Baxter (BAX) r&d spend was $518M in FY2025 (-12% YoY). The tables below show the complete quarterly and annual r&d spend history, sourced from SEC EDGAR 10-K and 10-Q filings.
Annual R&D Spend
Fiscal Year
R&D Spend
YoY
2025
$518M
-12%
2024
$590M
+14%
2023
$518M
+15%
2022
$450M
-15%
2021
$531M
+2%
2020
$521M
-12%
2019
$595M
-9%
2018
$654M
+6%
2017
$615M
-5%
2016
$646M
+7%
2015
$603M
-1%
2014
$610M
+5%
2013
$582M
-46%
2012
$1.1B
+14%
2011
$946M
+3%
2010
$915M
-0%
2009
$917M
+6%
2008
$868M
+14%
2007
$760M
Recent Quarterly R&D Spend
Quarter
R&D Spend
Q2 2026
$129M
Q1 2026
$139M
Q4 2025
$126M
Q3 2025
$118M
Q2 2025
$134M
Q1 2025
$140M
Q4 2024
$211M
Q3 2024
$129M
Q2 2024
$130M
Q1 2024
$120M
Q4 2023
$127M
Q3 2023
$133M
Source: BAX on EDGAR. Data from SEC EDGAR 10-K and 10-Q filings. Updated quarterly.