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Baxter (NYSE: BAX) recasts 2025 segment sales and shows $505M loss

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8-K

Rhea-AI Filing Summary

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.

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Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total Baxter net sales 2025 $11,244 million For the year ended December 31, 2025; reported growth 6% versus 2024
Income (loss) from continuing operations before income taxes 2025 $(505) million For the year ended December 31, 2025
Total Baxter operational sales growth 2025 3 % Change in net sales from year ended December 31, 2024 to 2025
Medical Products & Therapies net sales 2025 $7,843 million Segment net sales for the year ended December 31, 2025
Healthcare Systems & Technologies net sales 2025 $3,071 million Segment net sales for the year ended December 31, 2025
Segment operating income 2025 – Medical Products & Therapies $1,681 million Segment operating income for the year ended December 31, 2025
Segment operating income 2025 – Healthcare Systems & Technologies $565 million Segment operating income for the year ended December 31, 2025
Total Baxter net sales Q1 2026 $2,701 million For the quarter ended March 31, 2026; reported growth 3% versus Q1 2025
operational sales growth financial
"Operational sales growth excludes the impact of the Kidney Care MSA"
organic sales growth financial
"Organic sales growth excludes the impact of the Kidney Care MSA"
Organic sales growth measures how much a company’s revenue rises from its regular business activity — like selling more products, charging higher prices, or selling to more customers — without counting money from buying other businesses or one-time currency effects. Investors watch it because it shows whether demand and the company’s core operations are genuinely getting stronger, similar to judging a garden by how much the plants you planted yourself are growing rather than by adding bought potted plants.
segment operating income financial
"Segment operating income $ 1,681 $ 565 for 2025 segments"
Segment operating income is the profit a company earns from one specific part of its business after subtracting the costs of running that part but before interest, taxes and corporate-level items. For investors, it shows which divisions are actually generating operating profit and lets you compare the health and efficiency of different business “slices,” much like checking the cash a single store in a chain makes before company-wide overhead is applied.
European Medical Devices Regulation regulatory
"European Medical Devices Regulation (21) (33) listed among adjustments"
goodwill impairments financial
"Goodwill impairments (485) (425) included in reconciling items"
Goodwill impairments are an accounting write-down that reduces the recorded value of the extra amount a buyer paid when acquiring another business — think of it like recognizing that a purchased bundle of assets is worth less than originally estimated. For investors, impairments matter because they lower reported assets and can produce a big hit to earnings in the period they’re taken, signaling that past acquisitions didn’t deliver expected value and potentially affecting future returns.
business optimization items financial
"Business optimization items (178) (162) reduce total operating income"
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FAQ

What segment reporting changes did Baxter (BAX) implement in 2026?
Baxter consolidated its operations into two segments: Medical Products & Therapies (MPT) and Healthcare Systems & Technologies (HST). The former Pharmaceuticals segment moved into the Infusion Therapies & Platforms division within MPT, and some manufacturing sales were reclassified from Other into MPT.

How did Baxter (BAX) perform in terms of 2025 net sales?
In 2025, Baxter reported Total Baxter net sales of $11,244 million, representing 6% reported growth and 3% operational sales growth versus 2024. MPT contributed $7,843 million in net sales and HST contributed $3,071 million under the revised segment structure.

What was Baxter’s (BAX) profitability from continuing operations in 2025?
For 2025, Baxter recorded an income (loss) from continuing operations before income taxes of $(505) million. This followed total operating income (loss) of $(308) million, after unallocated corporate costs, amortization, impairments, optimization, separation and hurricane-related items.

How did Baxter (BAX) perform in the first quarter of 2026?
For the quarter ended March 31, 2026, Baxter reported net sales of $2,701 million, compared with $2,625 million a year earlier. Reported net sales grew 3% year over year, while organic sales growth was a 1% decline after adjusting for certain non-core and currency effects.

How does Baxter (BAX) define operational and organic sales growth?
Operational sales growth excludes the Kidney Care manufacturing and supply agreement’s impact, the China IV solutions exit and foreign exchange, using constant currency. Organic sales growth further excludes impacts from acquisitions or divestitures, again at constant currency, to highlight underlying net sales trends.

