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Baxter International cash flow statement

In fiscal 2025, Baxter International's operations generated $845m of cash; it spent $513m on capital projects, leaving free cash flow of $332m. It returned $348m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations2,9093,0032,8173,1063,1983,2151,7711,6541,7142,0172,1041,8682,2221,2111,7261,0198451,640
Depreciation and amortisation6386856707126357927598007507717898238671,072984997981665
Stock-based pay140120119130122126126115107115122130146140115114117110
Capital spending1,0149639601,1617069259117196166596967096913774324465130
Free cash flow1,8952,0401,8571,9452,4922,2908609351,0981,3581,4081,1591,5318341,2945733321,640
Free cash flow after stock pay1,7551,9201,7381,8152,3702,1647348209911,2431,2861,0291,3856941,1794592151,530
Dividends paid6326887098041,0231,095910268315376423473530573586590348102
Share buybacks1,2161,4531,5831,480913550—2925642,4521,2705006003200——

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Baxter International's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Baxter International.