)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Baxter International
Baxter International (BAX) investor relations material
Baxter International Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 continuing-operations sales were $2.976B, up 5% reported and organically, with growth across segments and U.S. and international markets.
Adjusted diluted EPS was $0.58, down 16% YoY, primarily reflecting a higher effective tax rate versus prior-year discrete benefits.
FY26 reported and organic sales outlooks and adjusted EPS guidance were raised; priorities remain operational consistency, balance-sheet strengthening and continuous improvement.
Financial highlights
Q3 continuing-operations operating cash flow was $558M and free cash flow was $448M; YTD free cash flow reached $705M versus $(18)M in 9M 2025.
Q3 GAAP net income was $294M versus a $46M loss a year earlier; continuing-operations diluted EPS was $0.57 versus $(0.10).
Adjusted gross margin was 38.3%, down 110 bps YoY; adjusted SG&A was $637M, or 21.4% of sales, improving 80 bps.
Adjusted operating margin was 14.5%, down 40 bps; lower pricing contribution and mix partly offset volume growth and cost actions.
Adjusted R&D was $118M, or 4% of sales; adjusted tax rate was 18.3%, versus prior-year benefits from tax reserve releases and other discrete items.
Outlook and guidance
FY26 reported sales growth guidance rose to 4%-5% from 3%-4%, including ~100 bps from FX and a ~$25M Vantive MSA revenue headwind; organic growth guidance increased to 3%-4% from 2%-3%.
FY26 adjusted EPS guidance increased to $2.05-$2.15 from $1.95-$2.15; adjusted operating margin guidance remains 13%-14%.
MPT organic sales are expected to grow low-to-mid-single digits; HST organic sales are expected to grow low single digits.
FY26 adjusted tax rate is expected at 18.5%-19.5%, non-operating expenses at $245M-$255M and average diluted share count at ~590M.
Q4 growth and adjusted operating margin are expected at levels similar to Q3; detailed FY27 guidance is planned for February 2027.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from Baxter International
- Operational progress, innovation, and debt reduction set the stage for future growth and value.BAX
Wells Fargo 21st Annual Healthcare Conference - Q2 2026 sales up 5% to $2.96B; adjusted EPS $0.56; outlook and guidance raised.BAXQ2 2026
- Stabilization, margin expansion, and capital flexibility set the stage for renewed growth in 2025.BAXGoldman Sachs 47th Annual Global Healthcare Conference 2026
- Transformation focuses on accountability, margin expansion, and capital allocation flexibility.BAXBank of America Global Healthcare Conference 2026
- All five proposals, including director elections and governance changes, passed with strong support.BAXAGM 2026
- Q2 2025 sales and EPS rose, guidance maintained, and debt reduced amid ongoing industry risks.BAXQ2 2025
- Q3 sales up 4%, adjusted EPS beat guidance; hurricane and Kidney Care sale drive major changes.BAXQ3 2024
- Strategic transformation, innovation, and new launches drive growth and margin expansion.BAXRaymond James 46th Annual Institutional Investors Conference
- Exceeded 2024 guidance, completed major divestiture, and forecasts robust 2025 growth.BAXQ4 2024
Next Baxter International earnings date
Q4 202611 Feb, 2027
Baxter International
Next Baxter International earnings date
Q4 202611 Feb, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
Frequently asked questions
Experts in Chronic Diseases
Baxter International Inc. is an American healthcare company with global operations. The company has a focus on kidney disease and various chronic illnesses. Baxter International operates under two different segments: BioScience and Medical Products. The first of these two produces various medications, while the latter provides equipment and products used for the treatment of patients in hospitals and care facilities. The company is headquartered in Deerfield, Illinois, and its shares trade on the NYSE.
The History
Founded in 1931 by Dr. Donald Baxter, Baxter International Inc. was initiated as a small enterprise manufacturing and distributing intravenous (IV) therapy solutions. Over its history, the company has expanded significantly, evolving into a global healthcare leader providing a wide array of medical products and services crucial for patient care. Baxter has been particularly influential in renal care, nutritional therapies, advanced surgical technologies, and critical care products. Companies operating in a similar field include names like Abbott Laboratories, Medtronic, and Fresenius Medical Care.
BioScience
Baxter BioScience is a division of Baxter International Inc. that specializes in the research, development, and production of biopharmaceuticals. The division produces a range of products for the treatment of hemophilia and other bleeding disorders. These include clotting factor replacements, which are proteins typically missing or deficient in patients with hemophilia. By providing these therapies, Baxter BioScience assists patients in managing and mitigating bleeding events.
In addition, the division manufactures immunoglobulin therapies. These are employed in the treatment of immune deficiencies and other autoimmune diseases. By supplying patients with a regular source of the necessary antibodies, these therapies can help modulate or supplement the patient's immune system.
Medical Products
The Medical Products division specializes in the development and distribution of essential medical devices and pharmaceuticals used across various healthcare settings.
One of its core product areas is renal care. Baxter offers a comprehensive range of products for peritoneal dialysis and hemodialysis. Examples include PD cyclers, solutions, and related consumables, which help patients with chronic kidney disease manage their condition.
Additionally, Baxter Medical Products provides intravenous (IV) therapies, systems, and administrative sets. These IV products range from basic saline solutions to more specialized medications. They are integral to hospitals, clinics, and other medical facilities for delivering fluids, medications, and nutrients directly into patients' veins. The division also offers products for parenteral nutrition, assisting patients who cannot consume food normally. These nutritional products are formulated to meet specific dietary needs and are delivered intravenously. Moreover, Baxter Medical Products provides various infusion pumps and systems.