# Baxter International Inc: overview

BAX · NYSE · CIK 10456 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/bax.md) · [Financials](/companies/bax/financials.md) · [Filings](/companies/bax/filings.md) · [Insiders](/companies/bax/insiders.md)

Latest reported revenue: [$2.98bn](/filings/0001628280-26-068278.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 29, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-068278).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [2,753](/filings/0001628280-25-007201.md) | [2,625](/filings/0001628280-26-028962.md) | [2,810](/filings/0001628280-26-051118.md) | [2,835](/filings/0001628280-26-068278.md) | [2,974 d](/filings/0001628280-26-007733.md) | [2,701](/filings/0001628280-26-028962.md) | [2,960](/filings/0001628280-26-051118.md) | [2,976](/filings/0001628280-26-068278.md) |
| Gross margin | % | [34.8%](/filings/0001628280-25-007201.md) | [32.8%](/filings/0001628280-26-028962.md) | [35.3%](/filings/0001628280-26-051118.md) | [33.5%](/filings/0001628280-26-068278.md) | [19.4% d](/filings/0001628280-26-007733.md) | [33.0%](/filings/0001628280-26-028962.md) | [34.9%](/filings/0001628280-26-051118.md) | [33.4%](/filings/0001628280-26-068278.md) |
| Operating margin | % | [(15.8%) d](/filings/0001628280-26-007733.md) | [2.2%](/filings/0001628280-26-028962.md) | [6.8%](/filings/0001628280-26-051118.md) | [6.1%](/filings/0001628280-26-068278.md) | [(24.5%) d](/filings/0001628280-26-007733.md) | [2.4%](/filings/0001628280-26-028962.md) | [7.3%](/filings/0001628280-26-051118.md) | [7.6%](/filings/0001628280-26-068278.md) |
| Net margin | % | [(18.6%)](/filings/0001628280-25-007201.md) | [4.8%](/filings/0001628280-26-028962.md) | [3.2%](/filings/0001628280-26-051118.md) | [(1.6%)](/filings/0001628280-26-068278.md) | [(37.9%) d](/filings/0001628280-26-007733.md) | [(0.6%)](/filings/0001628280-26-028962.md) | [4.3%](/filings/0001628280-26-051118.md) | [9.9%](/filings/0001628280-26-068278.md) |
| Diluted EPS | $ per share | [(1.00)](/filings/0001628280-25-007201.md) | [0.25](/filings/0001628280-26-028962.md) | [0.18](/filings/0001628280-26-051118.md) | [(0.09)](/filings/0001628280-26-068278.md) | not reported | [(0.03)](/filings/0001628280-26-028962.md) | [0.24](/filings/0001628280-26-051118.md) | [0.57](/filings/0001628280-26-068278.md) |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $bn | [12.1](/filings/0001628280-24-003932.md) | [10.1](/filings/0001628280-25-007201.md) | [10.4](/filings/0001628280-26-007733.md) | [10.6](/filings/0001628280-26-007733.md) | [11.2](/filings/0001628280-26-007733.md) |
| Gross margin | % | [38.9%](/filings/0001628280-24-003932.md) | [35.3%](/filings/0001628280-25-007201.md) | [40.1%](/filings/0001628280-26-007733.md) | [37.5%](/filings/0001628280-26-007733.md) | [30.1%](/filings/0001628280-26-007733.md) |
| Operating margin | % | [11.1%](/filings/0001628280-24-003932.md) | [(28.3%)](/filings/0001628280-25-007201.md) | [6.8%](/filings/0001628280-26-007733.md) | [0.1%](/filings/0001628280-26-007733.md) | [(2.7%)](/filings/0001628280-26-007733.md) |
| Net margin | % | [10.6%](/filings/0001628280-24-003932.md) | [(24.2%)](/filings/0001628280-25-007201.md) | [25.6%](/filings/0001628280-26-007733.md) | [(6.1%)](/filings/0001628280-26-007733.md) | [(8.5%)](/filings/0001628280-26-007733.md) |
| Diluted EPS | $ per share | [2.53](/filings/0001628280-24-003932.md) | [(4.83)](/filings/0001628280-25-007201.md) | [5.23](/filings/0001628280-26-007733.md) | [(1.27)](/filings/0001628280-26-007733.md) | [(1.87)](/filings/0001628280-26-007733.md) |
| Free cash flow | $bn | [1.5](/filings/0001628280-24-003932.md) | [0.8](/filings/0001628280-25-007201.md) | [1.3](/filings/0001628280-26-007733.md) | [0.6](/filings/0001628280-26-007733.md) | [0.3](/filings/0001628280-26-007733.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquireProductiveAssets.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/bax/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $1.74bn | 81,842,105 |  | Added +2,441,441 |
| [PZENA INVESTMENT MANAGEMENT LLC](/funds/1027796.md) | 2026-06-30 | $1.39bn | 65,295,393 |  | Added +767,570 |
| [Dodge & Cox](/funds/200217.md) | 2026-06-30 | $1.24bn | 58,386,345 |  | Added +1,131,775 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $1.15bn | 53,913,831 |  | Added +7,649,027 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $719.6m | 33,754,280 |  | Added +247,305 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $512.9m | 24,057,190 |  | Added +63,835 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $439.4m | 20,600,468 |  | Added +620,511 |
| [GREENHAVEN ASSOCIATES INC](/funds/846222.md) | 2026-06-30 | $304.6m | 14,285,228 |  | Reduced −22,460 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $300.6m | 14,123,689 |  | Added +360,724 |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $263.6m | 12,361,881 |  | Reduced −759,290 |

