BAX Q3 2025 Earnings
Reported Oct 30, 2025 at 7:17 AM ET · SEC Source
Q3 25 EPS
$0.69
BEAT +15.40%
Est. $0.60
Q3 25 Revenue
$2.84B
MISS 1.47%
Est. $2.88B
vs S&P Since Q3 25
+6.6%
BEATING MARKET
BAX +13.9% vs S&P +7.2%
Market Reaction
Did BAX Beat Earnings? Q3 2025 Results
Baxter International delivered a stronger-than-expected third quarter, posting adjusted EPS of $0.69 against a consensus estimate of $0.60, a 15% beat, even as the medical products company navigated a turbulent operating backdrop. Revenue from contin… Read more Baxter International delivered a stronger-than-expected third quarter, posting adjusted EPS of $0.69 against a consensus estimate of $0.60, a 15% beat, even as the medical products company navigated a turbulent operating backdrop. Revenue from continuing operations reached $2.83 billion, up 5% year over year, reflecting the company's reshaped portfolio following the January 2025 sale of its Kidney Care business to Carlyle, which allowed interest expense to fall 33% to $58 million as debt was paid down with divestiture proceeds. The standout segment was Pharmaceuticals, where Drug Compounding surged 12% and helped offset persistent weakness in Infusion Therapies, where halted shipments of the Novum LVP pump and lingering post-Hurricane Helene IV solution conservation pressured volumes. GAAP results were clouded by $251 million in special items, including intangible amortization and product-related reserves, pushing the effective tax rate to a distorted 142.1%. Looking ahead, Baxter narrowed its full-year adjusted EPS guidance to $2.35 to $2.40, while projecting an operational sales decline of approximately 2% in the fourth quarter.
Key Takeaways
- • Strong global demand for Advanced Surgery products with 13% reported growth
- • Drug Compounding sales grew 12% driven by increased volumes
- • Pharmaceuticals growth driven by strength in Injectables & Anesthesia in select international markets
- • Continued demand for Care & Connectivity Solutions products
- • SG&A expenses declined 6% year-over-year
- • Interest expense declined 33% year-over-year to $58 million
BAX YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
BAX Revenue by Segment
With YoY comparisons, source: SEC Filings
BAX Revenue by Geography
With YoY comparisons, source: SEC Filings
“I joined Baxter because it's a global healthcare leader – an iconic brand with an essential portfolio that touches more than 350 million patients every year. In my first weeks, I've seen firsthand the passion and expertise that are at the heart of this company. I've been working side-by-side with our teams to understand what drives performance, as well as our challenges and opportunities ahead. Following this work, we have already taken decisive steps, including the launch of a new enterprise-wide continuous improvement system to sharpen execution and strengthen future results.”
— Andrew Hider, Q3 2025 Earnings Press Release
BAX Earnings Trends
BAX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BAX EPS Trend
Earnings per share: estimate vs actual
BAX Revenue Trend
Quarterly revenue: estimate vs actual
BAX Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.31 | $0.36 | +15.90% | $2.70B | +3.27% |
| Q4 25 MISS FY | $0.54 | $0.44 | -17.80% | $2.97B | +5.28% |
| FY Full Year | — | $2.27 | — | $11.24B | — |
| Q3 25 BEAT | $0.60 | $0.69 | +15.40% | $2.84B | -1.47% |
| Q2 25 MISS | $0.61 | $0.59 | -3.12% | $2.81B | -0.45% |