BlackRock Portfolio Management boosts Baxter (BAX) stake to 8.7% of shares

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC, a Delaware entity, reports beneficial ownership of 44,925,341 shares of Baxter International Inc. common stock, representing 8.7% of the class as of 12/31/2025.

The firm has sole power to vote 44,289,706 shares and sole power to dispose of 44,925,341 shares, with no shared voting or dispositive power. The holding is reported as being acquired and held in the ordinary course of business, not for the purpose of changing or influencing control of Baxter.

Various underlying clients have rights to dividends or sale proceeds from these shares, but no single client is stated to have more than five percent of Baxter’s outstanding common stock.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

BAXTER INTERNATIONAL INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

071813109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 071813109

1

Names of Reporting Persons

BlackRock Portfolio Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 44,289,706.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 44,925,341.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

44,925,341.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.7 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BAXTER INTERNATIONAL INC
(b)	Address of issuer's principal executive offices: ONE BAXTER PARKWAY, DEERFIELD, ILLINOIS, 60015
Item 2.
(a)	Name of person filing: BlackRock Portfolio Management LLC In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock Portfolio Management LLC, 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 071813109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 44,925,341
(b)	Percent of class: 8.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 44,289,706
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 44,925,341
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of BAXTER INTERNATIONAL INC. No one person's interest in the common stock of BAXTER INTERNATIONAL INC is more than five percent of the total outstanding common shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock Portfolio Management LLC

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	01/21/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

How much of Baxter International Inc. (BAX) stock does BlackRock Portfolio Management LLC own?

BlackRock Portfolio Management LLC reports beneficial ownership of 44,925,341 shares of Baxter International Inc. common stock, representing 8.7% of the outstanding class as of 12/31/2025.

What voting and dispositive power does BlackRock Portfolio Management LLC have over BAX shares?

BlackRock Portfolio Management LLC has sole voting power over 44,289,706 shares of BAX and sole dispositive power over 44,925,341 shares, with zero shared voting or dispositive power reported.

Is BlackRock Portfolio Management LLC trying to influence control of Baxter International Inc. (BAX)?

The filing certifies that the BAX securities were acquired and are held in the ordinary course of business and not for the purpose of, or with the effect of, changing or influencing the control of Baxter International Inc.

Who ultimately benefits from the Baxter (BAX) shares held by BlackRock Portfolio Management LLC?

The filing states that various persons have the right to receive dividends or sale proceeds from BAX shares held, but no single person has an interest in more than 5% of Baxter’s outstanding common stock.

What type of reporting person is BlackRock Portfolio Management LLC in this Baxter (BAX) ownership report?

BlackRock Portfolio Management LLC is identified as type HC, indicating it is reported as a parent holding company or control person under the relevant SEC rules.

As of what date is BlackRock Portfolio Management LLC’s Baxter (BAX) ownership information reported?

The ownership information for Baxter International Inc. common stock is reported as of the event date 12/31/2025.