## Recent filings

[All 1,713 filings](/companies/bax/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-29 | 16:31 ET | [10-Q](/filings/0001628280-26-068278.md) | Quarterly report, period 2026-09-30 | 0001628280-26-068278 |
| 2026-10-29 | 07:18 ET | [8-K](/filings/0000010456-26-000004.md) | 2.02 Results of operations; 8.01 Other events; 9.01 Financial statements and exhibits | 0000010456-26-000004 |
| 2026-08-19 | 08:07 ET | [8-K](/filings/0001193125-26-356188.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-356188 |
| 2026-08-18 | 17:00 ET | [8-K](/filings/0001628280-26-057739.md) | 1.01 Entry into a material agreement; 8.01 Other events; 9.01 Financial statements and exhibits | 0001628280-26-057739 |
| 2026-08-04 | 17:22 ET | [8-K](/filings/0001193125-26-333134.md) | 5.02 Departure or appointment of officers or directors | 0001193125-26-333134 |
| 2026-08-04 | 08:32 ET | [8-K](/filings/0001628280-26-052180.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001628280-26-052180 |
| 2026-07-30 | 16:45 ET | [10-Q](/filings/0001628280-26-051118.md) | Quarterly report, period 2026-06-30 | 0001628280-26-051118 |
| 2026-07-30 | 07:17 ET | [8-K](/filings/0001628280-26-050795.md) | 2.02 Results of operations; 8.01 Other events; 9.01 Financial statements and exhibits | 0001628280-26-050795 |
| 2026-07-14 | 16:15 ET | [8-K](/filings/0001628280-26-048158.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001628280-26-048158 |
| 2026-05-08 | 16:16 ET | [8-K](/filings/0001193125-26-214680.md) | 5.02 Departure or appointment of officers or directors; 5.03 Amendment to articles or bylaws; 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001193125-26-214680 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001628280-26-007733.md), filed Feb 12, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, has been scored from the reported figures. [See the target](/leagues/2026q3/targets/7aaeaf9c-e123-46dc-8ee6-9004f6b56730)

## About the filer

- CIK: 10456
- Tickers: BAX
- Exchange: NYSE
- SIC code: 3841 Surgical & Medical Instruments & Apparatus
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 18:43 ET. No prices; not investment advice.