Baxter International (BAX) Q3 FY2026 earnings: revenue $3.0 billion, up 5.0% on the year

Baxter International Inc. (BAX) announced its results for Q3 FY2026, the quarter ended 30 September 2026, on 29 October 2026. Revenue was $3.0 billion, up 5.0% on the same quarter a year earlier. Net income was $294 million, and diluted earnings per share $0.57. The figures are from the company's earnings press release; the 10-Q with the full statements is not filed yet, and this page fills in when it is.

Revenue$3.0 billionup 5.0%

Net income$294 million

Diluted EPS$0.57-$0.09 a year earlier

QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 3 raised, 2 kept.

Sales rose 5% on both bases: Worldwide sales were about $2.98 billion, up 5% reported and organic. The company said growth came in all segments and divisions.
GAAP net income and diluted EPS: GAAP net income was $298 million, or $0.57 per diluted share. Adjusted diluted EPS was $0.58, down 16% from $0.69 a year earlier.
Medical Products & Therapies up 6%: Medical Products & Therapies sales were about $2.1 billion, up 6% on both reported and organic bases, with Advanced Surgery also contributing.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	2,976	2,960	2,835	+5.0%
Net income	294	126	-46.0	n/a
Diluted EPS	$0.57	$0.24	-$0.09	n/a

$ million except per share.

Q3 FY2026 is from the company's press release of 29 October 2026; the other columns are from its 10-Q and 10-K filings. A release figure is shown when the release's own figure for an earlier quarter matches the filed one, so the line and its units are read right.

Quarterly results, the last 20 quarters filed

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022	Q1 FY2023 †	Q2 FY2023 †	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	3,226	3,514	3,558	3,594	3,609	3,745	2,441	2,591	2,599	2,729	2,490	2,694	2,699	2,753	2,625	2,810	2,835	2,974	2,701	2,960
Cost of revenue	1,905	2,108	2,359	2,223	2,564	2,424	2,238	2,596	1,543	2,349	1,529	1,663	1,666	1,794	1,764	1,819	1,885	2,397	1,810	1,928
Gross profit	1,321	1,406	1,262	1,371	1,045	1,388	964	1,030	1,056	1,100	961	1,031	1,033	959	861	991	950	577	891	1,032
Gross margin	41%	40%	35%	38%	29%	37%	39%	40%	41%	40%	39%	38%	38%	35%	33%	35%	34%	19%	33%	35%
R&D	129	138	150	148	151	155	164	165	133	172	120	130	129	211	140	134	118	126	139	129
SG&A	680	885	1,052	970	941	912	995	964	744	970	729	723	754	761	703	718	708	761	728	735
Operating income	513	383	163	264	-2,880	353	129	-17.0	179	272	115	179	155	-435	58.0	191	172	-729	66.0	217
Operating margin	16%	11%	5%	7%	-80%	9%	5%	-1%	7%	10%	5%	7%	6%	-16%	2%	7%	6%	-25%	2%	7%
Interest expense	54.0	78.0	88.0	93.0	109	125	127	132	136	117	103	104	-14.0	n/a	81.0	-14.0	-10.0	n/a	-12.0	-13.0
Pre-tax income	451	283	94.0	219	-3,045	224	14.0	-183	64.0	182	46.0	117	69.0	-521	-3.0	133	121	-756	-6.0	158
Tax rate	-0%	14%	22%	16%	n/a	17%	100%	n/a	42%	85%	87%	19%	12%	n/a	n/a	8%	142%	n/a	n/a	15%
Net income	450	238	71.0	252	-2,937	181	44.0	-141	2,508	245	37.0	-314	140	-512	126	91.0	-46.0	-1,128	-15.0	126
Net margin	14%	7%	2%	7%	-81%	5%	2%	-5%	96%	9%	1%	-12%	5%	-19%	5%	3%	-2%	-38%	-1%	4%
Diluted EPS	$0.89	$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
Operating cash flow	675	693	208	274	290	439	479	351	365	531	163	115	253	488	-193	217	237	584	213	285
Capital expenditure	179	235	140	171	168	200	172	156	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	496	458	68.0	103	122	239	307	195	191	341	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	35.0	0.0	0.0	0.0	32.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	141	140	140	141	146	146	146	146	147	147	147	148	148	147	87.0	87.0	87.0	87.0	5.0	5.0
Shares outstanding	501m	502m	504m	504m	504m	508m	506m	506m	507m	508m	510m	510m	511m	512m	513m	514m	514m	514m	516m	517m
Filing	10-Q	10-K	10-K	10-Q	10-Q	10-K	10-K	10-Q	10-Q	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

Earnings press release for the quarter ended 30 September 2026, filed with the SEC on 29 October 2026 with a Form 8-K: the release.