Do Baxter’s recast segment figures change previously reported earnings?
No. Baxter states the recast information does not represent a restatement and does not affect previously reported net income, earnings per share, total assets or stockholders’ equity. The recast segment and product-category data are provided solely to aid comparability under the new operating model.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 14, 2026
Baxter International Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-444836-0781620
(Commission File Number)(I.R.S. Employer Identification No.)
One Baxter Parkway, Deerfield, Illinois
60015
(Address of principal executive offices)(Zip Code)
(224)948-2000
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueBAX (NYSE)New York Stock Exchange
1.3% Global Notes due 2029BAX 29New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act:   ☐


Item 7.01 Regulation FD Disclosure.
Baxter International Inc. (the Company) is furnishing this Current Report on Form 8-K, for informational purposes, to recast certain historical segment and product category financial information on a basis consistent with the changes described below, which are effective for the quarterly period ended June 30, 2026.
As part of its new operating model to better align decision-making, cost structure, and execution across its businesses, the Company has changed its reportable segments to reflect the way the Company's chief operating decision maker (who has been identified as the Company's President and Chief Executive Officer) allocates resources and assesses performance of the Company.
Starting in the second quarter of 2026, the Company began reporting under the following two segments: Medical Products & Therapies (MPT); and Healthcare Systems & Technologies (HST). Previously, the Company reported under the following three segments: Medical Products & Therapies; Healthcare Systems & Technologies; and Pharmaceuticals. The former Pharmaceuticals segment is now reported within the Infusion Therapies & Platforms (ITP) division of the MPT segment. Additionally, sales of products and services provided directly through certain of the Company's manufacturing facilities related to ITP that were previously reported in Other, are now reported in the ITP division of its MPT segment. The remaining Other sales not allocated to a segment consist of sales to Vantive Health LLC, pursuant to the related Manufacturing and Supply Agreement (Kidney Care MSA). Below is a summary of the new reporting segments and the related divisions and product offerings.
Reporting Segment (and related Divisions)
Product Offerings
Medical Products & Therapies
(Infusion Therapies & Platforms and Advanced Surgery)
Sales of the Company's sterile intravenous (IV) solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant, and adhesion prevention products, sale of specialty injectable pharmaceuticals, inhaled anesthesia, and drug compounding, and sales of products and services provided directly through certain of the Company's manufacturing facilities.
Healthcare Systems & Technologies - unchanged
(Front Line Care and Care & Connectivity Solutions)
Sales of the Company's connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices, and advance equipment for the surgical space, including operating room integration technologies, precision positioning devices and other accessories.
In addition to the sales reallocation discussed above, the Company updated its approach to its corporate cost allocations. Certain shared corporate expenses will now remain unallocated, rather than being fully allocated to the segments (as they had been previously).
These changes do not impact the Company's previously issued consolidated financial statements except for its segment disclosures, which the Company intends to update for comparative purposes in future filings as described below and in the accompanying tables in Exhibit 99.1.
Recast Segment and Product Category Financial Information
The tables included in Exhibit 99.1 provide unaudited recast segment and product category financial information for the quarterly period ended March 31, 2026, the years ended December 31, 2025 and 2024 and each of the quarterly periods within those years (collectively, the Unaudited Recast Financial Information). The Unaudited Recast Financial Information does not represent a restatement of previously issued financial statements, does not affect the Company's reported net income, earnings per share, total assets or stockholder's equity for any of the previously reported periods, and is being provided to aid in comparability. The information in this Item 7.01, including Exhibit 99.1, should be read in conjunction with the Company's Annual Reports on Form 10-K for the years ended December 31, 2024 and December 31, 2025, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025, June 30, 2025, September 30, 2025, and March 31, 2026 and the Company's Current Reports on Form 8-K (Items 2.02 and 9.01) filed with the U.S. Securities and Exchange Commission on May 2, 2024, August 6, 2024, November 8, 2024, February 20, 2025, May 1, 2025, July 31, 2025, October 30, 2025, February 12, 2026 and April 30, 2026 and which furnish the quarterly earnings releases for each of the related periods.


