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Baxter International BAX Q2 2025 earnings

Reported July 31, 2025 · Before market open

Revenue$2.8BMiss by $65.9M
EPS$0.59Miss by $0.01
Revenue estimate$2.9B
EPS estimate$0.60

Next report

Oct 29, 2026 (in a month)
Revenue estimate$2.9B
EPS estimate$0.52

Financials

Q2 2025

Income statement

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Revenue$2.8B+4.3%
Gross profit$991.0M-3.9%
Operating income$191.0M+6.7%
Net income$91.0M+129%
EPS (diluted)$0.18+130%

Balance sheet

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Cash & equivalents$1.7B+7.2%
Total debt$231.0M-98.3%
Total equity$7.3B-4.2%
Total assets$21.0B-20.0%

Cash flow

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Operating cash flow$217.0M+88.7%
CapEx$128.3M+15.0%
Free cash flow$83.0M-42.1%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$15.7B-7.9%
Enterprise value$14.24B-50.6%
P/S1.4×-0.2×

Profitability

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Gross margin35.3%-4.2pp
Net margin-1.4%-25.0pp
FCF margin4.2%-6.1pp

Returns & leverage

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Return on equity-2.1%-39.6pp
Debt / equity0×-1.7×
Current ratio2.3×+0.9×

Segments

By product

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Infusion Therapies & Technologies$1.0B-2.0%
Care & Connectivity Solutions$474.0M+4.9%
Injectables & Anesthesia$332.0M-2.6%
Advanced Surgery$296.0M+6.9%
Front Line Care$293.0M-1.0%

By segment

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Medical Products & Therapies$1.3B-0.2%
Healthcare Systems & Technologies$767.0M+2.5%
Pharmaceuticals$612.0M+1.7%

FAQ

When did Baxter International report Q2 2025 earnings?
Baxter International (BAX) reported Q2 2025 earnings on July 31, 2025 before market open.
What were Baxter International's Q2 2025 revenue and EPS?
Baxter International reported revenue of $2.8B and eps of $0.59 for Q2 2025.
Did Baxter International beat estimates in Q2 2025?
Revenue missed the consensus estimate of $2.9B by $65.9M. EPS missed the consensus estimate of $0.60 by $0.01.
How did Baxter International's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 26.3% from $3.8B a year earlier and eps declined 13.2% from $0.68.
Where can I find Baxter International's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001628280-25-036835) and the 10-Q periodic report (0001628280-25-037877) directly on SEC EDGAR. The filing index links above go to sec.gov.