Companies /Healthcare

Baxter International Inc

NYSE: BAX Medical Instruments & Supplies
$26.13
â–² $0.21 (+0.81%) today
Markets closed · 7:10pm ET

Q4 2025 Earnings

Reported Feb 12, 2026, 7:17am ET · SEC source
$0.44
Miss −17.80%
EPS · est. $0.54
$3.0B
Beat +5.28%
Revenue · est. $2.8B
−4.3%
Trailing market
BAX vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+6%+12%+18%Feb 12Feb 13report 7:17am ETearnings−1.2%+5.3%
0+6%+12%+18%Feb 12Feb 13earnings−1.2%+5.3%
BAX +5.3%S&P 500 −1.2%
0+6%+12%+18%Feb 12Feb 13report 7:17am ETearnings−1.5%+5.3%
0+6%+12%+18%Feb 12Feb 13earnings−1.5%+5.3%
BAX +5.3%NASDAQ −1.5%
0+6%+12%+18%Feb 11Feb 19report 7:17am ETearnings−1.5%+11.7%
0+6%+12%+18%Feb 11Feb 19earnings−1.5%+11.7%
BAX +11.7%S&P 500 −1.5%
0+6%+12%+18%Feb 11Feb 19report 7:17am ETearnings−2.0%+11.7%
0+6%+12%+18%Feb 11Feb 19earnings−2.0%+11.7%
BAX +11.7%NASDAQ −2.0%
−15.99%
Day of report
+5.77%
Next session
+15.34%
One week
−5.83%
30 days

S&P 500 over the same 30 days: −1.54%.

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 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

“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.”

Baxter International CEO, on the earnings call

Forward Guidance & Outlook

For full-year 2026, Baxter guides reported sales growth from continuing operations of flat to 1%, organic sales growth of approximately flat, and adjusted diluted EPS from continuing operations of $1.85 to $2.05. The company expects approximately 100 basis points of negative FX impact on sales and approximately 30 basis points benefit from the Kidney Care MSA.

BAX YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$-2,000,000,000$0$2.0B$2.8B$3.0BRevenue$958.9M$577.0MGross Profit$-2,249,305,770$-729,000,000Operating Income
$-2,000,000,000$0$2.0BRevenueGross ProfitOperating Income

BAX Revenue by Segment

Medical Products & Therapies$1.4B+4.0%
Infusion Therapies & Technologies$1.1B+1.0%
Healthcare Systems & Technologies$827.0M+4.0%
Pharmaceuticals$668.0M+2.0%
Care & Connectivity Solutions$537.0M+4.0%
Injectables & Anesthesia$352.0M−9.0%
Advanced Surgery$328.0M+11.0%
Drug Compounding$316.0M+18.0%

BAX Revenue by Geography

United States$1.6B+3.0%
Rest of World$1.4B+14.0%

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