Cash Flow Statement

Operating Cash Flow

-30%

-55%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	703	654	699	1 026	990	830	788	866	836	623	607	388	425	918	775	956	1 014	999	1 257	1 397	1 518	1 640	1 661	1 721	1 747	1 867	1 948	2 025	2 114	2 152	2 208	2 215	1 637	1 585	1 577	1 427	2 064	2 156	2 210	2 256	2 267	2 299	2 304	2 326	2 290	2 219	2 180	2 012	2 016	1 946	1 870	2 497	2 371	2 183	1 716	968	3 918	4 798	4 927	4 965	1 857	910	1 031	602	712	788	1 055	1 546	1 506	1 478	1 335	1 011	1 002	936	920	1 110	1 077	1 131	1 224	1 295	1 068	1 022	(2 364)	(2 421)	(2 449)	(2 843)	2 602	2 663	2 657	2 485	118	(638)	(551)	(149)	(339)	(957)
Depreciation & Amortization	422	418	424	440	465	491	515	545	566	581	590	601	599	598	593	580	572	573	574	575	576	577	572	581	597	610	634	631	623	617	616	638	656	671	678	685	677	677	682	670	687	698	701	712	720	723	751	823	876	946	842	1 005	956	893	1 006	759	761	777	765	800	805	783	763	750	746	754	774	771	773	774	765	789	796	805	819	823	841	861	858	890	1 053	1 186	1 314	1 403	1 342	1 296	1 273	1 263	1 279	1 258	1 076	997	909	878	986	981
Change in Deffered Taxes	73	57	110	72	(35)	(154)	(147)	108	188	66	5	(141)	(128)	181	295	201	180	100	79	8	(7)	8	(36)	126	200	218	258	280	278	305	304	267	299	252	248	76	76	116	125	172	135	131	151	(17)	(33)	(199)	(129)	(224)	(279)	(192)	(244)	(78)	(13)	4	(80)	(50)	(169)	(248)	(411)	(302)	(222)	(175)	(34)	211	164	180	(50)	(263)	(231)	(275)	(17)	(310)	(321)	(270)	(310)	(88)	(96)	(101)	(141)	(146)	(176)	(197)	(222)	(225)	(220)	(294)	(648)	(499)	(518)	(478)	(38)	(262)	(335)	(292)	(241)	77
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	94	27	63	99	136	147	146	148	146	146	147	141	140	132	129	126	120	118	118	122	119	119	121	122	130	134	139	144	122	121	122	102	126	124	120	131	126	120	114	114	115	110	107	108	107	109	115	117	115	117	118	120	122	129	129	127	130	123	125	126	146	156	164	175	140	133	125	108	115	115	106	100	114	99	106	119	117
Other Non-Cash Items	318	482	472	195	225	406	436	328	311	647	576	786	777	73	165	7	48	188	192	128	173	215	327	277	337	229	205	199	59	62	66	160	791	800	831	1 183	635	483	593	504	436	556	360	382	449	518	427	833	906	1 089	1 195	186	209	(185)	(166)	27	(3 340)	(3 985)	(3 833)	(3 782)	(509)	342	203	261	258	232	186	211	215	269	285	1 039	1 066	1 052	1 049	295	297	269	286	344	316	288	3 493	3 477	3 478	3 720	(1 675)	(1 969)	(1 975)	(1 769)	379	1 158	1 003	599	569	852
Cash Taxes Paid	0	0	0	312	0	0	0	130	0	0	0	173	0	0	0	176	0	0	0	296	0	0	0	304	0	0	0	247	0	0	0	246	0	0	0	353	0	0	0	357	0	0	0	415	0	0	0	648	0	0	0	726	817	774	1 083	466	804	0	991	500	0	0	0	253	0	0	0	301	0	0	0	294	0	0	0	249	0	0	0	282	0	0	0	330	0	0	0	262	0	0	0	401	0	0	0	0
