Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
A bond buyback, not operations, made most pretax profit
Buying back old bonds for less than their carrying value lifted pretax income, so the swing to net profit overstates the operating recovery.
For investorsWhat has to go right for operating profit to hold after the Vantive billings end?
For foundersPlacing the device to sell the supplies: the hospital consumables playbook
Unallocated corporate costs, acquisition amortization and restructuring absorb most segment profit, leaving a 7.56% operating margin for the whole company.
Billings to the buyer of Kidney Care end by contract, so the shared costs they help pay for must be cut first.
Equipment placed with hospitals opens the door to years of IV fluids, sets and anesthetics bought under long contracts.
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Business Lens describes Baxter International from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
