Analyst Consensus ?
ConsensusHold35 ratings
Bullish1440.0%
Neutral2057.1%
Bearish12.9%
Baxter International Inc. · BAX · FY2026 Q2 · Calendar Q3 2026
Baxter raises guidance as Q2 growth strengthens
Baxter's Q2 results support a cautiously constructive operating trajectory: organic growth accelerated, guidance increased and cash flow improved. The evidence is less conclusive on the durability of earnings growth because the EPS benefit included a one-time tariff refund and execution risks remain.
Reported Before market openNYSEHealthcare
$11.85B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.56
Consensus $0.37
EPS surprise
+52.8%
Reported versus consensus
Reported revenue
$2.96B
Consensus $2.80B
Revenue surprise
+5.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.0%
Event window
SPY move
+1.7%
Same window
Abnormal move
+6.3%
Stock minus SPY
Volume
3.9×
Versus trailing sessions
Subsequent drift
-3.1%
Up to 20 sessions
BAXSPY benchmark
Ask FN2 about BAX FY2026 Q2
Transcript, numbers and history already loaded
Why did BAX rise 8.0% after beating EPS estimates in FY2026 Q2?What changed in BAX's guidance and outlook in FY2026 Q2?Give me the bull and bear case for BAX after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter's maintained outlook and cautious tone, management reported stronger organic growth, raised full-year sales and EPS guidance, and described positive free cash flow. The call also added a $75 million tariff refund as a material EPS contributor and highlighted continued progress on connected-care products.
Guidance delta
Management raised full-year organic sales guidance to 2–3% and adjusted EPS guidance to $1.95–$2.15.
Key takeaways
- Q2 organic revenue grew 5%, led by Advanced Surgery, Drug Compounding and Care & Connectivity Solutions.
- A $75 million IEEPA tariff refund added $0.11 to adjusted EPS; free cash flow was positive at $181 million.
- Management cited volume growth, cost-structure actions and improved cash conversion.
- Supply constraints and regulatory work on the Novum IQ LVP pump remain material risks.
Management priorities
- Deliver higher second-half volumes and cost-structure improvements.
- Complete verification testing and pursue regulatory clearance for Novum IQ LVP.
- Expand Dynamo and connected-care products, including PeerVue and Connex 360.
- Continue balance-sheet improvement toward approximately 3x net leverage by year-end.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$22.93Current
$15Low
$49.39Average
$105High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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 |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 31, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 31, 2026 |
| Stifel | Hold | Hold | Maintain | Jul 31, 2026 |
| Citigroup | Neutral | Sell | Upgrade | Jul 31, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 28, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 6, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 4, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Dec 2, 2025 |
| Argus Research | Hold | Buy | Downgrade | Oct 31, 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 $22.93. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | Analyst unavailable | $28 | $26.75 | +22.1% | Jul 31, 2026 |
| UBS | Analyst unavailable | $25 | $24.49 | +9.0% | Jul 28, 2026 |
| Stifel Nicolaus | Rick Wise | $24 | $23.34 | +4.7% | Jul 28, 2026 |
| Goldman Sachs | Analyst unavailable | $21 | $21.8 | -8.4% | Jul 15, 2026 |
| Evercore ISI | Vijay Kumar | $24 | $22.22 | +4.7% | Jul 6, 2026 |
| Barclays | Analyst unavailable | $27 | $17.21 | +17.7% | May 4, 2026 |
| Goldman Sachs | Analyst unavailable | $17 | $20.54 | -25.9% | Feb 17, 2026 |
| UBS | Danielle Antalffy | $19 | $19.79 | -17.1% | Feb 16, 2026 |
| Deutsche Bank | Analyst unavailable | $20 | $19.23 | -12.8% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $25 | $18.71 | +9.0% | Feb 13, 2026 |
| Jefferies | Analyst unavailable | $19 | $18.71 | -17.1% | Feb 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $20 | $18.71 | -12.8% | Feb 12, 2026 |
| Barclays | Matt Miksic | $30 | $20.69 | +30.8% | Jan 9, 2026 |
| Goldman Sachs | Analyst unavailable | $23 | $20.69 | +0.3% | Jan 9, 2026 |
| Evercore ISI | Vijay Kumar | $23 | $20.02 | +0.3% | Jan 5, 2026 |
| Morgan Stanley | Patrick Wood | $15 | $19.08 | -34.6% | Dec 2, 2025 |
| Goldman Sachs | David Roman | $22 | $18.81 | -4.1% | Oct 31, 2025 |
| Stifel Nicolaus | Analyst unavailable | $22 | $19.18 | -4.1% | Oct 30, 2025 |
| Barclays | Analyst unavailable | $36 | $22.44 | +57.0% | Aug 4, 2025 |
| UBS | Analyst unavailable | $24 | $22.44 | +4.7% | Aug 4, 2025 |
| Evercore ISI | Vijay Kumar | $42 | $29.26 | +83.2% | Jan 2, 2025 |
| Bank of America Securities | Travis Steed | $45 | $36.32 | +96.2% | Oct 4, 2024 |
| Jefferies | Matthew Taylor | $42 | $36.92 | +83.2% | Aug 6, 2024 |
| Morgan Stanley | Patrick Wood | $30 | $35.32 | +30.8% | Jul 15, 2024 |
| Goldman Sachs | David Roman | $36 | $33.31 | +57.0% | Jun 12, 2024 |
| UBS | Danielle Antalffy | $40 | $36.91 | +74.4% | May 3, 2024 |
| Jefferies | Matthew Taylor | $43 | $36.89 | +87.5% | May 2, 2024 |
| Stifel Nicolaus | Rick Wise | $44 | $36.72 | +91.9% | May 2, 2024 |
| Barclays | Matt Miksic | $54 | $45.26 | +135.5% | Jul 31, 2023 |
| Jefferies | Philippe Houchois | $85 | $47.01 | +270.7% | Jul 31, 2023 |
| Citigroup | Joanne Wuensch | $44 | $39.71 | +91.9% | Mar 27, 2023 |
| Raymond James | Analyst unavailable | $85 | $70.35 | +270.7% | Apr 29, 2022 |
| Wells Fargo | Analyst unavailable | $90 | $70.2 | +292.5% | Apr 29, 2022 |
| Bank of America Securities | Travis Steed | $100 | $85.19 | +336.1% | Mar 3, 2022 |
| Morgan Stanley | David Lewis | $105 | $82.35 | +357.9% | Feb 18, 2022 |
| Goldman Sachs | Amit Hazan | $91 | $85.91 | +296.9% | Feb 13, 2022 |
| Citigroup | Joanne Wuensch | $101 | $87.16 | +340.5% | Jan 7, 2022 |
| J.P. Morgan | Robbie Marcus | $95 | $83.36 | +314.3% | Dec 17, 2021 |
| Cowen & Co. | Josh Jennings | $98 | $82.93 | +327.4% | Dec 13, 2021 |
| Piper Sandler | Matthew O'Brien | $82 | $80.49 | +257.6% | Sep 2, 2021 |
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Start freeCompany 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.…
Historical context
All BAX earningsHealthcare peers this season
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|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
| A Agilent Technologies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +8.7% | +1.7% | Agilent raises outlook after Q3 beat; Ignite drives margin gains |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
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Sources
- Earnings call transcript and parsed analysis · 2026-08-13T18:13:29.871655+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-09-22T04:50:51.539690+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T04:50:51.536835+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.