Cash Interest Paid	0	0	0	83	0	0	0	142	0	0	0	114	0	0	0	159	0	0	0	108	0	0	0	119	0	0	0	159	0	0	0	113	0	0	0	112	0	0	0	88	0	0	0	135	0	0	0	200	0	0	0	208	0	0	0	178	0	0	0	99	0	0	0	80	0	0	0	94	0	0	0	103	0	0	0	137	0	0	0	145	0	0	0	355	0	0	0	484	0	0	0	223	0	0	0	303
Change in Working Capital	(501)	(527)	(574)	(536)	(370)	(138)	(123)	(421)	(503)	(420)	(481)	(254)	36	121	320	(194)	(231)	(240)	(445)	75	(167)	(159)	(208)	(400)	(429)	(483)	(399)	(620)	(684)	(655)	(651)	(371)	(432)	(385)	(280)	(368)	(357)	(488)	(750)	(785)	(666)	(456)	(463)	(297)	(347)	(420)	(169)	(246)	(148)	(582)	(508)	(395)	(771)	(46)	(286)	67	172	46	217	(27)	245	103	73	(110)	75	(126)	(266)	(248)	(548)	(487)	(384)	(425)	(295)	(347)	(493)	(272)	(146)	(84)	14	(161)	(208)	(449)	(756)	(1 023)	(669)	(320)	82	268	(33)	(322)	(473)	(236)	(363)	(271)	(226)	(108)
Cash from Operating Activities	1 015 N/A	1 084 +7%	1 131 +4%	1 197 +6%	1 275 +7%	1 435 +13%	1 469 +2%	1 426 -3%	1 398 -2%	1 497 +7%	1 297 -13%	1 380 +6%	1 709 +24%	1 891 +11%	2 148 +14%	1 550 -28%	1 583 +2%	1 620 +2%	1 657 +2%	2 183 +32%	2 093 -4%	2 281 +9%	2 316 +2%	2 305 0%	2 452 +6%	2 441 0%	2 646 +8%	2 515 -5%	2 390 -5%	2 481 +4%	2 543 +2%	2 909 +14%	2 951 +1%	2 923 -1%	3 054 +4%	3 003 -2%	3 095 +3%	2 944 -5%	2 860 -3%	2 817 -2%	2 859 +1%	3 228 +13%	3 053 -5%	3 106 +2%	3 079 -1%	2 841 -8%	3 060 +8%	3 198 +5%	3 371 +5%	3 207 -5%	3 155 -2%	3 215 +2%	2 752 -14%	2 849 +4%	2 190 -23%	1 771 -19%	1 342 -24%	1 388 +3%	1 665 +20%	1 654 -1%	2 176 +32%	1 963 -10%	2 036 +4%	1 714 -16%	1 955 +14%	1 828 -6%	1 699 -7%	2 017 +19%	1 715 -15%	1 759 +3%	1 984 +13%	2 104 +6%	2 248 +7%	2 176 -3%	1 985 -9%	1 868 -6%	1 973 +6%	2 076 +5%	2 241 +8%	2 222 -1%	2 053 -8%	1 850 -10%	1 465 -21%	1 211 -17%	1 482 +22%	1 559 +5%	1 634 +5%	1 726 +6%	1 410 -18%	1 174 -17%	1 062 -10%	1 019 -4%	663 -35%	765 +15%	749 -2%	845 +13%
Investing Cash Flow
Capital Expenditures	(763)	(784)	(833)	(852)	(894)	(882)	(852)	(792)	(708)	(663)	(591)	(558)	(533)	(492)	(474)	(444)	(455)	(479)	(501)	(526)	(543)	(586)	(614)	(692)	(756)	(798)	(883)	(954)	(968)	(977)	(973)	(1 014)	(1 073)	(1 094)	(1 079)	(963)	(931)	(904)	(907)	(960)	(1 001)	(1 055)	(1 079)	(1 161)	(1 214)	(1 297)	(1 436)	(1 525)	(1 654)	(1 730)	(1 112)	(1 898)	(1 691)	(1 478)	(1 932)	(911)	(881)	(839)	(772)	(719)	(658)	(646)	(610)	(616)	(645)	(640)	(659)	(659)	(700)	(694)	(711)	(696)	(675)	(674)	(663)	(709)	(708)	(722)	(745)	(743)	(712)	(725)	(714)	(679)	(711)	(696)	(702)	(692)	(696)	(656)	(504)	(446)	(392)	(416)	(505)	(513)