The information in this Item 7.01 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Non-GAAP Financial Measures
Exhibit 99.1 presents percentage changes in operational sales growth for the year ended December 31, 2025 and each of the quarterly periods within that year and in organic sales growth for the quarterly period ended March 31, 2026. Operational sales growth excludes the impact of the Kidney Care MSA not reflected in reportable segments, reflects the previously announced exit of IV solutions in China in the MPT reportable segment and is calculated at constant currency rates. Organic sales growth excludes the impact of the Kidney Care MSA not reflected in reportable segments, impacts associated with business acquisitions or divestitures and is calculated at constant currency rates. Constant currency rates are computed using current period local currency sales at the prior period’s foreign exchange rates. Operational sales growth and organic sales growth are non-GAAP financial measures. These measures provide information about growth (or declines) in the Company’s net sales as if the Kidney Care MSA had no impact on the Company’s sales and foreign currency exchange rates had not changed between the prior period and the current period. Operational sales growth also provides information about growth (or declines) in the Company’s net sales excluding the impact of IV solutions sales in China. The Company believes that the non-GAAP measure of percent change in net sales at operational or organic sales growth, when used in conjunction with the U.S. GAAP measure of percent change in net sales at actual rates, may provide a more complete understanding and facilitate a fuller analysis of the Company’s results of operations, particularly in evaluating performance from one period to another.

Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit NumberDescription
99.1
Recast Historical Segment Financial Information (unaudited)
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 14, 2026
BAXTER INTERNATIONAL INC.
By:/s/ Anita A. Zielinski
Name:Anita A. Zielinski
Title:Interim Chief Financial Officer and Senior Vice President,
Chief Accounting Officer and Controller



Exhibit 99.1
BAXTER INTERNATIONAL INC.
Net Sales by Segment
Revised Basis (Non-GAAP measure)
(unaudited)

The following tables present our U.S. and international disaggregated net sales.
For the Years Ended December 31,
Reported Growth
Operational Sales Growth1
2025202420252025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotal
Infusion Therapies & Platforms$3,007 $3,638 $6,645 $3,093 $3,488 $6,581 (3)%4 %1 %1 %
Advanced Surgery648 550 1,198 603 501 1,104 7 %10 %9 %8 %
Medical Products & Therapies3,655 4,188 7,843 3,696 3,989 7,685 (1)%5 %2 %2 %
Care & Connectivity Solutions1,372 539 1,911 1,311 503 1,814 5 %7 %5 %4 %
Front Line Care871 289 1,160 843 294 1,137 3 %(2)%2 %2 %
Healthcare Systems & Technologies2,243 828 3,071 2,154 797 2,951 4 %4 %4 %3 %
Other224 106 330 — — — NMNMNMNM
Total Baxter$6,122 $5,122 $11,244 $5,850 $4,786 $10,636 5 %7 %6 %3 %
For the Quarters Ended December 31,
Reported Growth
Operational Sales Growth1
2025202420252025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotal
Infusion Therapies & Platforms$728 $1,007 $1,735 $779 $898 $1,677 (7)%12 %3 %1 %
Advanced Surgery177 151 328 157 135 292 13 %12 %12 %11 %
Medical Products & Therapies905 1,158 2,063 936 1,033 1,969 (3)%12 %5 %3 %
Care & Connectivity Solutions367 170 537 366 138 504 0 %23 %7 %4 %
Front Line Care219 71 290 208 72 280 5 %(1)%4 %3 %
Healthcare Systems & Technologies586 241 827 574 210 784 2 %15 %5 %4 %
Other61 23 84 — — — NMNMNMNM
Total Baxter$1,552 $1,422 $2,974 $1,510 $1,243 $2,753 3 %14 %8 %3 %
For the Quarters Ended September 30,
Reported Growth
Operational Sales Growth1
2025202420252025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotal
Infusion Therapies & Platforms$740 $931 $1,671 $794 $881 $1,675 (7)%6 %(0)%(0)%
Advanced Surgery168 138 306 149 123 272 13 %12 %13 %11 %
Medical Products & Therapies908 1,069 1,977 943 1,004 1,947 (4)%6 %2 %2 %
Care & Connectivity Solutions348 125 473 335 121 456 4 %3 %4 %3 %
Front Line Care229 71 300 222 74 296 3 %(4)%1 %1 %
Healthcare Systems & Technologies577 196 773 557 195 752 4 %1 %3 %2 %
Other59 26 85 — — — NMNMNMNM
Total Baxter$1,544 $1,291 $2,835 $1,500 $1,199 $2,699 3 %8 %5 %2 %
For the Quarter Ended June 30,
Reported Growth
Operational Sales Growth1
2025202420252025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotal
Infusion Therapies & Platforms$753 $896 $1,649 $792 $877 $1,669 (5)%2 %(1)%(1)%
Advanced Surgery158 138 296 150 127 277 5 %9 %7 %5 %
Medical Products & Therapies911 1,034 1,945 942 1,004 1,946 (3)%3 %(0)%0 %
Care & Connectivity Solutions341 133 474 332 120 452 3 %11 %5 %4 %
Front Line Care221 72 293 218 78 296 1 %(8)%(1)%(1)%
Healthcare Systems & Technologies562 205 767 550 198 748 2 %4 %3 %2 %
Other63 35 98 — — — NMNMNMNM
Total Baxter$1,536 $1,274 $2,810 $1,492 $1,202 $2,694 3 %6 %4 %1 %
For the Quarters Ended March 31,
Reported Growth
Organic Sales Growth2
Operational Sales Growth1
2026202520242026202520262025
(in millions)U.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalU.S.Int’lTotalTotalTotal
Infusion Therapies & Platforms$711 $905 $1,616 $786 $804 $1,590 $728 $832 $1,560 (10)%13 %2 %8 %(3)%2 %(3)%5 %
Advanced Surgery165 139 304 145 123 268 147 116 263 14 %13 %13 %(1)%6 %2 %10 %4 %
Medical Products & Therapies876 1,044 1,920 931 927 1,858 875 948 1,823 (6)%13 %3 %6 %(2)%2 %(1)%5 %
Care & Connectivity Solutions315 120 435 316 111 427 278 124 402 (0)%8 %2 %14 %(10)%6 %(0)%7 %
Front Line Care198 72 270 202 75 277 195 70 265 (2)%(4)%(3)%4 %7 %5 %(4)%5 %
Healthcare Systems & Technologies513 192 705 518 186 704 473 194 667 (1)%3 %0 %10 %(4)%6 %(2)%6 %
Other46 30 76 41 22 63 — — — 12 %36 %21 %NMNMNMNMNM
Total Baxter$1,435 $1,266 $2,701 $1,490 $1,135 $2,625 $1,348 $1,142 $2,490 (4)%12 %3 %11 %(1)%5 %(1)%5 %
NM: Not Meaningful
1 Operational sales growth excludes the impact of the Kidney Care manufacturing and supply agreement not reflected in reportable segments, reflects the previously announced exit of IV solutions in China in the Medical Products & Therapies reportable segment, and is calculated at constant currency rates.
2 Organic sales growth excludes the impact of the Kidney Care manufacturing and supply agreement not reflected in reportable segments, impacts associated with business acquisitions or divestitures, and is calculated at constant currency rates.


