Baxter International balance sheet
At the end of fiscal 2025, Baxter International had total assets of $20.05bn, total liabilities of $13.95bn and shareholders' equity of $6.13bn. It held $1.97bn in cash against $9.49bn of debt.
Balance sheet
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 2.8 | 2.7 | 2.9 | 3.3 | 2.7 | 2.9 | 2.2 | 2.8 | 3.4 | 1.8 | 3.3 | 3.7 | 3.0 | 1.6 | 3.1 | 1.8 | 2.0 | 2.0 |
| Receivables | 2.3 | 2.3 | 2.4 | 2.4 | 2.9 | 1.9 | 1.7 | 1.7 | 1.8 | 1.8 | 1.9 | 2.0 | 2.6 | 2.6 | 1.7 | 1.7 | 1.9 | 1.8 |
| Inventory | 2.6 | 2.4 | 2.6 | 2.8 | 3.5 | 1.6 | 1.6 | 1.4 | 1.5 | 1.7 | 1.7 | 1.9 | 2.5 | 2.7 | 1.9 | 2.0 | 2.2 | 2.3 |
| Total current assets | 8.3 | 8.0 | 8.7 | 9.3 | 10.2 | 10.2 | 11.8 | 6.6 | 7.3 | 6.0 | 7.5 | 8.4 | 8.9 | 8.0 | 9.6 | 8.9 | 6.9 | 6.8 |
| Goodwill | 1.8 | 2.0 | 2.3 | 2.5 | 3.3 | 2.9 | 2.7 | 2.6 | 3.1 | 3.0 | 3.0 | 3.2 | 9.8 | 6.5 | 5.8 | 5.3 | 4.9 | 4.9 |
| Total assets | 17.4 | 17.5 | 19.1 | 20.4 | 25.2 | 26.1 | 21.0 | 15.5 | 17.1 | 15.7 | 18.2 | 20.0 | 33.5 | 28.3 | 28.3 | 25.8 | 20.1 | 19.4 |
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | 1.0 | 1.2 | 1.1 | 0.9 | 1.0 | 1.0 | 1.0 |
| Deferred revenue (current) | — | — | — | — | — | — | — | — | — | — | — | 0.0 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 |
| Total current liabilities | 4.5 | 4.0 | 4.9 | 4.8 | 5.2 | 6.0 | 5.8 | 2.7 | 2.8 | 2.8 | 3.2 | 3.3 | 4.2 | 4.7 | 6.5 | 6.5 | 3.0 | 3.8 |
| Short-term debt | 0.0 | 0.0 | 0.3 | 0.0 | 0.2 | 0.9 | 1.8 | — | — | 0.0 | 0.2 | 0.0 | 0.3 | 0.3 | 0.0 | 2.1 | 0.0 | 0.0 |
| Long-term debt | 3.4 | 4.4 | 4.7 | 5.6 | 8.1 | 7.3 | 3.9 | 2.8 | 3.5 | 3.5 | 4.8 | 6.2 | 17.8 | 16.7 | 13.9 | 13.2 | 9.4 | — |
| Total debt | 4.2 | 4.4 | 5.2 | 5.9 | 9.2 | 9.0 | 6.5 | 2.8 | 3.5 | 3.5 | 5.4 | 6.2 | 18.1 | 17.0 | 13.9 | 15.3 | 9.5 | 0.0 |
| Total liabilities | — | — | — | — | — | — | — | — | 8.0 | 7.9 | 10.3 | 11.3 | 24.4 | 22.4 | 19.8 | 18.8 | 14.0 | 12.9 |
| Shareholders' equity | 7.2 | 6.6 | 6.6 | 6.9 | 8.5 | 8.1 | 8.8 | 8.3 | −0.2 | 7.8 | 7.9 | 8.7 | 9.1 | 5.8 | 8.4 | 7.0 | 6.1 | 6.5 |
| Non-controlling interests and other (assets − liabilities − equity) | — | — | — | — | — | — | — | — | 9.3 | — | — | — | — | — | — | — | — | — |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Receivables | 1.7 | 1.6 | 1.8 | 1.8 | 1.9 | 1.7 | 1.9 | 1.8 |
| Inventory | 2.0 | 2.2 | 2.4 | 2.5 | 2.2 | 2.3 | 2.3 | 2.3 |
| Total current assets | 8.9 | 7.0 | 6.7 | 6.9 | 6.9 | 6.8 | 7.0 | 6.8 |
| Goodwill | 5.3 | 5.3 | 5.4 | 5.4 | 4.9 | 4.9 | 4.9 | 4.9 |
| Total assets | 25.8 | 21.3 | 21.0 | 21.1 | 20.1 | 19.8 | 19.8 | 19.4 |
| Accounts payable | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | 1.0 | 1.0 |
| Deferred revenue (current) | 0.1 | — | — | — | 0.1 | — | 0.1 | 0.1 |
| Total current liabilities | 6.5 | 3.5 | 2.9 | 3.8 | 3.0 | 3.7 | 3.6 | 3.8 |
| Short-term debt | 2.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 13.2 | — | — | — | 9.4 | — | — | — |
| Total debt | 15.3 | 0.0 | 0.0 | 0.0 | 9.4 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 18.8 | 14.3 | 13.8 | 13.9 | 14.0 | 13.8 | 13.6 | 12.9 |
| Shareholders' equity | 7.0 | 7.1 | 7.3 | 7.2 | 6.1 | 6.0 | 6.2 | 6.5 |
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