Jun 2026 (Q2 FY26) — Jul 30, 2026
Baxter International Q2 FY26 — Strong Organic Growth and Tariff Refund Boost Earnings
Read the full callBaxter International (BAX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Baxter International earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,960 | +5.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.3 | +0.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 126 | +38.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
14 of 33 judged targets kept · 23 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EPS from continuing operations | $1.85 to $2.05 | Dec 2025 | we are raising our full year adjusted earnings from $1.85 to $2.05 per diluted share to $1.95 to $2.15 per share. | Revised Up |
| Adjusted operating margin from continuing operations | 13% to 14% | Dec 2025 | We continue to expect full year adjusted operating margin to range between 13% to 14%. | On Track |
19 of BAXTER INTERNATIONAL INC's 56 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 54 more targets are in the full ledger.
Claimed
- Organic revenue grew 5% in Q2, with broad-based operating performance across all segments and divisions.
- Adjusted EPS was $0.56, exceeding expectations, including a $0.11 per diluted share benefit from a tariff refund.
- Positive free cash flow generation of $181 million in Q2, bringing year-to-date total to $257 million.
- Advanced Surgery segment revenue grew 12% due to strong demand for hemostats and sealants.
- Drug compounding services achieved double-digit growth.
Qualified
- Adjusted EPS decreased 5% year-over-year, reflecting the roll-through of higher cost inventory and an unfavorable prior-year comparison.
- Infusion Systems sales were negatively impacted by the ongoing shipment and installation hold of Novum IQ LVP, customer returns, and transitions.
- Injectable sales were lower due to supply constraints and continued softness in certain premixed products, particularly from a contract manufacturer.
- Higher cost inventory produced at the end of 2025 created a headwind in the first half of the year.
Price
$25.28 −1.86% · −$0.48
Performance +11.1% 1Y
1Y: $22.75 on 15 Oct 2025 → $25.28. High $28.35 (4 Aug 2026), low $15.8 (30 Mar 2026).
- Previous close
- $25.76
- 52-week range
- $15.8 – $28.35
- One year
- +10.06%
Overview
- Symbol
- BAX
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 33 judged targets kept · 23 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EPS from continuing operations | $1.85 to $2.05 | Dec 2025 | we are raising our full year adjusted earnings from $1.85 to $2.05 per diluted share to $1.95 to $2.15 per share. | Revised Up |
| Adjusted operating margin from continuing operations | 13% to 14% | Dec 2025 | We continue to expect full year adjusted operating margin to range between 13% to 14%. | On Track |
Claimed
- Organic revenue grew 5% in Q2, with broad-based operating performance across all segments and divisions.
- Adjusted EPS was $0.56, exceeding expectations, including a $0.11 per diluted share benefit from a tariff refund.
- Positive free cash flow generation of $181 million in Q2, bringing year-to-date total to $257 million.
- Advanced Surgery segment revenue grew 12% due to strong demand for hemostats and sealants.
- Drug compounding services achieved double-digit growth.
Qualified
- Adjusted EPS decreased 5% year-over-year, reflecting the roll-through of higher cost inventory and an unfavorable prior-year comparison.
- Infusion Systems sales were negatively impacted by the ongoing shipment and installation hold of Novum IQ LVP, customer returns, and transitions.
- Injectable sales were lower due to supply constraints and continued softness in certain premixed products, particularly from a contract manufacturer.
- Higher cost inventory produced at the end of 2025 created a headwind in the first half of the year.
