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Baxter International (BAX) Q1 FY2026 earnings: revenue $2.7 billion, up 2.9% on the year

Baxter International Inc. (BAX) reported revenue of $2.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 2.9% on the same quarter a year earlier. Net income was -$15 million, and diluted earnings per share $-0.03. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.

Revenue
$2.7 billion
+2.9% on the year · -9.2% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
2.4%
2.2% a year earlier
Q2 FY2024Q1 FY2026
Net income
-$15 million
Q2 FY2024Q1 FY2026
Diluted EPS
-$0.03
Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 kept.

  • Reported sales up 3%, organic down 1%: Continuing-operations sales were about $2.7 billion, up 3% on a reported basis and down 1% on an organic basis, with the company citing the quarter overall as in line with expectations.
  • Adjusted EPS fell 35% to $0.36: Adjusted diluted EPS from continuing operations was $0.36, down 35%; the prior-year quarter benefited from a timing shift in expense recognition tied to a reclassification from SG&A to cost of sales.
  • Medical Products & Therapies sales rose 2%: Medical Products & Therapies sales were about $1.3 billion, up 2% reported and down 2% organic, with the Infusion Therapies & Technologies division pulling the segment down.
Read the earnings call summary

Income statement (profit and loss)

$ millionQ1 FY2026Q4 FY2025Q1 FY2025On the quarterOn the yearLast 8 quarters
Revenue2,7012,9742,625-9.2%+2.9%
Cost of revenue1,8102,3971,764-24.5%+2.6%
Gross profit891577861+54.4%+3.5%
Gross margin33.0%19.4%32.8%
Research and development139126140+10.3%-0.7%
Selling, general and administrative728761703-4.3%+3.6%
Operating income66.0-72958.0+13.8%
Operating margin2.4%-24.5%2.2%
Interest expense-12.0n/a81.0
Pre-tax income-6.0-756-3.0
Income tax11.0279-67.0-96.1%
Net income-15.0-1,128126
Net margin-0.6%-37.9%4.8%
Diluted EPS-$0.03-$2.19$0.25
$ million except per share.
Read moreFourth quarters are the year less the first three 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.

Cash flow

$ millionQ1 FY2026Q4 FY2025Q1 FY2025On the quarterOn the yearLast 8 quarters
Operating cash flow213584-193-63.5%
Cash from investing-133-1983,265
Cash from financing-11.0-147-3,226
Depreciation and amortisation237240247-1.2%-4.0%
Share-based compensation10.037.010.0-73.0%0.0%
Dividends paid5.087.087.0-94.3%-94.3%
Dividend per share$0.01n/a$0.17-94.1%
Diluted shares, weighted515m514m514m+0.2%+0.2%
Shares outstanding at period end516m514m513m+0.4%+0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ1 FY2026Q4 FY2025Q1 FY2025On the quarterOn the yearLast 8 quarters
Shareholders' equity6,0436,1297,081-1.4%-14.7%
Non-controlling interest-27.0-27.0-27.0
Short-term borrowingsn/a1.0n/a
Debt9,4639,43810,074+0.3%-6.1%
Operating lease liabilities224223235+0.4%-4.7%
Finance lease liabilitiesn/a21.0n/a
Other liabilities4,1434,2703,941-3.0%+5.1%
Total liabilities and equity19,84620,05521,304-1.0%-6.8%
Fixed assets2,9132,9102,717+0.1%+7.2%
Goodwill4,8994,9295,338-0.6%-8.2%
Intangible assets4,2184,3695,081-3.5%-17.0%
Securities held for sale or to maturity1.01.0n/a0.0%
Cash and equivalents2,0171,9662,294+2.6%-12.1%
Receivables1,6981,8611,646-8.8%+3.2%
Inventory2,3162,2322,170+3.8%+6.7%
Other assets1,7841,7872,058-0.2%-13.3%
Total assets19,84620,05521,304-1.0%-6.8%

Questions

What was Baxter International's revenue in Q1 FY2026?

Baxter International (BAX) reported revenue of $2.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 2.9% on the same quarter a year earlier.

How much did Baxter International earn in Q1 FY2026?

Net loss for Q1 FY2026 was $15 million, and the diluted loss per share $0.03.

When did Baxter International report Q1 FY2026 results?

Baxter International filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022 †Q2 FY2022 †Q3 FY2022 †Q4 FY2022Q1 FY2023 †Q2 FY2023 †Q3 FY2023 †Q4 FY2023 †Q1 FY2024 †Q2 FY2024 †Q3 FY2024Q4 FY2024 †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue3,5143,5583,5943,6093,7452,4412,5912,5992,7292,4902,6942,6992,7532,6252,8102,8352,9742,7012,9602,976
Cost of revenue2,1082,3592,2232,5642,4242,2382,5961,5432,3491,5291,6631,6661,7941,7641,8191,8852,3971,8101,9281,982
Gross profit1,4061,2621,3711,0451,3889641,0301,0561,1009611,0311,0339598619919505778911,032994
Gross margin40%35%38%29%37%39%40%41%40%39%38%38%35%33%35%34%19%33%35%33%
R&D138150148151155164165133172120130129211140134118126139129125
SG&A8851,052970941912995964744970729723754761703718708761728735730
Operating income383163264-2,880353129-17.0179272115179155-43558.0191172-72966.0217225
Operating margin11%5%7%-80%9%5%-1%7%10%5%7%6%-16%2%7%6%-25%2%7%8%
Interest expense78.088.093.0109125127132136117103104-14.0n/a81.0-14.0-10.0n/a-12.0-13.0-13.0
Pre-tax income28394.0219-3,04522414.0-18364.018246.011769.0-521-3.0133121-756-6.0158417
Tax rate14%22%16%n/a17%100%n/a42%85%87%19%12%n/an/a8%142%n/an/a15%29%
Net income23871.0252-2,93718144.0-1412,50824537.0-314140-51212691.0-46.0-1,128-15.0126294
Net margin7%2%7%-81%5%2%-5%96%9%1%-12%5%-19%5%3%-2%-38%-1%4%10%
Diluted EPS$0.47$0.14$0.50-$5.83$0.36$0.09-$0.28$4.93$0.48$0.07-$0.62$0.27-$1.00$0.25$0.18-$0.09-$2.19-$0.03$0.24$0.57
Operating cash flow693208274290439479351365531163115253488-193217237584213285558
Capital expenditure235140171168200172156174190n/an/an/an/an/an/an/an/an/an/an/a
Free cash flow45868.0103122239307195191341n/an/an/an/an/an/an/an/an/an/an/a
Buybacks0.00.00.032.00.0n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Dividends paid14014014114614614614614714714714814814787.087.087.087.05.05.05.0
Shares outstanding502m504m504m504m508m506m506m507m508m510m510m511m512m513m514m514m514m516m517m517m
Filing10-K10-K10-Q10-Q10-K10-K10-Q10-Q10-K10-K10-K10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 31 March 2026, filed 30 April 2026: the filing.