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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for Baxter International (BAX) is 3/10.
Baxter's FY2026-Q1 was the expected trough quarter, with organic sales declining 1% and adjusted EPS dropping 35% to $0.36, though results met management expectations and guidance was reiterated. The most notable positive was that Novum LVP returns were not material, though the risk remains in guidance with the ship hold assumed for all of 2026. CFO Joel Grade departed with Anita Zielinski stepping in as interim, while Advanced Surgery continued its bright spot trajectory at 10% growth. HST was pressured by FLC timing and CCS flat, though the U.S. capital order book remains strong. The second half ramp depends on 500bp of operating margin expansion from volume seasonality, cost structure actions, and higher-cost inventory rolling through — making H2 execution critical to the full-year guidance.
Scored from Baxter International’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.75B | +1.0% | $-1.00 | -308.3% | 34.8% | -15.8% | -18.6% | $351M |
| FY2025 Q1 | $2.63B | +5.4% | $0.25 | +244.4% | 32.8% | 2.2% | 4.8% | $-315M |
| FY2025 Q2 | $2.81B | +4.3% | $0.18 |
| +129.5% |
| 35.3% |
| 6.8% |
| 3.2% |
| $68M |
| FY2025 Q3 | $2.83B | +5.0% | $-0.09 | -133.1% | 33.5% | 6.1% | -1.6% | $126M |
| FY2025 Q4 | $2.97B | +8.0% | $-2.16 | -116.0% | 19.4% | -24.5% | -37.9% | $444M |
| FY2026 Q1 | $2.70B | +2.9% | $-0.03 | -112.0% | 33.0% | 2.4% | -0.6% | $76M |
| FY2026 Q2 | $2.96B | +5.3% | $0.24 | +33.3% | 34.9% | 7.3% | 4.3% | $-329M |
On August 18, 2026, Baxter appointed John Rogers as Executive Vice President and Chief Financial Officer, effective October 1, 2026. Rogers joins from Smith+Nephew, where he served as CFO since 2024, and was previously CFO of WPP. CEO Andrew Hider will serve as interim CFO for roughly two weeks after Anita Zielinski departs September 15, 2026. Bernie Heine was named interim Chief Accounting Officer and Controller.
On July 31, 2026, Anita Zielinski notified Baxter International Inc. of her decision to resign as the company's Interim Chief Financial Officer.