At a glance
Baxter International Inc is worth $12.53B. Revenue grew 5.7% to $11.24B in fiscal 2025, at a loss; over 4 years it has grown 1.9% a year. It pays a 0.17% dividend yield, and returned $3.26B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +31.4% over the past year with dividends reinvested and −19.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 23.0% in the 2020 crash (S&P 500: 33.7%) and 39.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Baxter International makes essential medical supplies, drugs and equipment. Its products include sterile IV (intravenous) fluids, infusion pumps that deliver fluids and drugs into a vein, IV nutrition, inhaled anesthetics, generic injectable drugs, products that stop bleeding during surgery, smart hospital beds, patient monitors and respiratory devices. They are used in hospitals, nursing homes, surgery centers and doctors' offices, and by patients at home. As of December 31, 2025, Baxter made products in more than 20 countries and sold them in more than 100.
Of $11.2 billion in revenue for 2025, Medical Products & Therapies (IV fluids, infusion systems, nutrition and surgical products) supplied 47%. Healthcare Systems & Technologies (beds, monitors, surgical equipment) supplied 27%, and Pharmaceuticals (injectable drugs, anesthetics, drug compounding) 22%. The United States made up 54% of sales, emerging markets 12% and the rest of the world 33%.
Baxter sells through its own sales force and distributors. In the US, Cardinal Health and Medline warehouse and ship much of its product. Many US hospitals belong to group purchasing organizations, which negotiate prices for their members, and some multiyear contracts limit price increases. Baxter has also slimmed down: it sold its BioPharma Solutions unit in 2023 and its Kidney Care business to Carlyle for $3.8 billion in January 2025, using most of the proceeds to pay down debt.
Price history
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BAX +31.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Medical Products & Therapies | $5.30B | 47.1% |
| Healthcare Systems & Technologies | $3.07B | 27.3% |
| Pharmaceuticals | $2.49B | 22.2% |
By geography
| United States | $6.12B | 54.4% |
| Rest of world | $3.73B | 33.2% |
| Emerging markets | $1.39B | 12.4% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.98B, up 5% from a year earlier, and net income was $294.0M.
- For fiscal 2025, revenue was $11.24B (+5.7% year over year; -1.9% a year from FY2021 to FY2025) with a -8.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | -1.9% weak |
|---|---|
| Operating margin | -2.7% weak |
| Free cash flow margin | 3% watch |
| Return on equity (FY2025) | -15.6% weak |
| Return on assets (FY2025) | -4.8% weak |
| Net cash (cash minus debt) | $-7.46B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.67B | $1.10B | $1.16B |
| FY2021 | $12.15B | $1.28B | $1.53B |
| FY2022 | $10.06B | $-2.43B | $834.0M |
| FY2023 | $10.36B | $2.66B | $1.29B |
| FY2024 | $10.64B | $-649.0M | $573.0M |
| FY2025 | $11.24B | $-957.0M | $332.0M |
Valuation snapshot
| Market value | $12.53B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.17% |
Rank among 1514 US companies
Market value at each year end
Baxter International’s market value went from $24.12B at the end of 2016 to $12.53B on Nov 2, 2026, down 48%; since the end of 2025 it is up 28%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $12.53B | +27.6% |
| 2025 | $9.82B | -34.0% |
| 2024 | $14.89B | -24.1% |
| 2023 | $19.61B | -23.7% |
| 2022 | $25.70B | -40.2% |
| 2021 | $42.98B | +4.9% |
| 2020 | $40.99B | -4.0% |
| 2019 | $42.69B | +21.9% |
| 2018 | $35.03B | -0.5% |
| 2017 | $35.22B | +46.0% |
| 2016 | $24.12B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BAX price data to Nov 2, 2026 | +26.9% | +31.4% | -9.2% | -19.8% | -4.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.9% |
| 2025 | -33.3% |
| 2024 | -22.4% |
| 2023 | -21.9% |
| 2022 | -39.5% |
| 2021 | +8.5% |
| 2020 | -2.9% |
| 2019 | +28.4% |
| 2018 | +2.9% |
| 2017 | +47.3% |
| 2016 | +17.6% |
| 2015 | -3.1% |
| 2014 | +8.4% |
| 2013 | +7.3% |
| 2012 | +38.5% |
| 2011 | +0.1% |
| 2010 | -11.6% |
| 2009 | +11.8% |
| 2008 | -6.2% |
| 2007 | +26.0% |
| 2006 | +24.1% |
| 2005 | +9.9% |
| 2004 | +14.3% |
| 2003 | +10.2% |
| 2002 | -47.2% |
| 2001 | +22.2% |
| 2000 | +45.0% |
| 1999 | -1.4% |
| 1998 | +28.9% |
| 1997 | +24.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 6% over that stretch · deepest drop along the way 31.6%, back to its old high 47.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22.7% over that stretch · deepest drop along the way 23%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.9% over that stretch · deepest drop along the way 39%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| PZENA INVESTMENT MANAGEMENT LLC | 12.7% | Mar 31, 2026 |
| Dodge & Cox | 11.2% | Sep 30, 2025 |
| FMR LLC | 10.3% | May 29, 2026 |
| Vanguard Capital Management | 7.36% | Mar 31, 2026 |
| BlackRock, Inc. | 6.4% | Mar 31, 2026 |
| BlackRock Portfolio Management LLC | 5.9% | Sep 30, 2026 |
ETFs with the most weight in BAX
| BLCV iShares Large Cap Value Active ETF | 2.28% |
| KOOL North Shore Equity Rotation ETF | 1.9% |
| IHI iShares U.S. Medical Devices ETF | 1.89% |
| QDIV Global X S&P 500 Quality Dividend ETF | 1.88% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.49% |
| BKDV BNY Mellon Dynamic Value ETF | 1.21% |
| HTEC ROBO Global Healthcare Technology and Innovation ETF | 1.06% |
| FUNL CornerCap Fundametrics Large-Cap ETF | 0.67% |
What could go wrong
- Heavy debt limits room to grow. Total debt was about $9.4 billion at the end of 2025. Baxter says servicing it uses a substantial share of cash flow and limits spending on growth and research while it pays debt down.
