Direct Answer
Baxter International reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Medical Products and Therapies is the largest, with $5.3 billion of revenue (47% of the total), followed by Healthcare Systems and Technologies at $3.1 billion (27%). 54% of revenue came from the United States.
How Does Baxter International Make Money?
No single line supplies a majority of revenue: the largest, Medical Products and Therapies, is 47%, which spreads Baxter International's exposure across several demand drivers. Between fiscal 2024 and 2025, Healthcare Systems and Technologies grew fastest (+4.1%) and Medical Products and Therapies slowest (+1.8%), so the revenue mix tilts toward Healthcare Systems and Technologies while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Medical Products and Therapies | $5.3 billion | $5.2 billion | 47.1% | 1.8% |
| Healthcare Systems and Technologies | $3.1 billion | $3.0 billion | 27.3% | 4.1% |
| Pharmaceuticals | $2.5 billion | $2.4 billion | 22.2% | 3.4% |
Which Baxter International Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| Medical Products and Therapies | $970 million | 18.3% |
| Healthcare Systems and Technologies | $441 million | 14.4% |
| Pharmaceuticals | $222 million | 8.9% |
Segment operating income is the profit measure Baxter International reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Baxter International more safely than against another company.
Where Does Baxter International's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| United States | $6.1 billion | $5.8 billion | 54.4% | 4.6% |
| Western Europe Canada Japan Australia and New Zealand | $3.7 billion | $3.4 billion | 33.2% | 8.5% |
| Eastern Europe Middle East Africa Latin America Asia | $1.4 billion | $1.4 billion | 12.4% | 3.3% |
What the Segment Figures Do Not Show
The rows above add up to 97% of Baxter International's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Baxter International reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0001628280-26-007733), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Baxter International's business segments?
In its fiscal 2025 Form 10-K, Baxter International reports revenue for Medical Products and Therapies, Healthcare Systems and Technologies and Pharmaceuticals.
Which part of Baxter International brings in the most revenue?
Medical Products and Therapies, with $5.3 billion of revenue in fiscal 2025, or 47% of the total.
How much of Baxter International's revenue comes from outside the United States?
46% in fiscal 2025, by the geographic breakdown Baxter International reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.