Baxter International Inc. (BAX)

Name: Baxter International Inc. (BAX): results, filings decoded, planned insider sales, 13F holders, insiders, Congress and short interest
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

Compare with another name

Baxter International Inc. (BAX) reported revenue of $3.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 5.3% on the same quarter a year earlier. Net income was $126 million, up 38.5% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$3.0 billionup 5.3%

Net income$126 millionup 38.5%

Diluted EPS$0.24

QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE-17.1%

ROCE-4.4%

Operating margin-2.4%

Net margin-9.3%

FCF marginn/a

Interest covern/a

Debt to equity1.54

Cash conversionn/a

Share count, 1 year0.7%

Sales CAGR, 3 years3.8%

Profit CAGR, 3 yearsn/a

EPS, TTM-$2.09

At the close of 21 September 2026

Price$22.93

Market cap$11.9 billion

Stock P/En/a

Price to book1.91

EV / EBITDA14.29

Dividend yield2.3%

Market cap / sales1.03

52-week high$28.35

52-week low$15.80

Price, 1 year-0.4%

Price CAGR, 3 years-15.3%

Price CAGR, 5 years-22.3%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Baxter International Inc. files it, at the balance sheet of 31 December 2025, the latest that carries it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Show

50-day average 200-day average Volume

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on BAX

Filings	30 in twelve months: 19 current reports (8-K), about 9 other events; 7 officer or director change; 4 regulation fd disclosure; 4 results of operations; 3 material agreement
Planned insider sales	1 Form 144 notice in twelve months, $645,236; latest 18 May 2026
Options tape	put/call 0.54 by open interest on 23 September 2026; the straddle prices a 2.6% move to 25 September 2026
Holders	9 of the followed funds hold it; largest Dodge & Cox; 11 Schedule 13D or 13G filings in twelve months
Insider trading	0 sales and 0 purchases on Form 4 in twelve months
Congress	0 House trades disclosed in six months
Short interest	23.3 million shares short, 4.99 days to cover at 31 August 2026
Documents	the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,708	3,885	3,592	3,812	2,699	2,753	2,625	2,810	2,835	2,974	2,701	2,960
Cost of revenue	2,591	2,349	2,205	2,381	1,666	400	1,764	1,819	1,885	2,397	1,810	1,928
Gross profit	1,117	1,472	1,387	1,431	1,033	959	861	991	950	577	891	1,032
Gross margin	30%	38%	39%	38%	38%	35%	33%	35%	34%	19%	33%	35%
R&D	166	172	176	173	129	112	140	134	118	126	139	129
SG&A	1,002	970	1,027	1,021	754	165	703	718	708	761	728	735
Operating income	-51.0	272	187	-192	155	-136	58.0	191	172	-729	66.0	217
Operating margin	-1%	7%	5%	-5%	6%	-5%	2%	7%	6%	-25%	2%	7%
Interest expense	136	117	103	104	-14.0	n/a	81.0	-14.0	-10.0	n/a	-12.0	-13.0
Pre-tax income	-172	182	116	-257	69.0	-217	-3.0	133	121	-756	-6.0	158
Tax rate	n/a	85%	66%	n/a	12%	n/a	n/a	8%	142%	n/a	n/a	15%
Net income	2,508	245	37.0	-314	140	-512	126	91.0	-46.0	-1,128	-15.0	126
Net margin	68%	6%	1%	-8%	5%	-19%	5%	3%	-2%	-38%	-1%	4%
Diluted EPS	$4.93	$0.48	$0.07	-$0.62	$0.27	-$1.00	$0.25	$0.18	-$0.09	-$2.21	-$0.03	$0.24
Operating cash flow	365	531	163	115	253	488	-193	217	237	584	213	285
Capital expenditure	174	190	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	191	341	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	147	147	147	148	148	147	87.0	87.0	87.0	87.0	5.0	5.0
Shares outstanding	507m	508m	510m	510m	511m	512m	513m	514m	514m	514m	516m	517m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018 †	FY2019	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024	FY2025	TTM
Revenue	10,719	9,968	10,163	10,584	11,099	11,362	11,673	12,146	10,057	10,360	10,636	11,244	11,470
Cost of revenue	6,138	5,822	6,053	6,099	6,346	6,601	7,086	7,426	6,508	6,210	6,652	7,865	8,020
Gross profit	4,581	4,146	4,110	4,474	4,759	4,761	4,587	4,720	3,549	4,150	3,984	3,379	3,450
Gross margin	42.7%	41.6%	40.4%	42.3%	42.9%	41.9%	39.3%	38.9%	35.3%	40.1%	37.5%	30.1%	30.1%
Research and development	610	603	647	615	655	595	521	531	450	518	590	518	512
Selling, general and administrative	3,315	3,094	2,725	2,627	2,617	2,535	2,469	2,845	3,097	2,953	2,967	2,890	2,932
Operating income	656	449	745	1,288	1,584	1,772	1,616	1,350	-2,845	707	14.0	-308	-274
Operating margin	6.1%	4.5%	7.3%	12.2%	14.3%	15.6%	13.8%	11.1%	-28.3%	6.8%	0.1%	-2.7%	-2.4%
Interest expense	167	146	89.0	85.0	93.0	111	153	207	413	508	408	290	n/a
Pre-tax income	490	428	4,954	1,100	1,617	970	1,292	1,116	-3,248	242	-289	-505	-483
Income tax	33.0	35.0	-12.0	491	65.0	-41.0	182	83.0	-135	61.0	37.0	395	485
Effective tax rate	6.7%	8.2%	-0.2%	44.6%	4.0%	-4.2%	14.1%	7.4%	n/a	25.2%	n/a	n/a	n/a
Net income	2,497	968	4,965	602	1,546	1,001	1,102	1,284	-2,433	2,656	-649	-957	-1,063
Net margin	23.3%	9.7%	48.9%	5.7%	13.9%	8.8%	9.4%	10.6%	-24.2%	25.6%	-6.1%	-8.5%	-9.3%
Diluted EPS	$4.56	$1.76	$9.01	$1.29	$2.97	$1.93	$2.13	$2.53	-$4.83	$5.25	-$1.27	-$1.87	-$2.09
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed. FY2024: the four quarters as first filed in the 10-Qs do not add to the year as filed in the 10-K, because the company later restated them (a spin-off or discontinued operations).

