Filing Flows › Baxter International (BAX) › Q2 2025
Baxter International (BAX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Baxter International (BAX) reported revenue of $2.8B for the second quarter 2025 (Q2 2025), +4% from a year earlier and +7% from the quarter before. Operating margin was 6.8%, net earnings $91.0M (3.2% of revenue).
Baxter International, Q2 2025: revenue $2.8B (+4% year over year), operating margin 6.8%, net earnings $91.0M, operating cash flow $217M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | +7% | +4% |
| Gross profit | $991M | +15% | -4% |
| Operating profit | $191M | +229% | +7% |
| Net earnings | $91.0M | -28% | — |
| Operating cash flow | $217M | — | +89% |
| Free cash flow | $77.0M | — | +71% |
What changed
Revenue was $2.8B in Q2 2025, up 4% year over year and up 7% from the previous quarter.
Gross margin was 35.3%, down 3.0 points from a year earlier. Operating profit was $0.19B, a 6.8% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, above the 7% margin then. Operating expenses fell 6% while revenue rose 4%. Net earnings were $0.09B. The effective tax rate was 10.8%.
Operating cash flow was $0.22B (up 89% year over year), 238% of net earnings. Non-cash charges added back $0.26B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.17B. Capital expenditures of $0.14B left free cash flow of $0.08B.
Questions
What was Baxter International's revenue in the second quarter 2025?
Baxter International (BAX) reported revenue of $2.8B for the second quarter 2025 (Q2 2025), +4% from a year earlier and +7% from the quarter before.
Was Baxter International profitable in the second quarter 2025?
Operating profit was $191M (6.8% of revenue) and net earnings $91.0M.