Filing Flows › Baxter International (BAX) › Q3 2025
Baxter International (BAX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Baxter International (BAX) reported revenue of $2.8B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +0.9% from the quarter before. Operating margin was 6.1%, net loss $46.0M (1.6% of revenue).
Baxter International, Q3 2025: revenue $2.8B (+5% year over year), operating margin 6.1%, net loss $46.0M, operating cash flow $237M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | +0.9% | +5% |
| Operating profit | $172M | -10% | — |
| Net earnings | −$46.0M | -151% | — |
| Operating cash flow | $237M | +9% | -6% |
| Free cash flow | $126M | — | +6% |
What changed
Revenue was $2.8B in Q3 2025, up 5% year over year and up 1% from the previous quarter.
Gross margin was 33.5%, down 4.8 points from a year earlier. Operating profit was $0.17B, a 6.1% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 6% margin then. Operating expenses fell 11% while revenue rose 5%. The quarter ended with a net loss of $0.05B, after a profit of $0.09B the previous quarter. Net interest and other expense of $0.05B was the main reason.
Operating cash flow was $0.24B (down 6% year over year). Non-cash charges added back $0.24B of depreciation and amortization and $0.04B of share-based compensation. Capital expenditures of $0.11B left free cash flow of $0.13B.
Questions
What was Baxter International's revenue in the third quarter 2025?
Baxter International (BAX) reported revenue of $2.8B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +0.9% from the quarter before.
Was Baxter International profitable in the third quarter 2025?
Operating profit was $172M (6.1% of revenue) and net loss $46.0M.