Cash flow and capital returned

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018 †	FY2019	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024	FY2025	TTM
Operating cash flow	3,215	1,771	1,654	1,714	2,017	2,104	1,868	2,222	1,211	1,726	1,019	845	1,319
Capital expenditure	925	911	719	616	659	696	709	691	377	432	446	513	n/a
Free cash flow	2,290	860	935	1,098	1,358	1,408	1,159	1,531	834	1,294	573	332	n/a
Free cash flow margin	21.4%	8.6%	9.2%	10.4%	12.2%	12.4%	9.9%	12.6%	8.3%	12.5%	5.4%	3.0%	n/a
Depreciation and amortisation	792	759	800	750	771	789	823	867	1,072	984	997	981	953
Share-based compensation	126	126	115	107	115	122	130	146	140	115	114	117	115
Buybacks	550	n/a	292	564	2,452	1,270	500	600	32.0	0.0	0.0	n/a	n/a
Dividends paid	1,095	910	268	315	376	423	473	530	573	586	590	348	184
Dividend per share	$2.05	$1.27	$0.51	$0.61	$0.73	$0.85	$0.95	$1.08	$1.15	$1.16	$1.04	$0.52	n/a
Diluted shares, weighted	547m	549m	551m	555m	546m	519m	517m	508m	504m	506m	510m	513m	518m
Shares outstanding at period end	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	517m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2014 †	FY2015 †	FY2016 †	FY2017 †	FY2018 †	FY2019	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024	FY2025	TTM
Total assets	26,138	20,975	15,546	17,111	15,720	18,193	20,019	33,521	28,287	28,276	25,782	20,055	19,791
Cash and equivalents	2,925	2,213	2,801	3,394	1,838	3,335	3,730	2,951	1,621	3,078	1,764	1,966	2,150
Receivables	n/a	n/a	n/a	n/a	1,840	1,896	2,007	2,629	2,571	1,719	1,679	1,861	1,856
Inventory	1,577	1,604	1,430	1,475	1,667	1,653	1,916	2,453	2,679	1,918	2,046	2,232	2,259
Goodwill	2,927	2,687	2,595	3,099	3,002	3,030	3,217	9,836	6,452	5,793	5,275	4,929	4,886
Long-term debt	n/a	n/a	n/a	n/a	n/a	n/a	6,233	17,754	16,702	13,855	13,180	9,438	n/a
Long-term debt including finance leases	7,331	3,922	2,779	3,509	3,481	4,809	5,786	17,149	15,232	11,089	10,374	9,473	n/a
Borrowings, as the company tags them	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	9,494	n/a
Operating lease liabilities	n/a	n/a	n/a	n/a	n/a	510	501	522	447	265	243	223	208
Finance lease liabilities	n/a	n/a	n/a	n/a	n/a	54.0	64.0	68.0	62.0	25.0	19.0	21.0	n/a
Shareholders' equity	8,120	8,846	8,290	9,124	7,844	7,882	8,689	9,077	5,833	8,402	6,964	6,129	6,206
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	1.2%	-0.7%	3.8%	5.4%
Profit growth, compounded	n/a	n/a	n/a	n/a
Return on equity, average	9.1%	-4.2%	2.2%	-15.6%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Surgical & Medical Instruments & Apparatus

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
Stryker Corp. SYK	$105.2 billion	28.41	15.5%	21.4%	8.5%	0.62	1.3%
3M Co. MMM	$85.1 billion	29.30	101.5%	18.4%	2.3%	3.69	1.8%
Boston Scientific Corp. BSX	$63.4 billion	17.70	14.7%	19.8%	13.5%	0.44	n/a
Becton Dickinson & Co. BDX	$49.2 billion	54.59	3.9%	9.6%	-2.6%	0.55	2.3%
Dexcom Inc. DXCM	$33.7 billion	35.38	38.1%	22.9%	15.5%	0.03	n/a
Resmed Inc. RMD	$32.3 billion	21.44	23.1%	33.4%	9.9%	0.10	1.1%
West Pharmaceutical Services Inc. WST	$25.5 billion	46.32	18.9%	20.5%	12.4%	0.07	0.2%
Solventum Corp. SOLV	$15.1 billion	10.85	29.9%	25.0%	-0.9%	1.06	n/a
Baxter International Inc. BAX	$11.9 billion	n/a	-17.1%	-2.4%	5.4%	1.54	2.3%
Insulet Corp. PODD	$9.7 billion	26.37	26.4%	16.9%	29.4%	0.65	n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

Filing	Period	Filed	Where
10-Q	30 June 2026	30 July 2026	EDGAR
10-Q	31 March 2026	30 April 2026	EDGAR
10-K	31 December 2025	12 February 2026	EDGAR
10-Q	30 September 2025	4 November 2025	EDGAR
10-Q	30 June 2025	5 August 2025	EDGAR
10-Q	31 March 2025	6 May 2025	EDGAR
10-K	31 December 2024	21 February 2025	EDGAR
10-Q	30 September 2024	12 November 2024	EDGAR
10-Q	30 June 2024	6 August 2024	EDGAR
10-Q	31 March 2024	2 May 2024	EDGAR

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install