Baxter International debt and dilution25

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

—

Cash & equivalents

USD millions

$2,150M

Net debt

USD millions

—

Debt / equity

—

Debt / assets

—

Net debt / EBITDA

× · TTM

—

Debt / FCF

× · TTM

—

Interest coverage

× · TTM

—

Current ratio

1.95×

Diluted shares

Million shares

518M shares

Basic shares

Million shares

517M shares

Share count growth

0.78%

Share repurchases

USD millions

—

Quarterly data

Baxter International capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	—	2,150	—	—	—	—	—	—	1.95×	518	517	0.78%	—
FY 2026 Q1	Mar 31, 2026	—	2,017	—	—	—	—	—	—	1.85×	515	515	0.59%	—
FY 2025 Q4	Dec 31, 2025	9,476	1,966	7,510	1.55×	47.25%	11.16×	28.54×	-1.06×	2.31×	510.03	513	0%	—
FY 2025 Q3	Sep 30, 2025	—	1,726	—	—	—	—	—	—	1.84×	514	514	0.78%	—
FY 2025 Q2	Jun 30, 2025	—	1,686	—	—	—	—	—	—	2.3×	514	513	0.59%	—
FY 2025 Q1	Mar 31, 2025	—	2,294	—	—	—	—	—	—	2.02×	514	512	0.79%	—
FY 2024 Q4	Dec 31, 2024	13,126	1,764	11,362	1.87×	50.91%	11.24×	22.91×	0.03×	1.36×	507.02	512.98	1.38%	—
FY 2024 Q3	Sep 30, 2024	12,935	1,420	11,515	1.63×	48.49%	7.41×	—	1.55×	1.43×	512	510	0.59%	—
FY 2024 Q2	Jun 30, 2024	12,904	2,095	10,809	1.67×	49.04%	7.06×	—	0.59×	1.4×	510	510	0.79%	—
FY 2024 Q1	Mar 31, 2024	13,726	3,026	10,700	1.67×	49.4%	6.2×	—	0.92×	1.48×	510	508	0.59%	—
FY 2023 Q4	Dec 31, 2023	13,798	3,194	10,604	1.63×	48.8%	6.42×	13.34×	0.76×	1.48×	506	506	-0.19%	0
FY 2023 Q3	Sep 30, 2023	16,493	5,788	10,705	2.02×	53.8%	6.14×	17.7×	0.91×	1.94×	509	507	0.6%	—
FY 2023 Q2	Jun 30, 2023	16,483	1,722	14,761	2.93×	59.11%	—	19.1×	-4.62×	1.42×	506	506	0.4%	—
FY 2023 Q1	Mar 31, 2023	16,431	1,673	14,758	2.77×	58.08%	—	21.31×	-4.23×	1.7×	507	505	0.4%	—
FY 2022 Q4	Dec 31, 2022	16,636	1,718	14,918	2.82×	58.81%	—	31.27×	-4.68×	1.69×	506.97	506.97	1.59%	0
FY 2022 Q3	Sep 30, 2022	16,432	1,601	14,831	2.95×	58.76%	—	21.88×	-5.2×	2.11×	504	504	0.8%	32
FY 2022 Q2	Jun 30, 2022	—	1,852	—	—	—	—	—	4.47×	2.01×	508	504	0.2%	0
FY 2022 Q1	Mar 31, 2022	—	2,294	—	—	—	—	—	5.77×	2.1×	509	503	-0.4%	0
FY 2021 Q4	Dec 31, 2021	17,660	2,951	14,709	1.94×	52.68%	5.66×	11.94×	8.3×	2.09×	505.03	499.03	-1.96%	0
FY 2021 Q3	Sep 30, 2021	—	3,258	—	—	—	—	—	10.25×	2.37×	506	500	-2.15%	35
