Short answer
Baxter International (BAX) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $11.2B (+5.7% year over year) and net income of −$957M.
- Top risk flagged: FDA warning letters dated 07/25/2023 and prior, highlighting regulatory compliance risks impacting product approvals and operations
FY2025 key financial metrics · XBRL
- Revenue
- $11.2B
- +5.7% YoY
- Net income
- −$957M
- −47.5% YoY
- Operating margin
- -2.7%
- −2.9 pp YoY
- Gross margin
- 30.1%
- −7.4 pp YoY
- EPS (diluted)
- −$1.87
- −47.2% YoY
- ROE
- -15.6%
- −6.3 pp YoY
- Operating cash flow
- $845M
- −17.1% YoY
Source: XBRL data from the Baxter International (BAX) FY2025 10-K on SEC EDGAR. USD.
Baxter International FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: diversified healthcare products including IV solutions, infusion systems, parenteral nutrition, surgical and respiratory devices
- New segment structure: three reportable segments as of Q3 2023; Medical Products & Therapies, Healthcare Systems & Technologies, Pharmaceuticals
- Strategic shift: completed sale of Kidney Care business for $3.71B net proceeds and BioPharma Solutions for $3.96B, focusing on streamlined operations
- Debt reduction: repaid $3.81B legacy debt primarily from Kidney Care sale and additional repayments using BioPharma sale proceeds
- Geographic footprint: products manufactured in 20+ countries and sold in 100+ countries, reinforcing global healthcare access
Management Discussion & Analysis
- Kidney Care business sold for $3.80B cash, net after-tax proceeds approx. $3.3B completed Jan 31, 2025
- Legacy indebtedness of $3.81B repaid in 2025, excluding $2.00B repaid from new notes offering
- Kidney Care segment results reported as discontinued operations, prior periods restated accordingly
- Cost restructuring initiated due to dis-synergies from reduced company size post-sale
- No explicit revenue, profitability, or forward guidance disclosed in provided text
Risk Factors
- FDA warning letters dated 07/25/2023 and prior, highlighting regulatory compliance risks impacting product approvals and operations
- Exposure to global economic conditions and inflation adversely affecting operations with no mitigation timeline specified
- Supply chain disruptions including manufacturing, sterilization, and distribution difficulties causing product availability risks
- Competition risk from technology advances and changing consumer preferences potentially impairing new product monetization
- Significant indebtedness requiring substantial cash flow allocation for debt service, limiting growth strategy and R&D investments
Generated from the filing text; verify against the original. How to read a 10-K
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