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SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

The following tables present our U.S. and International disaggregated net sales.


for the years ended December 31	2025						2024						2023
(in millions)	U.S.		International		Total		U.S.		International		Total		U.S.		International		Total
Infusion Therapies & Technologies	$	2,236	$	1,865	$	4,101	$	2,279	$	1,824	$	4,103	$	2,227	$	1,733	$	3,960
Advanced Surgery	648		550		1,198		603		501		1,104		582		469		1,051
Medical Products & Therapies	2,884		2,415		5,299		2,882		2,325		5,207		2,809		2,202		5,011
Care & Connectivity Solutions	1,372		539		1,911		1,311		503		1,814		1,263		537		1,800
Front Line Care	871		289		1,160		843		294		1,137		905		308		1,213
Healthcare Systems & Technologies	2,243		828		3,071		2,154		797		2,951		2,168		845		3,013
Injectables & Anesthesia	749		603		1,352		780		593		1,373		759		588		1,347
Drug Compounding	—		1,141		1,141		—		1,038		1,038		—		902		902
Pharmaceuticals	749		1,744		2,493		780		1,631		2,411		759		1,490		2,249
Other	246		135		381		34		33		67		66		21		87
Total Baxter	$	6,122	$	5,122	$	11,244	$	5,850	$	4,786	$	10,636	$	5,802	$	4,558	$	10,360

Segment results include net sales, cost of sales, SG&A, R&D expenses, corporate costs that had previously been allocated to our former Kidney Care segment which did not convey in the related sale, and other segment items which are directly allocated to each segment. Billings by us under the Kidney Care TSA are included in other segment items as further described in Note 2. Beginning in 2024 annual reporting, we adopted ASU 2023-07 retrospectively. The following tables present our segment information of net sales, significant expenses and operating income during the periods presented.


	For the year ended December 31, 2025
(in millions)	Medical Products & Therapies		Healthcare Systems & Technologies		Pharmaceuticals
Net sales	$	5,299	$	3,071	$	2,493
Cost of sales	3,065		1,603		1,777
Selling, general and administrative expenses	1,162		873		429
Research and development expenses	209		190		101
Other segment items	(107)		(36)		(36)
Segment operating income	$	970	$	441	$	222


	For the year ended December 31, 2024
(in millions)	Medical Products & Therapies		Healthcare Systems & Technologies		Pharmaceuticals
Net sales	$	5,207	$	2,951	$	2,411
Cost of sales	2,867		1,464		1,612
Selling, general and administrative expenses	1,176		836		396
Research and development expenses	216		184		91
Other segment items	(2)		(1)		(1)
Segment operating income	$	950	$	468	$	313


	For the year ended December 31, 2023
(in millions)	Medical Products & Therapies		Healthcare Systems & Technologies		Pharmaceuticals
Net sales	$	5,011	$	3,013	$	2,249
Cost of sales	2,720		1,532		1,400
Selling, general and administrative expenses	1,097		822		363
Research and development expenses	222		176		86
Other segment items	—		—		(1)
Segment operating income	$	972	$	483	$	401

Revenue from External Customers by Geographic Areas

Our net sales are attributed to the following geographic regions based on the location of the customer.


for the years ended December 31 (in millions)	2025		2024		2023
Net sales:
United States	$	6,122	$	5,850	$	5,802
Emerging markets1	1,394		1,350		1,343
Rest of world 2	3,728		3,436		3,215
Total net sales	$	11,244	$	10,636	$	10,360

1 Emerging markets include sales from our operations in Eastern Europe, the Middle East, Africa, Latin America and Asia (except for Japan).

2 Rest of world includes sales from our operations in Western Europe, Canada, Japan, Australia and New Zealand.

Geographic Information

Our property, plant and equipment and operating lease right-of-use assets, net are attributed to the following geographic regions.


as of December 31 (in millions)	2025		2024
Property, plant and equipment and operating lease right-of-use assets, net:
United States	$	1,609	$	1,654
Emerging markets	817		793
Rest of world	760		729
Total property, plant and equipment and operating lease right-of-use assets, net	$	3,186	$	3,176

Reconciliation of Segment Operating Income To Income Before Income Taxes

The following table presents our reportable segment operating income and reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes.


for the years ended December 31 (in millions)	2025		2024		2023
Medical Products & Therapies	$	970	$	950	$	972
Healthcare Systems & Technologies	441		468		483
Pharmaceuticals	222		313		401
Total reportable segment operating income	1,633		1,731		1,856
Other	43		18		18
Unallocated corporate costs	(86)		(275)		(355)
Intangible asset amortization expense	(598)		(625)		(590)
Business optimization items	(178)		(162)		(174)
European Medical Devices Regulation	(21)		(33)		(41)
Indefinite-lived asset impairments	(290)		(50)		—
Separation-related costs	(58)		—		—
Legal matters	(11)		(17)		(7)
Acquisition and integration items	(27)		(23)		—
Product-related reserves	(113)		(15)		—
Hurricane Helene Costs	(133)		(110)		—


Goodwill impairments	(485)		(425)		—
Gain on sale of long-lived asset	16		—		—
Total operating income (loss)	(308)		14		707
Interest expense, net	238		341		439
Other (income) expense, net	(41)		(38)		26
Income (loss) from continuing operations before income taxes	$	(505)	$	(289)	$	242

Additional financial information for our segments is as follows:


for the years ended December 31 (in millions)	2025		2024		2023
Depreciation Expense1:
Medical Products & Therapies	$	206	$	201	$	232
Healthcare Systems & Technologies	112		109		108
Pharmaceuticals	65		62		54

Total depreciation expense	$	383	$	372	$	394

1 Depreciation expense related to Corporate property, plant and equipment has been fully allocated to our segments and those allocations are reflected in the depreciation amounts presented herein.