FY 2021 Q2	Jun 30, 2021	—	3,136	—	—	—	—	—	10.76×	2.39×	509	503	-1.18%	312
FY 2021 Q1	Mar 31, 2021	—	3,182	—	—	—	—	—	9.98×	2.47×	511	505	-0.39%	253
FY 2020 Q4	Dec 31, 2020	6,192	3,730	2,462	0.71×	30.93%	1.01×	5.34×	10.56×	2.52×	517	509	—	500
FY 2020 Q3	Sep 30, 2020	—	4,359	—	—	—	—	—	—	2.64×	518	511	—	0
FY 2020 Q2	Jun 30, 2020	—	4,085	—	—	—	—	—	13.85×	2.97×	517	509	-0.2%	0
FY 2020 Q1	Mar 31, 2020	—	4,110	—	—	—	—	—	15.49×	2.74×	516	507	-0.98%	0
FY 2019 Q2	Jun 30, 2019	5,161	2,925	2,236	0.66×	29.42%	0.97×	4.56×	15.15×	2.78×	519	510	-4.67%	123
FY 2019 Q1	Mar 31, 2019	4,249	1,908	2,341	0.55×	25.99%	1×	3.98×	16.08×	1.83×	522	512	-5.01%	597
FY 2018 Q4	Dec 31, 2018	3,477	1,832	1,645	0.44×	22.23%	0.69×	2.46×	17.19×	2.09×	538	528	-2.76%	1,424
FY 2018 Q3	Sep 30, 2018	3,488	2,860	628	0.38×	20.7%	0.28×	3×	15.96×	2.6×	546	534	-2.02%	247
FY 2018 Q2	Jun 30, 2018	3,498	2,857	641	0.39×	21.1%	0.3×	2.68×	15.29×	2.62×	547	535	-1.65%	259
FY 2018 Q1	Mar 31, 2018	3,553	2,947	606	0.39×	21.04%	0.29×	2.49×	15.3×	2.63×	551	539	-0.37%	522
FY 2017 Q4	Dec 31, 2017	3,512	3,394	118	0.39×	20.52%	0.06×	2.92×	14.8×	2.57×	557.97	543	-0%	289
FY 2017 Q3	Sep 30, 2017	3,498	3,517	-19	0.37×	19.94%	-0.01×	2.45×	15.14×	2.8×	557	545	0.18%	180
FY 2017 Q2	Jun 30, 2017	3,457	3,817	-360	0.38×	20.38%	-0.19×	2.69×	14.21×	3.01×	555	544	-0.73%	44
FY 2017 Q1	Mar 31, 2017	2,787	2,858	-71	0.32×	17.8%	-0.04×	1.84×	11.58×	2.72×	551	541	-1.46%	51
FY 2016 Q4	Dec 31, 2016	2,782	2,801	-19	0.34×	17.9%	-0.01×	2.98×	8.13×	2.4×	548.02	543.02	-0.9%	247
FY 2016 Q3	Sep 30, 2016	2,840	2,597	243	0.33×	17.98%	0.18×	3.18×	5.85×	2.53×	551	544	-0.37%	—
FY 2016 Q2	Jun 30, 2016	3,168	2,630	538	0.37×	19.82%	0.45×	3×	4.24×	1.83×	553	548	0.74%	—
FY 2016 Q1	Mar 31, 2016	3,357	2,211	1,146	0.37×	19.35%	0.92×	5.21×	3.68×	2.1×	552	549	-45.08%	—
FY 2015 Q4	Dec 31, 2015	6,520	2,213	4,307	0.74×	31.08%	3.57×	8.86×	3.08×	2.05×	551.97	547.97	-45.08%	—
FY 2015 Q3	Sep 30, 2015	6,729	1,970	4,759	0.86×	33.36%	3.62×	8.06×	3.1×	1.86×	549	546	-45.28%	—
FY 2015 Q2	Jun 30, 2015	14,218	6,680	7,538	1.77×	47.37%	4.71×	18.37×	3.99×	2.3×	549	544	-45.48%	—
FY 2015 Q1	Mar 31, 2015	10,005	2,530	7,475	1.37×	40.24%	—	13.27×	—	1.6×	1,008.87	999.66	0.18%	—
FY 2014 Q4	Dec 31, 2014	9,305	2,925	6,380	1.14×	35.9%	3.84×	7.07×	3.93×	1.71×	1,001.56	997.82	-0.18%	50
