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Friday 6 November 2026 Export BAX’s income statement to Excel — free account

Baxter International Inc.

BAX Healthcare Medical Instruments & Supplies

Baxter International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.2 billion, up 5.72% from fiscal 2024.

Revenue
+4.97%
EPS
+731.9%
Free cash flow
+255.6%
Total debt
−9.48%

Quarter to September 2026, against a year earlier

25.57 0.93 −3.51%
Market cap
$13.3B
P/E
0.0×
Fwd P/E
21.3×
Dividend yield
0.16%
F-score
4/9
Altman Z
2.12
Beneish M
−2.67
Dividend safety
0/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Baxter International Inc. (BAX) Operating margin

Alert me on Operating margin

Baxter International Inc.'s operating margin over the twelve months to 30 September 2026 was −1.90%, up 0.8 percentage points from fiscal 2025 (−2.74%). Over the past ten years it has ranged from −28.3% (fiscal 2022) to 15.6% (fiscal 2019); the current reading is higher than 18% of that period. That is below the Medical Instruments & Supplies industry median of 1.97% and below the Healthcare sector median of 0.00%.

Operating margin, annual

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Annual newest first

Period Operating margin Change (points)
FY2025 −2.74% (2.87)
FY2024 0.13% (6.69)
FY2023 6.82% 35.11
FY2022 −28.3% (39.40)
FY2021 11.1% (2.73)
FY2020 13.8% (1.76)
FY2019 15.6% 1.33
FY2018 14.3% 2.10
FY2017 12.2% 4.84
FY2016 7.33% 2.83

Quarterly newest first

Period Operating margin Change (points)
Sep 2026 7.56% 0.23
Jun 2026 7.33% 4.89
Mar 2026 2.44% 26.95
Dec 2025 −24.5% (30.58)
43 more quarters

Against its own ten years

Low −28.3% High 15.6%
Ten-year median 7.33%
Current reading's percentile 19

Operating margin against peers

Company Operating margin
WST West Pharmaceutical Services, Inc. compare 23.0%
ALGN Align Technology, Inc. compare 14.9%
COO The Cooper Companies, Inc. compare 12.8%
ATR AptarGroup, Inc. compare 11.9%
AVTR Avantor, Inc. compare 7.34%
BLCO Bausch + Lomb Corporation compare 7.07%
RGEN Repligen Corporation compare 2.26%
SOLV Solventum Corporation compare 0.00%
BAX Baxter International Inc. −1.90%
Medical Instruments & Supplies industry median 1.97%
Healthcare sector median 0.00%
Market median 0.00%

What Operating margin is

EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.

EBIT ÷ Revenue

The full definition of Operating margin →

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