Baxter International Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-341	-649	2,656	-2,433	1,284	1,102
Depreciation & Amortization	986	997	984	1,072	867	823
Loss (Gain) From Sale of Assets	-	-	-	75	-	-
Asset Writedown & Restructuring Costs	501	519	-11	3,165	11	17
Stock-Based Compensation	119	114	115	140	146	130
Other Operating Activities	-241	74	-2,698	-885	-225	70
Change in Accounts Receivable	-62	-35	-38	-48	-170	-119
Change in Inventory	-381	-201	-128	-198	-27	-162
Change in Accounts Payable	73	112	92	-67	105	57
Change in Other Net Operating Assets	144	-112	235	-293	35	-48
Operating Cash Flow	749	1,019	1,726	1,211	2,222	1,868
Operating Cash Flow Growth	-29.47%	-40.96%	42.53%	-45.50%	18.95%	-11.22%
Capital Expenditures	-505	-446	-432	-377	-691	-709
Cash Acquisitions	-	-	-	-	-10,502	-494
Sale (Purchase) of Intangibles	-14	-14	-4	-258	-	-
Investment in Securities	-	34	-	-	-	-
Other Investing Activities	3,353	-200	3,649	-296	-7	24
Investing Cash Flow	2,834	-626	3,213	-931	-11,200	-1,179
Short-Term Debt Issued	-	2,126	-	55	246	-
Long-Term Debt Issued	-	-	-	-	11,903	1,885
Total Debt Issued	2,126	2,126	-	55	12,149	1,885
Short-Term Debt Repaid	-	-	-301	-	-	-226
Long-Term Debt Repaid	-	-2,657	-2,634	-954	-2,823	-1,181
Total Debt Repaid	-5,635	-2,657	-2,935	-954	-2,823	-1,407
Net Debt Issued (Repaid)	-3,509	-531	-2,935	-899	9,326	478
Issuance of Common Stock	33	71	95	127	187	202
Repurchase of Common Stock	-	-	-	-32	-600	-500
Common Dividends Paid	-408	-590	-586	-573	-530	-473
Other Financing Activities	-44	-31	-63	-61	-138	-52
Financing Cash Flow	-3,928	-1,081	-3,489	-1,438	8,245	-345
Foreign Exchange Rate Adjustments	-7	-96	26	-76	-47	57
Net Cash Flow	-352	-784	1,476	-1,234	-780	401
Free Cash Flow	244	573	1,294	834	1,531	1,159
Free Cash Flow Growth	-62.80%	-55.72%	55.16%	-45.53%	32.10%	-17.69%
Free Cash Flow Margin	2.21%	5.39%	12.49%	8.29%	12.61%	9.93%
Free Cash Flow Per Share	0.48	1.12	2.55	1.66	3.01	2.24
Cash Interest Paid	401	401	484	355	145	137
Cash Income Tax Paid	223	223	174	168	182	249
Levered Free Cash Flow	2,620	319	1,250	138.38	844.88	934
Unlevered Free Cash Flow	2,821	574	1,568	396.5	944.25	1,030
Change in Working Capital	-226	-236	161	-606	-57	-272

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.