Other Items	(789)	(761)	(601)	(458)	(480)	(482)	(476)	(97)	(14)	(2)	20	6	43	44	30	77	39	53	179	184	589	583	454	387	(61)	(56)	(48)	(39)	(32)	(130)	(130)	(132)	(341)	(276)	(287)	(301)	(81)	(143)	(150)	(467)	(714)	(676)	(753)	(408)	(204)	(180)	(3 757)	(3 837)	(3 743)	(3 842)	(1 000)	356	(237)	(498)	360	(896)	(357)	22	4	4	27	(12)	(657)	(676)	(901)	(870)	(245)	(257)	(146)	(139)	(184)	(404)	(728)	(736)	(673)	(470)	(405)	(425)	(452)	(10 457)	(10 254)	(10 240)	(10 228)	(252)	(86)	(87)	3 889	3 905	3 913	3 955	(147)	(180)	3 197	3 197	3 339	3 354
Cash from Investing Activities	(1 552) N/A	(1 545) +0%	(1 434) +7%	(1 310) +9%	(1 374) -5%	(1 364) +1%	(1 328) +3%	(889) +33%	(722) +19%	(665) +8%	(571) +14%	(552) +3%	(490) +11%	(448) +9%	(444) +1%	(367) +17%	(416) -13%	(426) -2%	(322) +24%	(342) -6%	46 N/A	(3) N/A	(160) -5 233%	(305) -91%	(817) -168%	(854) -5%	(931) -9%	(993) -7%	(1 000) -1%	(1 107) -11%	(1 103) +0%	(1 146) -4%	(1 414) -23%	(1 370) +3%	(1 366) +0%	(1 264) +7%	(1 012) +20%	(1 047) -3%	(1 057) -1%	(1 427) -35%	(1 715) -20%	(1 731) -1%	(1 832) -6%	(1 569) +14%	(1 418) +10%	(1 477) -4%	(5 193) -252%	(5 362) -3%	(5 397) -1%	(5 572) -3%	(2 112) +62%	(1 542) +27%	(1 928) -25%	(1 976) -2%	(1 572) +20%	(1 807) -15%	(1 238) +31%	(817) +34%	(768) +6%	(715) +7%	(631) +12%	(658) -4%	(1 267) -93%	(1 292) -2%	(1 546) -20%	(1 510) +2%	(904) +40%	(916) -1%	(846) +8%	(833) +2%	(895) -7%	(1 100) -23%	(1 403) -28%	(1 410) 0%	(1 336) +5%	(1 179) +12%	(1 113) +6%	(1 147) -3%	(1 197) -4%	(11 200) -836%	(10 966) +2%	(10 965) +0%	(10 942) +0%	(931) +91%	(797) +14%	(783) +2%	3 187 N/A	3 213 +1%	3 217 +0%	3 299 +3%	(651) N/A	(626) +4%	2 805 N/A	2 781 -1%	2 834 +2%	2 841 +0%
Financing Cash Flow
Net Issuance of Common Stock	396	436	497	(575)	(768)	(686)	(609)	35	192	213	135	(18)	196	196	208	0	1 245	1 018	1 006	512	(654)	(806)	(1 594)	(1 855)	(2 356)	(2 157)	(1 689)	(1 986)	(2 007)	(1 960)	(1 688)	(1 216)	(914)	(1 431)	(1 543)	(1 072)	(1 311)	(1 006)	(1 076)	(1 135)	(1 046)	(1 104)	(885)	(968)	(892)	(564)	(605)	(405)	(179)	(230)	(190)	(181)	(21)	139	173	193	244	242	260	33	(6)	(30)	(185)	(217)	(717)	(933)	(1 036)	(2 194)	(2 178)	(2 041)	(2 093)	(914)	(424)	(305)	(39)	(298)	(569)	(921)	(943)	(413)	(142)	147	134	95	65	61	99	95	99	93	72	71	41	35	33	30
Net Issuance of Debt	292	442	(38)	1 594	2 095	1 111	1 342	(440)	(1 267)	(548)	(441)	(378)	(541)	(545)	(609)	(1 264)	(2 220)	(2 133)	(1 548)	(543)	179	224	(443)	(51)	(300)	(25)	145	(79)	570	265	622	473	868	882	593	91	(499)	(499)	(428)	733	793	868	1 417	765	713	3 818	2 983	3 096	2 611	(431)	(11)	(113)	1 008	5 157	2 717	2 507	2 355	(2 112)	(230)	(40)	(531)	284	635	665	0	0	32	0	795	1 661	1 661	1 883	2 328	1 237	1 236	478	(762)	(486)	(642)	9 326	8 877	8 481	8 509	(899)	(702)	(298)	(115)	(2 933)	(2 696)	(3 564)	(3 621)	(531)	(3 641)	(3 512)	(3 509)	(3 791)
