February 13, 2026- Baxter International Inc. reported results for the fourth quarter of 2025.
“While we delivered sales growth across all segments, our fourth-quarter results did not meet our expectations, underscoring the importance of our focus on driving continuous improvement across the enterprise,” said Andrew Hider, president and CEO. “We recently introduced a new operating model that is designed to simplify our organization, accelerate innovation and improve performance. These changes further decentralize the business and embed critical functional roles directly within each division – bringing us closer to our customers and ultimately helping us to improve our say-do ratio and execute more consistently. While the work ahead will take time, I’m encouraged by the dedication of our employees and remain confident in Baxter’s long-term trajectory.”
Fourth-Quarter 2025 Companywide Financial Results
Note that continuing operations exclude Baxter’s Kidney Care business, which was acquired by Carlyle in January 2025, and is reported as discontinued operations.
- Worldwide sales from continuing operations in the fourth quarter totaled approximately $2.97 billion, increasing 8% on a reported basis and 3% on an operational basis.
- U.S. sales from continuing operations in the fourth quarter totaled approximately $1.55 billion, increasing 3% on a reported basis and declining 1% on an operational basis.
- International sales from continuing operations in the fourth quarter totaled approximately $1.42 billion, increasing 14% on a reported basis and 8% on an operational basis.
- On a U.S. GAAP basis, net income (loss) from continuing operations totaled ($1,035) million, or ($2.01) per diluted share which includes a goodwill impairment charge of $485 million related to the Front Line Care reporting unit and a valuation allowance on the realizability of U.S. deferred tax assets of $330 million.
- On an adjusted basis, net income from continuing operations in the fourth quarter was $0.44 per diluted share, decreasing 24% from the prior year driven primarily by unfavorable product mix, non-recurring items including inventory adjustments, and a higher effective tax rate.
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