Baxter International
Supplies hospital infusion, connected-care, surgical, respiratory, and injectable medicine products.
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Profile
Supplies hospitals and other care settings with IV therapies, infusion systems, surgical products, smart beds, monitoring and respiratory devices, and injectable medicines. Revenue spans equipment, consumables, pharmaceuticals, and services across two segments, with substantial international exposure and strict manufacturing and regulatory requirements.
Organizes a global hospital-products portfolio into Medical Products & Therapies and Healthcare Systems & Technologies. The former covers IV solutions, infusion systems, parenteral nutrition, surgical products, specialty injectables, inhaled anesthetics, and drug compounding. The latter supplies smart beds, monitoring and diagnostic technologies, respiratory devices, and operating-room equipment.
Sells directly and through distributors and drug wholesalers across U.S. and international markets, with a substantial share of revenue generated abroad. Equipment sales are paired with recurring consumables, pharmaceuticals, and services.
Following the Kidney Care sale, former Pharmaceuticals operations were folded into Medical Products & Therapies. Operations depend on regulatory clearances, inspected manufacturing, product quality systems, supply continuity, and major hospital purchasing agreements.
Company facts
Key statistics
Year to date +34.0% · Average volume (30d) 6.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 31, 2026 | Stifel Nicolaus | Target | $24 | $28 | ||
| Jul 31, 2026 | Citigroup | Upgrade | Sell | Neutral | ||
| Jul 30, 2026 | Citigroup | Upgrade | Sell | Neutral | ||
| Jul 28, 2026 | UBS | Reiterate | Neutral | $19 | $25 | |
| Jul 28, 2026 | Stifel Nicolaus | Target | $20 | $24 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.37 | $0.56 | +52.8% | $2.80B | $2.96B | +5.9% | +7.99% |
| Apr 30, 2026Q1 FY26 | $0.31 | $0.36 | +16.1% | $2.62B | $2.70B | +3.3% | −2.10% |
| Feb 12, 2026Q4 FY25 | $0.53 | $0.44 | −17.0% | $2.82B | $2.97B | +5.3% | +5.77% |
| Oct 30, 2025Q3 FY25 | $0.60 | $0.69 | +15.0% | $2.82B | $2.84B | +0.4% | −3.60% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.63B | $2.81B | $2.84B | $2.97B | $2.70B | $2.96B | |
| Gross profit | $861.0M | $991.0M | $950.0M | $577.0M | $891.0M | $1.03B | |
| Operating income | $58.0M | $191.0M | $172.0M | −$729.0M | $66.0M | $217.0M | |
| Net income | $126.0M | $91.0M | −$46.0M | −$1.13B | −$15.0M | $126.0M | |
| Diluted EPS | $0.25 | $0.18 | −$0.09 | −$2.16 | −$0.03 | $0.24 | |
| Gross margin | 32.8% | 35.3% | 33.5% | 19.4% | 33.0% | 34.9% | |
| Operating margin | 2.2% | 6.8% | 6.1% | -24.5% | 2.4% | 7.3% |
Fiscal years (4-quarter sums)FY21 $12.78B · FY22 $14.80B · FY23 $13.70B · FY24 $10.64B · FY25 $11.24B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.15B · Total debt $9.67B · Total assets $19.79B · Shareholders' equity $6.21B
Dividends
Last cut to $0.01 from $0.17 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 28, 2026 | Aug 28 | Oct 1 | $0.01 | |
| May 29, 2026 | May 29 | Jul 1 | $0.01 | |
| Feb 27, 2026 | Feb 27 | Apr 1 | $0.01 | |
| Nov 28, 2025 | Nov 28 | Jan 2 | $0.01 | cut from $0.17 |
| Aug 29, 2025 | Aug 29 | Oct 1 | $0.17 | |
| May 30, 2025 | May 30 | Jul 1 | $0.17 | |
| Feb 28, 2025 | Feb 28 | Apr 1 | $0.17 | |
| Nov 29, 2024 | Nov 29 | Jan 2 | $0.17 | cut from $0.29 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 517.00M · Float 512.07M · 99.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 81.84M | 15.83% | 13F | Aug 7, 2026 |
| Pzena Investment Management LLC | 65.30M | 12.63% | 13F | Aug 7, 2026 |
| Dodge & Cox | 58.39M | 11.29% | 13F | Aug 13, 2026 |
| FMR LLC | 53.91M | 10.43% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 33.75M | 6.53% | 13F | Aug 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- BD
Medication delivery and infusion workflow rival
- ICU Medical
Focused infusion systems and IV therapy rival
- GE HealthCare
Patient monitoring and diagnostic-care rival
- Philips (ADR)
Connected-care, monitoring and respiratory rival
- Stryker
Beds, surgical-space and clinical-communication rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Baxter International | $26.30 | +0.65% | $13.51B | — | 12.5 | 1.2 | +5.3% |
| BD | $189.00 | −0.27% | $52.22B | 57.1 | 14.3 | 2.5 | −9.6% |
| ICU Medical | $175.10 | +0.01% | $4.38B | 148.4 | 19.7 | 2.0 | −0.2% |
| GE HealthCare | $71.73 | −0.01% | $32.40B | 20.8 | 13.8 | 1.6 | +5.8% |
| Philips (ADR) | $26.72 | +0.06% | $26.12B | 19.9 | 13.7 | 1.3 | −2.9% |
| Stryker | $334.18 | +1.06% | $126.77B | 34.3 | 20.6 | 4.9 | +9.4% |
| Median | 34.3 | 14.3 | 2.0 | −0.2% |