Analyst Consensus ?
ConsensusHold35 ratings
Bullish1440.0%
Neutral1954.3%
Bearish25.7%
Baxter International Inc. · BAX · FY2026 Q1 · Calendar Q2 2026
Baxter Q1 2026: EPS Beats on Turnaround Momentum, Novum Headwinds Persist
Baxter delivered a Q1 beat with adjusted EPS of $0.36 versus the $0.311 consensus and revenue of $2.70B (+3 percent reported, -1 percent organic) above the $2.62B estimate. The market responded positively with a 4.0 percent session move and 6.8 percent subsequent drift, suggesting investors are rewarding early turnaround progress, particularly the swing to positive free cash flow of $76M from negative $221M a year ago. However, the Novum infusion-pump shipment hold, tariff pressures, and supply constraints at a contract manufacturer remain material headwinds. Management maintained full-year guidance of flat to 1 percent reported sales growth with 13 to 14 percent operating margin, and the cautious tone reflects unresolved execution risk around pump remediation and the cost environment. The stock trades at $26.20, above the analyst consensus target of $23.43, indicating the market is…
Reported Before market openNYSEHealthcare
$13.82B market cap
90quality score
Company context
Snapshot as of publicationBaxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products. The company's comprehensive portfolio includes various dialysis treatments, such as peritoneal and hemodialysis, along with related therapies and services. It also specializes in intravenous (IV) therapies, infusion pumps, administration sets, and devices for drug reconstitution. Further expanding its pharmaceutical offerings, Baxter delivers pre-mixed and oncology drug platforms, inhaled anesthetic agents, critical care products, and pharmacy compounding services. Nutritional support is provided through its parenteral nutrition therapies and associated products. For surgical procedures, the company develops biological products and medical devices vital for achieving hemostasis, tissue sealing, and preventing adhesions. Additionally, Baxter supplies continuous renal replacement therapies (CRRT) and other organ support solutions, primarily tailored for intensive care units.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.36
Consensus $0
EPS surprise
+15.8%
Reported versus consensus
Reported revenue
$2.70B
Consensus $2.62B
Revenue surprise
+3.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$26.18Current
$15Low
$49.04Average
$105High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Jul 28, 2026 |
| Stifel | Hold | Hold | Maintain | Jul 28, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 27, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Citigroup | Sell | Neutral | Downgrade | May 28, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 4, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Dec 2, 2025 |
| Argus Research | Hold | Buy | Downgrade | Oct 31, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 1, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Feb 21, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Mar 5, 2024 |
| Keybanc | Overweight | Overweight | Maintain | Jul 31, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 28, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 10, 2023 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 5, 2023 |
| Jefferies | Hold | Hold | Maintain | Oct 12, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 5, 2021 |
| Piper Sandler | Neutral | Overweight | Downgrade | Jan 29, 2021 |
| Oppenheimer | Outperform | Outperform | Maintain | Jun 24, 2020 |
| SVB Leerink | Outperform | Outperform | Maintain | May 1, 2020 |
| CFRA | Hold | Hold | Maintain | Feb 6, 2020 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Nov 8, 2018 |
| Argus | Buy | Hold | Upgrade | Nov 2, 2018 |
| Leerink Swann | Outperform | Outperform | Maintain | Nov 1, 2018 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 1, 2018 |
| PiperJaffray | Overweight | Overweight | Maintain | Jul 27, 2018 |
| Bank of America | Buy | Buy | Maintain | May 22, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 30, 2018 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jun 30, 2017 |
| CL King | Buy | Neutral | Upgrade | Sep 4, 2013 |
| Mizuho | Neutral | Buy | Downgrade | Nov 27, 2012 |
| Dougherty & Co. | Neutral | Neutral | Maintain | Mar 5, 2012 |
| Dougherty | Neutral | Neutral | Maintain | Mar 5, 2012 |
| Standpoint Research | Hold | Buy | Downgrade | Feb 16, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $26.18. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $25 | $24.49 | -4.5% | Jul 28, 2026 |
| Stifel Nicolaus | Rick Wise | $24 | $23.34 | -8.3% | Jul 28, 2026 |
| Goldman Sachs | Analyst unavailable | $21 | $21.8 | -19.8% | Jul 15, 2026 |
| Evercore ISI | Vijay Kumar | $24 | $22.22 | -8.3% | Jul 6, 2026 |
| Barclays | Analyst unavailable | $27 | $17.21 | +3.2% | May 4, 2026 |
| Goldman Sachs | Analyst unavailable | $17 | $20.54 | -35.1% | Feb 17, 2026 |
| UBS | Danielle Antalffy | $19 | $19.79 | -27.4% | Feb 16, 2026 |
