Every 10-Q that Baxter International Inc. (BAX) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BAX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BAX filings page.
Baxter International Inc. reported first-quarter 2026 net sales of $2.70 billion, up 3% from $2.63 billion a year earlier, but swung to a net loss of $15 million, or $(0.03) per diluted share, versus net income of $126 million, or $0.25 per share.
Continuing operations posted a loss of $17 million, compared with $64 million of income in 2025, despite higher gross margin dollars. Results were heavily affected by $205 million of special items, including $146 million of intangible amortization and $68 million of restructuring and business optimization charges tied largely to the Kidney Care divestiture.
By segment, Medical Products & Therapies sales rose 2%, Healthcare Systems & Technologies were flat, and Pharmaceuticals grew 7%, driven by strong international drug compounding. However, Novum IQ pump shipment holds, injectables supply constraints, inflationary cost pressures and recall- and hurricane-related items weighed on profitability.
Operating cash flow improved sharply to $213 million from a $99 million use of cash a year ago, helped by working capital improvements. Baxter ended the quarter with $2.02 billion in cash and cash equivalents and $8.62 billion of long-term debt, while continuing multiyear cost-reduction and business transformation programs.
Baxter International (BAX) reported Q3 2025 results with net sales of $2,835 million, operating income of $172 million, and a loss from continuing operations of $51 million after $172 million of income tax expense. Net loss was $46 million. Gross margin was $950 million versus $1,033 million a year ago, while interest expense fell to $58 million from $87 million.
The company closed the sale of its Kidney Care business on January 31, 2025, receiving approximately $3.71 billion in pre-tax cash at closing and recognizing a year-to-date pre-tax gain of $115 million. Final working capital adjustments reduced the Q3 gain by $55 million. Year-to-date, Baxter repaid $3,505 million of debt, including retiring a $1.83 billion bridge facility, and cut long-term debt to $8,747 million from $10,374 million, with only $4 million of short-term debt outstanding. The amended $2.20 billion multicurrency revolver had no borrowings at quarter-end.
Baxter recorded Hurricane Helene-related charges of $8 million in Q3 and $123 million year-to-date. The company initiated Class I recalls for the Novum IQ Large Volume Pump and temporarily stopped distribution in the U.S. and Canada, recording a remediation reserve that was not material.
Baxter’s Q2-25 10-Q shows moderate top-line growth but margin pressure while the company reshapes its portfolio. Net sales from continuing operations rose 4% YoY to $2.81 bn (YTD +5% to $5.44 bn). Gross margin slipped 300 bp to 35.3% as cost of sales climbed, and hurricane-related costs added $17 m in the quarter. Operating income improved 7% YoY to $191 m, but YTD is down 15% to $249 m. Diluted EPS from continuing ops increased to $0.24 (vs. $0.19), bringing YTD EPS to $0.36. Total diluted EPS turned positive at $0.18 thanks to the absence of last year’s Kidney Care impairment.
Balance sheet strength improved markedly after the 1/31/25 divestiture of Kidney Care for ~$3.3 bn net cash. Assets fell to $21.0 bn while total liabilities dropped $5.0 bn to $13.8 bn. Short-term debt is nearly eliminated ($6 m vs. $2.13 bn) and long-term debt is down $0.9 bn to $9.49 bn following $3.5 bn repayments. Net cash at 6/30/25 stands at $1.69 bn. Baxter replaced its bridge loan with a $645 m term loan due 2027 and secured a new $2.2 bn multicurrency revolver (undrawn). Cash flow from operations was modest at $118 m YTD; financing outflows of $3.99 bn were covered by divestiture proceeds.
Key events: (1) Hurricane Helene charges total $115 m YTD. (2) Voluntary Class I recall of Novum IQ large-volume pump; distribution paused, reserve recorded (not material yet). (3) Quarterly dividend cut to $0.17 (-41% YoY).