CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,966	$ 1,764
Accounts receivable, net of allowance of $63 in 2025 and $71 in 2024	1,861	1,679
Inventories	2,232	2,046
Prepaid expenses and other current assets	813	753
Current assets of discontinued operations	0	2,611
Total current assets	6,872	8,853
Property, plant and equipment, net	2,910	2,870
Goodwill	4,929	5,275
Other intangible assets, net	4,369	5,223
Operating lease right-of-use assets	276	306
Other non-current assets	699	755
Non-current assets of discontinued operations	0	2,500
Total assets	20,055	25,782
Current liabilities:
Short-term debt	1	2,126
Current maturities of long-term debt and finance lease obligations	2	626
Accounts payable	999	968
Accrued expenses and other current liabilities	1,968	1,861
Current liabilities of discontinued operations	0	930
Total current liabilities	2,970	6,511
Long-term debt and finance lease obligations, less current portion	9,473	10,374
Operating lease liabilities	223	243
Other non-current liabilities	1,287	1,076
Non-current liabilities of discontinued operations	0	554
Total liabilities	13,953	18,758
Commitments and contingencies
Equity:
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2025 and 2024	683	683
Common stock in treasury, at cost, 169,213,617 shares in 2025 and 172,567,636 shares in 2024	(10,873)	(11,059)
Additional contributed capital	6,368	6,421
Retained earnings	13,705	14,929
Accumulated other comprehensive income (loss)	(3,754)	(4,010)
Total Baxter stockholders’ equity	6,129	6,964
Noncontrolling interests	(27)	60
Total equity	6,102	7,024
Total liabilities and equity	$ 20,055	$ 25,782