BAX Q4 2025 Earnings
Reported Feb 12, 2026 at 7:17 AM ET · SEC Source
Q4 25 EPS
$0.44
MISS 17.80%
Est. $0.54
Q4 25 Revenue
$2.97B
BEAT +5.28%
Est. $2.82B
vs S&P Since Q4 25
+8.3%
BEATING MARKET
BAX +15.2% vs S&P +6.9%
Full Year 2025 Results
FY 25 EPS
$2.27
FY 25 Revenue
$11.24B
Market Reaction
Did BAX Beat Earnings? Q4 2025 Results
Baxter International delivered a disappointing fourth quarter, with adjusted EPS from continuing operations of $0.44 missing the $0.55 consensus estimate by 19.56%, even as revenue climbed 8.0% year-over-year to $2.97 billion. The profitability short… Read more Baxter International delivered a disappointing fourth quarter, with adjusted EPS from continuing operations of $0.44 missing the $0.55 consensus estimate by 19.56%, even as revenue climbed 8.0% year-over-year to $2.97 billion. The profitability shortfall was driven in large part by a cascade of non-recurring charges, including a $485 million goodwill impairment tied to the Front Line Care reporting unit, $290 million in indefinite-lived asset impairments, and $52 million in product-related reserves linked to infusion pump corrective actions, which collectively compressed GAAP gross margin to just 19.4% from 34.8% a year ago. The quarter also reflected the structural reset following Carlyle's acquisition of Baxter's Kidney Care business in January 2025, with results now reflecting continuing operations only. CEO Andrew Hider acknowledged the miss while pointing to a new operating model intended to simplify the company and accelerate innovation. Looking ahead, Baxter guided fiscal 2026 adjusted diluted EPS to a range of $1.85 to $2.05, implying a potential step-down from the $2.27 posted in fiscal 2025, with organic sales growth expected to be approximately flat.
Key Takeaways
- • IV solutions strength reflecting favorable comparison to prior-year Hurricane Helene impacted period
- • Strong global demand for Advanced Surgery products
- • Continued strength in Drug Compounding
- • Demand for Care & Connectivity Solutions products
- • International sales growth of 14% reported and 8% operational
BAX YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
BAX Revenue by Segment
With YoY comparisons, source: SEC Filings
BAX Revenue by Geography
With YoY comparisons, source: SEC Filings
“While we delivered sales growth across all segments, our fourth-quarter results did not meet our expectations, underscoring the importance of our focus on driving continuous improvement across the enterprise.”
— Andrew Hider, Q4 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% |