| Deutsche Bank | Analyst unavailable | $20 | $19.23 | -23.6% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $25 | $18.71 | -4.5% | Feb 13, 2026 |
| Jefferies | Analyst unavailable | $19 | $18.71 | -27.4% | Feb 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $20 | $18.71 | -23.6% | Feb 12, 2026 |
| Barclays | Matt Miksic | $30 | $20.69 | +14.6% | Jan 9, 2026 |
| Goldman Sachs | Analyst unavailable | $23 | $20.69 | -12.1% | Jan 9, 2026 |
| Evercore ISI | Vijay Kumar | $23 | $20.02 | -12.1% | Jan 5, 2026 |
| Morgan Stanley | Patrick Wood | $15 | $19.08 | -42.7% | Dec 2, 2025 |
| Goldman Sachs | David Roman | $22 | $18.81 | -16.0% | Oct 31, 2025 |
| Stifel Nicolaus | Analyst unavailable | $22 | $19.18 | -16.0% | Oct 30, 2025 |
| Barclays | Analyst unavailable | $36 | $22.44 | +37.5% | Aug 4, 2025 |
| UBS | Analyst unavailable | $24 | $22.44 | -8.3% | Aug 4, 2025 |
| Evercore ISI | Vijay Kumar | $42 | $29.26 | +60.5% | Jan 2, 2025 |
| Bank of America Securities | Travis Steed | $45 | $36.32 | +71.9% | Oct 4, 2024 |
| Jefferies | Matthew Taylor | $42 | $36.92 | +60.5% | Aug 6, 2024 |
| Morgan Stanley | Patrick Wood | $30 | $35.32 | +14.6% | Jul 15, 2024 |
| Goldman Sachs | David Roman | $36 | $33.31 | +37.5% | Jun 12, 2024 |
| UBS | Danielle Antalffy | $40 | $36.91 | +52.8% | May 3, 2024 |
| Jefferies | Matthew Taylor | $43 | $36.89 | +64.3% | May 2, 2024 |
| Stifel Nicolaus | Rick Wise | $44 | $36.72 | +68.1% | May 2, 2024 |
| Barclays | Matt Miksic | $54 | $45.26 | +106.3% | Jul 31, 2023 |
| Jefferies | Philippe Houchois | $85 | $47.01 | +224.7% | Jul 31, 2023 |
| Citigroup | Joanne Wuensch | $44 | $39.71 | +68.1% | Mar 27, 2023 |
| Raymond James | Analyst unavailable | $85 | $70.35 | +224.7% | Apr 29, 2022 |
| Wells Fargo | Analyst unavailable | $90 | $70.2 | +243.8% | Apr 29, 2022 |
| Bank of America Securities | Travis Steed | $100 | $85.19 | +282.0% | Mar 3, 2022 |
| Morgan Stanley | David Lewis | $105 | $82.35 | +301.1% | Feb 18, 2022 |
| Goldman Sachs | Amit Hazan | $91 | $85.91 | +247.7% | Feb 13, 2022 |
| Citigroup | Joanne Wuensch | $101 | $87.16 | +285.9% | Jan 7, 2022 |
| J.P. Morgan | Robbie Marcus | $95 | $83.36 | +262.9% | Dec 17, 2021 |
| Cowen & Co. | Josh Jennings | $98 | $82.93 | +274.4% | Dec 13, 2021 |
| Piper Sandler | Matthew O'Brien | $82 | $80.49 | +213.3% | Sep 2, 2021 |
Track every rating change on BAX the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+4.0%
Event window
SPY move
+1.0%
Same window
Abnormal move
+3.0%
Stock minus SPY
Volume
3.1×
Versus trailing sessions
Subsequent drift
+6.8%
Up to 20 sessions
BAXSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 2026 adjusted EPS came in at $0.36, beating the $0.311 consensus by 15.8 percent. Revenue of $2.70B exceeded the $2.62B estimate by 3.3 percent. Reported sales grew 3 percent year-over-year but declined 1 percent organically. Free cash flow turned positive at $76M, a $297M improvement from the negative $221M outflow in Q1 2025. Advanced Surgery grew 10 percent, and Care and Connectivity Solutions posted a strong order book. The stock rose 4.0 percent on the report and drifted an additional 6.8 percent higher over subsequent sessions on volume 3.1x the baseline.
Guidance delta
Guidance was maintained with no change from the prior outlook. Management reiterated full-year 2026 targets of flat to 1% reported sales growth and operating margin expansion to 13 to 14 percent. The company also reaffirmed its target of approximately 3x net leverage by end-2026 through debt pay-down.
Key takeaways
- Adjusted EPS of $0.36 beat consensus of $0.311 by 15.8 percent; revenue of $2.70B exceeded the $2.62B estimate by 3.3 percent.
- Free cash flow swung to positive $76M from negative $221M in the year-ago quarter, signaling early turnaround traction.
- Advanced Surgery segment grew 10 percent, with strong order momentum in Care and Connectivity Solutions.
- The Novum infusion-pump shipment and installation hold remains an ongoing drag, with potential customer returns and regulatory corrections ahead.
- Full-year guidance maintained: flat to 1 percent reported sales growth, 13 to 14 percent operating margin, and approximately 3x net leverage target by year-end.
- New product launches including the Dynamo smart stretcher, IV Verified Line, XR spine surgical table, and upcoming Connex 360 aim to support future growth.
Management priorities
- Debt reduction toward approximately 3x net leverage by end-2026.
- Resolution of the Novum LVP infusion-pump field actions through hardware and software corrections and regulatory submissions.
- Strategic tuck-in M&A to enhance the product portfolio and customer offerings.
- AI integration across internal processes, front-line workflows, and manufacturing.
- Continued rollout of new products including Connex 360 and the Dynamo stretcher.
- Expansion of Baxter GPS continuous-improvement initiatives and KPI-driven accountability.
Related earnings events
HealthcareSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T15:11:53.955279+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T15:11:53.952326+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.