Baxter International Inc.
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+ FollowMarket Cap$13.34B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 performance beat expectations; turnaround gaining traction
- Sales: ~$3.0B, +5% YoY on both reported and organic basis.
- Adjusted EPS: $0.58, down 16% YoY (management emphasized this is due to prior-year discrete tax benefits, not operational deterioration).
- Cash flow: Free cash flow $448M in Q3; $705M YTD—strong cash conversion supporting deleveraging.
Full-year 2026 guidance raised (key investor numbers)
- Organic sales growth: raised to 3%–4% (from 2%–3%).
- Adjusted EPS: raised bottom end and narrowed to $2.05–$2.15 (from $1.95–$2.15 previously).
- Reported sales growth: 4%–5% (FX expected to add ~100 bps); MSA/Vantive impacts expected to be a small headwind to organic view (management: ~$25M headwind, ~30 bps on reported growth).
- Other 2026 assumptions: adjusted operating margin 13%–14%; tax rate 18.5%–19.5%; diluted share count ~519M.
Turnaround execution priorities: stabilize operations, improve balance sheet, embed Baxter GPS
- Stabilizing indicators: improved CCS on-time shipment metric (+8% YoY); Advanced Surgery quality measure improved ~20% YoY.
- Continuous improvement: Baxter GPS now has 700+ completed initiatives YTD, 200+ in flight, ~350 planned—targets include cycle-time improvements, inventory/cash conversion, and reduced backorders (example given: alternative shipment backorders down >50% in certain areas).
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Share Statistics
| Market cap | $13.34 Billion |
|---|---|
| Enterprise Value | $20.17 Billion |
| Annual dividend | $0.04 |
| Dividend yield | 0.15% |
| Earnings per Share | $-1.75 |
| Beta | 0.67 |
| Outstanding Shares | 517,000,000 |
Return
| Return on Equity | -9.69% |
|---|---|
| Return on Assets | -3.25% |
| Return on Invested Capital | 2.99% |
Valuation & Multiples
| P/E Ratio | -18.7 |
|---|---|
| PEG | 2.53 |
| Price to Sales | 1.17 |
| Price to Book Ratio | 2.15 |
| Enterprise Value to Revenue | 1.74 |
| Enterprise Value to EBIT | 43.2 |
| Enterprise Value to Net Income | -33 |
| Total Debt to Enterprise | 0.44 |
| Debt to Equity | 1.35 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS
$0.58
Est. $0.52Revenue
$2.98 B
Est. $2.91 BNext Earnings Call
Expected Date
February 11, 2027
EPS Estimate
$0.60
Consensus analyst estimateRevenue Estimate
$3.09 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.29, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.2922▼ 35.90% |
|---|---|
| Total Calls | 1,495,600▼ 62.72% |
| Total Puts | 437,000▼ 83.27% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 89.59%▼ 19.65% |
|---|---|
| Total Invested | $11.12B▼ 7.33% |
| Investors Holding | 622▼ 104.00% |
About Baxter International Inc.
37,500 employees
CEO: Jose Almeida
Baxter International Inc. is a global healthcare company that develops and supplies a broad spectrum of medical products and services through its various subsidiaries. The company's offerings encompass vital areas such as kidney care, in...