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Baxter International BAX Q4 2025 Annual earnings

Reported February 12, 2026 · Before market open

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

Next report

Jul 30, 2026 (In 5 days)
Revenue estimate$2.8B
EPS estimate$0.36

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
See full
Market cap$9.82B-34.0%
Enterprise value$8.19B-68.5%
P/S0.9×-0.5×

Profitability

See full
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

See full
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

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

Versus estimates

Revenue

Q1 2026$2.7BBeat by $85.5M
Q4 2025$3.0BBeat by $149.2M
Q3 2025$2.8BBeat by $10.2MQ2 2025$2.8BMiss by $65.9MQ1 2025$2.6BBeat by $37.5MQ4 2024$10.6BBeat by $8.0B

Diluted EPS

Q1 2026$0.36Beat by $0.05
Q4 2025$0.44Miss by $0.09
Q3 2025$0.69Beat by $0.09Q2 2025$0.59Miss by $0.01Q1 2025$0.55Beat by $0.07Q4 2024$0.58Beat by $0.05

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Questions, answered.

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 diluted 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 diluted 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.