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How Baxter International (BAX) makes money
Baxter International (BAX) made $3.0B of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Of every dollar of revenue, 33¢ was left as gross profit, 8¢ was left as operating profit, 10¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.0B | 100.0% |
| Cost of revenue | $2.0B | 66.6% |
| Gross profit | $994M | 33.4% |
| Operating expenses | $769M | 25.8% |
| Operating profit | $225M | 7.6% |
| Income tax | $119M | 4.0% |
| Net earnings | $294M | 9.9% |
| Operating cash flow | $558M | 18.8% |
| Free cash flow | $448M | 15.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.0B | +5% |
| Q2 2026 | $3.0B | +5% |
| Q1 2026 | $2.7B | +3% |
| Q4 2025 | $3.0B | +8% |
| Q3 2025 | $2.8B | +5% |
| Q2 2025 | $2.8B | +4% |
| Q1 2025 | $2.6B | +5% |
From Baxter International's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Baxter International make money?
Baxter International (BAX) made $3.0B of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Of every dollar of revenue, 33¢ was left as gross profit, 8¢ was left as operating profit, 10¢ was left as net earnings.
What is Baxter International's profit margin?
Net earnings were $294M, 9.9% of revenue, in the third quarter 2026; the operating margin was 7.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.