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Baxter10-K: Debt refinancing

Paid down $3.81B in debt in 2025, targeting 3.0x net leverage by end of 2026

What happened

Baxter is aggressively deleveraging its balance sheet following the sale of its Kidney Care business, paying down $3.81B in debt. This intense focus on financial health and achieving a specific leverage target by 2026 will drive cost scrutiny across the organization.

Source

SEC EDGARFeb 12, 2026

Annual report (Form 10-K)

Baxter 10-K for FY2025

Filing excerpt

We paid down $3.81 billion of legacy indebtedness in 2025 (which repayment does not include $2.0 billion of indebtedness repaid with proceeds from a new notes offering), primarily using proceeds from the sales of our Kidney Care business...

sec.gov/Archives/edgar/data/10456/000162828026007733/bax-20251231.htmRead the full source

Other signals in this filing (11)

Extracted by Autobound

From the Signal API record
Signal
10-K: Debt refinancing

What this signalsFilings often name leadership changes, deals and spending plans.

Period
FY2025
Fiscal year end
12/31
Filed
Feb 12, 2026

More 10-K signals at other companies

The full record

From the Signal API record

Numbers

Dollar figure
$3.8B (Legacy indebtedness paid down in 2025.)

Details

CIK
10456
Accession number
0001628280-26-007733
Timeframe
Multi year
Filing year
2026
Why it matters
Capital available or pressure
Signal category
Financial

Extraction

Confidence
High
Relevance
90%
Sentiment
Neutral
Detected
Feb 17, 2026
signal_type
sec-10k
signal_subtype
debtRefinancing

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The API returns more than this page shows

This page shows a preview. The full sec-10k record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
Show the full JSONThe record on this page and the API request

GET /v1/signals/ff814d70-2bdc-4485-bd62-34b6c77ccc7f returns this record as JSON. POST /v1/companies/enrich returns every signal for baxter.com.

{
  "signal_id": "ff814d70-2bdc-4485-bd62-34b6c77ccc7f",
  "signal_type": "sec-10k",
  "signal_subtype": "debtRefinancing",
  "detected_at": "2026-02-17T06:36:40.174+00:00",
  "company": {
    "name": "Baxter",
    "domain": "baxter.com"
  },
  "data": {
    "detail": "Baxter is aggressively deleveraging its balance sheet following the sale of its Kidney Care business, paying down $3.81B in debt. This intense focus on financial health and achieving a specific leverage target by 2026 will drive cost scrutiny across the organization.",
    "metrics": {
      "timeframe": "multi_year",
      "pct_context": "Targeting net leverage of 3.0x by end of 2026.",
      "dollar_context": "Legacy indebtedness paid down in 2025.",
      "dollar_millions": 3810
    },
    "summary": "Paid down $3.81B in debt in 2025, targeting 3.0x net leverage by end of 2026",
    "excerpts": "We paid down $3.81 billion of legacy indebtedness in 2025 (which repayment does not include $2.0 billion of indebtedness repaid with proceeds from a new notes offering), primarily using proceeds from the sales of our Kidney Care business...",
    "relevance": 0.9,
    "sentiment": "neutral",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/bax-20251231.htm",
    "filing_date": "2026-02-12",
    "filing_year": 2026,
    "fiscal_year_end": "12/31",
    "sales_relevance": "Capital available or pressure",
    "signal_category": "financial"
  }
}

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