BAX at a glance
Baxter International (BAX, SEC CIK 10456) filed its latest 10-K annual report on February 12, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on August 19, 2026 and Form 4 insider filings as recently as September 3, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Baxter International (BAX) reported revenue of $11.2 billion (up 5.7% from FY2024) and a net loss of $957.0 million. Diluted EPS was -$1.87.
- As of June 30, 2026, 38 institutional investment managers tracked by SignalX reported holding Baxter International (BAX) shares worth $5.8 billion in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $11.2B
- +5.7% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 38 funds
- $5.8B · +2 vs prior quarter
- Latest 8-K
- Aug 19, 2026
- Item 7.01 · Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: diversified healthcare products including IV solutions, infusion systems, parenteral nutrition, surgical and respiratory devices
- New segment structure: three reportable segments as of Q3 2023; Medical Products & Therapies, Healthcare Systems & Technologies, Pharmaceuticals
- Strategic shift: completed sale of Kidney Care business for $3.71B net proceeds and BioPharma Solutions for $3.96B, focusing on streamlined operations
- Debt reduction: repaid $3.81B legacy debt primarily from Kidney Care sale and additional repayments using BioPharma sale proceeds
- Geographic footprint: products manufactured in 20+ countries and sold in 100+ countries, reinforcing global healthcare access
Risk Factors
- FDA warning letters dated 07/25/2023 and prior, highlighting regulatory compliance risks impacting product approvals and operations
- Exposure to global economic conditions and inflation adversely affecting operations with no mitigation timeline specified
- Supply chain disruptions including manufacturing, sterilization, and distribution difficulties causing product availability risks
- Competition risk from technology advances and changing consumer preferences potentially impairing new product monetization
- Significant indebtedness requiring substantial cash flow allocation for debt service, limiting growth strategy and R&D investments
Management Discussion & Analysis
- Kidney Care business sold for $3.80B cash, net after-tax proceeds approx. $3.3B completed Jan 31, 2025
- Legacy indebtedness of $3.81B repaid in 2025, excluding $2.00B repaid from new notes offering
- Kidney Care segment results reported as discontinued operations, prior periods restated accordingly
- Cost restructuring initiated due to dis-synergies from reduced company size post-sale
- No explicit revenue, profitability, or forward guidance disclosed in provided text
AI summary of the BAX 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Quarterly revenue $2.960B, up 5% YoY from $2.810B
- Advanced Surgery best performer, sales $331M, up 12% YoY
- Front Line Care weakest, sales $299M, up 2% YoY
- Tariff refunds of approximately $75M recorded against cost of goods sold
- Headwinds: Novum LVP hold, supply constraints, tariffs, inflation, geopolitical uncertainty, and potentially lower hospital capital spending
Risk Factors
- No material changes to risk factors disclosed in the 2025 Annual Report
- Regulatory compliance risk: officer trading arrangements subject to Rule 10b5-1 requirements
- Governance risk: amended certificate, bylaws, and executive severance plan effective May 8, 2026
- Financial flexibility: $1.30 billion remaining under the share repurchase authorization as of June 30, 2026
AI summary of the BAX 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Reg FD disclosure consists solely of standard safe-harbor language
- No operating, financial, strategic, or shareholder-relevant information disclosed
Item EX-99.1: Item EX-99.1
- John Rogers appointed CFO effective October 1, 2026, replacing the current finance leadership
- Medtech finance executive brings transformation experience from Smith+Nephew and WPP
Item 5.02: Departure/Appointment of Directors or Principal Officers
- John Rogers appointed CFO effective October 1, 2026, following leadership roles at Smith+Nephew and WPP
- CFO compensation includes $925,000 salary, 100% target bonus, and $4,000,000 annual equity target
Item 1.01: Entry into a Material Definitive Agreement
- Net leverage covenant relaxed for five quarters through September 30, 2027
- Amendment signals anticipated elevated leverage or reduced covenant headroom
Item EX-99.1: Item EX-99.1
- Offer cap increased from $500 million to $600 million, enabling greater debt retirement through the tender offers
- Early tenders totaled $1.38 billion principal across four note series, substantially exceeding available capacity
Item 8.01: Other Events
- Baxter increased the tender offer cap to $600 million from $500 million, signaling greater-than-expected debt repurchase demand
