Companies /Healthcare

Baxter International Inc

NYSE: BAX Medical Instruments & Supplies
$25.93
▼ $0.57 (−2.15%) today
Markets closed · 1:38am ET

Q3 2025 Earnings

Reported Oct 30, 2025, 7:17am ET · SEC source
$0.69
Beat +15.40%
EPS · est. $0.60
$2.8B
Miss −1.47%
Revenue · est. $2.9B
−1.9%
Trailing market
BAX vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%0+6%+12%Oct 30Oct 31report 7:17am ETearnings−1.1%−3.9%
−6%0+6%+12%Oct 30Oct 31earnings−1.1%−3.9%
BAX −3.9%S&P 500 −1.1%
−6%0+6%+12%Oct 30Oct 31report 7:17am ETearnings−1.3%−3.9%
−6%0+6%+12%Oct 30Oct 31earnings−1.3%−3.9%
BAX −3.9%NASDAQ −1.3%
−8%0+8%Oct 29Nov 6report 7:17am ETearnings−2.2%−10.4%
−8%0+8%Oct 29Nov 6earnings−2.2%−10.4%
BAX −10.4%S&P 500 −2.2%
−8%0+8%Oct 29Nov 6report 7:17am ETearnings−3.5%−10.4%
−8%0+8%Oct 29Nov 6earnings−3.5%−10.4%
BAX −10.4%NASDAQ −3.5%
−14.54%
Day of report
−3.60%
Next session
−6.16%
One week
−1.67%
30 days

S&P 500 over the same 30 days: +0.25%.

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 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

“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.”

Baxter International CEO, on the earnings call

Forward Guidance & Outlook

For full-year 2025, Baxter now expects reported sales growth from continuing operations of 4% to 5% and operational sales growth of 1% to 2%. Full-year adjusted diluted EPS from continuing operations is expected to be $2.35 to $2.40. For Q4 2025, the company expects reported sales growth of approximately 2% and an operational sales decline of approximately 2%, with adjusted diluted EPS of $0.52 to $0.57.

BAX YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$800.0M$1.6B$2.4B$2.7B$2.8BRevenue$1.0B$950.0MGross Profit$155.0M$172.0MOperating Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating Income

BAX Revenue by Segment

Medical Products & Therapies$1.3B−1.0%
Infusion Therapies & Technologies$1.0B−4.0%
Healthcare Systems & Technologies$773.0M+3.0%
Pharmaceuticals$632.0M+7.0%
Care & Connectivity Solutions$473.0M+4.0%
Injectables & Anesthesia$333.0M+4.0%
Advanced Surgery$306.0M+13.0%
Drug Compounding$299.0M+12.0%

BAX Revenue by Geography

United States$1.5B+3.0%
Rest of World$1.3B+8.0%

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