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Baxter International Inc. (BAX) announced a senior finance leadership transition, appointing John Rogers as Executive Vice President and Chief Financial Officer effective October 1, 2026. Rogers joins from Smith+Nephew plc, where he has served as CFO, and brings prior CFO and CEO experience at WPP plc and J Sainsbury plc.
His compensation package includes a $925,000 base salary, a target annual bonus equal to 100% of salary, a long-term equity target of $4,000,000 starting in 2027, two make-whole equity grants, and a $2,827,629 sign-on bonus subject to repayment if he departs within 24 months under specified conditions. Baxter is also putting short-term interim arrangements in place: CEO Andrew Hider will serve as interim CFO for roughly two weeks in September, and Assistant Controller Bernie Heine will become interim Chief Accounting Officer and Controller with additional pay and equity. Baxter reiterated its full-year 2026 financial outlook from its July 30, 2026 earnings announcement.
Baxter International Inc. (BAX) reported two major financing actions. First, it entered into Amendment No. 2 to its amended and restated five-year credit agreement. The amendment increases the maximum net leverage ratio covenant for five fiscal quarters through September 30, 2027 and removes Baxter World Trade SRL as a borrower, while leaving the rest of the credit agreement in place.
Second, Baxter detailed early results and pricing for its previously announced cash tender offers for four series of senior notes and increased the aggregate purchase price cap (the Offer Cap) from $500 million to $600 million. As of the Early Tender Time on August 17, 2026, holders had tendered $421.99 million of 3.132% notes due 2051, $132.199 million of 3.500% notes due 2046, $72.744 million of 4.500% notes due 2043 and $756.712 million of 2.539% notes due 2032. Baxter priced the offers using a waterfall acceptance methodology tied to U.S. Treasury benchmarks and expects to purchase Notes corresponding to a $600 million aggregate purchase price on the August 20, 2026 Early Settlement Date, including all tendered notes in the first three series and a prorated portion of the 2032 notes.
Baxter International Inc. disclosed that on July 31, 2026, Anita Zielinski notified the company of her decision to resign as Interim Chief Financial Officer and Senior Vice President, Chief Accounting Officer and Controller. The resignation will be effective September 15, 2026, as she plans to join another company.
The company states that Ms. Zielinski’s resignation is not due to any disagreement with management or the board regarding operations, policies, practices, financial disclosures or accounting matters. This represents a planned transition in Baxter’s senior finance and accounting leadership roles.
Baxter International Inc. has commenced cash tender offers to purchase for cash certain outstanding senior notes, using a “waterfall” process, for an aggregate purchase price of up to $500 million excluding accrued and unpaid interest (the “Offer Cap”). The offers cover four series: 3.132% Senior Notes due 2051, 3.500% Senior Notes due 2046, 4.500% Senior Notes due 2043 and 2.539% Senior Notes due 2032, each with its own acceptance priority level.
Holders who tender by the Early Tender Time of 5:00 p.m. New York City time on August 17, 2026 and whose notes are accepted receive “Total Consideration” that includes an Early Tender Premium of $30 per $1,000 principal. The offers expire at 5:00 p.m. New York City time on September 1, 2026, with early settlement expected on August 20, 2026 and final settlement on September 3, 2026. The offers are not conditioned on one another or on any minimum tender and remain subject to conditions described in the Offer to Purchase.
Baxter International Inc. reported second-quarter 2026 sales of $2.96 billion, up 5% on both a reported and organic basis, with growth across all segments and geographies. GAAP net income from continuing operations was $135 million, or $0.26 per diluted share, while adjusted diluted EPS from continuing operations was $0.56, down 5% from the prior-year quarter. Segment sales reached $2,076 million in Medical Products & Therapies and $801 million in Healthcare Systems & Technologies. Free cash flow from continuing operations was $181 million in the quarter and $257 million year-to-date.
Management noted that results benefited from both operating performance and a $0.11 per share IEEPA tariff refund. Reflecting this performance, the company raised its full-year 2026 outlook to reported sales growth of 3%–4%, organic sales growth of 2%–3%, and adjusted diluted EPS from continuing operations of $1.95–$2.15. The board also declared a quarterly cash dividend of $0.01 per share, payable October 1, 2026 to shareholders of record on August 28, 2026.
Baxter International Inc. reorganized its reporting structure into two segments, Medical Products & Therapies (MPT) and Healthcare Systems & Technologies (HST), effective for the quarter ended June 30, 2026. The former Pharmaceuticals segment is now included in the Infusion Therapies & Platforms division within MPT, and certain manufacturing-related sales previously in Other are reclassified into that division. Remaining Other sales primarily reflect transactions with Vantive Health LLC under the Kidney Care manufacturing and supply agreement. Shared corporate expenses will now be partially left unallocated rather than fully assigned to segments.
The company furnished unaudited recast segment and product-category data for 2024–2025 and recent quarters to align history with this model. For 2025, Total Baxter net sales were $11,244 million, a reported increase of 6% and 3% operational sales growth. MPT generated $7,843 million in net sales and HST $3,071 million. Despite segment operating income of $2,246 million in 2025, after corporate items, amortization, impairments, optimization, separation and hurricane costs, total operating income was a loss of $308 million, and loss from continuing operations before income taxes was $505 million.
For the quarter ended March 31, 2026, Total Baxter net sales were $2,701 million, up 3% year over year, while organic sales declined 1%. Baxter explains non-GAAP operational and organic sales growth as measures that exclude the Kidney Care agreement’s impact, certain exits, acquisitions or divestitures, and foreign-exchange effects, to better isolate underlying performance trends.
Baxter International Inc. files Amendment No. 2 to Schedule 13G/A reporting 52,972,914.27 shares of Common Stock beneficially owned, representing 10.3% of the class. The filing names FMR LLC as the holder with sole dispositive power for that amount and notes related power-of-attorney exhibits.
Zielinski Anita A reported acquisition or exercise transactions in this Form 4 filing.
Baxter International Inc. reported that senior vice president and interim CFO Anita A. Zielinski received a one-time special grant of 13,426 shares of common stock as a restricted stock unit award in connection with her additional duties. The award was granted at no cash cost to her and is scheduled to vest on the third anniversary of the grant date, subject to vesting requirements under Baxter’s Second Amended and Restated 2021 Incentive Plan. Following this equity grant and automatic reinvestment of dividends, she directly holds 59,714 shares of Baxter common stock.
Baxter International executive Steven P. Wallace reported a small share disposition related to taxes rather than a market trade. On June 2, 2026, 153 shares of common stock were forfeited to cover tax withholding triggered by the delivery of shares from vested restricted stock units.
These restricted stock units were originally granted on June 2, 2025 and settled one year later. After this tax-withholding disposition, Wallace directly holds 70,128 shares of Baxter common stock, so the event reflects routine compensation and payroll tax handling rather than an open-market sale.