BAXTER INTERNATIONAL INC.
Segment Operating Income
Revised Basis (Non-GAAP measure)
(unaudited)

For the Years Ended December 31,
20252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$7,843 $3,071 $7,685 $2,951 
Cost of sales4,850 1,599 4,506 1,468 
Selling, general and administrative expenses1,153 749 1,233 727 
Research and development expenses293 191 304 189 
Other segment items(134)(33)— — 
Segment operating income$1,681 $565 $1,642 $567 
For the Quarters Ended December 31,
20252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$2,063 $827 $1,969 $784 
Cost of sales1,368 456 1,153 371 
Selling, general and administrative expenses243 167 316 192 
Research and development expenses65 48 82 47 
Other segment items(36)(9)— — 
Segment operating income$423 $165 $418 $174 
For the Quarters Ended September 30,
20252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$1,977 $773 $1,947 $752 
Cost of sales1,226 414 1,153 369 
Selling, general and administrative expenses309 197 306 178 
Research and development expenses62 48 77 47 
Other segment items(31)(8)(4)(1)
Segment operating income$411 $122 $415 $159 
For the Quarters Ended June 30,
20252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$1,945 $767 $1,946 $748 
Cost of sales1,157 375 1,149 382 
Selling, general and administrative expenses299 195 330 184 
Research and development expenses83 49 76 48 
Other segment items(38)(8)3 — 
Segment operating income$444 $156 $388 $134 



