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Baxter International BAX Q4 2025 Annual earnings

Reported February 12, 2026 · Before market open

Revenue$3.0BBeat by $149.2M
EPS$0.44Miss by $0.09
Revenue estimate$2.8B
EPS estimate$0.53

Next report

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

Financials

Q4 2025

Income statement

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Revenue$3.0B+8.0%
Gross profit$577.0M-39.8%
Operating income-$729.0M—
Net income-$1.1B-120%
EPS (diluted)-$2.20-120%

Balance sheet

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Cash & equivalents$2.0B+11.5%
Total debt$328.0M-97.4%
Total equity$6.1B-12.0%
Total assets$20.1B-22.2%

Cash flow

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Operating cash flow$584.0M+19.7%
CapEx$128.3M+15.0%
Free cash flow$83.0M-42.1%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$9.82B-34.0%
Enterprise value$8.19B-68.5%
P/S0.9×-0.5×

Profitability

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Gross margin30.1%-7.4pp
Operating margin-2.7%—
Net margin-8.5%+5.6pp
FCF margin3%-2.4pp

Returns & leverage

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Return on equity-14.6%+39.6pp
Debt / equity0.1×-1.8×
Current ratio2.3×+1.0×

Segments

By product

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Infusion Therapies & Technologies$1.1B+3.7%
Care & Connectivity Solutions$537.0M+6.5%
Injectables & Anesthesia$352.0M-8.1%
Advanced Surgery$328.0M+12.3%
Drug Compounding$316.0M+21.5%

By segment

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Medical Products & Therapies$1.4B+5.6%
Healthcare Systems & Technologies$827.0M+5.5%
Pharmaceuticals$668.0M+3.9%

FAQ

When did Baxter International report Q4 2025 earnings?
Baxter International (BAX) reported Q4 2025 earnings on February 12, 2026 before market open.
What were Baxter International's Q4 2025 revenue and EPS?
Baxter International reported revenue of $3.0B and eps of $0.44 for Q4 2025.
Did Baxter International beat estimates in Q4 2025?
Revenue beat the consensus estimate of $2.8B by $149.2M. EPS missed the consensus estimate of $0.53 by $0.09.
How did Baxter International's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 72.0% from $10.6B a year earlier and eps declined 24.1% from $0.58.
Where can I find Baxter International's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001628280-26-007474) and the 10-K periodic report (0001628280-26-007733) directly on SEC EDGAR. The filing index links above go to sec.gov.