Companies /Healthcare
Baxter International Inc
NYSE: BAX Medical Instruments & Supplies
$23.54
▼ $0.44 (−1.81%) today
Markets open · 11:39am ET

Baxter International (BAX) Q2 2026 Earnings

Reported Jul 30, 2026, 7:17am ET · SEC source
$0.56
Beat +52.51%
EPS · est. $0.37
$3.0B
Beat +5.88%
Revenue · est. $2.8B
−6.2%
Trailing market
BAX vs S&P since report
2 quarters
Consecutive EPS beats

How Did BAX Stock React to Q2 2026 Earnings?

% change · around the report
−10%−5%0+5%Jul 30Jul 31report 7:17am ETearnings+1.6%−5.8%
−10%−5%0+5%Jul 30Jul 31earnings+1.6%−5.8%
BAX −5.8%S&P 500 +1.6%
−10%−5%0+5%Jul 30Jul 31report 7:17am ETearnings+2.8%−5.8%
−10%−5%0+5%Jul 30Jul 31earnings+2.8%−5.8%
BAX −5.8%NASDAQ +2.8%
−12%−6%0+6%Jul 29Aug 7report 7:17am ETearnings+4.8%−5.2%
−12%−6%0+6%Jul 29Aug 7earnings+4.8%−5.2%
BAX −5.2%S&P 500 +4.8%
−14%−7%0+7%Jul 29Aug 7report 7:17am ETearnings+7.0%−5.2%
−14%−7%0+7%Jul 29Aug 7earnings+7.0%−5.2%
BAX −5.2%NASDAQ +7.0%
+7.99%
Day of report
−2.21%
Next session
+0.97%
One week
−2.80%
30 days

S&P 500 over the same 30 days: +3.42%.

Did BAX Beat Earnings? Q2 2026 Results

Yes. Baxter International reported Q2 2026 earnings of $0.56 a share on Jul 30, 2026, beating the $0.37 consensus estimate by 52.5%. Revenue was $3.0B against a $2.8B estimate.

Baxter International delivered a notably strong second quarter, with adjusted diluted EPS of $0.56 coming in 52.51% above the $0.37 consensus estimate and revenue of $2.96 billion beating expectations by 5.88% while growing 5.3% year over year. The headline beat was powered by broad-based sales momentum across all segments, with Medical Products & Therapies generating roughly $2.08 billion in revenue, up 7% on a reported basis, and Advanced Surgery posting particularly impressive 12% growth. A significant tailwind came from an IEEPA tariff refund contributing $0.11 per diluted share, a benefit that had not been factored into prior guidance. The strong performance came despite adjusted gross margin contracting to 38.6% from 40.7% a year earlier, reflecting higher-cost inventory and reclassified functional costs weighing on profitability. Analysts had been watching margin trajectory closely heading into the print, and management's confidence in the business is now reflected in a raised full-year 2026 outlook, with adjusted diluted EPS guidance lifted to $1.95 to $2.15 and organic sales growth now expected at 2% to 3%.

Key Takeaways
  • Drug Compounding and IV Solutions strength within Infusion Therapies & Platforms
  • Strong global demand for Advanced Surgery products with 12% organic growth
  • Patient Support Systems driving Care & Connectivity Solutions growth
  • IEEPA tariff refund contributing $0.11 per diluted share benefit
  • Growth across all segments and divisions in both U.S. and International markets

“Our second-quarter results exceeded expectations on both the top and bottom lines, driven by both operating performance and an additional benefit from a tariff refund that was not previously contemplated in our guidance.”

Baxter International CEO, on the earnings call

What Is Baxter International's Outlook?

Baxter raised its full-year 2026 financial outlook: reported sales growth from continuing operations of 3% to 4% (previously flat to 1%), organic sales growth from continuing operations of 2% to 3% (previously approximately flat), and adjusted diluted EPS from continuing operations of $1.95 to $2.15 (previously $1.85 to $2.05). The raised guidance reflects stronger-than-expected operating performance and a benefit from an IEEPA tariff refund.

BAX YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$900.0M$1.8B$2.7B$2.8B$3.0BRevenue$991.0M$1.0BGross Profit$191.0M$217.0MOperating Income$91.0M$135.0MNet Income
$0$900.0M$1.8B$2.7BRevenueGross ProfitOperating IncomeNet Income
BAX income statement, Q2 2026 versus Q2 2025
Metric Q2 2026 Q2 2025 Year over year
Revenue $3.0B $2.8B +5.3%
Gross Profit $1.0B $991.0M +4.1%
Operating Income $217.0M $191.0M +13.6%
Net Income $135.0M $91.0M +48.4%

BAX Revenue by Segment

Medical Products & Therapies$2.1B+7.0%
Infusion Therapies & Technologies$1.7B+6.0%
Healthcare Systems & Technologies$801.0M+4.0%
Pharmaceuticals
Care & Connectivity Solutions$502.0M+6.0%
Injectables & Anesthesia
Advanced Surgery$331.0M+12.0%
Drug Compounding

BAX Revenue by Geography

United States$1.6B+4.0%
Rest of World$1.4B+7.0%

When Does Baxter International Report Next?

Expected report date

Figures from SEC filings and company reports. Not investment advice.