- Big overhaul and new leadership may falter. Baxter has sold two major businesses, named Andrew Hider CEO in July 2025 and is cutting management layers. It warns these moves, and its earlier Hillrom purchase, may not deliver expected benefits.
- Product quality and sterile manufacturing problems. Baxter says it has had problems with quality management and product quality. Manufacturing, sterilization or distribution failures could interrupt supply of products hospitals depend on and invite action from regulators.
- Hospital buying groups squeeze prices. Many US hospitals belong to group purchasing organizations or networks that negotiate prices. Some contracts limit increases for more than a year, and losing a major contract or new government price controls could cut sales.
- Supply chain disruptions and higher costs. Baxter has experienced supply chain disruptions and says inflation has hurt operations. It may not get components or raw materials on time or at a reasonable cost, which could delay shipments and squeeze profits.
- Erratic results and possible write-downs. Net income swung from about $2.7 billion in 2023, lifted by a business sale, to a $957 million loss in 2025. Baxter warns that writing down the value of past acquisitions would hurt earnings.
Recent events
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; Other company announcement
- Executive or board change
- Other company announcement
- Quarterly results released; Other company announcement
- Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released; Other company announcement
- Investor presentation or announcement
For income and retirement investors
Baxter offers little for income investors. In November 2025 it cut its quarterly dividend to $0.01 per share, and the yield was 0.16% as of October 28, 2026. Dividends per share fell from $1.16 in 2023 to $1.04 in 2024 and $0.52 in 2025, so there is no streak of increases. In 2025 it paid out about 105% of free cash flow (cash left after running and investing in the business) while posting a net loss, so neither earnings nor cash flow covered the dividend. Buybacks totaled $632 million over 2021–2025, nearly all in 2021, and Baxter plans none while it pays down debt.
The shares fell 23% in the 2020 COVID crash and recovered within about a month, but took about 47 months to recover from a 32% drop in 2008. After falling 39% from a February 2022 peak, they had not recovered as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Baxter make money?
Baxter makes money by selling medical supplies, drugs and equipment to hospitals, nursing homes, surgery centers and other care providers. Revenue for 2025 was $11.2 billion, up 5.7% from 2024. Medical Products & Therapies, which includes intravenous (IV) fluids, infusion pumps and surgical products, brought in 47%. Healthcare Systems & Technologies, which includes smart beds and patient monitors, added 27%. Pharmaceuticals, which includes injectable drugs and inhaled anesthetics, added 22%. The United States accounted for 54% of sales.
Is Baxter profitable?
Baxter lost money in 2024 and 2025 but earned a profit in the quarter ended June 30, 2026. Its 2025 net loss was $957 million, or $1.87 per share, after a $649 million loss in 2024. Free cash flow, the cash left after running and investing in the business, stayed positive at $332 million in 2025. In the June 2026 quarter, net income was $126 million, up 38.5% from a year earlier, on revenue of $2.96 billion, up 5.3%.
Did Baxter cut its dividend?
Yes. In November 2025, Baxter cut its quarterly dividend to $0.01 per share. The yield (annual dividends divided by the share price) was 0.16% as of October 28, 2026. Dividends per share fell from $1.16 in 2023 to $1.04 in 2024 and $0.52 in 2025. Baxter says it intends to keep paying a dividend while it pays down debt. It also says it cannot guarantee increases, or that it won't stop paying altogether.
How has Baxter stock performed over the long term?
Poorly over five and ten years. As of October 28, 2026, the share price was down about 64% over five years, or 18.6% a year, and about 37% over ten years. The stock fell every calendar year from 2022 through 2025, including drops of 39.6% in 2022 and 33.3% in 2025. It rose 33.4% in 2026 through October 28 and 11.6% over the prior 12 months. Its deepest fall from a high to a low over about 30 years of history was 81.2%.
How much debt does Baxter have?
Baxter had about $9.4 billion of total debt as of December 31, 2025, and $2.15 billion of cash and investments as of June 30, 2026. It repaid $3.81 billion of older debt in 2025, mainly with proceeds from selling its Kidney Care business to Carlyle. It aims to bring net leverage to about 3.0 times by the end of 2026. Net leverage compares debt minus cash with yearly operating earnings. Baxter plans no share buybacks while it pays down debt.