Baxter International (BAX) Q3 2025 10-Q Quarterly Report

Filed: Nov 4, 2025Period ending Sep 30, 2025

Health Care

Surgical & Medical Instruments & ApparatusSEC EDGAR

Baxter International (BAX) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 4, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.

Baxter International Q3 2025 10-Q Analysis

Management Discussion & Analysis

• Revenue $2.835B Q3 2025 vs $2.699B Q3 2024; Medical Products & Therapies down 1%, Healthcare Systems & Technologies up 3%, Pharmaceuticals up 7% YoY
• Operating margin by segment Q3 2025: Medical Products & Therapies 20.5% vs 20.0% YoY, Healthcare Systems & Technologies 13.5% vs 18.1%, Pharmaceuticals 8.9% vs 9.9%
• Best performing segment Pharmaceutical sales up 7% Q3, worst Healthcare Systems & Technologies operating income down from $136M to $104M Q3 YoY
• Operating cash flow from continuing ops $355M YTD 2025 vs $376M YTD 2024; $3.81B debt repaid primarily using Kidney Care sale proceeds
• Management expects ongoing impact from Novum LVP recall and U.S. IV solution demand reduction; Moody's outlook changed to negative, risks from tariffs and geopolitical events persist

Risk Factors

• No material changes in risk factors from 2024 Annual Report
• Continued exposure to regulatory approval delays impacting product launches
• Competitive pressure from new market entrants in renal care segment
• Ongoing supply chain disruptions affecting manufacturing timelines
• Currency fluctuations impacting foreign revenue predominantly in Europe

Baxter International Q3 2025 Quarterly Financials
XBRL

Revenue

$2.8B

▲ +491.9% YoY▲ +0.9% QoQ

Net Income

-$46M

▼ -132.9% YoY▼ -150.5% QoQ

Net Margin

-1.6%

▼ -3085bp YoY▼ -486bp QoQ

Source: XBRL data from Baxter International Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.

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