0001628280-26-007733
SEC filingBaxter International Inc. (BAX) reported FY 2025 net sales of $11.24B, with gross margin of $3.38B after $7.87B cost of sales. Operating loss reached -$308.0M, driven by $2.89B SG&A, $518.0M R&D, $485.0M goodwill impairments, and $206.0M other operating expenses. Interest expense net was -$238.0M, leading to pre-tax loss from continuing operations of -$505.0M. Despite a $395.0M tax expense, continuing operations loss was -$900.0M, plus -$57.0M from discontinued operations, yielding net loss of -$957.0M attributable to stockholders, or -$2 per basic and diluted share. Balance sheet shows total assets of $20.05B, including $6.87B current assets and $1.97B cash. Total liabilities $13.95B with $9.47B long-term debt; equity $6.10B. Operating cash flow from continuing operations $951.0M, total $845.0M. Investing activities net $2.84B inflow from discontinued ops sale ($3.31B), financing outflow -$4.22B mainly debt repayments. Cash decreased to $1.97B. Significant impairments signal challenges, offset by strong operations cash generation.
Baxter International Inc. reported FY 2025 net sales of $11.24B, consistent with provided XBRL data. Gross margin stood at $3.38B after $7.87B cost of sales. However, profitability deteriorated with operating loss of -$308.0M, impacted by $2.89B selling, general and administrative expenses, $518.0M research and development, $485.0M goodwill impairments, and $206.0M other operating expense (income), net. Interest expense net was -$238.0M and other (income) expense net $41.0M, resulting in loss from continuing operations before taxes of -$505.0M. Income tax expense of $395.0M led to -$900.0M continuing operations loss. Discontinued operations added -$57.0M loss, for total net loss of -$957.0M attributable to Baxter stockholders. EPS was -$2 basic and diluted, with weighted-average shares of 513.0M. No prior year figures disclosed for direct YoY comparison.
Net sales totaled $11.24B for FY 2025 ending December 31. No segment breakdowns, geographic revenue mix, or growth drivers are explicitly disclosed in the provided XBRL data or document content. Gross margin of $3.38B reflects 30.1% of sales. Filing lacks MD&A details on revenue sources or changes.
Gross margin was $3.38B or 30.1% of net sales ($3.38B / $11.24B). Operating margin was -2.7% (-$308.0M / $11.24B), pressured by high SG&A at 25.7% of sales ($2.89B), R&D at 4.6% ($518.0M), and impairments including $485.0M goodwill. No prior period margins for comparison. Cost structure shows elevated operating expenses contributing to overall loss.
Cash from operations totaled $845.0M, with continuing operations at $951.0M despite -$900.0M loss, aided by $981.0M depreciation/amortization, $485.0M goodwill impairments, $290.0M indefinite-lived impairments, and working capital improvements like $132.0M accounts receivable decrease. Investing activities net $2.84B inflow, driven by $3.31B from discontinued operations offset by -$464.0M continuing capex $513.0M. Financing outflow -$4.22B from $5.49B debt repayments vs $2.00B issuances and $348.0M dividends. Balance sheet: $20.05B assets, $1.97B cash, $6.87B current assets, $9.47B long-term debt, $13.95B total liabilities, $6.10B equity. Liquidity solid with current ratio ~2.3x.
No management guidance, strategic priorities, or risk factors explicitly disclosed in the provided filing content or XBRL data.