Baxter International Inc. reported its financial results for the fourth quarter (Q4) of 2025. Net sales for the period totaled USD 2.97 billion, representing a significant 8% increase. Gross margin for Q4 2025 was USD 577 million, with the gross margin ratio at 19.4% of net sales. Selling, general and administrative expenses were USD 761 million, accounting for 25.6% of net sales, while research and development expenses amounted to USD 126 million. During the quarter, Baxter International introduced a new operating model aimed at streamlining the organization, accelerating innovation, and improving performance. The model decentralizes operations, embedding critical functional roles within each division to enhance customer proximity and execution consistency. The company also reduced its quarterly dividend to USD 0.01 per share. Management highlighted ongoing efforts to drive continuous improvement and expressed confidence in the company’s long-term trajectory, despite acknowledging that Q4 results did not meet initial expectations.

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