The full ledger
Open BAXTER INTERNATIONAL INC’s full ledger
A free account opens 5 company ledgers a month. All 56 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
Baxter International earnings calls (BAX)
Financials
What the filings say
Net profit, year on year: +38% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,699 | 2,753 | 2,625 | 2,810 | 2,835 | 2,974 | 2,701 | 2,960 |
| Operating profit | 155 | -435 | 58 | 191 | 172 | -729 | 66 | 217 |
| Operating margin | 5.7% | −15.8% | 2.2% | 6.8% | 6.1% | −24.5% | 2.4% | 7.3% |
| Interest | -14 | — | -17 | -14 | -10 | 331 | -12 | -13 |
| Profit before tax | 69 | -521 | -3 | 133 | 121 | -756 | -6 | 158 |
| Tax rate | 11.6% | 6.3% | 2233.3% | 8.3% | 142.2% | −36.9% | −183.3% | 14.6% |
| Net profit | 140 | -512 | 126 | 91 | -46 | -1,128 | -15 | 126 |
| EPS ($ per share) | 0.27 | -1 | 0.25 | 0.18 | -0.09 | — | -0.03 | 0.24 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 683 | 683 | 683 | 683 | 683 | 683 | 683 | 683 |
| Reserves | 15,075 | 15,718 | 16,328 | 17,065 | 14,050 | 16,114 | 14,929 | 13,705 |
| Total liabilities | 7,854 | 10,281 | 11,293 | 24,400 | 22,392 | 19,808 | 18,758 | 13,953 |
| Fixed assets | 4,530 | 4,512 | 4,722 | 5,178 | 4,695 | 2,871 | 2,870 | 2,910 |
| Total assets | 15,720 | 18,193 | 20,019 | 33,521 | 28,287 | 28,276 | 25,782 | 20,055 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,017 | 2,104 | 1,868 | 2,222 | 1,211 | 1,726 | 1,019 | 845 |
| Cash from investing | -916 | -1,100 | -1,179 | -11,200 | -931 | 3,213 | -626 | 2,841 |
| Cash from financing | -2,603 | 498 | -345 | 8,245 | -1,438 | -3,489 | -1,081 | -4,216 |
| Net cash flow | -1,565 | 1,497 | 401 | -780 | -1,234 | 1,476 | -784 | -446 |
| Capital expenditure | -659 | -696 | -709 | -691 | -377 | -432 | -446 | -513 |
| Free cash flow | 1,358 | 1,408 | 1,159 | 1,531 | 834 | 1,294 | 573 | 332 |
BAX revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Medical Products and Therapies | — | — | 48% | 47% | 47% | 47% | 48% | 70% | +57.3% |
| Healthcare Systems and Technologies | 28% | 147% | 27% | 27% | 27% | 28% | 26% | 27% | +4.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 54% ↓ 2 pt
- Non Us 46%
As BAX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
40 filings between Dec 1, 2025 and Sep 2, 2026.
Open market
decisions to buy or sellNobody bought or sold BAX on the open market in this window. The filings below are 21 awards and 19 tax withholdings.
Compensation
not trading decisions- 21
- Award — granted as compensation
- 19
- Tax withheld — shares kept back by the company to cover tax
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 2, 2026 | Hider Andrew P. President and CEO | Tax withheld | 54,276 | $1.39M |
| Sep 2, 2026 | Foster Julie President, Front Line Care | Tax withheld | 2,098 | $53.9K |
| Sep 1, 2026 | Teaff James President, CCS | Tax withheld | 750 | $19.1K |
| Jun 2, 2026 | Teaff James President, CCS | Tax withheld | 321 | $6.0K |
| Jun 2, 2026 | Wallace Steven P. President, Adv. Surgery | Tax withheld | 153 | $2.9K |
| Jun 1, 2026 | Zielinski Anita A SVP, Interim CFO, CAO & Cntrlr | Award | 13,426 | $0 |
| May 5, 2026 | Ampofo William A. II Director | Award | 12,836 | $0 |
| May 5, 2026 | Wilkes David S. Director | Award | 12,836 | $0 |
| May 5, 2026 | Wendell Amy McBride Director | Award | 12,836 | $0 |
| May 5, 2026 | Shafer David Brent Director | Award | 12,836 | $0 |
