Baxter International Inc.

BAXNYSEHealthcare● Active

$19.38

+$0.03(+0.16%)

Market Cap$10.0B

P/E Ratio—

52W High$32.04

52W Low$15.73

Avg Volume8.1M

Open$19.44

Beta0.64

Free Cash Flow Financials Revenue

Baxter International Inc. (BAX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

BAX · free cash flow · updated Jun 8, 2026

Core FCF metrics

BAX · FCF · TTM · margin & CAGR

Free cash flow was $323.0M for FY2025 (fiscal year ending 2025-12-31), down 42.2% year-over-year The FCF margin was 2.9%. Five-year CAGR stands at -22.6%.

FY2025 Free Cash Flow$323.0M▼ -42.2% YoY

Trailing 12M (TTM)$714.0Mtrailing 4 quarters sum

FCF Margin2.9%$323.0M ÷ revenue

3-Year CAGR-17.5%FY2022 → FY2025

5-Year CAGR-22.6%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

BAX · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$845.0M(522M)$323.0M▼ 42.2%2.9%

FY2024$1.02B(460M)$559.0M▼ 56.7%5.3%

FY2023$1.73B(436M)$1.29B▲ +124.0%12.4%

FY2022$1.21B(635M)$576.0M▼ 62.4%5.7%

FY2021$2.22B(691M)$1.53B▲ +32.1%12.6%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

BAX · P/FCF · FCF yield · FCF per share

Baxter International Inc. (BAX) trades at a FCF yield of 7.13% and a price-to-free-cash-flow ratio of 13.9x. FCF per share stands at $1.39, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.13%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.39

TTM FCF ÷ Shares Outstanding

Price / FCF

x13.9

Share Price ÷ FCF per Share

EV / FCF (TTM)

x24.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

BAX · cash flow statement · operating / investing / financing

For FY2025, Baxter International Inc. generated $845.0M in operating cash flow and spent 522M in capital expenditures, yielding $323.0M in free cash flow.

Operating Activities

+$845.0M

Cash from core business operations

2025-12-31

Investing Activities

+$2.84B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$4.22B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($845.0M) − |CapEx| (522M) = FCF ($323.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

BAX vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Baxter International Inc.YOU

BAX

$323.0M-42.2%2.9%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Baxter International Inc. (BAX) reported free cash flow of $323.0M for FY2025 (fiscal year ending 2025-12-31), down 42.2% year-over-year. The FCF margin was 2.9%.

Based on available data, Baxter International Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $2.49B in FY2013. The 5-year CAGR stands at -22.6%.

Baxter International Inc.'s FCF yield is 7.13% and price-to-FCF ratio is 13.9x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

BAX free cash flow · 8 questions

Baxter International Inc. free cash flow was $323.0M for FY2025, down 42.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $714.0M.

BAX free cash flowBAX FCFBAX FCF 2025BAX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Baxter International Inc. · Baxter International Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026