Short answer
Baxter International (BAX) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.8B (up 491.9% year over year) with net income of −$46M.
Q3 2025 key financials · XBRL
- Revenue
- $2.8B
- +491.9% YoY · +0.9% QoQ
- Net income
- −$46M
- −132.9% YoY · −150.5% QoQ
- Operating margin
- 6.1%
- Gross margin
- 33.5%
- EPS (diluted)
- −$0.09
- −133.3% YoY · −152.9% QoQ
Source: XBRL data from the Baxter International (BAX) Q3 2025 10-Q on SEC EDGAR. USD.
Baxter International Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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