| May 5, 2026 | Craig Jeffrey A Director | Award | 12,836 | $0 |
| May 5, 2026 | MCDONNELL MICHAEL R Director | Award | 12,836 | $0 |
| May 5, 2026 | MORRISON PATRICIA Director | Award | 12,836 | $0 |
| May 5, 2026 | SCHLICHTING NANCY M Director | Award | 12,836 | $0 |
| Mar 6, 2026 | Soriano Maria Cecilia Group Pres., ITT & Pharma. | Tax withheld | 2,848 | $50.4K |
| Mar 6, 2026 | Zielinski Anita A SVP, CAO and Controller | Tax withheld | 1,932 | $34.2K |
| Mar 6, 2026 | Rosenbloom David S. EVP and General Counsel | Tax withheld | 6,620 | $117.1K |
| Mar 6, 2026 | Rasul Reazur EVP,Group Pres,Healthcare | Tax withheld | 12,674 | $224.2K |
| Mar 6, 2026 | Grade Joel T. EVP and CFO | Tax withheld | 8,153 | $144.2K |
| Mar 2, 2026 | Soriano Maria Cecilia Group Pres., ITT & Pharma. | Tax withheld | 1,852 | $36.5K |
| Mar 2, 2026 | Rosenbloom David S. EVP and General Counsel | Tax withheld | 1,336 | $26.3K |
| Mar 2, 2026 | Rasul Reazur EVP,Group Pres,Healthcare | Tax withheld | 1,614 | $31.8K |
| Feb 27, 2026 | Rosenbloom David S. EVP and General Counsel | Award | 26,709 | $0 |
| Feb 27, 2026 | Zielinski Anita A SVP, CAO and Controller | Award | 30,864 | $0 |
| Feb 27, 2026 | Grade Joel T. EVP and CFO | Award | 42,735 | $0 |
| Feb 27, 2026 | Soriano Maria Cecilia Group Pres., ITT & Pharma. | Award | 23,742 | $0 |
| Feb 27, 2026 | Carlisle Cynthia Executive Vice President, CHRO | Award | 17,806 | $0 |
| Feb 27, 2026 | Carlisle Cynthia Executive Vice President, CHRO | Award | 11,871 | $0 |
| Feb 27, 2026 | Hider Andrew P. President and CEO | Award | 201,804 | $0 |
| Feb 13, 2026 | MCDONNELL MICHAEL R Director | Award | 1,811 | $0 |
| Feb 9, 2026 | Rasul Reazur EVP,Group Pres,Healthcare | Tax withheld | 5,770 | $125.4K |
| Feb 9, 2026 | Rosenbloom David S. EVP and General Counsel | Award | 17,055 | $0 |
| Feb 9, 2026 | Rosenbloom David S. EVP and General Counsel | Tax withheld | 5,225 | $113.5K |
| Feb 9, 2026 | Soriano Maria Cecilia Group Pres., ITT & Pharma. | Award | 2,273 | $0 |
| Feb 9, 2026 | Soriano Maria Cecilia Group Pres., ITT & Pharma. | Tax withheld | 918 | $19.9K |
| Feb 9, 2026 | Rasul Reazur EVP,Group Pres,Healthcare | Award | 18,951 | $0 |
| Feb 9, 2026 | Grade Joel T. EVP and CFO | Tax withheld | 9,144 | $198.7K |
| Feb 9, 2026 | Grade Joel T. EVP and CFO | Award | 30,504 | $0 |
| Dec 12, 2025 | Mason Jeanne K EVP, Chief HR Officer | Tax withheld | 650 | $12.4K |
| Dec 1, 2025 | Grade Joel T. EVP and CFO | Tax withheld | 8,288 | $158.1K |
| Sep 2, 2025 | Hider Andrew P. President and CEO | Award | 131,813 | $0 |
| Sep 2, 2025 | Sonig Alok EVP,Group President,Pharma | Tax withheld | 3,191 | $77.1K |
| Sep 2, 2025 | Grade Joel T. EVP and CFO | Award | 102,712 | $0 |
| Sep 2, 2025 | Hider Andrew P. President and CEO | Award | 236,237 | $0 |
| Sep 2, 2025 | Borzi James W EVP,Chief Supply Chain Officer | Tax withheld | 1,848 | $44.7K |
| Aug 19, 2025 | Shafer David Brent Director | Tax withheld | 31,337 | $762.4K |
| Jun 2, 2025 | Rosenbloom David S. EVP and General Counsel | Tax withheld | 16,548 | $489.0K |
| May 6, 2025 | Oesterle Stephen N. Director | Award | 7,183 | $0 |
| May 6, 2025 | RUSCKOWSKI STEPHEN H Director | Award | 7,183 | $0 |
| May 6, 2025 | SCHLICHTING NANCY M Director | Award | 7,183 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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