Baxter International (BAX) Operating Margin (2009 - 2026)
Baxter International (BAX) posted quarterly Operating Margin of 7.33% for Q2 2026, up 53.0% year-over-year from 4.79% in Q2 2025, and up 200.02% quarter-over-quarter from 2.44% in Q1 2026.
Baxter International (BAX) Operating Margin (2009 - 2026) Analysis & Trends
Baxter International (BAX) has reported Operating Margin for 18 consecutive years, with 7.33% the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Margin rose 53.0% year-over-year to 7.33%; the TTM figure through Jun 2026 stood at 4.79% (down 1579.0% YoY), while the FY2025 annual figure was 2.74%, down 287.0% from the prior year.
- Operating Margin rose to 7.33% in Q2 2026 per BAX's latest filing, from 2.44% in the prior quarter.
- Across five years, Operating Margin topped out at 38.27% in Q3 2024 and bottomed at 79.8% in Q3 2022.
- Historically, Operating Margin has averaged 5.49% across 5 years, with a median of 6.04% in 2023.
- Annual changes were most pronounced in 2022 — Operating Margin slumped 9570 bps — and 2023, when it jumped 7784 bps.
- Baxter International's Operating Margin stood at 8.33% in 2022, then soared by 384 bps to 23.67% in 2023, then jumped by 47 bps to 34.83% in 2024, then slumped by 80 bps to 6.8% in 2025, then grew by 8 bps to 7.33% in 2026.
- Business Quant data shows BAX's Operating Margin at 7.33% in Q2 2026, 2.44% in Q1 2026, and 6.8% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Intuitive Surgical | 132.71 Bn | 127.50 Bn | 1.96 Bn | 33.60% |
| 2 | Becton Dickinson | 51.57 Bn | 50.71 Bn | 2.32 Bn | 13.31% |
| 3 | Alcon | 35.52 Bn | 34.17 Bn | 1.68 Bn | 0.39% |
| 4 | Resmed | 33.28 Bn | 31.81 Bn | 861.22 Mn | 30.66% |
| 5 | Medline | 27.86 Bn | 25.18 Bn | 2.22 Bn | 5.14% |
| 6 | West Pharmaceutical Services | 25.15 Bn | 24.71 Bn | 329.20 Mn | 20.53% |
| 7 | Solventum | 15.31 Bn | 14.91 Bn | 1.29 Bn | 8.19% |
| 8 | Cooper Companies | 14.86 Bn | 14.72 Bn | 735.40 Mn | -2.87% |
| 9 | Baxter International | 13.63 Bn | 11.48 Bn | 1.03 Bn | 7.33% |
| 10 | Align Technology | 11.37 Bn | 10.27 Bn | 757.43 Mn | 14.58% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 7.33% |
| Mar 31, 2026 | 2.44% |
| Mar 31, 2025 | 2.21% |
| Dec 31, 2024 | 34.83% |
| Sep 30, 2024 | 38.27% |
| Jun 30, 2024 | 38.27% |
| Mar 31, 2024 | 7.51% |
| Dec 31, 2023 | 23.67% |
| Sep 30, 2023 | -1.96% |
| Jun 30, 2023 | -0.66% |
| Mar 31, 2023 | 5.28% |
| Dec 31, 2022 | -8.33% |
| Sep 30, 2022 | -79.80% |
| Jun 30, 2022 | 7.35% |
| Mar 31, 2022 | 4.58% |
| Dec 31, 2021 | 0.80% |
| Sep 30, 2021 | 15.90% |
| Jun 30, 2021 | 13.69% |
| Mar 31, 2021 | 13.24% |
| Dec 31, 2020 | 12.76% |