Baxter International (BAX) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Baxter published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Baxter reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Beginning in Q2 2026 Baxter changed its segment structure and recast prior periods. The former Pharmaceuticals segment is now part of the Infusion Therapies & Platforms division of Medical Products & Therapies, and Other now holds only sales to Vantive under the Kidney Care manufacturing and supply agreement.
• All figures are for continuing operations except GAAP EPS and net income, which include Baxter's former Kidney Care business, sold on January 31, 2025 and reported as discontinued operations. GAAP diluted EPS from continuing operations was $0.57, against a loss of $0.10 a year earlier.

Source: Baxter Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Baxter splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Baxter's Medical Products & Therapies revenue was $2.1 billion in Q3 2026, up 6% from $2.0 billion in Q3 2025, 71% of total revenue.
• Baxter's Healthcare Systems & Technologies revenue was $806 million in Q3 2026, up 4% from $773 million in Q3 2025, 27% of total revenue.
• Baxter's Other revenue was $68.0 million in Q3 2026, down 20% from $85.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Baxter said:

“Reported sales growth from continuing operations: 4% to 5% (previously 3% to 4%)”

“Organic sales growth from continuing operations: 3% to 4% (previously 2% to 3%)”

“Adjusted earnings from continuing operations per diluted share: $2.05 to $2.15 (previously $1.95 to $2.15)”

Source: Baxter Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BAX forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales from continuing operations and GAAP diluted EPS (including discontinued operations), each as first reported in that quarter's release. The Q4 2025 loss includes a $485 million goodwill impairment for the Front Line Care reporting unit and a $330 million valuation allowance on U.S. deferred tax assets.

We do not hold a confirmed date for Baxter's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Baxter's Medical Products & Therapies segment brought in $2,102 million of its $2,976 million in Q3 2026 net sales. It covers sterile IV solutions, infusion systems, administration sets, parenteral nutrition, surgical hemostats and sealants, specialty injectables, inhaled anesthesia and drug compounding. Healthcare Systems & Technologies, $806 million, sells smart bed systems, connected monitoring, diagnostic and respiratory devices and operating room equipment. (Baxter Q3 2026 release, Oct 29, 2026)

Baxter's sales rose 5% on both a reported and organic basis, with growth in every segment and division. Infusion Therapies & Platforms grew 5% to $1,760 million on Spectrum IQ pump sales, digital solutions and administration sets, partly offset by lower Injectables sales. Advanced Surgery grew 12% to $342 million, mainly on hemostats and sealants. Care & Connectivity Solutions rose 5% and Front Line Care 3%. (Baxter Q3 2026 release, Oct 29, 2026; Baxter Form 10-Q, Q3 2026, Oct 29, 2026)

Baxter's U.S. sales were $1,595 million, up 3% reported and 5% organic, and international sales were $1,381 million, up 7% reported and 6% organic. The Other line, $68 million against $85 million, is sales to Vantive, the buyer of Baxter's former Kidney Care business, under a manufacturing and supply agreement; Baxter's organic growth figure excludes it. (Baxter Q3 2026 release, Oct 29, 2026; Baxter Form 10-Q, Q3 2026, Oct 29, 2026)

Baxter's Novum IQ large volume pump is still on hold. Baxter stopped distributing and installing it in the U.S. and Canada in July 2025, except in cases of medical necessity, after corrections the FDA classified as Class I recalls, and expects no meaningful Novum sales while the holds are in effect. In September 2026 the FDA issued a Warning Letter to Baxter's Round Lake, Illinois sterile injectables plant, and Baxter responded in October 2026. (Baxter Form 10-Q, Q3 2026, Oct 29, 2026)

Baxter's GAAP diluted EPS of $0.57 and adjusted EPS of $0.58 are close only because large items offset. GAAP results include a $253 million pre-tax gain on debt extinguishment ($0.38 per share), against $145 million of intangible asset amortization ($0.21), $61 million of business optimization charges ($0.09) and $20 million of business transformation costs ($0.03). (Baxter Q3 2026 release, Oct 29, 2026)

Baxter's adjusted EPS fell 16% from $0.69 even though adjusted operating income rose 2% to $432 million. Baxter attributed the decline to a higher effective tax rate: the adjusted rate was 18.3%, against 5.1% a year earlier, and the GAAP rate was 28.5%, which the 10-Q says was driven mainly by increases to the valuation allowance on U.S. deferred tax assets. (Baxter Q3 2026 release, Oct 29, 2026; Baxter Form 10-Q, Q3 2026, Oct 29, 2026)

Baxter's debt gain came from August 2026 cash tender offers. It spent $600 million to retire $864 million of senior notes due 2032 to 2051, including $422 million of 3.132% notes due 2051 bought for $248 million. Diluted shares were 520 million, against 514 million a year earlier, and Baxter paid $15 million of cash dividends in the first nine months after cutting its quarterly dividend to $0.01 per share. (Baxter Q3 2026 release, Oct 29, 2026; Baxter Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Baxter gives a full-year outlook in its release and raised it with Q3 2026 results: reported sales growth from continuing operations of 4% to 5% (previously 3% to 4%), organic sales growth of 3% to 4% (previously 2% to 3%), and adjusted EPS from continuing operations of $2.05 to $2.15 (previously $1.95 to $2.15). (Baxter Q3 2026 release, Oct 29, 2026)

Baxter's bridge from reported to organic growth for 2026 adds about 30 basis points for the Kidney Care supply agreement and takes out about 100 basis points of foreign exchange benefit. Baxter does not reconcile the adjusted EPS outlook to GAAP EPS, citing legal proceedings, business optimization actions, impairments and other items it cannot predict. (Baxter Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Baxter, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Baxter's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BAX is on is BAX a buy or a sell?, what analysts expect next is on the BAX forecast, and what the company does is on the Baxter International (BAX) stock page.

Every number on this page can be traced to a document Baxter published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.