Baxter International (BAX) Gross Margin (2009 - 2026)
Baxter International (BAX) posted quarterly Gross Margin of 34.86% for Q2 2026, down 40.0% year-over-year from 58.11% in Q2 2025, and up 5.69% quarter-over-quarter from 32.99% in Q1 2026.
Baxter International (BAX) Gross Margin (2009 - 2026) Analysis & Trends
Baxter International (BAX) has reported Gross Margin for 18 consecutive years, with 34.86% the latest figure, recorded in Q2 2026.
- In Q2 2026, Gross Margin fell 40.0% year-over-year to 34.86%; the TTM figure through Jun 2026 stood at 34.02% (down 129.0% YoY), while the FY2025 annual figure was 30.05%, down 741.0% from the prior year.
- Gross Margin advanced to 34.86% in Q2 2026 per BAX's latest filing, from 32.99% in the prior quarter.
- Across five years, Gross Margin topped out at 40.63% in Q3 2023 and bottomed at 28.96% in Q3 2022.
- Historically, Gross Margin has averaged 36.61% across 5 years, with a median of 37.6% in 2022.
- Annual changes were most pronounced in 2022 — Gross Margin tumbled 1199 bps — and 2023, when it soared 1168 bps.
- Baxter International's Gross Margin stood at 37.06% in 2022, then increased by 9 bps to 40.31% in 2023, then retreated by 14 bps to 34.83% in 2024, then increased by 1 bps to 35.27% in 2025, then dropped by 1 bps to 34.86% in 2026.
- Business Quant data shows BAX's Gross Margin at 34.86% in Q2 2026, 32.99% in Q1 2026, and 35.27% in Q2 2025.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Intuitive Surgical | 132.71 Bn | 127.50 Bn | 1.96 Bn | 67.78% |
| 2 | Becton Dickinson | 51.57 Bn | 50.71 Bn | 2.32 Bn | 46.46% |
| 3 | Alcon | 35.52 Bn | 34.17 Bn | 1.68 Bn | 59.33% |
| 4 | Resmed | 33.28 Bn | 31.81 Bn | 861.22 Mn | 58.84% |
| 5 | Medline | 27.86 Bn | 25.18 Bn | 2.22 Bn | 28.82% |
| 6 | West Pharmaceutical Services | 25.15 Bn | 24.71 Bn | 329.20 Mn | 37.74% |
| 7 | Solventum | 15.31 Bn | 14.91 Bn | 1.29 Bn | 58.22% |
| 8 | Cooper Companies | 14.86 Bn | 14.72 Bn | 735.40 Mn | 68.00% |
| 9 | Baxter International | 13.63 Bn | 11.48 Bn | 1.03 Bn | 34.86% |
| 10 | Align Technology | 11.37 Bn | 10.27 Bn | 757.43 Mn | 71.71% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 34.86% |
| Mar 31, 2026 | 32.99% |
| Mar 31, 2025 | 32.80% |
| Dec 31, 2024 | 34.83% |
| Sep 30, 2024 | 38.27% |
| Jun 30, 2024 | 38.27% |
| Mar 31, 2024 | 38.59% |
| Dec 31, 2023 | 40.31% |
| Sep 30, 2023 | 40.63% |
| Jun 30, 2023 | 39.75% |
| Mar 31, 2023 | 39.49% |
| Dec 31, 2022 | 37.06% |
| Sep 30, 2022 | 28.96% |
| Jun 30, 2022 | 38.15% |
| Mar 31, 2022 | 35.47% |
| Dec 31, 2021 | 35.50% |
| Sep 30, 2021 | 40.95% |
| Jun 30, 2021 | 39.80% |
| Mar 31, 2021 | 38.87% |
| Dec 31, 2020 | 37.44% |