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Baxter International cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$558M in Q3 2026 · $1.6B over twelve months

Operating cash flow$558M
Free cash flow+$558M
Cash / net income1.9×
Cash conversion cycle114 days

Analysis

In Q3 2026, Baxter International generated $558M of operating cash flow. That is $321M more than in Q3 2025 ($237M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were net borrowing (+) / repaid (−) ($2.6B), other investing ($558M), dividends ($102M); besides operations, cash came from other financing ($1.9B), shares issued ($24.0M); the cash balance rose by $253M.

Operating cash flow was $558M against net income of $294M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$239M, receivables +$74.0M, inventory −$46.0M.

Its cash conversion cycle was 114 days (receivables 56 + inventory 106 − payables 48).

Free cash flow

Baxter International: free cash flow by quarterBaxter International: free cash flow by quarter$488MQ4 2024−$193MQ1 2025$217MQ2 2025$237MQ3 2025$584MQ4 2025$213MQ1 2026$285MQ2 2026$558MQ3 2026
Operating cash flow less capital spending.
Baxter International: operating cash flow against capital spendingBaxter International: operating cash flow against capital spendingOperating cash flowCapital spending$488M$0Q4 2024−$193M$0Q1 2025$217M$0Q2 2025$237M$0Q3 2025$584M$0Q4 2025$213M$0Q1 2026$285M$0Q2 2026$558M$0Q3 2026
Latest (Q3 2026): Operating cash flow $558M, Capital spending $0.

Capital allocation, year by year

Baxter International: where the cash came from (up) and went (down), by fiscal yearBaxter International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing $9.6BFY2021: Shares issued $187MFY2021: Capital spending −$691MFY2021: Acquisitions −$10.5BFY2021: Buybacks −$600MFY2021: Dividends −$530M$12.0BFY2021FY2022: Operating cash flow $1.2BFY2022: Net borrowing −$899MFY2022: Shares issued $127MFY2022: Capital spending −$377MFY2022: Acquisitions −$258MFY2022: Buybacks −$32.0MFY2022: Dividends −$573M$1.3BFY2022FY2023: Operating cash flow $1.7BFY2023: Net borrowing −$2.9BFY2023: Shares issued $95.0MFY2023: Capital spending −$432MFY2023: Acquisitions −$4.0MFY2023: Dividends −$586M$1.8BFY2023FY2024: Operating cash flow $1.0BFY2024: Net borrowing −$533MFY2024: Shares issued $71.0MFY2024: Capital spending −$446MFY2024: Acquisitions −$14.0MFY2024: Dividends −$590M$1.1BFY2024FY2025: Operating cash flow $845MFY2025: Net borrowing −$3.8BFY2025: Shares issued $30.0MFY2025: Capital spending −$513MFY2025: Acquisitions −$9.0MFY2025: Dividends −$348M$875MFY2025
Over these 5 years operating cash flow totalled $7.0B; the largest uses were acquisitions ($10.8B) and net borrowing ($8.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0B
Debt$9.4B
Net debt$7.5B
Due within a year$844M

Baxter International funds itself: free cash flow was $1.6B over the last twelve months, and $2.0B of cash and investments stands against $9.4B of debt ($844M due within a year, 2.3× covered by cash).

Baxter International: debt maturities by year (FY2025)Baxter International: debt maturities by year (FY2025)$841MYear 2$1.3BYear 3$1.2BYear 4$1.2BYear 5$4.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.0B of cash and investments now.

Where the cash came from and went

Baxter International: sources (+) and uses (−) of cash, Q3 2026Baxter International: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$600MOperating cash flow$558MCash drawn (+) / kept (−)$175MOther investing−$110MOther financing−$21.0MShares issued$6.0MDividends−$5.0MExchange rates−$3.0M
Baxter International: sources (+) and uses (−) of cash, TTM to Q3 2026Baxter International: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$2.6BOther financing$1.9BOperating cash flow$1.6BOther investing−$558MCash drawn (+) / kept (−)−$253MDividends−$102MShares issued$24.0MNot reconciled−$20.0M

From profit to cash

Baxter International: net income to operating cash flow, Q3 2026Baxter International: net income to operating cash flow, Q3 2026Net income$294MDepreciation & amortization$239MStock-based pay$30.0MDeferred taxes−$34.0MOther non-cash−$9.0MReceivables$74.0MInventory−$46.0MPayables$15.0MPrepaid and other assets−$44.0MOperating cash flow$558M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265610648114
Q2 20265510850113
Q1 20265911352121
Q4 2025569037109
Q3 20255811848128
Q2 20255511449120
Q1 20255710849115
Q4 20245710646117

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$558M−$5.0M−$600M$6.0M$175M$558M
Q2 2026$285M−$5.0M—$5.0M−$137M$285M
Q1 2026$213M−$5.0M—$8.0M−$51.0M$213M
Q4 2025$584M−$87.0M−$2.0B$5.0M−$240M$584M
Q3 2025$237M−$87.0M—$9.0M−$40.0M$237M
Q2 2025$217M−$87.0M−$680M$6.0M$608M$217M
Q1 2025−$193M−$87.0M−$3.1B$10.0M$118M−$193M
Q4 2024$488M−$147M$296M$8.0M−$334M$488M

Baxter International: income statement and cash flow

Baxter International, Q3 2026: revenue $3.0B (+5% year over year), operating margin 7.6%. The chart follows the revenue to costs, profit and cash.

Baxter International: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.