Healthcare company Baxter International (NYSE:BAX) will be announcing earnings results tomorrow before market hours. Here’s what to look for.

Baxter beat analysts’ revenue expectations by 3.4% last quarter, reporting revenues of $2.75 billion, flat year on year. It was a very strong quarter for the company, with a solid beat of analysts’ constant currency revenue estimates.

Is Baxter a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Baxter’s revenue to grow 3.5% year on year to $2.58 billion, improving from the 2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.48 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.

Looking at Baxter’s peers in the medical devices & supplies - diversified segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Boston Scientific delivered year-on-year revenue growth of 20.9%, beating analysts’ expectations by 2%, and Abbott Laboratories reported revenues up 4%, in line with consensus estimates. Boston Scientific traded up 6.5% following the results while Abbott Laboratories was also up 3.8%.

Read our full analysis of Boston Scientific’s results here and Abbott Laboratories’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the medical devices & supplies - diversified stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.6% on average over the last month. Baxter is down 8.9% during the same time and is heading into earnings with an average analyst price target of $39.74 (compared to the current share price of $30.98).

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