For the Quarters Ended March 31,
202620252024
(in millions)Medical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & TechnologiesMedical Products & TherapiesHealthcare Systems & Technologies
Net sales$1,920 $705 $1,858 $704 $1,823 $667 
Cost of sales1,237 385 1,099 354 1,051 346 
Selling, general and administrative expenses295 182 302 190 281 173 
Research and development expenses71 48 83 46 69 47 
Other segment items(33)(9)(29)(8)1 1 
Segment operating income$350 $99 $403 $122 $421 $100 
The following tables present our reportable segment operating income and reconciliations of reportable segment operating income to income (loss) from continuing operations before income taxes.
For the Years Ended December 31,
(in millions)20252024
Medical Products & Therapies$1,681 $1,642 
Healthcare Systems & Technologies565 567 
Total reportable segment operating income2,246 2,209 
Other22 (12)
Unallocated corporate costs(678)(723)
Intangible asset amortization expense(598)(625)
Business optimization items(178)(162)
European Medical Devices Regulation(21)(33)
Indefinite-lived asset impairments(290)(50)
Separation-related costs(58)— 
Legal matters(11)(17)
Acquisition and integration items(27)(23)
Product-related items(113)(15)
Hurricane Helene costs(133)(110)
Goodwill impairments(485)(425)
Gain on sale of long-lived asset16 — 
Total operating income (loss)(308)14 
Interest expense, net238 341 
Other (income) expense, net(41)(38)
Income (loss) from continuing operations before income taxes$(505)$(289)



For The Quarters Ended December 31,
(in millions)20252024
Medical Products & Therapies$423 $418 
Healthcare Systems & Technologies165 174 
Total reportable segment operating income588 592 
Other5 (12)
Unallocated corporate costs(241)(161)
Intangible asset amortization expense(145)(154)
Business optimization items(78)(113)
European Medical Devices Regulation(6)(8)
Indefinite-lived asset impairments(290)(50)
Separation-related costs(18)— 
Acquisition and integration items(13)(7)
Product-related items(52)(12)
Hurricane Helene costs(10)(85)
Goodwill impairments(485)(425)
Gain on sale of long-lived asset16 — 
Total operating income (loss)(729)(435)
Interest expense, net58 90 
Other (income) expense, net(31)(4)
Income (loss) from continuing operations before income taxes$(756)$(521)
For the Quarters Ended September 30,
(in millions)20252024
Medical Products & Therapies$411 $415 
Healthcare Systems & Technologies122 159 
Total reportable segment operating income533 574 
Other5 (1)
Unallocated corporate costs(115)(182)
Intangible asset amortization expense(147)(159)
Business optimization items(38)(18)
Legal matters— (17)
European Medical Devices Regulation(5)(9)
Separation-related costs(13)— 
Acquisition and integration items(8)(5)
Product-related items(32)(3)
Hurricane Helene costs(8)(25)
Total operating income (loss)172 155 
Interest expense, net58 87 
Other (income) expense, net(7)(1)
Income (loss) from continuing operations before income taxes$121 $69 



For the Quarters Ended June 30,
(in millions)20252024
Medical Products & Therapies$444 $388 
Healthcare Systems & Technologies156 134 
Total reportable segment operating income600 522 
Other6 5 
Unallocated corporate costs(183)(170)
Intangible asset amortization expense(151)(154)
Business optimization items(17)(9)
European Medical Devices Regulation(5)(9)
Separation-related costs(14)— 
Acquisition and integration items(5)(6)
Product-related items(23)— 
Hurricane Helene costs(17)— 
Total operating income (loss)191 179 
Interest expense, net58 86 
Other (income) expense, net— (24)
Income (loss) from continuing operations before income taxes$133 $117 
For the Quarters Ended March 31,
(in millions)202620252024
Medical Products & Therapies$350 $403 $421 
Healthcare Systems & Technologies99 122 100 
Total reportable segment operating income449 525 521 
Other7 6 (4)
Unallocated corporate costs(159)(139)(210)
Intangible asset amortization expense(146)(155)(158)
Business optimization items(68)(45)(22)
Legal matters— (11)— 
European Medical Devices Regulation(4)(5)(7)
Separation-related costs(11)(13)— 
Acquisition and integration items— (1)(5)
Product-related items12 (6)— 
Hurricane Helene costs(3)(98)— 
Business transformation(11)— — 
Total operating income (loss)66 58 115 
Interest expense, net66 64 78 
Other (income) expense, net6 (3)(9)
Income (loss) from continuing operations before income taxes$(6)$(3)$46 



