How does Baxter International (BAX) make money?

Baxter International (BAX) primarily makes money through Medical Products And Therapies, which accounts for 48.8% of total revenue. For TTM through Q4 2025, Baxter International generated $11.24B in total revenue with a net profit margin of -8.5%.

What is Baxter International (BAX) gross profit margin?

Baxter International (BAX) reported a gross profit margin of 30.1% for TTM through Q4 2025, equivalent to $3.38B in gross profit. This means Baxter International retains 30.1% of each revenue unit after direct costs of production.

What is Baxter International (BAX) operating profit margin?

Baxter International (BAX) reported an operating profit margin of -2.7% for TTM through Q4 2025, equivalent to −$308.00M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Baxter International (BAX) net profit margin?

Baxter International (BAX) reported a net profit margin of -8.5% for TTM through Q4 2025, equivalent to −$957.00M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Baxter International (BAX) invest in R&D?

Baxter International (BAX) invested $518.00M in research and development in TTM through Q4 2025 (4.6% of total revenue). R&D spending reflects investment in future products, services, and technologies.

How much does Baxter International (BAX) spend on capital expenditures?

Baxter International (BAX) spent $522.00M on capital expenditures in TTM through Q4 2025 (4.6% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Baxter International (BAX) free cash flow?

Baxter International (BAX) generated $323.00M in free cash flow for TTM through Q4 2025 (2.9% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

How Baxter International (BAX) Makes Money: A Visual Guide

Baxter International (BAX) generated $11.24B in revenue but reported a net loss of $957.00M. Its largest revenue source is Medical Products And Therapies (48.8% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

Baxter International (BAX) Income Statement Flow — TTM through Q4 2025

Calculated from the four most recent reported quarters, ending December 31, 2025 (reported February 12, 2026).

Frequently asked questions

How does Baxter International (BAX) make money?: Baxter International (BAX) primarily makes money through Medical Products And Therapies, which accounts for 48.8% of total revenue. For TTM through Q4 2025, Baxter International generated $11.24B in total revenue with a net profit margin of -8.5%.
What is Baxter International (BAX) gross profit margin?: Baxter International (BAX) reported a gross profit margin of 30.1% for TTM through Q4 2025, equivalent to $3.38B in gross profit. This means Baxter International retains 30.1% of each revenue unit after direct costs of production.
What is Baxter International (BAX) operating profit margin?: Baxter International (BAX) reported an operating profit margin of -2.7% for TTM through Q4 2025, equivalent to −$308.00M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Baxter International (BAX) net profit margin?: Baxter International (BAX) reported a net profit margin of -8.5% for TTM through Q4 2025, equivalent to −$957.00M in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Baxter International (BAX) invest in R&D?: Baxter International (BAX) invested $518.00M in research and development in TTM through Q4 2025 (4.6% of total revenue). R&D spending reflects investment in future products, services, and technologies.
How much does Baxter International (BAX) spend on capital expenditures?: Baxter International (BAX) spent $522.00M on capital expenditures in TTM through Q4 2025 (4.6% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Baxter International (BAX) free cash flow?: Baxter International (BAX) generated $323.00M in free cash flow for TTM through Q4 2025 (2.9% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q4 2025.