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BAX · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 5.3% y/y to $2.96B, operating margin 7.3% vs 6.8%, net income $126M (+38.5% y/y).
Net income (loss) attributable to baxter stockholders
$126M
up 38.5% y/y
Net sales
$2,960M
up 5.3% y/y
Operating income
$217M
up 13.6% y/y
Gross margin
$1,032M
up 4.1% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Net sales | $2,960 · +5.3% |
| Cost of sales | $1,928 · +6.0% |
| Gross margin | $1,032 · +4.1% · 34.9% margin |
| Selling, general and administrative expenses | $735 · +2.4% |
| Research and development expenses | $129 · −3.7% |
| Other operating income, net | $49 · −5.8% |
| Operating income | $217 · +13.6% · 7.3% margin |
| Interest expense, net | $64 · +10.3% |
| Other (income) expense, net | $5 · vs $0 |
| Income (loss) from continuing operations before income taxes | $158 · +18.8% |
| Income tax expense (benefit) | $23 · +109% · 14.6% effective rate |
| Income (loss) from discontinued operations, net of tax | $9 · −71.0% |
| Net income (loss) attributable to baxter stockholders | $126 · +38.5% · $0.24/sh · 4.3% margin |
Verdict: revenue grew 5.3% y/y to $2.96B, operating margin 7.3% vs 6.8%, net income $126M (+38.5% y/y).
Source and notation
Source: Baxter International press release, 8-K EX-99.1 of 07/30/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
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Chart: “BAX Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/bax/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/bax/q2-2026"><img src="https://whoreportstoday.com/t/bax/q2-2026/sankey.png" alt="BAX Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/bax/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/bax/q2-2026">BAX Q2 2026 earnings chart (Who Reports Today)</a>
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- Gross margin was 34.9% vs 35.3% a year earlier.
- Operating income was $217M, a 7.3% margin vs 6.8% a year earlier.
- The effective tax rate was 14.6% vs 8.3% a year earlier.
- Diluted EPS was $0.24 vs $0.18 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
BAX — a medical products company that supplies hospitals, clinics, surgery centers and patients at home with IV solutions, infusion systems, parenteral nutrition, injectable drugs, surgical products, smart hospital beds and patient monitoring equipment.
It makes money in three segments: Medical Products & Therapies, Healthcare Systems & Technologies and Pharmaceuticals. · Source: annual report (Form 10-K, SEC)
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