Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.2B | $10.6B | $11.1B | $11.4B | $11.7B | $12.1B | $10.1B | $10.4B | $10.6B | $11.2B |
| Revenue growth | — | 4.1% | 4.9% | 2.4% | 2.7% | 4.1% | -17.2% | 3.0% | 2.7% | 5.7% |
| Gross profit | $4.12B | $4.47B | $4.76B | $4.76B | $4.59B | $4.72B | $3.55B | $4.15B | $3.98B | $3.38B |
| Gross margin | 40.5% | 42.3% | 42.9% | 41.9% | 39.3% | 38.9% | 35.3% | 40.1% | 37.5% | 30.1% |
| Operating income | $745M | $1.29B | $1.58B | $1.77B | $1.62B | $1.35B | -$2.85B | $707M | $14.0M | -$308M |
| Operating margin | 7.3% | 12.2% | 14.3% | 15.6% | 13.8% | 11.1% | -28.3% | 6.8% | 0.1% | -2.7% |
| Net income | $4.96B | $602M | $1.55B | $1.00B | $1.10B | $1.28B | -$2.43B | $2.66B | -$649M | -$957M |
| Net margin | 48.9% | 5.7% | 13.9% | 8.8% | 9.4% | 10.6% | -24.2% | 25.6% | -6.1% | -8.5% |
| EPS (diluted) | $9.01 | $1.08 | $2.83 | $1.93 | $2.13 | $2.53 | -$4.83 | $5.23 | -$1.27 | -$1.87 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.65B | $1.71B | $2.02B | $2.10B | $1.87B | $2.22B | $1.21B | $1.73B | $1.02B | $845M |
| Capital expenditures | $719M | $616M | $659M | $696M | $709M | $691M | $377M | $432M | $446M | $513M |
| Free cash flow | $935M | $1.10B | $1.36B | $1.41B | $1.16B | $1.53B | $834M | $1.29B | $573M | $332M |
| Share buybacks | $292M | $564M | $2.45B | $1.27B | $500M | $600M | $32.0M | $0.00 | $0.00 | — |
| Dividends paid | $268M | $315M | $376M | $423M | $473M | $530M | $573M | $586M | $590M | $348M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.80B | $3.39B | $2.95B | $3.33B | $3.73B | $2.95B | $1.62B | $3.08B | $1.76B | $1.97B |
| Total assets | $15.5B | $17.1B | $16.8B | $18.2B | $20.0B | $33.5B | $28.3B | $28.3B | $25.8B | $20.1B |
| Total liabilities | — | $8.00B | $7.78B | $10.3B | $11.3B | $24.4B | $22.4B | $19.8B | $18.8B | $14.0B |
| Long-term debt | — | — | — | — | $6.23B | $17.8B | $16.7B | $13.9B | $13.2B | $9.44B |
| Shareholders' equity | $8.29B | $9.12B | $9.07B | $7.88B | $8.69B | $9.08B | $5.83B | $8.40B | $6.96B | $6.13B |
| Retained earnings | $14.2B | $14.5B | $14.3B | $15.7B | $16.3B | $17.1B | $14.1B | $16.1B | $14.9B | $13.7B |
| Shares (wtd avg diluted) | 551M | 555M | 546M | 519M | 517M | 508M | 504M | 508M | 510M | 513M |
Every figure is extracted from BAXTER INTERNATIONAL INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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