For the year ending 2025-12-31, BAX had -$446M decrease in cash & cash equivalents over the period. $332M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income (loss) | - | - | - | -2,421 |
| Income (loss) from continuing operations | -900 | -326 | -69 | - |
| Depreciation and amortization | 981 | 997 | 1,263 | 1,403 |
| Pension settlement and curtailment (gains) losses | - | 0 | -1 | 12 |
| Net periodic pension and other postretirement costs | -32 | -28 | -19 | 51 |
| Deferred income taxes | 77 | -262 | -499 | -225 |
| Long-lived asset impairments | - | 50 | 77 | 344 |
| Stock compensation | 117 | 114 | 133 | 154 |
| Goodwill impairments | 485 | 425 | 0 | 2,812 |
| Indefinite-lived asset impairments | 290 | - | - | - |
| Other long-lived asset impairments | 27 | 44 | 470 | - |
| Loss on product divestiture arrangement | - | 0 | 0 | -54 |
| Reclassification of cumulative translation loss to earnings | - | 0 | 0 | -65 |
| Loss on subsidiary liquidation | - | 0 | 0 | -21 |
| Settlement of interest rate derivative contracts | - | - | - | 0 |
| Gain on early extinguishment of debt | 16 | - | 0 | 0 |
| Other | -30 | -41 | -77 | 12 |
| Accounts receivable, net | 132 | 35 | 66 | 146 |
| Inventories | 119 | 201 | 114 | 361 |
| Prepaid expenses and other current assets | -72 | 125 | 40 | 39 |
| Accounts payable | 3 | 112 | 107 | -76 |
| Accrued expenses and other current liabilities | 149 | 44 | 412 | -273 |
| Other | -81 | -31 | -31 | -128 |
| Cash flows from (used in) operations continuing operations | 951 | 819 | 1,702 | 1,211 |
| Cash flows from (used in) operations discontinued operations | -106 | 200 | 24 | 0 |
| Cash flows from (used in) operations | 845 | 1,019 | 1,726 | 1,211 |
| Capital expenditures | 513 | 446 | 692 | 679 |
| Acquisitions of developed technology and investments | 9 | 14 | 6 | 263 |
| Proceeds from sale of marketable equity securities | 0 | 34 | - | - |
| Other investing activities, net | -58 | -16 | -26 | - |
| Cash flows from (used in) investing activities - continuing operations | -464 | -410 | -672 | - |
| Other investing activities, net | - | - | - | 11 |
| Cash flows from (used in) investing activities - discontinued operations | 3,305 | -216 | 3,885 | - |
| Cash flows from (used in) investing activities | 2,841 | -626 | 3,213 | -931 |
| Issuances of debt | 1,998 | - | 0 | 0 |
| Increase in short term debt | 0 | 1,830 | - | - |
| Repayments of debt | 5,489 | 2,657 | 2,634 | 954 |
| Net increase (decrease) in debt with original maturities of three months or less | - | - | - | 55 |
| Net (decreases) increases in debt with original maturities of three months or less | -300 | 296 | -299 | - |
| Cash dividends on common stock | 348 | 590 | 586 | 573 |
| Proceeds from stock issued under employee benefit plans | 30 | 71 | 95 | 127 |
| Purchases of treasury stock | - | 0 | 0 | 32 |
| Debt issuance costs | - | - | 0 | 0 |
| Payments of contingent liabilities | 50 | - | - | - |
| Other financing activities, net | -57 | -31 | -65 | -61 |
| Cash flows from (used in) financing activities | -4,216 | -1,081 | -3,489 | -1,438 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 84 | -96 | 26 | -76 |
| Increase (decrease) in cash, cash equivalents and restricted cash | -446 | -784 | 1,476 | -1,234 |
| Cash and cash equivalents at beginning of period | 2,414 | 3,198 | 1,722 | 2,956 |
| Cash and cash equivalents at end of period | 1,968 | 2,414 | 3,198 | 1,722 |
BAXTER INTERNATIONAL INC (BAX)
BAXTER INTERNATIONAL INC (BAX)