The EPS beat provides short-term relief, but the underlying organic revenue decline and reiterated guidance (flat growth, $1.85-$2.05 EPS) cap upside. Watch for resolution of the Novum IQ pump hold and tariff impact in Q2 commentary. The stock may trade range-bound until organic growth inflects positively.
Price Chart
Executive Summary
Baxter reported Q1 2026 adjusted diluted EPS of $0.36, beating the $0.31 consensus by 16.1%, on revenue of $2.70B vs. $2.62B consensus (+3.1% beat). However, organic sales declined 1% YoY, adjusted EPS fell 35% YoY, and the company merely reiterated its full-year 2026 outlook of flat organic growth and adjusted EPS of $1.85-$2.05. The combination of a headline beat with deteriorating underlying trends (declining organic revenue, tariff headwinds, ongoing Novum IQ pump hold) makes this a mixed filing.
Key Financial Metrics
Key Facts
- Q1 2026 adjusted diluted EPS from continuing operations was $0.36, beating consensus of $0.31 by 16.1%
- Q1 2026 revenue was $2.701B, beating consensus of $2.62B by 3.1%
- Organic sales declined 1% YoY; U.S. organic sales fell 4%
- Adjusted diluted EPS from continuing operations declined 35% YoY from $0.55
- Full-year 2026 outlook reiterated: organic sales growth approximately flat, adjusted EPS $1.85-$2.05
- GAAP diluted EPS from continuing operations was ($0.03), vs $0.13 in Q1 2025
- Free cash flow from continuing operations was $76M, improving from ($221M) in Q1 2025
- Quarterly dividend declared at $0.01 per share, unchanged
- Novum IQ LVP shipment and installation hold continues to weigh on Infusion Therapies sales
- Tariff costs and higher manufacturing costs impacted results in the quarter
Financial Impact
Adjusted EPS beat consensus by $0.05 (16.1%), but organic revenue declined 1% YoY and adjusted EPS fell 35% YoY
Risk Factors
- Novum IQ LVP shipment hold continues to pressure Infusion Therapies sales
- Tariff costs and higher manufacturing costs are compressing margins
- U.S. organic sales declined 4% YoY, signaling weak domestic demand
- Adjusted EPS guidance of $1.85-$2.05 implies no acceleration from Q1 run-rate
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-028582 |
| Document: bax-20260429.htm | 0001628280-26-028582 |
| Document: 0001628280-26-028582-index-headers.html | 0001628280-26-028582 |
| Document: 0001628280-26-028582-index.html | 0001628280-26-028582 |
| Document: 0001628280-26-028582.txt | 0001628280-26-028582 |
| 8-K Data (Synthetic) | 0001628280-26-028582 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | 8-K | $26.64 $23.02 | ▼ −13.59% | ▼ −11.64% | $23.49 (−11.82%) |
Aug 18, 2026 6w ago | 8-K | $26.64 $23.02 | ▼ −13.59% | ▼ −11.64% | $23.49 (−11.82%) |
Aug 12, 2026 7w ago | Institutional Cluster | $26.95 $24.18 | ▼ −10.28% | ▼ −8.38% | $23.49 (−12.84%) |
Aug 4, 2026 8w ago | 8-K | $28.35 $25.48 | ▼ −10.12% | ▼ −8.89% | $23.49 (−17.14%) |
Jul 30, 2026 9w ago | 8-K | $26.75 $25.93 | ▼ −3.07% | ▼ −7.03% | $23.49 (−12.19%) |
Jun 11, 2026 16w ago | Institutional Cluster | $20.49 $22.46 | ▼ −9.61% | ▼ −7.72% | $23.49 (−14.64%) |
May 8, 2026 21w ago | 8-K | $17.53 $20.03 | ▲ +14.26% | ▲ +14.57% | $23.49 (+34.00%) |
Apr 30, 2026 22w ago | 8-K | $17.58 $19.25 | ▲ +9.50% | ▲ +4.53% | $23.49 (+33.62%) |
Apr 29, 2026 22w ago | DEFA14A | $16.90 $19.33 | ▲ +14.38% | ▲ +8.92% | $23.49 (+38.99%) |
Mar 23, 2026 27w ago | DEFA14A | $16.61 $18.49 | ▲ +11.32% | ▲ +3.90% | $23.49 (+41.42%) |
US Market Status
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