Filing Flows › Baxter International (BAX) › Q2 2026 › vs Q2 2025
Baxter International (BAX) Q2 2026 vs Q2 2025 (year over year)
Baxter International's revenue rose $150M (+5%) from $2.8B in Q2 2025 to $3.0B in Q2 2026. Gross margin 34.9% against 35.3% (-0.4 pts).
Baxter International, Q2 2026: revenue $3.0B (+5% year over year), operating margin 7.3%, net earnings $126M, operating cash flow $285M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 34.9% | 35.3% | -0.4 pts |
| Operating margin | 7.3% | 6.8% | +0.5 pts |
| Net margin | 4.3% | 3.2% | +1.0 pts |
| Free cash flow margin | 5.7% | 2.7% | +3.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $3.0B | $2.8B | $150M | +5% |
| Gross profit | $1.0B | $991M | $41.0M | +4% |
| Cost of revenue | $1.9B | $1.8B | $109M | +6% |
| Operating profit | $217M | $191M | $26.0M | +14% |
| Operating expenses | $815M | $800M | $15.0M | +2% |
| Pre-tax earnings | $149M | $102M | $47.0M | +46% |
| Other expense, net | $68.0M | $89.0M | −$21.0M | -24% |
| Net earnings | $126M | $91.0M | $35.0M | +38% |
| Income tax | $23.0M | $11.0M | $12.0M | +109% |
| Depreciation & amortization | $239M | $257M | −$18.0M | -7% |
| Share-based compensation | $33.0M | $35.0M | −$2.0M | -6% |
| Working capital & other | $113M | $166M | −$53.0M | -32% |
| Operating cash flow | $285M | $217M | $68.0M | +31% |
| Free cash flow (OCF − capex) | $169M | $77.0M | $92.0M | +119% |
| Capital expenditures | $116M | $140M | −$24.0M | -17% |
Questions
How much did Baxter International's revenue grow year over year in Q2 2026?
Baxter International's revenue rose $150M (+5%) from $2.8B in Q2 2025 to $3.0B in Q2 2026. Gross margin 34.9% against 35.3% (-0.4 pts).