Baxter International income statement

In fiscal 2025, Baxter International reported revenue of $11.24bn, up 5.7% on the year before, operating income of −$308m (a -2.7% margin) and net income of −$957m, or −$1.87 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Baxter International: income statement, annual
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
Revenue	12.6	12.8	13.9	13.9	9.4	10.7	10.0	10.2	10.6	11.1	11.4	11.7	12.1	10.1	10.4	10.6	11.2	11.6
Cost of revenue	6.0	6.9	6.8	6.8	5.3	6.1	5.8	6.0	6.1	6.3	6.6	7.1	7.4	6.5	6.2	6.7	7.9	8.1
Gross profit	6.5	6.0	7.0	7.1	4.2	4.6	4.1	4.1	4.5	4.8	4.8	4.6	4.7	3.5	4.2	4.0	3.4	3.5
Research and development	0.9	0.9	0.9	1.1	0.6	0.6	0.6	0.6	0.6	0.7	0.6	0.5	0.5	0.5	0.5	0.6	0.5	0.5
Selling, general and administrative	2.7	2.9	3.2	3.3	3.1	3.3	3.1	2.7	2.6	2.6	2.5	2.5	2.8	3.1	3.0	3.0	2.9	3.0
Operating income	—	—	—	—	0.5	0.7	0.4	0.7	1.3	1.6	1.8	1.6	1.4	−2.8	0.7	0.0	−0.3	−0.2
Interest expense	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.4	0.5	0.4	0.3	0.3
Net interest income	—	—	—	—	−0.1	−0.1	−0.1	−0.1	−0.1	−0.0	−0.1	−0.1	−0.2	−0.4	−0.4	—	—	—
Income before tax	2.7	1.9	2.8	2.9	0.4	0.5	0.4	5.0	1.1	1.6	1.0	1.3	1.1	−3.2	0.2	−0.3	−0.5	−0.2
Income tax	0.5	0.5	0.6	0.6	0.1	0.0	0.0	−0.0	0.5	0.1	−0.0	0.2	0.1	−0.1	0.1	0.0	0.4	0.4
Net income	2.2	1.4	2.2	2.3	2.0	2.5	1.0	5.0	0.6	1.5	1.0	1.1	1.3	−2.4	2.7	−0.6	−1.0	−0.7
Diluted EPS	$3.59	$2.39	$3.88	$4.18	$3.66	$4.56	$1.76	$9.01	$1.08	$2.83	$1.93	$2.13	$2.53	−$4.83	$5.23	−$1.27	−$1.87	−$1.40
Diluted shares (average)	614m	594m	573m	556m	549m	547m	549m	551m	555m	546m	519m	517m	508m	504m	508m	510m	513m	516m
EBITDA	—	—	—	—	1.1	1.4	1.2	1.5	2.0	2.4	2.6	2.4	2.2	−1.8	1.7	1.0	0.7	0.4

US$ millions unless shown otherwise. Fiscal quarters.

Baxter International: income statement, quarterly
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
Revenue	2,753	2,625	2,810	2,835	2,974	2,701	2,960	2,976
Cost of revenue	1,794	1,764	1,819	1,885	2,397	1,810	1,928	1,982
Gross profit	959	861	991	950	577	891	1,032	994
Research and development	211	140	134	118	126	139	129	125
Selling, general and administrative	761	703	718	708	761	728	735	730
Operating income	−435	58	191	172	−729	66	217	225
Interest expense	465	−17	−14	−10	331	−12	−13	−13
Income before tax	−521	−3	133	121	−756	−6	158	417
Income tax	−33	−67	11	172	279	11	23	119
Net income	−512	126	91	−46	−1,128	−15	126	294
Diluted EPS	−$1.00	$0.25	$0.18	−$0.09	−$2.20	−$0.03	$0.24	$0.57
EBITDA	−190	305	297	262	−489	303	311	319

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.