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Baxter International (BAX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Baxter International (BAX) Q3 2026 earnings results →

Q3 2026 Revenue up 5% year over year to $3.0B · 10¢ of every $1 of revenue kept as net profit · operating margin 7.6%

Baxter International made $3.0B in Q3 2026 (+5% Y/Y). Operating margin 7.6%, net earnings $294M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$3.0B
Year over year+5%
Operating margin7.6%
Net earnings$294M
Operating cash flow$558M

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Baxter International Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $3.0B in Q3 2026, up 5% year over year and up 1% from the previous quarter.

Gross margin was 33.4%, down 0.1 points from Q3 2025. Operating profit was $0.23B, a 7.6% margin (up 1.5 points year over year). Of the extra revenue versus Q3 2025, 38% reached operating profit, above the 6% margin then. Operating expenses fell 1% while revenue rose 5%. Net earnings were $0.29B. The effective tax rate was 28.8%. Non-operating items added $0.19B, 46% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $0.56B (up 135% year over year), 190% of net earnings. Non-cash charges added back $0.24B of depreciation and amortization and $0.03B of share-based compensation. Capital expenditures of $0.11B left free cash flow of $0.45B.

Quarterly history

Baxter International revenue by quarterBaxter International revenue by quarter$2.6BQ1 2025$2.8BQ2 2025$2.8BQ3 2025$3.0BQ4 2025$2.7BQ1 2026$3.0BQ2 2026$3.0BQ3 2026
Baxter International net earnings by quarterBaxter International net earnings by quarter$126MQ1 2025$91.0MQ2 2025−$46.0MQ3 2025−$1.1BQ4 2025−$15.0MQ1 2026$126MQ2 2026$294MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$3.0B+5%7.6%$294M$558M
Q2 202610-QJul 30, 2026$3.0B+5%7.3%$126M$285M
Q1 202610-QApr 30, 2026$2.7B+3%2.4%−$15.0M$213M
Q4 202510-KFeb 12, 2026$3.0B+8%-24.5%−$1.1B$584M
Q3 202510-QNov 4, 2025$2.8B+5%6.1%−$46.0M$237M
Q2 202510-QAug 5, 2025$2.8B+4%6.8%$91.0M$217M
Q1 202510-QMay 6, 2025$2.6B+5%2.2%$126M−$193M

Charts

Baxter International: revenue growth, year over year and quarter over quarterBaxter International: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q1 2025+4%+7%Q2 2025+5%+1%Q3 2025+8%+5%Q4 2025+3%-9%Q1 2026+5%+10%Q2 2026+5%+1%Q3 2026
Latest (Q3 2026): Y/Y +5%, Q/Q +1%.
Baxter International: where the cash came from (+) and went (−), TTM to Q3 2026Baxter International: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)−$2.6BOther financing$1.9BOperating cash flow$1.6BOther investing−$558MCash drawn (+) / kept (−)−$253MDividends−$102MShares issued$24.0MNot reconciled−$20.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Baxter International: profit against cash, quarter by quarterBaxter International: profit against cash, quarter by quarterNet incomeOperating cash flow−$510M$488MQ4 2024$126M−$193MQ1 2025$91.0M$217MQ2 2025−$46.0M$237MQ3 2025−$1.1B$584MQ4 2025−$15.0M$213MQ1 2026$126M$285MQ2 2026$294M$558MQ3 2026
Latest (Q3 2026): Net income $294M, Operating cash flow $558M.
Baxter International: diluted shares by fiscal yearBaxter International: diluted shares by fiscal year517MFY2020508MFY2021504MFY2022508MFY2023510MFY2024513MFY2025
-0.8% since FY2020: buybacks shrank the count.
Baxter International: long-term debt falling due (FY2025)Baxter International: long-term debt falling due (FY2025)$841M2027$1.3B2028$1.2B2029$1.2B2030$4.9BLater
Cash $2.0B, short-term investments —, long-term debt $9.4B at 2025-12-31.
Baxter International in its industry: growth against margin (111 companies, SIC 3841)Baxter International in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MDLNMMMSYKBSXBDXSOLVRMDDXCMWSTMMEDPODDGMEDTFXICUIMMSIIARTPENHAETNDMEMBCIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSAORTPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNTMCISTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRSIMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPLSEPETVFEMYOSRHCODXOBIORDGLPAVMGUTSBAX (+5%, 8%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Baxter International

Baxter International Inc., through our subsidiaries, provides a broad portfolio of essential healthcare products, including sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices. These products are used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors’ offices, kidney dialysis centers and patients at home under physician supervision. Our global footprint and the critical nature of our products and services play a key role in expanding access to healthcare in emerging and developed countries.

In its own words, from its 10-K, filed Feb 12, 2026.

Baxter International against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +5%. Operating margin: 7.6% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
SOLV SolventumQ3 2026$1.9B-7%3.5%
RMD ResMedQ1 FY27$1.4B+6%32.0%
DXCM DexComQ3 2026$1.3B+11%24.3%

Source: Baxter International 10-Q on SEC EDGAR · CIK 10456 · Surgical & Medical Instruments & Apparatus

Guidance and outlook

Baxter International Revenue: guidance against what was reportedBaxter International Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2025$11.2B
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns BAX and who is buying

Largest holders of BAX (13F)Largest holders of BAX (13F)BlackRock$1.7BPzena Investment Management LLC$1.5BDodge & COX$1.2BVanguard Group$1.2BFMR LLC$1.1BVanguard Capital Management LLC$720MVanguard Portfolio Management LLC$513MState Street$439MGeode Capital Management, LLC$301MGreenhaven Associates$298M
Funds' net buying of BAX by quarter (13F)Funds' net buying of BAX by quarter (13F)$330M2024-09$188M2024-12$312M2025-03$218M2025-06$346M2025-09$749M2025-12−$281M2026-03$476M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

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History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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