FY 2014 Q3	Sep 30, 2014	9,268	2,078	7,190	1.1×	36.26%	—	6.91×	—	1.61×	1,007.03	997.82	-0.18%	50
FY 2014 Q2	Jun 30, 2014	8,839	1,866	6,973	1.02×	34.49%	—	5.98×	—	1.64×	1,008.87	997.82	-0.18%	200
FY 2014 Q1	Mar 31, 2014	8,694	2,049	6,645	1×	34.42%	—	5.06×	—	1.66×	1,008.87	997.82	-0.55%	250
FY 2013 Q4	Dec 31, 2013	9,166	2,733	6,433	1.08×	35.43%	4.88×	5.48×	3.2×	1.69×	1,005.25	999.66	-0.92%	50
FY 2013 Q3	Sep 30, 2013	9,066	2,376	6,690	1.17×	35.9%	—	5.58×	—	1.92×	1,010.71	999.66	-0.91%	146
FY 2013 Q2	Jun 30, 2013	9,035	5,989	3,046	1.24×	38.04%	—	5.64×	—	2.7×	1,010.71	999.66	-1.27%	183
FY 2013 Q1	Mar 31, 2013	5,867	2,689	3,178	0.84×	28.88%	—	3.15×	—	1.84×	1,014.39	1,003.35	-2.5%	534
FY 2012 Q4	Dec 31, 2012	5,930	3,270	2,660	0.85×	29.08%	—	3.05×	—	1.95×	1,023.6	1,008.91	-2.67%	415
FY 2012 Q3	Sep 30, 2012	5,947	3,191	2,756	0.83×	30%	—	3.01×	—	2.04×	1,016.23	1,008.87	-3.18%	105
FY 2012 Q2	Jun 30, 2012	5,314	2,353	2,961	0.8×	28.81%	—	2.51×	—	1.65×	1,018.07	1,012.55	-3.51%	385
FY 2012 Q1	Mar 31, 2012	5,209	2,272	2,937	0.75×	27.73%	—	2.8×	—	1.67×	1,036.48	1,029.12	-3.12%	575
FY 2011 Q4	Dec 31, 2011	5,195	2,905	2,290	0.76×	27.24%	—	2.8×	—	1.78×	1,043.97	1,036.6	-3.1%	170
FY 2011 Q3	Sep 30, 2011	4,542	2,338	2,204	0.63×	25.46%	—	2.33×	—	1.92×	1,051.21	1,042.01	-3.08%	298
FY 2011 Q2	Jun 30, 2011	4,400	2,018	2,382	0.61×	24.8%	—	2.16×	—	1.94×	1,058.58	1,049.37	-3.88%	478
FY 2011 Q1	Mar 31, 2011	4,374	2,168	2,206	0.63×	25.12%	—	2.02×	—	2×	1,069.62	1,062.26	-4.15%	637
FY 2010 Q4	Dec 31, 2010	4,387	2,685	1,702	0.65×	25.08%	—	2.15×	—	1.98×	1,077.17	1,069.8	-3.8%	180
FY 2010 Q3	Sep 30, 2010	4,883	2,788	2,095	0.72×	27.8%	—	2.47×	—	1.94×	1,080.67	1,075.14	-3.47%	161
FY 2010 Q2	Jun 30, 2010	4,814	2,300	2,514	0.78×	29.2%	—	2.63×	—	1.81×	1,097.24	1,091.71	-2.31%	677
FY 2010 Q1	Mar 31, 2010	4,753	2,673	2,080	0.71×	27.69%	—	2.53×	—	1.87×	1,108.28	1,108.28	—	435
FY 2009 Q4	Dec 31, 2009	4,151	2,786	1,365	0.56×	23.92%	—	2.19×	—	1.85×	1,124.91	1,112.02	—	250
FY 2009 Q3	Sep 30, 2009	4,169	2,571	1,598	0.57×	24.59%	—	—	—	2.33×	1,126.69	1,113.81	—	100
FY 2009 Q2	Jun 30, 2009	3,832	1,802	2,030	0.57×	24.34%	—	—	—	2.08×	1,126.69	1,117.49	—	300

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · BAX, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.

SEC company facts · CIK 10456