Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,017	$ 1,966
Accounts receivable, net of allowances of $67 in 2026 and $63 in 2025	1,698	1,861
Inventories	2,316	2,232
Prepaid expenses and other current assets	816	813
Total current assets	6,847	6,872
Property, plant and equipment, net	2,913	2,910
Goodwill	4,899	4,929
Other intangible assets, net	4,218	4,369
Operating lease right-of-use assets	277	276
Other non-current assets	692	699
Total assets	19,846	20,055
Current liabilities:
Short-term debt	0	1
Current maturities of long-term debt and finance lease obligations	842	2
Accounts payable	1,086	999
Accrued expenses and other current liabilities	1,765	1,968
Total current liabilities	3,693	2,970
Long-term debt and finance lease obligations, less current portion	8,621	9,473
Operating lease liabilities	224	223
Other non-current liabilities	1,292	1,287
Total liabilities	13,830	13,953
Commitments and contingencies
Equity:
Common stock, $1 par value, authorized 2,000,000,000 shares, issued 683,494,944 shares in 2026 and 2025	683	683
Common stock in treasury, at cost, 167,047,900 shares in 2026 and 169,213,617 shares in 2025	(10,737)	(10,873)
Additional contributed capital	6,214	6,368
Retained earnings	13,685	13,705
Accumulated other comprehensive loss	(3,802)	(3,754)
Total Baxter stockholders’ equity	6,043	6,129
Noncontrolling interests	(27)	(27)
Total equity	6,016	6,102
Total liabilities and equity	$ 19,846	$ 20,055