- Offers cover 3.132%, 3.500%, 4.500% and 2.539% senior notes maturing 2032–2051
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Interim CFO Anita Zielinski resigning effective September 15, 2026 to join another company
- Also departing Senior Vice President, Chief Accounting Officer and Controller roles
AI summaries of BAX 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for BAX
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Foster Julie | F | Sep 2, 2026 | 2,098 | $25.70 |
| Hider Andrew P. | F | Sep 2, 2026 | 54,276 | $25.70 |
| Teaff James | F | Sep 1, 2026 | 750 | $25.48 |
| Wallace Steven P. | F | Jun 2, 2026 | 153 | $18.68 |
| Teaff James | F | Jun 2, 2026 | 321 | $18.68 |
| Zielinski Anita A | A | Jun 1, 2026 | 13,426 | - |
| Ampofo William A. II | A | May 5, 2026 | 12,836 | - |
| Craig Jeffrey A | A | May 5, 2026 | 12,836 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $10.6B | $11.2B |
| Gross Profit | $5.0B | $4.0B | $3.4B |
| Operating Income | - | $14.0M | -$308.0M |
| Net Income | $2.7B | -$649.0M | -$957.0M |
| Gross Margin | - | 37.5% | 30.1% |
| Op. Margin | - | 0.1% | -2.7% |
| Net Margin | - | -6.1% | -8.5% |
| Balance Sheet | |||
| Total Assets | $28.3B | $25.8B | $20.1B |
| Equity | - | $7.0B | $6.1B |
| ROE | - | -9.3% | -15.6% |
| Per Share | |||
| EPS | $5.25 | $-1.27 | $-1.87 |
| Cash Flow | |||
| Operating CF | - | $1.0B | $845.0M |
Source: XBRL data in Baxter International (BAX)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate BAX share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 38 | $5.78B |
| Q1 2026 | 36 | $4.34B |
| Q4 2025 | 35 | $4.91B |
| Q3 2025 | 37 | $5.51B |
| Q2 2025 | 37 | $7.40B |
| Q1 2025 | 33 | $5.24B |
| Q4 2024 | 30 | $3.96B |
| Q3 2024 | 31 | $2.75B |
- FMR LLC (Fidelity)+7.65M (+17%)
- Goldman Sachs Group+3.28M (+85%)
- BlackRock+2.44M (+3%)
- AQR Capital Management+1.40M (+259%)
- State Street Corp+620.5K (+3%)
- Millennium Management−1.74M (-99%)
- Citadel Advisors LLC−1.08M (-83%)
- Morgan Stanley−988.2K (-13%)
- Invesco Ltd−759.3K (-6%)
- Dimensional Fund Advisors−319.6K (-5%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 277 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
BAX filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 3, 2026 | - | - | - |
| 4 | Sep 3, 2026 | - | - | - |
| 4 | Sep 3, 2026 | - | - | - |
| 8-K | Aug 19, 2026 | - | Analysis | - |
| 8-K | Aug 18, 2026 | - | Analysis | - |
| 8-K | Aug 4, 2026 | - | Analysis | - |
| 8-K | Aug 4, 2026 | - | Analysis | - |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 30, 2026 | - | Analysis | - |
| 8-K | Jul 14, 2026 | - | Analysis | - |
| 4 | Jun 3, 2026 | - | - | |
| 4 | Jun 3, 2026 | - | - | |
| 4 | Jun 3, 2026 | - | - | |
| 8-K | May 8, 2026 | - | Analysis | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | Apr 30, 2026 | - | Analysis | - |
| SC 13G | Apr 29, 2026 | - | - |
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BAX SEC filings: frequently asked questions
Which institutions hold BAX stock?
As of June 30, 2026, the largest Baxter International (BAX) holders among the 13F filers tracked by SignalX were BlackRock ($1.7 billion), FMR LLC (Fidelity) ($1.1 billion), Vanguard Capital Management LLC ($719.6 million), Vanguard Portfolio Management LLC ($512.9 million), State Street Corp ($439.4 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was BAX's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Baxter International (BAX) reported revenue of $11.2 billion (up 5.7% from FY2024) and a net loss of $957.0 million. Diluted EPS was -$1.87. The figures come from the XBRL data in the 10-K.
What are the main risks in BAX's latest 10-K?
In the 10-K filed February 12, 2026, Baxter International (BAX) flagged: FDA warning letters dated 07/25/2023 and prior, highlighting regulatory compliance risks impacting product approvals and operations. Exposure to global economic conditions and inflation adversely affecting operations with no mitigation timeline specified. (AI summary of the Risk Factors section.)
What did BAX report in its latest 8-K?
Baxter International (BAX) filed an 8-K on August 19, 2026 reporting Item 7.01 (Regulation FD Disclosure) and Item 5.02 (Departure/Appointment of Directors or Principal Officers). Reg FD disclosure consists solely of standard safe-harbor language.
What are the latest BAX SEC filings?
Baxter International (BAX) filed its latest 10-K annual report on February 12, 2026, a 10-Q quarterly report on July 30, 2026, an 8-K current report on August 19, 2026 and a Form 4 insider filing on September 3, 2026.
What is BAX's SEC CIK number?
Baxter International (BAX)'s SEC Central Index Key (CIK) is 10456. EDGAR lists every BAX filing under that number.
Ask anything about BAX
The research agent reads BAX's filings, financials, insider trades and 13F holders, then answers with sources.