Filing Flows › Baxter International (BAX) › Q4 2025
Baxter International (BAX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Baxter International (BAX) reported revenue of $3.0B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was -24.5%, net loss $1.1B (37.9% of revenue).
Baxter International, Q4 2025: revenue $3.0B (+8% year over year), operating margin -24.5%, net loss $1.1B, operating cash flow $584M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0B | +5% | +8% |
| Operating profit | −$729M | -524% | — |
| Net earnings | −$1.1B | — | — |
| Operating cash flow | $584M | +146% | +20% |
What changed
Revenue was $3.0B in Q4 2025, up 8% year over year and up 5% from the previous quarter.
Gross margin was 19.4%, down 15.4 points from a year earlier. Operating costs exceeded revenue by $0.73B, an operating margin of -24.5%. Operating expenses fell 6% while revenue rose 8%. The quarter ended with a net loss of $1.1B, wider than the previous quarter's $0.05B loss.
Operating cash flow was $0.58B (up 20% year over year). Non-cash charges added back $0.24B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $1.4B.
Questions
What was Baxter International's revenue in the fourth quarter 2025?
Baxter International (BAX) reported revenue of $3.0B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before.
Was Baxter International profitable in the fourth quarter 2025?
Operating loss was $729M (-24.5% of revenue) and net loss $1.1B.