Cash Paid for Dividends	(349)	(349)	(348)	(349)	(347)	(347)	(347)	(346)	(361)	(361)	(361)	(361)	(359)	(359)	(359)	(359)	(363)	(363)	(363)	(364)	(381)	(490)	(599)	(704)	(462)	(490)	(517)	(546)	(568)	(589)	(610)	(632)	(646)	(662)	(676)	(688)	(694)	(698)	(703)	(709)	(717)	(725)	(733)	(804)	(862)	(920)	(1 003)	(1 023)	(1 043)	(1 064)	(1 079)	(1 095)	(1 111)	(1 128)	(1 129)	(910)	(691)	(472)	(260)	(268)	(275)	(283)	(299)	(315)	(332)	(347)	(361)	(376)	(390)	(401)	(412)	(423)	(433)	(448)	(461)	(473)	(487)	(499)	(515)	(530)	(545)	(562)	(567)	(573)	(579)	(584)	(585)	(586)	(587)	(589)	(590)	(590)	(530)	(469)	(408)	(348)
Other	0	0	0	0	0	0	0	0	0	0	0	181	0	0	0	176	0	0	0	272	0	0	0	639	751	0	0	680	819	0	0	363	331	331	319	(47)	(19)	(29)	(23)	(26)	(27)	(114)	(108)	(108)	(126)	(30)	(31)	(23)	4	3	3	(13)	(42)	(42)	(2 289)	(2 271)	(2 263)	(2 234)	(42)	(49)	(59)	(90)	(40)	(40)	(31)	(33)	(28)	(33)	(47)	(46)	(50)	(48)	(41)	(45)	(54)	(52)	(55)	(55)	(74)	(138)	(135)	(131)	(119)	(61)	(46)	(92)	(72)	(65)	(73)	(13)	(18)	(31)	(37)	(47)	(44)	(107)
Cash from Financing Activities	339 N/A	529 +56%	111 -79%	670 +504%	980 +46%	78 -92%	386 +395%	(751) N/A	(1 436) -91%	(696) +52%	(667) +4%	(576) +14%	(704) -22%	(708) -1%	(760) -7%	(1 447) -90%	(1 338) +8%	(1 478) -10%	(905) +39%	(123) +86%	(584) -375%	(800) -37%	(2 364) -196%	(1 971) +17%	(2 367) -20%	(2 033) +14%	(1 422) +30%	(1 931) -36%	(1 298) +33%	(1 604) -24%	(996) +38%	(1 012) -2%	(500) +51%	(880) -76%	(1 307) -49%	(1 716) -31%	(2 523) -47%	(2 232) +12%	(2 230) +0%	(1 137) +49%	(997) +12%	(1 075) -8%	(309) +71%	(1 115) -261%	(1 167) -5%	2 304 N/A	1 344 -42%	1 645 +22%	1 393 -15%	(1 722) N/A	(1 277) +26%	(1 402) -10%	(166) +88%	4 126 N/A	(528) N/A	(481) +9%	(355) +26%	(4 576) -1 189%	(272) +94%	(324) -19%	(871) -169%	(119) +86%	111 N/A	93 -16%	(415) N/A	(1 281) -209%	(1 393) -9%	(2 603) -87%	(1 820) +30%	(827) +55%	(894) -8%	498 N/A	1 430 +187%	439 -69%	682 +55%	(345) N/A	(1 873) -443%	(1 961) -5%	(2 174) -11%	8 245 N/A	8 055 -2%	7 935 -1%	7 957 +0%	(1 438) N/A	(1 262) +12%	(913) +28%	(673) +26%	(3 489) -418%	(3 257) +7%	(4 073) -25%	(4 157) -2%	(1 081) +74%	(4 167) -285%	(3 993) +4%	(3 928) +2%	(4 216) -7%
Change in Cash
Effect of Foreign Exchange Rates	(3)	(27)	0	30	5	(13)	25	(30)	(5)	16	(67)	(68)	(52)	(67)	(54)	(4)	(54)	(83)	(75)	(74)	(52)	(53)	(41)	25	84	107	80	1	(125)	(115)	(64)	(96)	(67)	(175)	(164)	(124)	(65)	53	(23)	(33)	(43)	(87)	(59)	(57)	(77)	(32)	(26)	(18)	(7)	(36)	(64)	(79)	(177)	(185)	(198)	(195)	(68)	(45)	2	(27)	(27)	1	40	102	112	19	(41)	(63)	(96)	(23)	(49)	(5)	(67)	(45)	26	57	89	78	25	(47)	(29)	(104)	(137)	(76)	(45)	7	40	26	(17)	(30)	34	(96)	(35)	39	(7)	84
