PENDING

FY 2025

Feb 12, 2026

$11.2BEPS -$1.75

Q3 2021

Oct 28, 2021

$3.2BEPS $0.89

Q2 2020

Jul 30, 2020

$2.7B-4.1%EPS $0.48

Q1 2020

Apr 30, 2020

$2.8B+6.2%EPS $0.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$2.4B	$965M	$188M
Q2 16	$2.6B	$972M	$68M
Q1 17	$2.5B	$1.0B	$353M
Q2 17	$2.6B	$1.1B	$347M
Q1 18	$2.7B	$1.1B	$432M
Q2 18	$2.8B	$1.2B	$384M
Q1 19	$2.6B	$1.1B	$383M
Q2 19	$2.8B	$1.2B	$350M
Q1 20	$2.8B	$1.2B	$409M
Q2 20	$2.7B	$1.0B	$331M
Q3 21	$3.2B	$1.3B	$513M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q2 16	—	—
Q1 17	—	—
Q2 17	0.9x	1.8x
Q1 18	0.9x	4.3x
Q2 18	0.9x	7.3x
Q1 19	0.9x	6.9x
Q2 19	0.8x	6.7x
Q1 20	0.8x	7.0x
Q2 20	0.8x	7.5x
Q3 21	0.8x	6.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	-$333M	-$517M
Q2 16	$742M	$574M
Q1 17	$189M	$66M
Q2 17	$529M	$373M
Q1 18	$447M	$292M
Q2 18	$405M	$249M
Q1 19	$128M	-$65M
Q2 19	$446M	$301M
Q1 20	$272M	$100M
Q2 20	$374M	$230M
Q3 21	$675M	$496M

Capital Expenditures

Quarter	CapEx
Q1 16	$184M
Q2 16	$168M
Q1 17	$123M
Q2 17	$156M
Q1 18	$155M
Q2 18	$156M
Q1 19	$193M
Q2 19	$145M
Q1 20	$172M
Q2 20	$144M
Q3 21	$179M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 18	+12.7%	+2.7%
Q2 18	+9.9%	-2.3%
Q1 19	+6.6%	+6.3%
Q2 19	+8.8%	+10.0%
Q1 20	+4.7%	+6.6%
Q2 20	-4.4%	-2.9%
Q3 21	+22.3%	+20.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$23M	1.0%
Q2 16	$31M	1.2%
Q1 17	$18M	0.7%
Q2 17	$28M	1.1%
Q1 18	$20M	0.7%
Q2 18	$34M	1.2%
Q1 19	$22M	0.8%
Q2 19	$35M	1.2%
Q1 20	$29M	1.0%
Q2 20	$35M	1.3%
Q3 21	$34M	1.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 16	$136M	—	$641M
Q2 16	$195M	—	$709M
Q1 17	$127M	$9M	$564M
Q2 17	$155M	$8M	$630M
Q1 18	$140M	$622M	$622M
Q2 18	$174M	$681M	$681M
Q1 19	$129M	$601M	—
Q2 19	$166M	$641M	—
Q1 20	$146M	$628M	—
Q2 20	$117M	$590M	—
Q3 21	$129M	$680M	—

Revenue Segments

Quarter	Acute Therapies	Advanced Surgery	Clinical Nutrition	Medication Delivery	Other Product Or Services	Pharmaceuticals	Renal	BioPharma Solutions
Q1 20	$156M	$224M	$220M	$690M	$115M	$527M	$870M	—
Q2 20	$186M	$168M	$219M	$612M	$129M	$485M	$919M	—
Q3 21	$185M	$249M	$244M	$747M	$25M	$589M	$981M	$206M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea	Non-US	United States
Q1 18	$1.4B	$511M	$724M	—	—
Q2 18	$1.5B	$559M	$758M	—	—
Q1 19	—	—	—	$1.5B	$1.1B
Q2 19	—	—	—	$1.6B	$1.2B
Q1 20	$1.5B	$549M	$754M	—	—
Q2 20	$1.4B	$580M	$731M	—	—
Q3 21	$1.7B	$720M	$779M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.3B	$0	$2.3B
Q2 22	$1.9B	$0	$1.9B
Q3 22	$1.6B	$0	$1.6B
Q4 22	$1.7B	$0	$1.7B
Q1 23	$1.7B	$0	$1.7B
Q2 23	$1.7B	$0	$1.7B
Q3 23	$5.8B	$0	$5.8B
Q4 23	$3.1B	$0	$3.1B
Q1 24	$3.0B	$0	$3.0B
Q2 24	$2.1B	$0	$2.1B
Q3 24	$1.4B	$0	$1.4B
Q4 24	$1.8B	$0	$1.8B
Q1 25	$2.3B	$0	$2.3B
Q2 25	$1.7B	$0	$1.7B
Q3 25	$1.7B	$0	$1.7B
Q4 25	$2.0B	$0	$2.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	552M	—	—
Q2 16	553M	+0.2%	—
Q1 17	551M	-0.4%	—
Q2 17	555M	+0.7%	—
Q1 18	551M	-0.7%	-0.2%
Q2 18	547M	-0.7%	-1.1%
Q1 19	522M	-4.6%	-5.3%
Q2 19	519M	-0.6%	-6.5%
Q1 20	516M	-0.6%	-6.4%
Q2 20	517M	+0.2%	-5.5%
Q3 21	506M	-2.1%	-3.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	$47.5K	50K
Q2 16	$51.7K	50K
Q1 17	$51.6K	48K
Q2 17	$54.3K	48K
Q1 18	$57.0K	47K
Q2 18	$60.5K	47K
Q1 19	$52.8K	50K
Q2 19	$56.7K	50K
Q1 20	$56.0K	50K
Q2 20	$54.4K	50K
Q3 21	$64.5K	50K

Revenue / Employee