BAXTER INTERNATIONAL INC.
Reconciliation of Non-GAAP Financial Measure
Change in Net Sales Growth As Reported to Operational Sales Growth
(unaudited)

From the Year Ended December 31, 2024 to the
Year Ended December 31, 2025
(in millions)Net Sales Growth As ReportedKidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms1 %0 %1 %(1)%1 %
Advanced Surgery9 %0 %0 %(1)%8 %
Medical Products & Therapies2 %0 %1 %(1)%2 %
Care & Connectivity Solutions5 %0 %0 %(1)%4 %
Front Line Care2 %0 %0 %(0)%2 %
Healthcare Systems & Technologies4 %0 %0 %(1)%3 %
OtherNMNMNMNMNM
Total Baxter6 %(3)%0 %(0)%3 %

From the Three Months Ended December 31, 2024 to the
Three Months Ended December 31, 2025
(in millions)Net Sales Growth
As Reported		Kidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms3 %0 %0 %(2)%1 %
Advanced Surgery12 %0 %0 %(1)%11 %
Medical Products & Therapies5 %0 %0 %(2)%3 %
Care & Connectivity Solutions7 %0 %0 %(3)%4 %
Front Line Care4 %0 %0 %(1)%3 %
Healthcare Systems & Technologies5 %0 %0 %(1)%4 %
OtherNMNMNMNMNM
Total Baxter8 %(3)%0 %(2)%3 %

From the Three Months Ended September 30, 2024 to the
Three Months Ended September 30, 2025
(in millions)Net Sales Growth
As Reported		Kidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms(0)%0 %1 %(1)%(0)%
Advanced Surgery13 %0 %0 %(2)%11 %
Medical Products & Therapies2 %0 %1 %(1)%2 %
Care & Connectivity Solutions4 %0 %0 %(1)%3 %
Front Line Care1 %0 %0 %0 %1 %
Healthcare Systems & Technologies3 %0 %0 %(1)%2 %
OtherNMNMNMNMNM
Total Baxter5 %(3)%1 %(1)%2 %




From the Three Months Ended June 30, 2024 to the
Three Months Ended June 30, 2025
(in millions)Net Sales Growth
As Reported		Kidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms(1)%0 %1 %(1)%(1)%
Advanced Surgery7 %0 %0 %(2)%5 %
Medical Products & Therapies(0)%0 %1 %(1)%0 %
Care & Connectivity Solutions5 %0 %0 %(1)%4 %
Front Line Care(1)%0 %0 %0 %(1)%
Healthcare Systems & Technologies3 %0 %0 %(1)%2 %
OtherNMNMNMNMNM
Total Baxter4 %(4)%1 %(0)%1 %

From the Three Months Ended March 31, 2024 to the
Three Months Ended March 31, 2025
(in millions)Net Sales Growth
As Reported		Kidney Care MSAExit of IV Solutions in ChinaFXOperational Sales Growth*
Infusion Therapies & Platforms2 %0 %1 %2 %5 %
Advanced Surgery2 %0 %0 %2 %4 %
Medical Products & Therapies2 %0 %1 %2 %5 %
Care & Connectivity Solutions6 %0 %0 %1 %7 %
Front Line Care5 %0 %0 %0 %5 %
Healthcare Systems & Technologies6 %0 %0 %0 %6 %
OtherNMNMNMNMNM
Total Baxter5 %(3)%1 %2 %5 %
NM: Not Meaningful
*Totals may not add across due to rounding

BAXTER INTERNATIONAL INC.
Reconciliation of Non-GAAP Financial Measure
Change in Net Sales Growth As Reported to Organic Sales Growth
(unaudited)

From the Three Months Ended March 31, 2025 to the
Three Months Ended March 31, 2026
(in millions)Net Sales Growth
As Reported		Kidney Care MSAFXOrganic Sales Growth*
Infusion Therapies & Platforms2 %0 %(5)%(3)%
Advanced Surgery13 %0 %(3)%10 %
Medical Products & Therapies3 %0 %(4)%(1)%
Care & Connectivity Solutions2 %0 %(2)%(0)%
Front Line Care(3)%0 %(1)%(4)%
Healthcare Systems & Technologies0 %0 %(2)%(2)%
Other21 %(16)%(5)%0 %
Total Baxter3 %(1)%(3)%(1)%
*Totals may not add across due to rounding

Source: View Original Filing on SEC EDGAR

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