Net Change in Cash	(201) N/A	41 N/A	(192) N/A	587 N/A	886 +51%	136 -85%	552 +306%	(244) N/A	(765) -214%	152 N/A	(8) N/A	184 N/A	463 +152%	668 +44%	890 +33%	(268) N/A	(225) +16%	(367) -63%	355 N/A	1 644 +363%	1 503 -9%	1 425 -5%	(249) N/A	54 N/A	(648) N/A	(339) +48%	373 N/A	(408) N/A	(33) +92%	(345) -945%	380 N/A	655 +72%	970 +48%	498 -49%	217 -56%	(101) N/A	(505) -400%	(282) +44%	(450) -60%	220 N/A	104 -53%	335 +222%	853 +155%	365 -57%	417 +14%	3 636 +772%	(815) N/A	(537) +34%	(640) -19%	(4 123) -544%	(298) +93%	192 N/A	481 +151%	4 814 +901%	(108) N/A	(712) -559%	(319) +55%	(4 050) -1 170%	627 N/A	588 -6%	647 +10%	1 187 +83%	920 -22%	617 -33%	106 -83%	(944) N/A	(639) +32%	(1 565) -145%	(1 047) +33%	76 N/A	146 +92%	1 497 +925%	2 208 +47%	1 160 -47%	1 357 +17%	401 -70%	(924) N/A	(954) -3%	(1 105) -16%	(780) +29%	(887) -14%	(1 284) -45%	(1 657) -29%	(1 234) +26%	(622) +50%	(130) +79%	4 188 N/A	1 476 -65%	1 353 -8%	370 -73%	(3 712) N/A	(784) +79%	(734) +6%	(408) +44%	(352) +14%	(446) -27%
Free Cash Flow
Free Cash Flow	252 N/A	300 +19%	298 -1%	345 +16%	381 +10%	553 +45%	617 +12%	634 +3%	690 +9%	834 +21%	706 -15%	822 +16%	1 176 +43%	1 399 +19%	1 674 +20%	1 106 -34%	1 128 +2%	1 141 +1%	1 156 +1%	1 657 +43%	1 550 -6%	1 695 +9%	1 702 +0%	1 613 -5%	1 696 +5%	1 643 -3%	1 763 +7%	1 561 -11%	1 422 -9%	1 504 +6%	1 570 +4%	1 895 +21%	1 878 -1%	1 829 -3%	1 975 +8%	2 040 +3%	2 164 +6%	2 040 -6%	1 953 -4%	1 857 -5%	1 858 +0%	2 173 +17%	1 974 -9%	1 945 -1%	1 865 -4%	1 544 -17%	1 624 +5%	1 673 +3%	1 717 +3%	1 477 -14%	2 043 +38%	1 317 -36%	1 061 -19%	1 371 +29%	258 -81%	860 +233%	461 -46%	549 +19%	893 +63%	935 +5%	1 518 +62%	1 317 -13%	1 426 +8%	1 098 -23%	1 310 +19%	1 188 -9%	1 040 -12%	1 358 +31%	1 015 -25%	1 065 +5%	1 273 +20%	1 408 +11%	1 573 +12%	1 502 -5%	1 322 -12%	1 159 -12%	1 265 +9%	1 354 +7%	1 496 +10%	1 479 -1%	1 341 -9%	1 125 -16%	751 -33%	532 -29%	771 +45%	863 +12%	932 +8%	1 034 +11%	714 -31%	518 -27%	558 +8%	573 +3%	271 -53%	349 +29%	244 -30%	332 +36%

Income Statement Balance Sheet Cash Flow Statement

Baxter International Inc
NYSE:BAX

Cash Flow Statement

Cash Flow Statement
Baxter International Inc

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Baxter International Inc NYSE:BAX

Cash Flow Statement

Cash Flow Statement Baxter International Inc

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Baxter International Inc
NYSE:BAX

Cash Flow Statement
Baxter International Inc