How does Baxter International (BAX) make money?

Baxter International (BAX) generates revenue primarily from Medical Products And Therapies, which accounted for 48.7% of total revenue in TTM through Q1 2026. The company reported $11.3B in revenue and converted -9.7% of it into net profit, equivalent to roughly -$1.1B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Baxter International (BAX)?

Baxter International (BAX) reported a gross profit margin of 30.1% in TTM through Q1 2026, equivalent to $3.41B in gross profit on $11.3B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Baxter International (BAX)?

Baxter International (BAX) reported an operating profit margin of -2.7% in TTM through Q1 2026, equivalent to -$300M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Baxter International (BAX)?

Baxter International (BAX) reported a net profit margin of -9.7% in TTM through Q1 2026, equivalent to -$1.1B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Baxter International (BAX) profitable?

Baxter International (BAX) reported a net loss of $1.1B for TTM through Q1 2026, a net profit margin of -9.7%. Combined operating expenses, interest, and income taxes exceeded revenue, so the period closed in the red on a reported basis.

How much does Baxter International (BAX) invest in research and development?

Baxter International (BAX) invested $517M in research and development during TTM through Q1 2026, roughly 4.6% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Baxter International (BAX) spend on capital expenditures?

Baxter International (BAX) spent $537M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 4.7% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Baxter International (BAX) generate?

Baxter International (BAX) generated $714M in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 6.3%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What are the main business segments of Baxter International (BAX)?

Baxter International (BAX) reports revenue across 3 reportable product segments, led by Medical Products & Therapies at 48.7% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Baxter International (BAX) generate most of its revenue?

UNITED STATES is the largest geographic market for Baxter International (BAX), accounting for 53.6% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Baxter International Makes Money: 2026 Visual Revenue Map

Baxter International (BAX) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 30, 2026).

Baxter International (BAX) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Baxter International (BAX), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Medical Products & Therapies	$5.51B	48.7%
Healthcare Systems & Tech	$3.18B	28.1%
Pharmaceuticals	$2.62B	23.2%
Total	$11.3B	100%

Medical Products & Therapies$5.51B
Healthcare Systems & Tech$3.18B
Pharmaceuticals$2.62B
Total$11.3B

Baxter International (BAX) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Baxter International (BAX), TTM through Q1 2026
Region	Revenue (USD)	% of total
UNITED STATES	$6.07B	53.6%
Western Europe, Canada, Japan, Australia and New Zealand	$2.89B	25.5%
Non-US	$1.27B	11.2%
EMEA	$1.1B	9.7%
Total	$11.3B	100%

UNITED STATES
Western Europe, Canada, Japan, Australia and New Zealand
Non-US
EMEA
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Baxter International (BAX) reports revenue across 3 reportable product segments; the largest segment was Medical Products & Therapies at 48.7%, followed by Healthcare Systems & Tech (28.1%) and Pharmaceuticals (23.2%). Geographically, UNITED STATES accounted for 53.6% of revenue, followed by Western Europe, Canada, Japan, Australia and New Zealand (25.5%) and Non-US (11.2%).

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