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Baxter International
Baxter International (BAX) investor relations material
Baxter International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 global sales from continuing operations grew 8% reported and 3% operationally, reaching $3 billion, with all segments contributing to growth.
Adjusted EPS was $0.44, down 24% year-over-year due to margin pressure from unfavorable mix, non-recurring items, and a higher tax rate.
Net loss from continuing operations was ($1,035) million, or ($2.01) per diluted share, reflecting significant impairment and tax charges.
The company is in early stages of a turnaround, introducing a new operating model to simplify the organization, decentralize business, and embed accountability.
Announced the U.S. launch of the Dynamo Series smart stretcher and presented positive real-world data on smart infusion pump integration.
Financial highlights
Adjusted gross margin for Q4 2025 was 35.5%, down 900 basis points year-over-year; adjusted operating margin was 11.8%, down 340 basis points.
Free cash flow for Q4 was $456 million, with full-year free cash flow at $438 million, up from $373 million in 2024.
Net interest expense fell to $58 million, down $32 million year-over-year due to debt paydown.
Full-year 2025 sales reached $11.2 billion, up 6% reported and 3% operationally; adjusted diluted EPS was $2.27, up 20% from 2024.
Q4 2025 GAAP diluted EPS was ($2.01), reflecting significant non-recurring charges.
Outlook and guidance
2026 total sales growth expected to be flat to 1% reported, with organic sales growth approximately flat.
Adjusted operating margin for 2026 projected between 13% and 14%.
Full-year adjusted EPS guidance is $1.85–$2.05 per diluted share, with performance expected to improve in the second half.
Segment guidance: Medical Products & Therapies flat to slightly up, Healthcare Systems & Technologies low-single-digit growth, Pharmaceuticals flat.
Free cash flow in 2026 anticipated to improve versus 2025, with gains back-half weighted.
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Next Baxter International earnings date
Q1 202630 Apr, 2026
Baxter International
Next Baxter International earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Experts in Chronic Diseases
Baxter International Inc. is an American healthcare company with global operations. The company has a focus on kidney disease and various chronic illnesses. Baxter International operates under two different segments: BioScience and Medical Products. The first of these two produces various medications, while the latter provides equipment and products used for the treatment of patients in hospitals and care facilities. The company is headquartered in Deerfield, Illinois, and its shares trade on the NYSE.
The History
Founded in 1931 by Dr. Donald Baxter, Baxter International Inc. was initiated as a small enterprise manufacturing and distributing intravenous (IV) therapy solutions. Over its history, the company has expanded significantly, evolving into a global healthcare leader providing a wide array of medical products and services crucial for patient care. Baxter has been particularly influential in renal care, nutritional therapies, advanced surgical technologies, and critical care products. Companies operating in a similar field include names like Abbott Laboratories, Medtronic, and Fresenius Medical Care.
BioScience
Baxter BioScience is a division of Baxter International Inc. that specializes in the research, development, and production of biopharmaceuticals. The division produces a range of products for the treatment of hemophilia and other bleeding disorders. These include clotting factor replacements, which are proteins typically missing or deficient in patients with hemophilia. By providing these therapies, Baxter BioScience assists patients in managing and mitigating bleeding events.
In addition, the division manufactures immunoglobulin therapies. These are employed in the treatment of immune deficiencies and other autoimmune diseases. By supplying patients with a regular source of the necessary antibodies, these therapies can help modulate or supplement the patient's immune system.
Medical Products
The Medical Products division specializes in the development and distribution of essential medical devices and pharmaceuticals used across various healthcare settings.
One of its core product areas is renal care. Baxter offers a comprehensive range of products for peritoneal dialysis and hemodialysis. Examples include PD cyclers, solutions, and related consumables, which help patients with chronic kidney disease manage their condition.
Additionally, Baxter Medical Products provides intravenous (IV) therapies, systems, and administrative sets. These IV products range from basic saline solutions to more specialized medications. They are integral to hospitals, clinics, and other medical facilities for delivering fluids, medications, and nutrients directly into patients' veins. The division also offers products for parenteral nutrition, assisting patients who cannot consume food normally. These nutritional products are formulated to meet specific dietary needs and are delivered intravenously. Moreover, Baxter Medical Products provides various infusion pumps and systems.
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